Total Members: 159,203

GetRichOrDieTrying

  • GetRichOrDieTrying replied to the topic I need a lawyer in Melbourne. in the forum Help Needed! 12 years, 4 months ago

    Hi sorry for the long time to reply.

    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.

    I just need someone who is experience.

  • GetRichOrDieTrying replied to the topic Converting PROP to IP in the forum Help Needed! 13 years, 1 month ago

    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.

    They know what they’re talking about.

    Sonny nguyen

  • GetRichOrDieTrying replied to the topic redraw contamination in the forum Legal & Accounting 13 years, 2 months ago

    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?

  • GetRichOrDieTrying replied to the topic redraw contamination in the forum Legal & Accounting 13 years, 2 months ago

    A redraw shouldnt effect the new investment should it? Unless you refinance with the original loan and use that money for invezting.

    Can someone clarify?

  • GetRichOrDieTrying replied to the topic need a few opinion from you guys and gals in the forum Help Needed! 13 years, 2 months ago

    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.

  • GetRichOrDieTrying replied to the topic need a few opinion from you guys and gals in the forum Help Needed! 13 years, 2 months ago

    You have to give me a bigger wink Jack.Maybe a pointing finger and GPS location lol

  • GetRichOrDieTrying replied to the topic need a few opinion from you guys and gals in the forum Help Needed! 13 years, 2 months ago

    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]

  • GetRichOrDieTrying replied to the topic need a few opinion from you guys and gals in the forum Help Needed! 13 years, 2 months ago

    Quote:
    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]

  • GetRichOrDieTrying replied to the topic from 0 to 130 properties in 3.5years in the forum Help Needed! 13 years, 2 months ago

    Just buy the damn thing lol.  IT's only 32 bux

  • GetRichOrDieTrying replied to the topic need a few opinion from you guys and gals in the forum Help Needed! 13 years, 2 months ago

    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]

  • GetRichOrDieTrying replied to the topic need a few opinion from you guys and gals in the forum Help Needed! 13 years, 2 months ago

    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]

  • GetRichOrDieTrying replied to the topic Please explain the postive cash flow concept in the forum Help Needed! 13 years, 9 months ago

    Thanks for clearing it up for me guys.

  • GetRichOrDieTrying replied to the topic Tenant refused to pay full amount of insurance. in the forum Help Needed! 13 years, 10 months ago

    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

  • GetRichOrDieTrying replied to the topic Commercial property management rates and fee? in the forum Help Needed! 14 years, 4 months ago

    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…

  • GetRichOrDieTrying started the topic Commercial property management rates and fee? in the forum Help Needed! 14 years, 4 months ago

    Hi Everyone.

    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:

    – Management Fee = 5% of Annual Rental.

    – Leasing…[Read more]

  • GetRichOrDieTrying replied to the topic which loan offer the best value? in the forum Help Needed! 16 years, 9 months ago

    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?

  • GetRichOrDieTrying replied to the topic which loan offer the best value? in the forum Help Needed! 16 years, 9 months ago

    Ok I've just browsed thorough some comparison rates and I think ANZ might be a better choice in terms of big banks

  • GetRichOrDieTrying replied to the topic which loan offer the best value? in the forum Help Needed! 16 years, 9 months ago

    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?

  • GetRichOrDieTrying replied to the topic Newly Wed young couple seeking advice. in the forum Help Needed! 17 years, 1 month ago

    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]

  • GetRichOrDieTrying replied to the topic Newly Wed young couple seeking advice. in the forum Help Needed! 17 years, 1 month ago

    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]

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