Forum Replies Created
ok call me a cynic but i rekkon the poster is simply spamming[ohno]
Sorry Rob
I think you are quite right that people dont care about the details of the valuation of a property they are buying just so long as finance is approved.It was the wee hours when i was responding and I was just thinking of the occassions when my PPOR was valued. I was using hte equity to purchase IPs and I really would have liked to know how close my own estimate was compared to a professional valuer.
cheers
MillyYou would have to be dead not to be curious to know the results of your house valuation.
Why all the secrecy surrounding the valuation? It is soooo non-negotiable! The bank says ‘no’ to your application and you have no come back. ‘how much did i miss out on?’ ‘$200?’ And why only one valuation? I want three quotes please
I dont know that this has anything to do with my sex but I do know when i first approached a bank for a loan to buy an IP they laughed me right out of the place. I had a house worth 300 to 400k and a mortgage of 13k and worked partime. This was about 3 yrs ago.
I had 2 children crawling about my legs, I knew next to nothing about finances and IPs and I certainly did not have the self confidence to smack anyone.
Beginning of last year, at someones suggestion I approached a broker who has managed to arrange two investment loans with that VERY SAME BANK![ohno]Again I say I’m not assuming this had anything to do with my sex. It does however seem that there are mostly men to deal with. I admit I’m sexist enough to ask to see the female estate agent over a male. Praps I assume the female wont take me to see an ugly property. [tongue]
yes of course there is an asset test and income test to be eligible for Centrelink and i do not exceede them (yet).
The reason I was able to secure loans for the IPs was because I work part time regularly as a supply teacher and because I have huge equity in my home.
People are permitted to have assets up to the value of $300,000 before Centrelink payments are completely cut.As for income, just because I have two IPs doesnt mean I am receiving much of an income from them. Luckily for me the houses pretty much pay for themselves.
So the reason why I wanted to protect my ‘measly’ centrelink payment was so i would have something to live on when I wasnt working (like in school holidays).Every fortnight I phone in with my earnings and my benefits are adjusted accordingly.Some super ppl might be able to work full time and raise four boys by themselves but I would be a basket case. Financially, I would only be slightly improved when you consider child minding fees, health insurance etc.
Nevertheless there is a great deal of personal satisfaction in gaining financial independance and this is now my goal. I had only considered this was possible since reading this forum. (sorry steve I havent read the book yet). When I do make it, it will be due to the inspiration I received reading the posts of people here.
Hope this sorts things for ya Morty A. [biggrin]
maurn if you are a surveyor an accountant, a builder or anything useful, I wont care what sex you are, we can be good friends and ill lend you my er…..canoe. [thumbsupanim]
DD interesting ‘creative plan’ there. As I only work part time the banks are reluctant to lend me any more for houses even if they are +cf. They argue that I couldnt afford to make the repayments if houses were vacant for any period.
mmm thanks for the idea mel and magpie. It sounds very sensible. However shifting from my home is out of the question. I get a terrible pain at the very thought.
and er yeah mel i do have a nasty black humour which is hard for some people in real life, let alone in print![blush2]
eeek marc im glad my kids are still at primary school. If I were you I would wait till you were approached by your daughter and husb for assistance.
You offered them help last year and they declined. Actually it is curious the amount of people that all agree its a great idea to invest but never actually take the plunge… but i digress.THey don’t sound all that motivated. Hubby as a teacher could get a job in NT tomorrow with a house provided free by the department. Two yrs there they could have their deposit saved.
best of luck
Thanks diclem and DD for your comments.
yes DD i too an interested in your idea of not paying off PPOR. Everyone I have ever heard has urged me to pay off my house. I completely forget WHY they tell me to do that.
The bit about depreciation schedule i will certainly look into but i have a feeling they relate to new buildings or new fittings. My IPS, like my PPOR are all 100yr old queenslanders.
Again thanks for taking the time to respond and advise
Milly“collecting houses is more fun than stamps”
Well i for one dont want this woman living in a house of mine.
all you with such a profound social conscience offer her one of your rentals to live in.
Now marc what on earth are you implying?
hehehehe (evil laugh) [evil4]I know that these are ‘good’ well established areas and cant see how you can possibly go wrong.
I notice from the media that bayside properties adn even Redcliffe are expected to continue to increase in value. Have you considered there?
goodluck in the reno.
Thanks Marc for the interesting figures. I really believe I need to take the opportunity to get off Centrelink altogether.
I only owe about 20k on my PPOR. I have IO loans on the 2 IPS of 270k (which are now valued at about 420k) By selling the backyard I will reduce my debt substancially and can live off the rents.
This also means I can borrow again to build a duplex on some land of my fathers. These will be +geared.
I was lucky enough to be left with a valuable PPOR (the advantage of bein widowed instead of divorced…..ya get to keep all the assets). I just have to figure the best way to use it to achieve financial independance.
oh and thanks guys for the rsvp link. I believe I will concentrate on property investment for the time being tho. [biggrin]
mothers day means breaky in/on bed of course!
The more kids you have the bigger the breakfast. Last year I recall having to wait around in bed (im an early riser) while the boys, then aged 4 6 8 and 10 busied themselves in the kitchen.
Then I had to eat rice bubbles, egg on toast, baked beans on toast, toast adn jam and a crumpet![confused2]
happy mothers day!
Thanks Wrappack for your comments.
Im not thrilled about selling off my backyard but there is no alternative if I wish to obtain financial independance. Borrowing money to build a grannyflat would give me another debt. I need to be able to live off the rents. Paying off the two IPS would give me income to live on and more borrowing power.
I will get proper financial advice tho. I can already feel procrastination creeping when i think of some monstrosity built out my backdoor.
Thanks STrataplan. Yes I have come to understand there are a lot more costs involved than I originally guessed. However it is still worth my while going ahead with the plan.
An iron fist you say Gatsby? ……you must have the women….er….swooning ?
Tell you one thing tho, when you start obtaining assets you have to be wary of who you let into your life. [fear] Men my age are usually divorced and broke. In any cse its probably not good manners to ask some potentional beau about the size of his er…….. property portfolio. [tongue]
WORD WORD WORD!
Ya NEVER rent to friends and family! Theyre late with the rent…..” The car broke down” “Had to pay for mum’s funeral” “the cat needed an operation” They also know how to track you down in the middle of the night when the toilet wont flush!I rekkon you should stick to your original project. Ive just been noticing some cheapies at Rocky. Id be looking in there is I was buying at the moment. Might be a bit more than 60k but still ok. But go up there and check the place out.
If in fact you decide to stick with Bris, go Ipswich, Logan or Pine Rivers.
OR if the ex is really such a good deal, why don’t you go halves in a house? You could both live there, share expenses adn you’d have access to greater equity![ohno] ….er just a thought.goodluck anyhow
Sorry I cant help you with your problem Misty but it has reminded me that I need to find a financial advisor also. One that specialises in property investment and centrelink laws and lives in Brisbane.
Always so many listed in the yellow pages but difficult to sort through the average to the excellent.
Thanks Aceyducey
I have in fact taken the bull by the horns and intend to get hopping on some new projects. I feel reasured that I can get advise on this forum, since I really am a novice.
If i can convince my kids I will subdivide my block. Selling off the back yard would pay for my IPs.
Also my father has some land. I have convinced him that mowing at his age is bad for his health and that I, with great generosity, will build a duplex on it so he no longer has to mow. [biggrin]
Oh I have just noticed the ‘search’ option and have seen another post about this topic which answers most of my questions cept the one about cost. Anyone have any idea wot sorta cost I’m looking at to divide my block into two titles?
