2 mths is a long time considering the walk to uni. Maybe have a chat to some other PM's in the area and see what they think. Try dropping the rent to even by $5 or $10 better to have some money coming in than none.
Well that does it for me, I think I'll quit investing in property based on that. I don't want to be a fool, so I'll follow the crowd and do nothing.
I'll stop building new dwellings and make sure that I try and stop as many others building houses as possible because TKline your proof is irrefutable.
Dya ever think that people on a property INVESTING forum maybe quite intelligent and may be able to see through flagrant spooking?
I'm DEFINITELY NOT going to stop investing in property or building until the sky really does fall on the property market and hell freezes over.
Thanks for your input though random posters, it brightens our day.
I'll have to check this with accountant man, but if you are distributing out you pay tax on the amount you have taken over that year (I don't know what the current brackets are) but for instance up to $180k still pay 38% on that amount. So you could distrubute to an individual/s over a period of time to take the profits if necessary. Pay tax twice?
I'm looking for the right questions to ask so I get the right info. People seem to only give out the info they think you want rather than what you actually need
I was curious after another person told me 'no, don't sell everything at once'. I couldn't work out why apart from what Dan mentioned above. 30% is still that whether you sell them this year or the next or the next.
They can easily change the advert, we made our agent changes our ads a few times. Considering internet advertising is a couple hundred dollars to go on the 3 main sites that is pretty poor.
I would call around and get some quotes. It sounds like it is regional (?) and it may cost a bit more because of that.
It is my understanding (get more info tho) that as long as asbestos is contained and safe you can leave it there. I understand that you may need to demolish but as far as day to day living as long as it is contained you can leave it there. I'm pretty sure it needs to be marked if in an area that it could be exposed (might be thinking of something else tho)
As far as the tenancies go, make that part of the sale. The only thing is if they are long term tenants and there is no bond, you may have some trouble getting bond lodged for various reasons. But this is for the vendor to deal with, you just need to be aware of it. Solicitors can word most things to suit you it just depends if the vendor will accept.
Will you be self managing? Or getting an agent? Maybe get some a rent appraisal done too, take a pm along to have a squiz make sure that the leases are at market rent rather than way below because of vendor management.
There should be financial repercussions for him voiding the contract. I would go for the money through court on this as you have a signed doc for a two year lease. If he wants out he needs to pay up. It doesn't matter if he is the vendor all the paperwork is to do with the tenancy.
He has obviously told you want he needs to to sell the place and is now getting out. Get a good solicitor, you might need to find where he goes next as well in case of any other problems. Document everything along the way.
Good luck, I hope you can get a resolution to this. Let us know how you go.
I think it was pretty good that they offered it to you for half the price!
I'm also sure that during the last webinars they did for RP5 (had access as we were early birds) they invited everyone who was in RP5 to save copies of all the templates and webinars etc.
Step 4 I think can be a bit different if you are developing/renoing. Instead of redrawing (as u get maxed out) sell to realize cash profits and then keep going with more deals. It scares me when people are developing and saying "oh well the market will go up anyway" this isn't shares!
Step 5 – Work for yourself.
I don't know about anyone else but from what I can see, even if people have made their money they still keep doing something. Whether that is coaching others or development, or mortgage broking () they still keep working for themselves to grow their wealth.