Forum Replies Created
My parents helped me out with my first purchase (of half my grandparent’s house) by putting their property up as security, and going guarantor. I will be forever grateful, as there was no way (at 19) I would have had the deposit, even though I did manage to save about $8K in my first year and a half of working.
If you have more than 1 kid (i am 1 of 4) then I agree you do have to have a plan in how you can help all of them achieve ownership of their first house. Not all of them will want to do this at the same age, so it may be able to be spread out. My eldest brother was 24 (1996) when he bought his house, my sister and her husband were 26 (1999), and my younger brother (now 27) is only just showing interest in owning his own house.
So Mum and Dad have been able to help all of us – in different ways. Equity for me, cash for the other two, and probably a mixture for my brother when he’s ready to buy.
All houses have doubled in value, and my folks generosity has been, and will continue to be repaid in any way that we can.
Cheers
MelThanks for the info Wrap pack. You are right, I got me some corneas.
Thing is though, my Doc said that I could actually reject them at anytime, and the most ‘dicey’ time was when I actually had the second one done. It’s not a huge risk, as in with kidney’s etc., but he said I have to be wary at all times, and if vision changes dramatically etc., to get it checked out straight away! Having said that, it’s 6 years since the first, and 2 since the second, and I’m really happy with the result.
Until you experience it yourself, or know someone who has (or study/work in the area of medicine) I don’t think you really appreciate quite how important being a donor is. I’ve got friends who say ‘I’ll give everything but my eyes’, which is good in one way, but what about the poor bugger who won’t actually die, but will be blind unnecessarily?
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MelOh, OK Pisces. I will not add my congratulations then…….[:p]
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MelSue, I think it’s just the way a lot of people think. For instance, there’s another one that goes along the lines of a vegetable, and most think of carrots.
Nothing spooky, just the first thing that comes to mind. Incidentally, on this one I had a screwdriver, and consciously thought of a colour (green), otherwise I probably would have said red also.
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MelWestan, you have forgotten the Olyroos. They beat the Kiwis in their qualifiers for Athens – as muppet mentioned earlier.
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MelCongrats Richmond.
The 500 club is expanding in waves at the moment
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MelI think they give the red stars to people who have got a bit above themselves, and they need to keep control of.[}
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MelYay for Bear![
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MelOriginally posted by kay henry:rabbit business, shaun?
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(. .)
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(o) (O)kay henry
oh, how cute. Now I feel bad.
Yes, Shaun is right, both of my sister’s dogs tangled with a brown snake on Saturday afternoon. One didn’t make it, and the other one was vewy vewy unwell. I took her down the coast to my sister on thursday, after she had recovered a little bit. so sad, poor little puppies. At least they killed the snake though!
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MelWell done Muppet. Although I see you’ve managed to ‘stack on’ another 30 or so since your 500th.
You guys have certainly got up to a lot of mischief since I’ve been away…
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MelOriginally posted by muppet:Okay guys
What does happen?
Try this:
Go to Freecell and chose own game. Type in -1, or -2 and see what happens.Regards
Muppet, that’s nasty!!
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Meljarmbie, you can use anything to negotiate the price with the vendor. It depends whether or not they know about the problems, and have already factored them into your price though.
In negotiation, the other side could always say no. If they do, it’s then up to you to decide if you want the place, and at what price you are prepared to pay. If you don’t get what you want, don’t sign a contract, and the only money you lose will be that which you have spent on the inspections. You WILL get your $1000 back.
Ball’s in your court.
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MelIsn’t one of those ladies an accountant? Dymphna Bolt or something (I haven’t looked at the link)?
Dale GG recommends her highly as an accountant (for property investors), so she can’t be all bad. But yes, I think I’m FINALLY Guru’ed out, and will stick to buying books in the future.
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MelJames, I wouldn’t like to have to put more than 20% in to make the place cash positive. I would like it to be cash positive with 100% financing – that would be perfect.
Anywhere in between is a good bet, especially if you have cash deposit to start with.
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MelSIS, you’re a dumbass [
]. It takes a heck of a lot longer to type it, than the simple conversion in your head. ie, drop off the zeros, and double the number!!Cheers
MelRichard, is it still negatively geared? Unless it’s costing you money (and take into consideration the rent you’re getting for your PPOR as well when working this out) I would keep it.
I would keep it as interest only, and concentrate on paying off your PPOR with any spare cash. When you come back to OZ, you will have a good equity base to draw from. Then you can look at more positive cashflow properties.
Although you could also look at negative ones, if you can afford it, and you want growth in your portfolio. My preference is a mixture of both in the short term, so that I’m getting growth, but my positives will pay for my negatives, leaving me neutral. Don’t forget all your selling costs, and buying costs when you do get back into market.
Cheers
MelStrawberry Babes, no doubt there is info on the 11 sec solution in the Strategies section of this site.
But just so’s you know, it’s a filter tool used by Steve to ascertain whether or not a property will be positive cashflow. It is not the be all and end all, but it can eliminate a lot of properties quickly to stop wasting of time.
To do this, take the purchase price of the property, (say $100K), divide by 1000 (= $100) and multiply by 2 (=$200). So you should get $200 pw rent for a $100K property.
Alternatively, if you have a rental of $120, divide by 2, $60 and multiply by 1000 = $60K. So you don’t want to pay more than $60K for this property.
Of course, you then need to factor in your interest rate, and rates, land tax etc. etc.
Cheers
MelHoly Cow. Your Kiwi banks are strict.[V]
Have you tried more than one bank? I would get in touch with a broker or two in NZ and ask them if that’s the policy from all lenders, or just the one you are talking to. If all your loans are with the one bank, perhaps you have hit your ‘limit’ with them, and it’s time to try a new bank for the next loan anyway?
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MelRancid, I can’t help but wonder if youa are still reading after your second post.
If you are concerned about ‘wasting’ $30 and having learnt nothing, have a look in the library.
To answer your very specific questions though (in case you are still here)
1. I am guessing that if you had to pay for all the repairs out of your own pocket, that you had not taken out any form of building or contents insurance? This would have covered all costs bar your excess if you had.
Not having tenants is a concern for all investors – however as has been mentioned in another response, if you have more than 1 property, a single vacancy is not a 100% vacancy, so you still do have money coming in. Of course, you could have your ’emergency funds’, and you could also take out landlords insurance, which will cover you in some instances. You could also drop the rent.
2. Steve advocates purchasing properties that are postive cashflow, so therefore it does not cost you any extra at all out of your pocket, not compromising your standard of living. Also to combat your concern of no tenant, increased expenses etc. he advocates using Principal & Interest loans, therefore reducing the amount owing, and perhaps even paying your ‘profit’ into the loan to further reduce it, thus providing you with a buffer if anything ‘unexpected’ happens.
Cheers
MelMark, click on Members, User Profile, and Edit Profile. I think you can still change your User name, although they tell us not for long.
Cheers
Mel
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