Forum Replies Created
why will it be vacant?
maybe you can get insurance on teh basis you are renovating? people will be working on the property?
so in some ways not left idle, ask a few, you know like building in progress…most insurance compnaies have the clause in there because vacant properties attract all sorts of problems, menaing they may have to pay out, but if vacant so long, they have an out clause.
I dont know any sorry.
” a blind man may see what a sighted man may not”
anyone from syd going?? might be able to meet up, even if we have diff seats!
Im going, got my confirmation
” a blind man may see what a sighted man may not”
I have a number of family members that live in Brisbane adn Logan suburbs.
My opinion was that -mine alone.
I still prefer Marsden to kingston and given the insurances as I said 4114 suburbs and others are higher rates due to problems. I can say the properties have sold well there.
Now i base my own opinion on facts too! I own properties in those areas so I am not just speaking through my hat.
I lived in Woodridge for a time and I would say, well not my cup of tea. My ex lives very close to that area, they love it, (no accounting for taste) – but we are great friends so I visit them too when I go.
I visit logan and surrounds including coomera and places like hawthorne and galloways hill…lol where you say? I might live in NSW, but I travel about every two months up there, so I know my way around reasonably well..(better than most of the locals)
I sold my home in woodridge in the early 80’s it hasnt changed I might add. Huge block. I hated the place!
(currently)I bought in these areas because of rent demand and the growth potential and because could afford it there. I dont neceesarily like the areas. Well some I would keep away from and I mentioned that.
so yes do your own research but DO take peoples opinions on board or why would you be asking?? Do due diligence and you will make up your own mind anyway, wont you?
elves
” a blind man may see what a sighted man may not”
Areas of crestmead are not favoured.
It is a suburb that I would stay clear of, browns plains is a better option, but just my personal opinion.Marsden isnt all that bad, but for insurance purposes 4114 costs you more.
Try daisy hill way or hyperdome suburbs
” a blind man may see what a sighted man may not”
Geo
I was involved in a few partnerhips. Only one was written one and it was with my family member.
With the written one, we just sold businesses and there were no break ups in volved, but we are not in a partnerhip now and the paper still stands. no need to do tax as we are not trading….or active.
The other was just verbal agreement, earning some big incomes at times. We did argue, but we talked about what we didnt like and how we were going to manage this. Sometimes you can turn it around and the business was sold eventually, but we lost it many many times,but we also talked heaps too. I can tell you there were many tears as we became close friends along the way. we folded our own agreement.
I dont know if it is that bad, dont settle delay maybe? seek advice now before it settles. maybe change the names on contracts, might cost a bit…if it can be done.
how come you were doing this and did not factor difficulties and scenarios in? lets put it this way, sometimes money can ruin a partnership, and my parents would never be in business together or they wouldnt be celebrating 50 years next sept!
sorry this is happening but better now than more properties down the track
I would still enter a partnership again, but like Kay, I like to have control of my own things and finances whe working with another you have to talk it over first with them before making a move on anything. just have to simple saves more problems
elves
” a blind man may see what a sighted man may not”
er dont kid yourself I have read many bankruptcy papers and they vary
I have seen payment arrangents made
where assets were hidden deliberately and lets say this was looked into.you cant own anything without they possibly taking it. Even a car, unless it is under a certain value.
You might think all debts wiped right? not so. ATO CSA etc are not wiped out. Not to mention other govt agencies.
And from what I have been told, if you win lotto and one of the people you owe money finds out? I think they can have the debt re raised. Correct me if I am wrong on that one.
I view bankruptcy as a very very serious thing and last resort. better to try and make payment arrangements, didnt John simmons, aussie homeloans do this rather than go bankrupt?
elves
” a blind man may see what a sighted man may not”
Chan
Re termite treatments: I can only say I was quoted 1200 for house and fence and some trees.
I was told the tree stumps would need to be treated, but the owners decided to have the stumps ground out, whihc was a problem as they didnt treat them before they did the grinding.
I was told I needed to have the place treated and checked in 6 months time. Then 12 monthly treatments to maintain.
Trouble was the owners had done their own treatment sprays so it was not necessarily done correctly and pest guy could not be sure there were no termites in the house given the amount of infestation so close to the home and in some many areas eg fence Talking a 1800 block, very long fence! They were in the out houses, the kids play things, the pool area, trees and green house.
I pulled out of the deal, and it was 145k
” a blind man may see what a sighted man may not”
For some reason I havent got any email as yet, funny as Pisces asked also if my email was full.
So I am going off the post at this time.
Anyway, There was a tshirt put out some time ago, I think by someone who was unemployed and just went out there and made it. This one said, “know your limits and break them”
Which to me stands for many things, but essentially I Plan to have a Purpose in life which is a passion!
I have always wanted property from being a kid, tried talking my folks into land when I was under 15. They didn’t listen!
I plan to earn an income, have a good asset base – though not only limited to property. I have a short, medium and long term plan. And I plan to retire early.
My purpose is to enjoy, have fun and to provide for my grandkids.
My Passion is people and the environment, property and increasing my knowledge and wealth
cheers
” a blind man may see what a sighted man may not”
no!!!!
I empty my emails 4 or 5 times daily.
I believe there are problems
try again if you will or pm me cheersand anyone else that may have sent me an email….dont give up
Elves
” a blind man may see what a sighted man may not”
but just remember a real estate is not working for you, and I dont beleive they are working for the seller either….just themselves, a bit like lawyers….lol
sorry no offence anyone.
Bottom line is they want to get paid, they will get paid because if they over price it, they will usually suck you in, then tell you the market had died and that maybe lowering your price is the way to go.Sorry my experience….also if the marekt is hot, they dont care who they sell to.
Elves
” a blind man may see what a sighted man may not”
LOL Life!
No mummys more a Lord of rings fan and celtic stuff. (Indian too as in American)
Ok away from that, as you do, I do. My card sizes of past and current debt is an issue for others, it isnt a big thing for me. As you do , I also used the card to buy air cons and dishwashers for some great tenants and increased the rent too, so tax benefit, interest in part is claimable expense and tenats happy to pay more
so see guys the cards can work out. No not impulse buyer. I also used my cards due to cash shortfall, for my home reno. Jacked up mortage, but needed the carpet and I went for expensive carpet and fittings for my own home.
OK I didnt need to spend 70k on renovations, but hey I work and I wanted so yeah I got! lol just as well I dont have someone breathing down my neck. I know I could have put the money to more Ip’s but at the same time I increased the equity and value of my own home, whihc also helps my Ip’s and makes me feel like I am comfy, and I can live with that!
Still time to rein in the belt and kick off again.
Elves
” a blind man may see what a sighted man may not”
Personally I dont like units. There is an over supply in some areas, and also vacancy rates can be higher. depends on where you look.
I also dont like all the fees, I have a preference for free standing homes. Just my personal opinion though..
Elves
” a blind man may see what a sighted man may not”
Nathan good to ask questions.
But I think you are emotionally caught up in this place becasue you see it as a good buy. I disagree.
What you have to see is what you are going to be spending. You dont know that it will only cost 10k or whatever to fix, there are no guarantees!!! No pest person will ever give you that because they cant, no more than they can be sure that the home is only 25% affected.
Personally, I would say if you are dead set on this place offer a lot less! or ask the owner to have the work done at thier cost and then get a reinspection or have a clause in contract see solicitor to withold some funds pending time frame.
The size of the block is not too bad. The area around Mt Druitt and Blacktown has seen considerable growth. I could tell you that not many years ago a property in blacktown, newer section was bought for 125k, sold for 400k, that another in the older section of blacktown, with pool made a considerable profit (not mine).
Mt Druitt has a stigma attached. But it doesnt meant to say it isnt great. Consider a few more Kms out? look even at Kingswood near the uni properties can be bought for near that price on larger blocks close to ammenities…..essentially dont settle for the worst house in the worst situation at a reasonably high price (ok I know like you do280- 300 is more the mark but for new places)
It sounds to me like you are trying to convince yoursef that this IS a good deal. stand back a bit and consider….if there are termites in the house and if it has wood fence chances are they are there too and what about any trees?
Termites are part of the bush, but you dont wan them part of the home you own.
Cheers
Elves
” a blind man may see what a sighted man may not”
but it wont stop me buying, just make me more careful
” a blind man may see what a sighted man may not”
Thanks all again.
re friends:there is never a question of morals between us. Money is never something which would come between us as we work it both ways. As Sis says, if they are ok with waiting and still keep a strong friendship BECAUSE this is a totally trust based issue. they are ok to keep it that way. There is no push for cash to be repaid, so long as I am ok with this if and when it is needed in return. over 10 years we have never once had an issue about being asked to repay, or to borrow etc.
SO there is no moral issue here. I can keep the funds as long as I need, it was me that does like to repay my debts. SO yeah see I am a good friend!
re cards:
I do intend to dispose of my cards, but let me say the cards were beneficial. As I said my bank manager has an er understanding, there has been full disclosure on my part, he if chooses to ignore my cards…..its ok for him…
Re 100% borrowing,
been there done that on ALL my IP’s. good equity now though.thanks again!!!!!!!!
” a blind man may see what a sighted man may not”
I guess I shouldnt buy into the ethics of this, BUT if the guy is a bankrupt and has the income I am assuming he is repaying his debts by way of payment arrangement? or
If he has funds then there is in my humble opinion an obligation to pay his debts back,
naturally I dont know the situation so forgive me any indiscretion.If they find out he has funds guess what they will seek to recover their money/debt.If this isnt already being done.
I guess you know why he is a bankrupt?, we dont need to know.
I would question if this is a person you can trust. Remember if you become a partner to this person, and I guess if he has the funds to lend you, or the income to support your IP investments, I guess it will be written somewhere where he has a say or ability to recouperate funds…???? but what if it all goes sour?
What happens if they come after his share? sell it out from underyou?
Why would you really want to operate in what could appear as a dodgy operation????? because after all he is bankrupt.
My suggestion:wait til it is clear to invest then start again. it can be done though it is hard.
just my opinion
” a blind man may see what a sighted man may not”
agreed, rent but tell tenants it is on market
some people like to buy a property with a tenant in it.
if not lower yuor price after all you did do well maybe it is now overpriced? in the wrong area? not being marketed right? etcRefinance?
” a blind man may see what a sighted man may not”
try http://www.commercialrealestate.com.au
to search for commerical and you can get emails too.There can be money in it, but it is high risk. And it is also less stable than residential.
Banks lend less…….etc” a blind man may see what a sighted man may not”
I have said this elsewhere but here goes re my accoutant.
As a single person there is no benefit for me to have a company or trust, so buy Ip in my own name, saves a lot of mulla! time and paperwork.
Trusts can still be wound upDo not hold assets in the company…these were his words.
you can use the company to act as trustee of the trust.
as far as trusts: unit or discretionary . Unit sets or defines and discretionary allows you the discretion…..but I also think there are time lines here eg two years max to distribute, does anyone agree/ know?
The benefit is when you distribute funds…eg if you earn no income one year, to save on being taxed when you dont need to be….then distribute the income form the trust. If you earnt 49k and the trust had 15 k to give you, maybe you might think twice about taking it!
but hey, go ask more questions cause im not an accountant and me know nothin!
” a blind man may see what a sighted man may not”
Thanks everyone. Listen credit cards are not all bad depending on how you use them.
I liek the idea of getting more positive properties which was the aim initially. I can repay credit cards like sis says, but I liek everyone thinks they are very costly, but I dont panic over that debt. Why?? because it can be reduced, and I think along the lines of sis,
yes friends can wait, i repaid 7k already. But I can always reborrow too![inlove]
yes I know I dont need to use a deposit, but I was looking at doing this to get the return and to minimise bank interference…lol
4 cards…nothing, but not needed you are right. I cancelled one and pay that off. My card limits were 20k 20k 9k,2, 2 then the pay in 21 days ones eg amex and diners. I reduced these to 13, 5, 5,2
I know they affect borrowing, but lets say my bank manger wasnt interested, cause he knew i had the means….lol
I also have the option of drawing funds from margin loan account thats around 6 something %. So at a pinch I can pay off the debt for under 7% using this. But I really kinda like using money to do things. eg buying more property or shares than paying off my debt.
Ok having said that, I have got a property, now it is just a case of using the money wisely..to maximise further potentials and not end up with nowhere to go.
thanks ALL for your input appreciate that, but feel free to add scenarios
elves
” a blind man may see what a sighted man may not”
