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  • Profile photo of melbearmelbear
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    @melbear
    Join Date: 2003
    Post Count: 2,429
    Originally posted by kay henry:

    You might have to to back to work, Mel! Seriously- how can the plan to pay it all off occur if one isn;t working?

    [:(!] Tell me about it. In fact, I had to go into work yesterday for a job interview – the rehab people have finally found me another one. It would have been great too – would have got to travel to Cairns, Darwin, Perth, Melbourne and probably Sydney – all with nice travel allowances. However, I decided that I really didn’t want to go back, and was planning to resign in July. These guys needed somebody who would work their butt off for at least a year, and it really needed to be the same person (involved in building the new Patrol Boats for the Navy – the ones they use to catch the boat people, and illegal whalers and stuff) for that time frame.

    The plan to pay it off – well, all I want to do is make sure that the expenses are less than the rent, and I will live off the rest. I’m not fussed about paying it off. In fact, I want to borrow a couple more million – so then my loans become the banks problem, and they’ll be really nice to me[:)]

    As I said in another post, I’m looking at buying rabbits too![;)] that will help with my servicability

    Cheers
    Mel

    Profile photo of melbearmelbear
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    @melbear
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    Finance guys and gals, what about non recourse loans? Do you deal much with them?

    I think the LVR is about 65%? I’m thinking this is something similar to what kurious is saying?

    Cheers
    Mel

    Profile photo of melbearmelbear
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    @melbear
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    Talk to your solicitor! I don’t think cancelling the payments will help in the long run as they may turn nasty and put a mark on your credit file, which might then need some explaining later on!

    Cheers
    Mel

    Profile photo of melbearmelbear
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    @melbear
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    We could keep ‘restating our positions’ on this one, but I’ll just add this:

    If the tenant is struggling to pay the rent on time, ALL the time, do you really want this tenant? I would be much happier to have a tenant that happily pays on time to get a ‘discount’ (which is precisely the rent I wanted to achieve in the first place), and who was qualified to be in the property on the basis of the more expensive rent, rather than somebody who struggles to pay.

    Although I will admit that with one lot of tenants – that I deal with myself rather than using a PM, I have offered them 2 movie tickets per month if they pay BEFORE the 1st of the month. Sometimes I’ve had the rent a week and a half early!

    Cheers
    Mel

    Profile photo of melbearmelbear
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    @melbear
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    But Kay, they’re still only young and naive [:p] Me too[:I]

    Well, I have met some lovely people, but they were workmates of my Mum’s, so needless to say I didn’t know them very well

    Cheers
    Mel

    Profile photo of melbearmelbear
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    @melbear
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    Originally posted by Matt P:

    rabbits?? as in rabbits rabbits [:p]

    Yep, cute little white bunny rabbits.[}:)]

    Cheers
    Mel

    Profile photo of melbearmelbear
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    @melbear
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    SIS, you are an aggressive little bugger. [:)]

    I would say for every one of you (and me) there will be 30 or 40 who won’t want to grow that big that fast.

    For me now, where my loans have 6 zeros, there won’t be many banks that will lend me much more than 80% (if at all under normal loans). [:(]

    Cheers
    Mel

    Profile photo of melbearmelbear
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    @melbear
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    SIS, it’s only a discount in this instance if they pay on time. It’s easier to do that way, than to say there’s a penalty if they are late.

    Cheers
    Mel

    Profile photo of melbearmelbear
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    @melbear
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    Yay, 316.6. Most frequent score 0! [:(] Lots of face plants!

    Cheers
    Mel

    Profile photo of melbearmelbear
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    @melbear
    Join Date: 2003
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    Originally posted by Still in School:

    Rabbits?

    huh….[?]

    Cheers,
    sis

    Yep, rabbits![:o)]

    Cheers
    Mel

    Profile photo of melbearmelbear
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    @melbear
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    I would think that always having 20% equity is still being very highly geared!!

    I’m at between 25-30% at the moment, and would like to reborrow that 5-10% back out, but the banks are saying no, as they see us as being ‘too highly geared’.

    Cheers
    Mel

    Profile photo of melbearmelbear
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    @melbear
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    Karan, it will become a problem if you cannot find tenants.

    If there is a property crash, that suggests that people are not buying, and therefore there should theoretically be less investment properties, so in time there will be more demand for rentals. If you keep your tenant, you shouldn’t have a problem. If vacancy rates fall, then rents could go up, and you could be in an even better position!

    Cheers
    Mel

    Profile photo of melbearmelbear
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    @melbear
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    Bugger! I’ve only got 9 1/2 years experience. Oh well, not going to be listened to! [:(]

    Cheers
    Mel

    Profile photo of melbearmelbear
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    @melbear
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    I think there are a lot of places that have a shared backyard. We have one in Canberra, and it hasn’t appeared to present any problems.

    Be aware that it would be hard to then tell the tenants who should look after what…..

    Cheers
    Mel

    Profile photo of melbearmelbear
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    @melbear
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    elves, just put your cursor where you want it to go – and click on the smilie you want to insert [:)]

    Cheers
    Mel

    Profile photo of melbearmelbear
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    @melbear
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    wrogers, if you do a search for Rockhampton, there have been a few discussions and a few PMs mentioned.

    Cheers
    Mel

    Profile photo of melbearmelbear
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    @melbear
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    Yes, beerboy, but with the ‘rent reduction’ you have actually increased the rent by that $10 per week anyway, so you’re happy to get the quoted price less $10. If they don’t pay on time, then you get a bonus when they do pay up.

    Cheers
    Mel

    Profile photo of melbearmelbear
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    @melbear
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    Hi, we do have lots of Kiwis on here, but as Leigh said, we’ve sent Westan over to NZ, and he’s buying up all the real estate for us aussies.

    For a NZ forum, (populated by a few members from here also) check out http://www.propertytalk.co.nz

    Cheers
    Mel

    Profile photo of melbearmelbear
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    @melbear
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    Picja, with the deposit, when do you have to pay it back?

    Also, is it a ‘loan’ where you are charged interest?

    Cheers
    Mel

    Profile photo of melbearmelbear
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    @melbear
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    Originally posted by MortgageHunter:
    NODOC loans are available if the LVR is low enough. I have a NODOC product from 6.8% interest rate.

    Hey Simon, what LVR is a NODOC loan?

    Cheers
    Mel

Viewing 20 posts - 1,301 through 1,320 (of 2,396 total)