I have a commercial property and on the lease it clearly states the tenant are to pay 100% of all out going which is related to the building.
They are being stuborn and refusing to pay a few things such as building insurance that i took out and fire safety cost for the building.
Derik and Jamie M and Terry M have been such a huge help and inpiration to me as they have exllained quite a lot and make thing clearer. I didn’t know much before but thanks to these three they have given
Me such confidence and heading forward.
Ok so the money that is redraw have to be in a different account ie seperate from all other funds or can be use to pay off purchases to be 100% safe right?
Oh it’s my fault for not paying attention when she was explaining things.
I called her to double check on things and basically she’s saying what you guys are saying.
To pay the ppor 1st then just pay interest only for ip.
LOL I was thinking the same thing when you guys were explaining things to me but i didn't want to sound rude that's all.Well at least now I'm a bit more informed than I was yesterday thanks to people on this forum.It seems I will have a meeting with my banker and seek out some new loan options with offset facilities to somewhat future proof my…[Read more]
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Under this situation you are better off placing your principle payments ($200 above + principle payments currently made on your home) into an offset account. When you find the new home you can grab all of the money in your offset account and use these funds as deposit for the new home. If you borrow funds against either your existing home…[Read more]
Derek wrote:
First thing I would do is convert commercial property to I/O and (because you want to pay things off) put the money you save into your own home. This will have a similar net effect but is more tax effective. Are there any plans to buy a 'bigger, better' home elsewhere? The answer to this also has some bearing on which way you…[Read more]
Thanks MichaelI think I'm not that comfortable with risk but that's not to say I wouldn't take big risk it it means there would be massive gains in the end. As for financial I think I'm ok and my job is stable.It's good that you have mention investment strategy or lack there of as I have no real plan at the moment except for wanting to own…[Read more]
Thanks guysWell the property is a retail shop, and I just had a quick look at the lease contract which also states that the tenant must pay 100% of all property out going so i guess that will help my part when it goes to mediation .Sonny
Oh so the Letting fee is a one off. That's good news as I thought it would be yearly (what a noob I am). They are charging $500 for advertising fee as a package and $3 a month for mails etc if it was to be Re-leased.Well the lease as it stands when I take over will be 10+5+5.As you've said it seems reasonable so I don't need to feel ripped off t…
Well I'm in the process of acquiring my first investment property so I'm clueless in the areas of what management will charge for looking after the property.
The investment is a commercial property in the Western suburb of Melbourne. The quotes I got from a particular Agent are:
Too bad Richard is not in Melbourne.Anyway I just finished talking to the consultant and she showed me some packages from ING, which seems to be a lot cheaper than most other banks and not much annual fees.Have you guys used ING before?
I have an appointment with a consultant from mortgage choice on Wednesday but i don't know if they will just point me to some bank that they may have a secret hand shake with already.As for other banks who would you guys recommend?
What would be the benefit of renting as your Primary residential address while buying a property to invest? The way i see it is that you are loosing your money with rent while having to struggle to pay for your mortgage. Can some one explain this to me? Also I don't know it this is good or bad news, but my parents in law have offered us their o…[Read more]
WOW…all the advice are very welcoming. Thank you everyone. I will try to do some more research on what you guys have told me.Hi. Simon Macks. It would be awesome if you would give me some info on that article.Tammy: Thanks for clearing things up Marc: Well thanks to my wife as she is a very good saver, since i used to spend a lot a few year…[Read more]