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  • Profile photo of jmsracheljmsrachel
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    @jmsrachel
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    October 23, 2012 - 8:28 am

    For that price I think your going to struggle. You might find a run down 1 bedroom unit if your lucky.

    Profile photo of jmsracheljmsrachel
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    October 23, 2012 - 8:24 am

    A few of you have mentioned bridging finances, could someone explain in simple terms what it actually is? I have a very rough understanding of it.

    Profile photo of jmsracheljmsrachel
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    October 22, 2012 - 10:05 am

    Good old stamp duty, were would we be without it!

    Profile photo of jmsracheljmsrachel
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    October 22, 2012 - 10:01 am
    Catalyst wrote:
    jmsrachel wrote:
    Also, you must start paying rates, water, etc from date of contract not settlement.

    Not MUST. I'd say can.  Depends if the vendor asks for it.

    I just got early access. Paid rates etc from settlement. They even left the electricity on until settlement as they were coming and going moving stuff out.

    I always get insurance as soon as cooling off finishes. If the vendor doesn't have insurance yours will kick in. Better to be safe I say.

    You must have had very lovely vendors letting you use there water and electricity! Mine were stingy.

    Profile photo of jmsracheljmsrachel
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    October 22, 2012 - 6:48 am

    Also, you must start paying rates, water, etc from date of contract not settlement.

    Profile photo of jmsracheljmsrachel
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    October 22, 2012 - 6:46 am

    I done this last month. I signed a license agreement which states what ever happens I’m liable. It didn’t cost me anything to set up, but the vendor needs to agree to it.

    Profile photo of jmsracheljmsrachel
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    October 22, 2012 - 6:42 am

    I moved last year to my new house which is next door to my old house. Hard move that was, just walked every thing over!

    Profile photo of jmsracheljmsrachel
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    October 21, 2012 - 11:39 am
    Qlds007 wrote:
    Good luck in trying to finance such an arrangement.

    Lenders wont like an OB deal for a investment.

    Cheers

    Yours in Finance

    Richard, what would the bank require you to have in order to lend you the money for this situation? Ie own land outright?

    Profile photo of jmsracheljmsrachel
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    October 21, 2012 - 11:29 am

    Might be easier selling them separately? Is there an advantage selling them as a portfolio?

    Profile photo of jmsracheljmsrachel
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    October 21, 2012 - 11:26 am

    Being born male means you get penalised come divorce time. I’m making sure I’m coming female in my next life

    Profile photo of jmsracheljmsrachel
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    October 18, 2012 - 10:53 am

    Just thinking out loud, would the bank allow option one? They wont be happy if they can't make a profit on you.

    Profile photo of jmsracheljmsrachel
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    October 18, 2012 - 10:46 am

    I agree with Dereks advice. For someone that's not a broker thats good solid advice. Option 1 would be a waste of time. Nothing to claim against your rental income come tax time.

    Profile photo of jmsracheljmsrachel
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    October 18, 2012 - 6:26 am
    gmh454 wrote:
    also you would need to get the loans changed..

    and if the ATO looked at it (almost never) then you could have an issue with the old question of intention .. when purchased

    safe way is the divorce….

    just quietly slip the paperwork in among lots of other docs while she is watching her favourite TV show

    and I have seen it done,  wound up sleeping in the factory for a while till she calmed down..

    I wonder how many men are brave enough to try that

    Profile photo of jmsracheljmsrachel
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    October 17, 2012 - 11:48 am

    Makes sense now, thanks Terry

    Profile photo of jmsracheljmsrachel
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    October 17, 2012 - 11:33 am
    Terryw wrote:
    If the husband owns 50% and the wife owns 50% then she could buy his share and then end up with 100%.

    So if a house is worth $500k, she can only spend $250k to buy him out. If she buys the property for $500k wouldn’t she be buying her share again?

    Sorry I’m not being very clear !

    Profile photo of jmsracheljmsrachel
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    October 17, 2012 - 11:18 am

    Thanks for that Terry. So the wife can only purchase 50% of the property? She already owns the other 50%. Does this make sense?

    Profile photo of jmsracheljmsrachel
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    October 17, 2012 - 11:06 am

    This may sound stupid, but if you sell half your share of the property to your wife does that mean she can only buy 50% of what the property is worth. Eg house is worth $500k, she buys you out at $250k? Or can you inflate the price?

    Profile photo of jmsracheljmsrachel
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    October 17, 2012 - 8:36 am

    I see many questions posted on SS and this forum. Is that acceptable or should you stick to the one forum? I suppose it's like making friends with a rival.

    Profile photo of jmsracheljmsrachel
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    October 17, 2012 - 8:30 am

    I agree with Terry, you wouldn't want to do all the hard work and let the creditors enjoy the profits. I wouldn't even bother attempting

    Profile photo of jmsracheljmsrachel
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    @jmsrachel
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    October 15, 2012 - 9:54 pm
    Jpcashflow wrote:

    Customer service is dying in all industries,

    Why?  Most  people just want the cheapest  of everything

    People have no class or respect  for them selves 

    Best comment of the day. For someone that works for themselves I see this all the time.

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