Forum Replies Created
- OzInvest Canberra wrote:Terryw wrote:keiko wrote:what if the unknown happens and the house is not rented for 12 months but ozinvest goes broke on week 1, I might be out of pokcet $30k unless the directors personaly gauranteed it
You also might be out of pocket $30,000 even if the directors guarantee it.
If you pay the $15.00 a week plus Gst you will have market rent in your bank account. Thats the deal. the 1100 odd that are in the leaseback are the proof in the pudding.There are alot of people right now who arent getting rent in their bank accounts….but they are not OzInvest clients.
Not a bad turnover $1 million
How high are the overheads on this?OzInvest Canberra wrote:keiko wrote:what if the unknown happens and the house is not rented for 12 months but ozinvest goes broke on week 1, I might be out of pokcet $30k unless the directors personaly gauranteed itThats why we suggest strongly that clients do their due dilligence with the areas. We know that the areas are solid but know one should go into buying a prroperty from any one without "knowing" that the areas are solid. Anyone can buy a property and not have a tenant for 12 months. You would be out of pocket whether you went through OzInvest or not.
I am talking about the unknown, something extreme happens and it can't get a tenant even if its in a top location
Terryw wrote:keiko wrote:what if the unknown happens and the house is not rented for 12 months but ozinvest goes broke on week 1, I might be out of pokcet $30k unless the directors personaly gauranteed itYou also might be out of pocket $30,000 even if the directors guarantee it.
This is true but with a personal gaurantee you have more chance of getting your money
I was recently reading a book and the accountant ed chan said that there is away that you can transfer from a company to a trust with small stamp duty etc if any???
I tried to find where I was reading this but no luck yet
Lockymac wrote:Just a thought, the ten year guarantee comes at a $15 a week price, I thought you would probably get a tenant if you dropped the rent ten bucks a week? Just a thoughtwell how about you put the rent up 15 bucks a week or even 50 bucks a week and then oz will pay u market rent when vacant, so your always getting money coming in and u pay oz 15 bucks, and then lets say based on that extra 50 bucks a week u are tenanted 45 weeks out of the year, well you have just picked up a cool 1500 per year and thats after paying oz
Or maybe its because its called property WOMAN award dinner, if it was called blokes property award dinner then the numbers might be the other way around
but good question, at auctions there seems to be a mixurewhat if the unknown happens and the house is not rented for 12 months but ozinvest goes broke on week 1, I might be out of pokcet $30k unless the directors personaly gauranteed it
Please present me with a situation where it wouldn't be in the clients favour (eg. OzInvest not being able to continue with the lease back) It is not a $2 a week propsition as you suggested earlier…………..11 + years is the deal!
Well thats an easy one, The company goes broke, and I know of many companies that have gone broke and they have been around alot longer than 11 years and I am talking all different types of companies small and big.
If Ozinvest go broke that doesn't mean the directors go broke, so if the directors personaly gaurantee what they beleive in then if ozinvest goes broke the directors have to pay up or they go broke too.
Hi Dreamerman,
Does she like to read, then my advise would be to go and buy michael yardney's book (how to become a property millionaire in your spare time) and you read the book first then you may be able to give her answers when she reads it, or if she doesn't want to read it then pick out the best pages in the book that will help her understand why money in the bank is not as good as money in a property. my wife is the same she's not interested but I am trying to get her to read stuff that might make her think twice. the way I get around it is we have seperate bank accounts and we go halfs on the bills and I pay for the mortgages, may sound odd but it means I controll 100% of everything I want to do, she works and I don't, one day she might work it outyes they are great arnt they, if someone offers something and they say there product is good then come on step up and personaly gaurantee it because if you don't then you don't beleive in what it is your selling,
I will personaly gaurantee anything I do because I beleive in what I am offering or wanting, any one that can't do that is a fraud and if they come near me they get punished cause I hate crooksgod I here they suk the energy out of humans instead
Thanks V8
Yep the loans are interest only, 1 month the money might come out on 17 jan the next it might be 20 feb then maybe 18 march so then i work out how many days between 17 and the 20th which may be 34 days then lets say I am charged 10% for easy work out and the loan is $100k now based over 34 days this works out to be $931.50 and the bank takes say $1,020 then the next month I may have a very similer thing happen, and even if its the weekend so I add an extra day or 2 the figures still don't add up, it may be out by $10 and then the 3rd month they may take less out than they should but over the last 6 months they have taken more than they should per loan, so there winning by a couple of hundred per loan, I don't mind if they work it out and take it of each 6 or 12 months but I am wondering if there doing this to everyone they would make a large fortune.
it seems to be when my rates were going up is when they have a week or 2 before the others follow
Ile keep watching and ask the bank in a few months and get them to pay me with interest, well try anyway
manita that is correct the owner is responsible for this so contact the agent, It sounds like the thing you push down might just need adjusting.
Deanboy, I would probably pay for the pest inspection as you do not want your investment to get infested with bugs etc
as for the light bulbs, I remember renting and the agent made us pay for any bulbs not working, but maybe you have an old lady renting your property, well then you may want to do this as I am sure she is not capable but if you have someone renting that should be capable then get them to change them otherwise they may start taking advantage of everythingHi, how many % are these properties returning?
Do the directors personaly gaurantee these lease back deals or only the company?Are we talking commercial and residential or just residential
and is this deal only available if we buy ozinvest properties
Hi, So what are you saying that if I have a tenant and he leaves after a year and its vacant for say 6 months you will fix me up the difference
Qlds007 wrote:Secret agent the better mortgage management loan is thru Adelaide Bank and still requires you to state an income.The income you declare is what the Bank will accept so if your Broker must have manupulated the stated income to suite the servicing criteria.
Adelaide Banks rate is 1% higher than the Anz rate but in saying that the Anz product is available across their complete suite of loans.
If the broker done this wouldn't he get caught out at some stage or when his loan needs to be refinanced
and Iam assuming he will be stuck if he wanted to buy his next property unless his broker put enough serviceability down to cover a couple of propertiesScott how do you find the speed on the internet when rentmaster is on there?
my net slowed up heapsTerryw wrote:I know someone who borrowed up to $500,000 from a private investor at 15% for a number of properties. He has now done a runner, not paying any loans for ages. Banks are repossessing his properties and the private investor is unlikely to get anything back.He needs a bullet, I hate people that rip other people off, theres ways to make money without screwing someone else over
Seen as your new to this and if you have not been looking for very long then I would possibly keep the money in the bank until you get back from your holiday and then focus on what you want to buy.
But if you have been studying a while and your keen to buy something before you go on holiday then have a good look around and see what you can buy with your money and buy 1 property at a time not 5 in one hit (go like a turtle before a rabbit)
Don't bother going to a bank as they will loan you $5 instead of $10, go to a mortgage broker actualy go and see a couple of mortgage brokers and see what they say.
The link above for global economy I did not bother to read but I am sure I have a fare idea on what it says, but don't let this put you off, that was probably writtin by 1 person sitting behind his desk and that will be his thoughts for the week next month he/she will probably have different thoughts along with everyone else.Or if you really get stuck and can't make your mind up on what to do, Ile borrow the money of you at a rate of 10% return p/a, I know just the property that is waiting for me. lol
