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Hi,
My mother had a furnished unit and it was a nightmare, not only do you have to tend with the everyday things that go wrong with a premises, you have to tend to the furniture breaking down as well. She would get phone calls saying ” the washing machine has broken down” then “the tv doesn’t seem to be working properly” etc etc. I suggest if you decide to rent out fully furnished, then make the rent money worth the hassle, as you will get hassled.
Hope this helpslj
I have a positively geared property that I am selling, if you are serious contact me about the details.
CHEERS
lj
Dear Rooney,
………..Oh My God……I am mortified……any wonder that 15 men a week committ suicide directly related to CSA problems!!!! I dont know if I have got any constructive advise for you other than…..speak to someone higher up, surely this cant be right!!! The tax department dont tax you on the full margin, surely these people cant either.
………Good luck…sorry I cant be of any help….just wanted to express my heartfelt sympathy more than anything!!!!
Larellelj
Start,
I am propbably coming in way too late for this answer, as I would suspect that you have already settled, but the same thing happened to me, but as the seller. The airconditioner in the house that I was selling decided to play up 4 days before settlement. The purchaser was informed of this through the tenant, and the purchasers solicitor told me to have it fixed by settlement. I could have refused, but if the purchasers wanted to get nasty, apparently they can hold the settlement up by years over that sort of thing…..So the short and curlies of it all is I believe that you could have demanded the post be fixed, or have an appropriate amount held over for repairs at settlement.
………….I was too late wasn’t I?
CHEERS Larellelj
Thanks guys,
I appreciate you helpLarelle
lj
Russmarg,
I am supprised that none of the brokers have answered you. There is a way for people with no income as such to get loans, but it requires a rather large deposit. I dont know a lot about this, but I know that it can be done. Most banks that lend 90% with a 10% deposit and so forth to about 80% with a 20% deposit. When you have the colatiral, but no income as such, I believe the loan ratio is more around 60% loan to 40% deposit. The property would probably have to be an investment property so it was generating an income…therefor the 60% that you borrowed, you are capeable of making the repayments.
There is ways around everything, you just have to find them.
Hope that helped…..find a good broker…many will tell you it cant be done, keep looking.
CHEERS Larellelj
Kiwi,
If you sell you current propery you may be up for more costs, ie realestate fees, solicitor fees etc. I am thinking the reason that your bank is hanging on to that 20% is because maybe you have no morgage insurance in place. This may be worth asking your bank about, do the figures and see if it is worth it.
CHEEERS
Larellelj
Thanks Jason,
I was asking for Capital Gains reasons, the tax laws are so complex that half the time the poor old account has trouble answering. What you said made sense, and I appreciate your time. Thanks mate.lj
Emmagirl,
We bought 6 properties with no cash at all. The only one that we had to put a deposit on was the first one. You say you have about 80k in equity, you are laughing. WE borrowed about 110% on each house that we purchased, which covered solicitors, stampduty etc. When it comes to the deposit, you can get a deposit insurance that your broker or your bank can organise, or we just got an overdraft on our everyday bank account and overdrew the deposit for 30 days until settlement, it cost us a couple of hundred dollars in interest. The last two houses that we bought, we just asked the realestate agents to forfiet the deposit, and pay the full amount at settlement. They allowed this, but we knew them….that might have made a difference……but it cant hurt to ask, they can only say no. There are other ways of purchasing with no cash, such as vendor finance….ask the vendor if you can pay 80% now and the balance of 20% in 2 years….offer them more interest than a bank would on the 20% so it is appealing to them as well ( win win situation)……refinance in 2 years, the equity that should have been gained in two years should allow this, provided you have not overpaid at the start! But you will probably need to pay the vendor their asking price for them to agree to this type of sale. Again, they might say “no” because of their own circumstances….they may be buying elsewhere, and need the money, so dont get offended if they say no to this option…..Buy the way, it takes some guts to ask for this type of deal, I was terrified……at the worst, they can say “no”……but they’ll never say “yes” if you dont ask!!!!
Hope this helps.lj
