Forum Replies Created
Nilson,
2 comments,
When I am eatting dinner @ home NO ONE has the right to interupt my meal, except for my loved ones. I have had many meals interupted when working in the nursing industry. It just shows how arrogant you and your companies are thinking I would be better off having one of my few luxuries (a quiet meal @ home) interupted.
The ASIC website is only good at warning people once at least one (but normally many) people have been ripped off. These companies keep relaunching and having different front people. Sometimes companies dont break the law when charging people many thousands more for services, just unethical.
Is her contract likely to be renewed?
Decide how much you want the property and what its worth. Then decide how risky you want to play it. If you have been stuffed around for 6 months looking and this place falls through, are you willing to spend another 6 months looking? Is it costing you more whilst looking (taking time off work, rent you are paying) or are you saving money (living at home).
If you dont want to spend another 6 months, offer what you think its worth. If you are happy to try and get the best price with the risk of losing it offer below and take your time to make a further offer. If there isn't much interest in the property and it looks like you are going cold after the 1st offer rejected then they will be more likely to consider the 2nd offer
Ignor how much interest the agent says there is, most of what they say is sales talk. When tennants are involved commnication and access can always be a problem, especially if the property manager is a different agent to the sales agent.
Sorry you are missing some details,
Innerwest, central, eastern suburbs…of which city
An investment loan is simply a loan used for investment purposes, like a home loan is to buy a home a car loan to buy a car.
Investment loans can be either IO (interest only) or P&I (prinicple and interest), the benefit of IO are the extra tax deducations available when negatively gearing and to allow your greater cash flow for other investments or paying off non tax deductable debt.
A mortgage is simply the document that secures a property as security. So both home loans for your private recidence and investment loans for your investment property will have a mortgage.
Richard,
Premium may of done you a favour. Hopefully anyone receiving a call from them will type the name into google and find all of these posts. You might be able to gain some more business out of it when they read through it and see your comments and your phone number. I might get lucky if they are on the west coast, they may drop me a line.
Maybe Australia post lost your mail. I'm sure if you ring premium they will express post one to you and have it on you desk tomorrow ???
There are no laws relating to references, many places in the past would of been leased with no reference. Most who check references will check their current landlord and current employer. Some may also check the previous landlord as well (especially if they have been in the current property for a short period). If someone has rented their previous property for 7 years I think that demonstrates pretty well thay they are at least a resonable tenant.
With knocking back a person purely on the basis that they are receiving Center Link payments, I would be careful as it may amount to descrimination. There are many different reasons people receive payments. Some of these people would make great tenants others well lets not go there. If a person is receiving a disability pension and you choose not to give it to them on that basis, it amounts to discrimiation and will make a good ACA or Today Tonight story.
Check with you local council as it will be their by-laws that will affect the legality. There are a few companies around that rent spaces from the "land owner" and then sell the spots to advertisers. I can't think of any of the names of the top of my head but when out driving around look at some billboard adverts and down the bottom should be the name of the company. A quick call to some of those companies may give you an indication whether it is worth pursuing
In the JPEG file most cameras will store the date/time taken as part of the file, even if it isn't printed on the photo. As part of the property condition report include some of the photos on that. Easy enough to print out with a good colour printer. As Sallyann suggested get both parties to sign the report. The photos should be a true representation of the condition of the property as to when the tenants take possesion. If the place has been vacant for a month and nothing has changed during that time, it still represents the condition at the time possesion is taken by the new tennants. If you use old photos and you have weeds that grow in your garden at the same speed they do in my garden – the new tennants may see that its not a true representation and be unwilling to sign.
As a seller, both valuations mean nothing. It is worth what the person with the fatest wallet is willing to give you. The REA is giving you a figure which will entist you to want you to list the property. If they said it was worth $400k, would you still list? The private valuer, who normally works for banks will give a more conservative value. As you said there have been very few similar to yours recently, if it went to auction you may have two buyers who think it is the perferct property for them and fight over it pushing the price over $500.
When it comes to what price you want to list the property that is a different story (not always what it value is) but more selling tactics and your goals. If you need to get out fast, list it at a lower price to attract more attention and then asses the offers you receive from those going through (some may be higher then the listing). If you are in no rush to get out and want to get maximum money, list it at the higher end.
If you are declairing the income and claiming expenses, you must also take into consideration that when it comes time to sell the property it may attract capital gains tax.
If he is living in the property, there isn't any benefit in using a property manager and most wouldn;t do this type of arrangement. Plus they will take about ~8% of the rent and take a month to pay it to you. Alot easier for someone living in the same house to leave the money on the coffee table.
Many people in this situation if leasing rooms wont declare the income and claim no tax deduction. It is illegal, but the option most people go for.The 80% is of the value of the property, not of the equity value or loan amount. If you have your current appartment plus the new place, this is a total value of $720k.
80% of this value is $576k. Considering your current loan is $190k you wil need an additonal $14k (plus purchase expenses) to maintain it at the 80% LVR.
If you go ahead and buy the place for $400k and have no additional funds your LVR will be 81.9%. You will be up for some mortgage insurance, but it wont be a substantional amount and you will be able to borrow additonal funds to cover the insurance
devo, are you interested in a half share for a lotto ticket this saturday?
If you bought $100k of gold, exactly, thats all you can do is sit on it. There are very few people who would leave $100k of cash in the safe for 20 years. Even being the most conservative of investors you would at least stick it in to a term deposit and earn some interest that would over 20 years be higher then the rate of inflation. There would be some additinal purchasing power from you cash investment. I don't think gold over a period of 20 years would do much better then most term deposits
devo,
Take your $50 to the casino and but it on black, tomorrow you might have $100.
my 2 cents worth
my 1st cent…this is a bit off topic
my 2nd cent…what was the price of gold around march and around july. If you bought a ton of gold in march and were sitting in your back yard looking at your gold this morning knowing that it had had its biggest 1 day gain, you still wouldn't be happy. Gold flactuates, and you must consider the falls in price as well as the increases. Yes it went up today, why? The stockmarket has the flu and is feeling a bit sick so people have pulled the money out of one market and moved it into another. As the financial sector settles and investors become confident in some of the bargains around, money will be taken out of the gold (reulting in a fall in gold prices) and put back into shares. These markets are both very liquid and one event can have a very fast effect on both. Depneding if you are in the right market at the time you can either make alot of money quickly or loose money. The property market is alot less liquid and doesn't have as fast flow on effects and considers many different factors, not just reacting to one companies loss
If the vendor stated that they will replace it and they haven't, then they haven't full filled their side of the contract. That is a pretty simple part. If you wanted to walk away from the deal you could possible get your deposit back due to non perfomance of that conidtion. (Get legal advice first)
Simple part out of the way…now the hard part. As newbie was mentioning, don't look at this one small problem, but look at the big picture. Decide if this is the place you want. If you signed the original contract its a good sign that it is the place you want. Is it possible that you got a little nervous after signing the contract and now reconsidering the whole thing. As you said you feel that you have paid above market price for the property, how much is this influencing your current thoughts.
It this is the place that you do want then it may be easier to just wear it. What is it costing you in stress and time in delaying settlement over this issue. $2k compared to the CG you would expect over coming years. Are you planning on doing other renovations, planning on knocking it down and subdividing, is the rest of the place going to last long enough to justify the beam been changed.
Its now over a month since your first post. You need to decide what you want. The vendor may feel annoyed at it been drawn out and may not be interested in negoiating much more.
Are the loans for the two propertes seperate or crossed? You will need to look at the existing product that you have and whether the loan is portable. If the loan is portable depending on the lender there will be fees for changing the security. The other factor is the value of the new PPOR, and whether you will need to borrow additional funds.
Banks will still look at other financial obligations that you have, as even if the property is cash flow positive you still need to be able to afford living expenses and other repayments. So the bank will look at the whole picture not just a section of it.
Even though you have your property being CF+, is that during a period of 100% occupancy? Banks will only accept 80% of rental income. So if your total rental income is $200/week the bank will see you having an income of $160/week. Banks also consider your ability to make repayments incase of interest rises. If you are CF+ positve on a loan @ 9%, the bank will normally asses you about 1.5% above the current rate. So even though you may show CF+ at current rates the bank may show that you can't afford repayments at the rate they calculate
