Forum Replies Created
when I aksed my solicitor he said speak to my accountant, when I asked him, he said talk to your solicitor!
Anyway, I did not start off with a trust or company, although I now have a company. I really didnt expect to have bought three properties within a few months, so it had to be in my own name as I was not structures. Given I am single, I dont see it as a major problem, but the next lot will not be in my sole name….
Elves
you can find if you are a property investor, that the banks will talk money, shop around.
If you have security, they will be happier still.
They may offer you like a professional package, eg $300 fee per year, one free credit card eg no annual charge. They can waive account keeping fees, allow you so many transactions per month and reduce the interest rate by anything from .05% to .07%, so someone paying 6.70% fixed with a professional package will pay 6%, big saving on mortages.I can tell you I use this method. The banks have all sorts of criteria, say you belong to an accountant group, or some builders group, they get additional discounts, or if you are a business person, there are lots of perks, if you dont ask they are not going to tell you!
In some cases just beloinging as a member to some organisation is sufficent to knock of half to 1 percent in interest rate, then you can negotiate fees.
Cheers
Elves
My accountant likes property over shares.
shares are higher risks but should be higher returns (I found this with mine).However, when we talk about property and in hindsight we can look at the sales and what things cost, and now we concern ourselves with inflates properties and not being able to afford them, in 5 years time I bet we say the same thing….”I wish I had bought they house back then!”
I just think do what you can, without going over the top, hold on and try not to sell unless it is to help with other investments.
Certianly spreading the risk and having a balanced portfolio is the ideal, but it may not suit everyone.
No point worrying about tomorrow, as tomorrow never comes….
Elves
I locked my rates in for 3 years just prior to the first rate rise.
I sold some land to capitalise and for new propterties which I think will start to come my way soon.
As for prices, I went to my cousins 60th and for that his kids bought him an authentic 1944 Sydney Morning Herald, the year of his birth, we were looking at the prices of land and houses. Kinda makes you sick, house overlooking palm beach….block of land at padstow…we are talking some really low prices.
Given there is limited land in populated areas, and the builind industry is on catch up with little movement, I dont think prices will drop to the extent some people are hoping, however I do think those that over committed may find problems in selling, or find themselves under threat of sale. Where others may find a ‘good sale’
Elves
new regulations happening in financial industry about compliances etc.
They dont have the best reputation at times, so do check credentials thoroughly
Those on commissions have a product to sell, however there are those that will give you the commission, provided they receive a fee for service, eg fee and commission, the commission being refunded to client.
Have to declare interest in this and how they are paid.
check if they are members as well of financial planning associations etc, eg FPA (many)
elves
i bought posh and another property manager, just to assess them. tax deduction anyway.
Not had time to try, a lot involved inputting data to begin. I ahve yet to decide on certain aspects, more use necessary.
I dont have time to set up excel, did someone mention spreadsheets? templates?
elves
I agree
I had nortons, updated reg, it missed the virus.
I downloaded AVG and its free it picked up right away and Im done.
all clearelves
Traditionally banks have frowned on self employed, because as I was told, you are unemployed to them.
These days there are brokers who will lend for business people who have limited tax or paper info
Establishing yourself is never an easy process.
Elves
nobody answered
I think most of us were thinking that
valuations are not the only thing to consider
maybe for some, have a proper depreciation schedule done
look to maximising in all areas, but you knwo bottom line, serviceability , if you aint got it and cant do it, you going nowhere fast (unless bank manager or lender allows you certain things eg line of credit based on equity, use it for what you want then)maybe?
Elves
im in conflict
as an investor i prefer libs
as a worker i prefer labMel sorry for you
THE REST!!!!!!!!!! come on guys and gals! the public servants i work, work friggin hard and get jack shite, mind I agree they can dump the 100k a year losers and the bonuses!!! maybe a free car of two, better still dont hit the battler worker that cops the front line abuse, start at the top and work down. top heavy…..travel rorts, spouse travel gold cards, secretaries, offices…
oh who started me? I’m looking down the barrel of no job too….maybe not so far away. i am super productive, and have gone to leave many times because we cop it from everyone….and for what we do we dont get paid like the private sector…
im not going to debate this anymore though and yes i have been self employed, also worked for others and been a govt employee…
my choice at present while i picked up the pieces…
elves
ther are a few places around daisy and shailer park as well.
Logan has already seen a huge increase, even in slacks creek and marsden areas, the properties are not lasting long there either…others waterford….you would have been able to buy around 160 not long ago for 1600 blocks with house, not now.
some say head ipswich way
I had a good one once, up the gold coast, but she seems to have vanished.
I also have clauses in the contract
elves
there was a list of books in another forum, not sure if this was one
most of my building reports where temrites where close to the house advised against purchase, the reason being was that they would no guarantee eradication
termites in the yard are more controlable, but in the house, well costs anyway.
I ahd the option of having the owners treat one house. My condition was that it was an independant quote and reputable pestie. Their idea was that they would treat the termites as part of the contract. BUT they would be doing it themselves.
I said no go.
Nothing to say unless in the contract, who will be treating the termmites, only who pays for this action. I kinda like control over what I am paying for in the long term and their pest treatment didnt satisfy my termsElves
Personally selling an IP would not be the way to go for me, however, having said that, I dont see the point in paying off credit cards at the high rates and trying to manage bills and no doubt some charges and or interest.
Bad spending habits or budgeting needs to be addressed immediately. hard as this is, you most likely would find some areas you can cut back and begin to reduce other things.
I think focus is the best bet, juggle things around to your advantge, sometimes it takes a person removed from the situation to see the picture clearly.
I guess you are struggling to even pay the debts you have let alone make additional payments, but I would almost guarantee there are things you can do to change this.
what about refinance?
what about your home equity? some say better to pay extra mortgage than additional credit card interest…cant your own renos be held off? pay your debts off as you can, may take a while but rather that at times than loose an IP with such growth
I’m just thinking..elves
non compliance is an issue, generally if you are owed money yes they leave you a bit, but owe them…
it is the luck of the draw if you get caught and they pounce on you, but do the right thing and lodge, you never know your luck!
[
]good point tools
anything with that stuff in it needs special handling and disposal
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