Poor Sue,

I really feel for you.

Did you keep a journal of all the telephone conversations and discussions you had with your mortgage broker?

If you’re stuck in the wrong loan, and the bank is refusing to change the terms for you, I’d make some noise and do something about it.

Firstly, it seems like you may have some recourse against the…[Read more]

Hey Scremin,

Welcome home (soon). Sorry to hear about the lousy immigration people, but just a few days in the nice sunny Perth weather will make you feel better, I’m sure (although it is a bit erratic at the moment).

I reckon $10,000 is more than enough for a 10% deposit on a country IP. Get something for around $50-70k, returning a decent…[Read more]

The lease agreement is very important with commercial properties. It’s going to have to be part of your due diligence. It should deal with stuff like who’s responsible for maintaining which parts of the property, default procedures, etc.

There are also additional risk factors with commercial property, some of which may be unique to the particular…[Read more]

Hi Jo,

I believe that the property simply needs to be available for rent. So at the very least, you need to advertise it.

You’d be better off getting written advice from an accountant before you try to claim any of those expenses. Getting caught out by the ATO is probably going to be an unpleasant experience – audits, penalties and interest. I…[Read more]

But what kind of interest rate premium do you pay on these long term interest only loans?

Cheers
M

Hey Petrovski,

Unfortunately, this is not something that you can simply get a quick and easy answer on an internet forum.

If you don’t personally have experience with this, and don’t know anyone else who does, I recommend that you go see a business advisor. Many smaller and medium-sized accounting firms usually provide such a service. It’ll cost…[Read more]

Hey aussierogue,

I’m reminded of this Simpsons episode where Homer was trying to think of a name for Bart, and said something quite wise – does it rhyme with any rude or nasty words? Because that’s what the kids at school will call them. Pity he couldn’t figure out what rhymes with Bart.

So here goes:

Hannah banana
Molly the wally

I can’t…[Read more]

Onya Steve – that’s a very big response.

Check the outgoings too – not just rates and land tax, but also insurance, property management fees, etc.

I once came across this $30k unit. Returned $100 per week. Looked like a dream investment.

The only problem was the exorbitantly high maintenance and insurance costs (built into the strata levies). After deducting expenses, it turned into…[Read more]

Tranby-on Swan rang a bell for me – there were some long running disputes among various owners, which ended up before the Strata Titles Referee. It was several years ago, and I can’t remember what exactly was the problem, but if you’re looking in that area, I think some research is in order.

Kelly – If that’s where you bought, I hope there’s no…[Read more]

Hey James,

You need to factor in your selling costs as well. If your poroperty is worth $340k and you owe the same amount, you’re going to be down by however much the agent’s commission and other selling costs will be.

Cheers
M

Hey Simon,

Don’t worry – you haven’t offended me mate.

My post, as with all my comments on this forum, are always intended to have general application. When I use “you”, I simply use it as a convenient label (I guess I could use “a person” or “someone” instead).

I agree with your sentiments, however my views are much stronger, in the sense…[Read more]

Hi Simon,

You said:

quote:I think you need to be very wary advising people to act intentionally outside the spirit of the act. I know I wont.

I’m not advising people to act outside the spirit of the FHOG Act, and am surprised that you thought that I was doing so. If you take the trouble to look at my previous posts on this issue, you would have…[Read more]

Hi guys,

I know I’m late, but thought I’d put in my 2 cetns’ worth (been working long hours lately – another reason why I need those positive cashflow properties).

There is absolutely NO legal requirement to live in the place for any minimum period in order to qualify for the FHOG. As long as you can prove that it’s your PPOR, you could stay…[Read more]

Hey EZ

I use XP, but haven’t had any problems installing or using your program. That said, I’d already installed some updates before I did so.

anyway, just wanted to say thanks for your program – it’s great! Very useful and easy to use. It makes my life so much easier when evaluating property deals.

Cheers
M

Hey Sooshie – it’s actually illegal for a company to engage in misleading or deceptive conduct. The Trade Practices Act give people who get burnt the right to seek compensation, among other things. What you’d usually do is to try to get the ACCC to take over the matter, so you don’t have to pay a fortune in legal fees trying to bring the scammers…[Read more]

Mike,

I wouldn’t do it if I were you. If you did so, you’d essentially be making a false representation for the purpose of receiving a financial benefit. That is classic fraud. You probably didn’t realise that, but it is. The consequences (hefty fine and even jail) mean that it’s not even worth your time contemplating whether to do it.

Cheers
M

quote:Terry said:
I recently found that 2 of those properties that I had loans for with ANZ had a major problem. The titles were not in my name-18 months after being purchased. After many phone calls and complaints etc, I found out that ANZ had not transferred the titles.

What did you mean Terry? The titles would always have been in your name…[Read more]

Hey amy,

Great to see that you had a good outcome. Congratulations.

One tip for you and others who come into a similar situation in the future. Get the agent to confirm the vendor’s acceptance by fax. Just a simple fax saying “the vendor has accepted your offer” should do. That way, you’ve got written notice of acceptance. This is likely to…[Read more]

Hi Johnny,

I disagree with you on your definition of “agent”. At law, an agent has an obligation to act in the best interests of his or her principal (ie the seller). The agent does not have any legal obligation to look out for the buyer where it would be detrimental to the interests of the principal.

Of course, a professional and ethical agent…[Read more]