Forum Replies Created
A question for Purple Kiss or anyone else…..
I too have crossed collatorised. If the bank says no to (not sure of terminology) releasing the collatorised property to allow stand alone loans for the IPs; does this mean we cannot sell our encumbered property?
cheers
millyMarc is spot on of courses. He gave me advice about the very same subject a little while back and since then I have studied the centrelink homepage.
The reason I couldnt simply phone up and ask them my questions was because, just like kim, you can never be sure of getting correct information. Indeed I challenge anyone to ring centrelink 3 times and ask them the same question. Guess how many answers you will get?
This ol lady could legally rent out her investment house for $1200/fn and still be eligible for pension benefits, ie free health, travel discounts, rates and electricity discounts…etc. If after the means testing, she is only receiving $10/fn from centrelink why should she care. $1200/fn is a far cry from the full pension benefit of $464/fn.
Just as an aside, I am able to work fulltime up to ten weeks and still receive pension benefits. Ok i wont receive any $ from centrelink but its the discounts and benefits I like to maintain. I can even manage to own 3 houses and very soon a unit also. And no I don’t exceede the asset test.
Now youre all jealous and hate me! naa naa naa .
One other thing this lady might consider is annuities. She could sell the house at market value and put the money into annuities. If she is really really quick and gets in before sept 2 she wont pay any tax. As others have said, get her to a financial advisor NOW
cheers
millyWhile searching for a new property manager for 2IPs I found an agent that prefers the carrot rather than the stick.
When new tennants move in they are given a lil pressie of toilet paper, soap, tissues etc. When tennants pay their rent on time continuously for a set period they are given a card which they can use in applications for future tenancies. AND (this is my personal favourite ) when tennants make no complaints for a period of nine months, they are given a present. eg bottle of wine.
As alndale says this kinda thing appeals to some. Personally I’d feel like i was a school kid getting a gold star.
cheers Milly
We want Monopoly! We want Monopoly![jerry]
Hey there Monopoly
Just wanted to offer a tip to your friend as
I am in much the same position, ie PPOR, 2 IPs and casual work at 15k/yr, plus family benefits of 15k/yr. What I found the killer was rates and insurance on these three properties. So I made a self contained flat downstairs.Boarders moved out a while back.
Next week, I have 3 international students moving in. Payment is $160/wk per student.
[thumbsup2]. This money is tax exempt and doesnt affect my pension.The only downside to all this is the risk to my sanity. Caring for my 4 boys, plus 3 more and all aged under 13!
I realise your friend isnt suggesting she needs more $ but it wouldnt hurt to mention the possibilities.
milly
Hey thanks for the advice.
I feel better (and braver[medieval]) already.Milly
I think Ill give up property investing and become an accountant[grad][fear][aacool]
Marisa $75/stump!!! woohooo yahooo! I want your stumper!
But even better, Brenda, I love your solution and I shall certainly be mentioning it to whoever gets the job.
Jaffasoft, I am really curious about the end of that story. Did your mate go on a spending spree of buy another house?
Yack,
VJ’s = tongue and groove.Incidently we gotta let this topic die cos I keep reading ‘stinking sumps’ instead of ‘sinking stumps'[confused2]
um lower the rent?[confused2]
oh groooooooooooan! I guess I had better get it done.
Interesting comment Yack about the plaster splitting. I have experienced problems myself in restumping. Five yrs ago when we raised our home, doors and windows no longer shut.(the house is now exactly level but wasnt prior to raising). My wardrobe doors STILL havent been attended to. Of course things ya put up wiht yourself, Id never expect tennants to put up with.
Actually that would make an interesting thread….’things we put up with in our PPOR that we wouldnt permit in our IP’. Besides wardrobe doors not shutting, Ive had the top of the toilet cistern off for 4 months now so I can manually push down that plunger thingamy when ya flush.
Anyways this IP doesn’t have plaster walls.VJ’s tend to have a bit more give thankfully.
thanks for comments
Millyand tell me there is no chance of getting caught SIS/jaffsoft[fear]
Thanks all for the replies.
I sincerely hope this isnt a plumbing job. I want to sell the house at end of year so dont want major expenses. Ill just give the grouting a go wiht a sealant and see how that goes for now.
milly
Well ya know, most people collect something. We collect houses. It is fun!
When I am rich I doubt I will lose my love of finding a bargain or rummaging around flea markets and garage sales.How much is enough you ask. Dunno…tis the process that is fun. All in the chase [wink2]
As for happiness, that is free and available now if we so choose.
DD…..”so please allow me to have an opinion thats not hounded too much as it does sting.”
sorry for hounding.
Milly is chastened.Lee
I was thinking how different priorites are for people. You want to buy an investment property to assist the kids for their own deposit on a house.
I got into property investment to be able to pay for my kids education. er…i hope madhun isnt reading this. He will call me the hypocrit.[blush2] But tis really just the local catholic college.Incidently there is no area zoning for public schools in this state. However wehn a school is full, it is deemed ‘capped’ and you would join a queu. Priority given to local kids of kids
Hiya DD
I agree with you about the growing potential of ipswich. I have 2 houses there. I love the area cos its full of unrenovated queenslanders. But Lee isn’t looking for an IP. She is looking for a place to live.Sheesh have you lived in Ipswich? It’s sooo hot an dry in summer and freezing in Winter. The crime rate is very high. This will be a major consideration for Lee. She has childrent at school now. She wants a safe environment and good public schools. She doesnt want to send her 10yr old to the shop for bread and have him set alight for $3.
The area WiLL change. Those who want to build their brand new home at some boring Logan estate will do so. Those who want an untouched queenslander to renovate and to live in a town with old world charm will do so. Remember the colonial houses will always maintain and increase in value. i love ipswich.[biggrin]
millyeveryone has their favourite place to live in Brisbane and mine is Sandgate/shorcliffe (where I live of course) Tis on the beach and northside. It is outter northside suburb. Tis a bit like a country town here which suits me as i hate the city. Close to Gateway highway which willtake you to Gold Coast or Sunshine Coast in an hour.
Madhun I kick you up the bum for your snobbish opinion about the public schools. Schools reflect the community where they are located. Don’t forget the more expensive the school fees, the more variety of drugs you have available.
Ezy mentioned Wavell Heights. This is a public high school with a great academic and sporting records. The Gap also has a fine reputation. The Gap and Wavell heights are both lovely well established areas and not far from city. Praps if the bulk of govt funding hadnt gone to the prvt schools….er but I digress. Sorry guys. pick the school teacher!
Lee goodluck in your search. Oh and bring all your friends too. I want to see my houses continue to grow in value. [thumbsupanim]
milly
I’m so glad wrapping is Ezy Peazy for you. I would be scared witless. I guess I wonder how much of a market there is for such a thing.
We are almost neighbours so we must meet for coffee and you can tell me all about your latest venture.
i’m at sandgate Ezy.
MillySpeaking of trojans and such I have had trouble with one this past week.
Someone, name of Darkness, posted a thread in help needed. It was titled ‘I need help’ or something. The writer was asking if he should invest in a company called ‘gods..something or other’. A link was supplied , but when you clicked on that site you were hit by a virus.
Someone from the forum, was it ChanS?? warned us he/she was picking up the virus. Unfortunetly too late for me.so if your computer keeps freezing and you have to reboot you could have this Shell virus too.Nortons didnt pick it up for me but McAfee did.
happy computering
MillyIt is important to me that my IPs be appealing. (after deciding the figures add up). If there is an oversupply of available properties, I want to ensure MY properties are not vacant. My two are pretty queenslander homes and I’d be happy to live in either.
Also I believe it is the woman (usually) who has final say over where the family lives. We women want to LIKE where we live, and we like it to look pretty.
so yeah, aesthetics are important to me.
