Forum Replies Created
I’ve come back after the weekend and re-read everyones replies. All positive and good.
I like your observation sonja about stepping over the line with giving and finding oneself in bitter territory, I will keep a closer eye on thi in future
My policy is to give as much as I can freely give – it feels good for everyone and it builds relationships. If I feel that I’m not comfortable giving (time, information, money, whatever) then I just don’t give. If I give more than I can willingly give it leaves me with bitterness and/or resentment which only destroys relationships.Kay,
I think optimism based on critique and analysis would be a good guide for preventing more “cynical baggage”.Jo,
Your poem is classic.I’m well mannered at the dinner table
I’m direct in my advice
It depends on whether you’d rather I was honest
Or whether you’d rather I was nice.Acey and Wayne,
Honesty is the best policy, I think too. And maybe niceness is a whole unrelated issue.Aussierogue,
Hollow unethical success would indeed be a waste of time.Yack,
I like the way Fair and Equitable Negotiation sounds.You all seem to be down to earth good guys, and I have now got renewed energy and a more defined approach to my ethics..
I am proud to be posting and bouncing ideas amongst such people.
[daisy]
But would a guaranteed and underhanded couple of million make you change your tune……..ONLY KIDDING, I know it wouldn’t. <whistles evily>
lifexperience
My mortgage broker said the bank was ok about the vendor financing….yee-ha!!!
He argued that it would simply increase the total income on the property and that I was still just as liable for mortgage.
It was a good win, as this property was on a joint loan with another property and cross collateralised with 2 others.
So I would recomend that anyone considering wraps, fully disclose your intentions.
Thankyou everyone [drummer]
Supafreak, Kansas is long gone.
lifexperience
….
I can’t quite put my finger on it, but there seems to be a core issue to be resolved with regard to an investment path.
What if…More important than equity, more important than market or strategy or goal… and that is “how you choose your path”..
it’s almost like defining yourself…
Does anyone sort of know what i’m blabbing about….
n
Niceties and good intentions are cold comfort when the real world rips ’em apart.[drummer]
lifexperience
Woops,
TPG.com.au
Check it
lifexperience
Nice thread LifeX, you always get the masses talking. sic
No probs….myself.
But I disagree, I have just read about win/win situations.
Oh.. you have a point, I guess I will be continually looking for the perfect attitude, even though perfect may mean dynamic.
[curtain]he he
lifexperience
Yeah… actually I find I get a bigger response from airports when I levitate in the air and connect to the web via ESP, humming wooooooo oooooooo woooooooooooooo ooooooooooo wooooooooooo oooooooooooo.
Hasnt Bluetooth only got a range of 15m ?
[drummer]
lifexperience
Hi jaffasoft,
I also use laptop. I can dial up from any landline, use my mobile phone via infra red (gprs costs 1c per 1kb) ok for emails and bank checks.There is also some wireless thingy card available to magically connect from anywhere at any time (wireless). I don’t use it though.
If you are thinking about a laptop check TGP website, they do bargains.
lifexperience
Millsy,
If you cant find a PM at all,Consider if you are prepared to travel up there 4 or so hours when needed.Is there a stable long term tenant in there, or do you have to find one. Interview – One trip, hand over keys – another trip. Problem tenant that needs to be served breach of duty notice – another trip(s) (maybe or mail that takes 3 days longer), Can’t contact tenant and no rent has been paid – WHAT WILL YOU DO?… Another trip?
I have a prop 1 3/4 hours away, and had to travel up there 7 times in 7 days to sort out a troublesome tenant. Lotsa petrol and time. For me, this is on the limit, but there are PMs in the area if I cop out of personally managing IP. It would have been a sick feeling if the trouble continued and I couldn’t handball the property to a PM.
Is the cash really worth the potential to take time out of your life…. could you find a local who could keep an eye on things for cash?
I would not start with an IP that could not be managed if I decided not to manage it myself.lifexperience
Hi, I am sure it is only S.A. that [cowboy2]prohibits individuals to wrap.
In Victoria, I just filled out application and mailed it. Free.
It was approved in 7 days, no probs.
Just have to follow CCC reporting requirements to stay current.
Don’t let it stop you.
lifexperience
OK..From the Real Estate Agents Act 1980. definitions Part 1. Introduction, Act no.9428/1980,
s.4.“estate agent” or “agent” means any person (whether or not he carries on any other business) who exercises or carries on or advertises or notifies or states that he exercises or carries on or that he is willing to exercise or carry on or in any way holds himself out to the public as ready to undertake the business of—
(a) selling buying exchanging letting or taking on lease of or otherwise dealing with or disposing of;
(b) negotiating for the sale purchase exchange letting or taking on lease of or any other dealing with or disposition of;
(c) collecting rents for—
* * * * *
any real estate or business on behalf of any other person;“letting” includes every form of leasing or letting of or granting a licence to use real estate and the function or business of “letting” includes the collection or receipt of rents by an agent on behalf of his principal whether the agent has or has not let the real estate in question;PART III—LICENCES
12. Estate agents to be licensed
S. 12(1) amended by No. 86/1994 s. 6(1).
(1) Subject to this Act an individual shall not either by himself or as a member of a partnership—
(a) exercise or carry on or advertise notify or state that he exercises or carries on or is willing to exercise or carry on the business of an estate agent; or
s. 12
(b) act as an estate agent; or
(c) in any way hold himself out to the public as ready to undertake for payment or other remuneration (whether monetary or otherwise) any of the functions of an estate agent—
unless he is a licensed estate agent.
Penalty: 500 penalty units or imprisonment for 12 months.
S. 12(2) amended by No. 86/1994 s. 6(2).
(2) Subject to this Act a corporation shall not—
(a) exercise or carry on or advertise notify or state that it exercises or carries on or is willing to exercise or carry on the business of an estate agent; or
(b) act as an estate agent; or
(c) in any way hold itself out to the public as ready to undertake for payment or other remuneration (whether monetary or otherwise) any of the functions of an estate agent—
unless it is a licensed estate agent.
Penalty: 1000 penalty units.Download document and check it out guys, see if you can interpret it to allow subletting without licence.
http://www.dms.dpc.vic.gov.au/Domino/Web_Notes/LDMS/PubLawToday.nsf/a12f6f60fbd56800ca256de500201e54/8d9723cd028e2b9cca256e7d00260931?OpenDocumentlifexperience
The wording “any other person” is opened up to sidestepping in the case of a company/trust/partnership you own is collecting rents for you. But a straight cut sub-let, when you do not live in the house yourself, seems to me to be in clear breach.
It comes from Real Estate Act….I will hunt up the exact clause and wording. And see if anyone can come up with legalese that could circumvent it.[cowboy2]
lifexperience
Choosing between uni and a trade, it can easily be argued that the uni path is a continuation of an inefficient education path that hides from the real world.
Uni students pop out the end of their years with a hecs debt and in a lot of cases “what do i do now” problem. Employers want experience.
Tradesman pop out the end with four years experience on the job, and usually contacts for many employers… the old “who you know” advantage.
The pay can be the same as professionals, if not more for a good tradesman. And if you are in commercial construction, industry, shift work and overtime. It is common to earn $80000pa and more.
Uni students would on the other hand be happy to find work on a low income at all.
Plus.. I think it is more rewarding work to be working with your hands rather than your ass. (friendly shot aimed at ya desk jockies).
Of course, I am a tradesman.
I think a shortage of apprentices would be caused more from government revenue driven regs and taxes than a shortage of willing new apprentices or employers that want apprentices.
As for finding apprentices willing to work, I think the Australian culture breeds the same ratio for actual tradesman.
Good tradesman are rare as hens teeth. Always have been, likely always will be.
[cowboy2]
lifexperience
I had an insurance broker source CGU for me, they said they get bulk rates and charged me no commission.
They were almost half of insurance price quoted by one of the banks.[cowboy2]
lifexperience
Hi kay,
This thread discussed a lot of asbestos questions.https://www.propertyinvesting.com/forum/topic/10887.html?SearchTerms=asbestos
Home renovators in old houses are treading on a minefield wrt asbestos.[cowboy2]
lifexperience
The Real Estate Institute of Victoria deems it is illegal to collect rent for or sublet a property without a real estate agents licence for any other person. You might want to check NSW laws.
Share housing also requires that you have to individually meter gas/electricity for each student (Good luck!) or pay the bills yourself (international students will just run expensive fan heaters all day $$$$). Check NSW laws for Boarding House Arrangements.
Allow vacancies through those long uni summer holidays too.
oh… and check building insurance while disclosing that it is a shared house, this could be RE Agents concern. Imagine if you were liable in the event of a house fire.
[confused]lifexperience
Acey,
Acey, why wouldn’t you ever distribute to a company? What if you had no other beneficiaries left under a 30% tax rate. ie: single high income earners. (is it because of the difficulty of getting money out of a company without being taxed?)
Do you think that the risk mitigation benefits you mention will remain long term? Are the government not trying to clamp down on the use of trusts for this reason?
lifexperience
LCP, cool.
I mailed my credit provider application yesterday in companies name.Did you have any trouble being approved?
Separate companies: one purely as trustee of trust with property (not created yet). and one company handles all the daily going onerings of running IPs. I have some co-housing set ups, and i have already had one tenant threaten to sue cause a tenant I placed in there became violent.
It would be nice to safeguard assets against the unexpected.
Yep, Unit trust. His equity, my groundwork.
lifexperience
What is a relocation company? What were the names of the ones you contacted? Where did you find their numbers?
Sounds like ideal system to find tenants, whats the catch? Big commissions, short leases?
lifexperience
I think ATO tend to closely scrutinise rent that is below market rent in some circumstances.
Check with your accountant.
Maybe you could simply rent her one room, which would be cheaper than market rent while you do renovations.[daisy]
lifexperience
Wallflower,
I havent set trust up yet. I may have current company as trustee temporarily, BUT ideally i have been advised it is better to have a company trustee that is separate to the company that may be operating which could be sued itself. Thats another $1500 to set up of course.LCP, whats that?
In what name is your property? A trust, company or other?
Check your PM’s wrt Book[curtain]
lifexperience
