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Hi, I am not 100% on your situation but I am of the belief that if you can find someone else to take over your new lease you can get out of it. Can you afford to lease both properties for a short time?
Or maybe advertise for shared accomodation in the new property the new property and if you get a few responses let them take over the whole lease.
Another choice could be to talk to the owner who really wants you to stay and explain your situation to him. He may let you stay rent free for a short time till you find new tenants for the other property then you can pay him back with the bond money if necessary.
Good luck whatever way you go.
JennyMortgage Hunter –
Yes I know myself I cannot afford to invest fully in the property at this point of time, I am a sole parent and have just bought a second-hand clothing business so am surviving on minimum income at present. I have a line of credit on my home which I am keeping to a minimum.Yes Terry maybe you are right, thanks for the feedback.
Because I can’t afford it by myself, like many others out there.
Like I said before, it was just an idea and I wanted to get feedback as to any other ways.
At present here in Perth rental houses are so hard to get, they have started a bidding war, so the highest bidder gets the house.Another thought would be to not pay yearly dividends but to give loans to shareholders from the monies collected at a low interest rate up to their value in the project, that way if they don’t pay it back it is taken from their share of the property investment and broken down between the remaining shareholders.
So then it would need to be set out as say 1 unit for every $10 spend as an example.
Try to not get new people in on it at all, so shareholders can pay as little as $10 for a share when someone pulls out, if you get my plan.
I am not terribly up on finance, but am facinated by it.
JennyYes Terry there would be a lot involved. I think the unit idea is a good way of going as you said.
I had sort of worked it out as 13,000 income a year (at $250p/w rental), minus $3,000 for rates and such would pay $1000 p.a each.
Yes priority would have to go to current shareholders (for want of a better word), with the value reassessed every year maybe.
If they wanted to pull out they would be paid their initial investment if during the 1st year then perhaps after that, their percentage of the current value of property.
Like I said I am just throwing the idea around.
I would be tempted to get 2 shares straight away, only because I trust myself, lol.Thanks Abbey for your feedback.
I think you may be right it is probably only a good investment if I myself needed storage as I would eventually only have to pay $950 a year for it ($79 p.c.m instead of $220 p.c.m)
Where would I find those threads relating to this subject as I am very new here.
Jenny
