Forum Replies Created
What I think is not necessary is the BA, but it’s your money, and who am I to tell you how to spend it????
If you intend to buy other properties, my advice would be, wherever possible, do the homework yourself; you will learn something and save money.
Jo
Just quickly Kim,
Because of her age, I am sure if you “shop around” you may be able to find one (accountant and/or financial planner) that will visit her. I know financial planners are “mobile” but accountants, not so confident. Give it a shot anyway, can’t hurt to ask.
Cheers,
Jo
Hi Kim,
I think diclem has made some valid points. I am not 100% certain, but I am also pretty sure Centrelink allows pensioners to earn X amount before reducing their payments. I believe the property will attract an asset test, the limit of which, again I am not certain.
I agree that this lady sounds lovely and very generous, and no wonder the neighbour left her his/her property!!! Do try and encourage her to seek the services of a good accountant and/or financial expert who can advise her of her options.
Finally, it is very heart-warming to see that you have taken the time to seek advice on her behalf. For what it’s worth (I am not overly religious myself) but God Bless You.
Cheers,
Jo
Calvin,
Just to make a clarification here, I am NOT saying one should screw around a vendor, nor the REA involved in selling the property; what I AM saying is that the “subject to finance” clause is not set in concrete and as long as it is within the cooling off period, no law has been broken. Furthermore, I WOULD NEVER ENCOURAGE ANYONE to pull out of an offer UNLESS their circumstances changed so drastically that there were no other alternatives.
I am not making light of this “out” clause, I am merely stating it is another legal option, but WOULD NOT RECOMMEND exercising that right. Pulling out simply because “you can” is IMO just playing games, and serious investors don’t play games.
Morals are fine, and good conscious should wherever possible prevail. As I said, I have never made an offer on anything I had no intention of buying, and I have a fantastic relationship with EVERY SINGLE REA I have ever had dealings with (either as a buyer or a vendor myself), some have become great friends, but at the end of the day, they too understand that business is business.
Cheers,
Jo
I understand what you’re saying Aussie, but perhaps it’s more the fault of this type of communication medium, rather than its author??? [blink]
Anyway, I am not out to dispute anyone’s intent, it was just how I read it – as seeking clarification.Cheers,
Jo
Hi Aussie,
I understand your points, as I do Acey’s, however I am unqualified in shares “ethical” or otherwise to make any real contribution re their value.
On the note of “arrogance” however, I am MORE than adequately qualified as many of my posts have been contrary to many “softer” approaches adopted in here. I don’t think Acey is trying to put anyone down in his post, rather seek clarification, but perhaps you misread it as negative.
May I be so bold, as to replace “arrogance” with “passion” and then you will see what I mean. I LOVE PROPERTY investing, and all too often my stance on it, especially to those who do not know me, is perceived as “arrogance” which is sad really, because all I want to do is share my knowledge in the hope that they will benefit.
I respect Acey’s views, as I do that of many others in here, however sometimes “putting it sweetly” or with less passion, will not convey it’s proper intention, hence be of little value.
Respectfully,
Jo
Well I may get shot down for this; but “frankly Scarlet I don’t give a damn”!!!!
I have to agree Somersoft is much friendlier, the posters there are “open minded” and people don’t pluck theories out of the sky!!!! Like Acey said, people back up their information.
This place conveys a “fear of damnation” feel about it. You have to watch EVERY “p” and “q” with rigour, and (for me) being a moderator was even worse!!! (Any moderators reading this, back off; I said “for me” so don’t even go there)
The chatroom facility is great, you can communicate directly with those in the room, share ideas, clarify any misunderstanding then and there before they get blown out of perspective, and you can have fun at the same time.
The only reason I tend to come back here, is unfortunately, as great as Somersoft is, navigation around the site is not as simplistic as PI.
Although I do agree with most, that both Somersoft and PI work well together in providing “different” opportunities and ways of discussing property investing.
There!!!….Okay go on…..Hit me!!!![blush2]
Jo
Oh Malachii,
I feel your pain, been there myself, only in my situation the “tenants from hell” as I often refer to them as, finished the job by setting it alight the next day!!!!
Yes, landlord insurance is always a MUST HAVE.
No, agent’s don’t always act in the best interest of the vendor, although they should (and many do); sadly there are good and bad in all professions.
I would approach the agency managing the rental on this property. How behind in the rent were they??? They may not have given notice, and just took it upon themselves to stop payment in lieu of the “one month in advance” as some tenants do, in which case you’re not owed any money. Depending on how long they hadn’t paid, the Tenants Tribunal may be able to help recover some of your losses.
Either way, the bond money may help towards repairing some of the damage they inflicted.
All the best, please let us know how you get on.
Jo
WayneL,
Adopting a socialist perspective (albeit admirable) will not lead to wealth creation. Regardless of what type of investing you choose, if you aren’t capitalist focussed, you will not generate enough wealth to put you in the higher ranks, unless of course you’re Mother Teresa!!!
But then, not everyone is trying to achieve this type of eminence!!![angel]
Jo
Originally posted by Clement:Why do this ???
The result may be worse for the intended buyer.as such you can (and legally I have always been told you should) include the clause “subject to finance” I do it all the time and always purchase for cash (hence don’t even need it). The reason to include it, is because it is a “legal” out, and all you have to say is “the bank has declined the finance” (and if you word up the bank they will back you on your decision to pull out and assist with your little white lie!!!!
Yes do use the subject to finance clause but use it as it is intended.
I don’t EVER INTEND (nor have I ever) to walk away from ANY offer I have made to purchase. It is a recommendation made by several legal professionals, and prior to their advice, I never used to include it. It was suggested as an “out” in the event that something was not “right” and considered one of the simplest ways to exit without too much legal hassle.
That being to get finance for the intended property.
If you abuse the clause and think you can get away with it by implicating the finacial institution you are a novice.
No, I don’t THINK I can get away with it, I KNOW I can, because it is perfectly LEGAL!!! Change of circumstances, which in any event, is really not an issue as long as it is within the cooling off period, a reason DOES NOT HAVE TO BE PROVIDED!!!! Furthermore, you know nothing about me, nor the law for that matter, and to call me a novice because of your moral judgement call is indicative of your own ignorance!!!
If you do not want the property why bother putting in an offer?
A white lie is still an illegal act.
Not just unethical.Get off the soapbox!!!!
Why would the bank want to lie for you or me?
Because they want my business!!! FYI banks tend to favour some customers over others; it is not right (and I don’t condone it) but nonetheless they do tend to treat some people better than others.
Once you have signed a contract subject to finance and it has been accepted by the seller you have a legal obligation to obtain the required finance within the set time of the contract.
Within the “cooling off” period be it 3 or 5 days (depending on which state you reside) you are BOUND to nothing and can withraw at any time, for whatever reason, including something as trival as “I changed my mind”!!!!
If the property has no interest for you after the cooling off period, your legitimate out, don’t think that the finance clause alone will save you.
As I said I have never needed or wanted to use it; but I have seen this happen and I think it is both legitimate and within ones right. I may have decided to get finance at the time, and then days later, might have been generously given the money by a friend or family member whatever, but basically there was no longer a need to borrow; who are you (or anyone else) to tell me what to do???
Always do your research first ask lot’s of questions and then deliberate carefully before signing any contract.
Again, as I said, you know NOTHING about me or my investment experience, strategies or portfolio, so unless you do, I would appreciate you go preach to someone who would benefit from it, and not to the converted!!!!
Most of all Do not LIE .
Are you serious???? Oh well guess I’ll burn in hell….fine, as long as you drive; I’ll enjoy the ride!!!!
Hi Steve,
Honestly????
You may think this a bit harsh, I just read different terminology used for expressions that have been around since man bought his first cave!!! Let me demonstrate…..
Price Takers – followers
Price Makers – leadersPrice Takers – the herd
Price Makers – the stockmenPrice Takers – the thinkers
Price Makers – the doersblah blah blah…..and so on and so on….
Different words, same concepts. The market itself; cyclical as always, data based, seasonal and predictable. The only thing that isn’t predictable, although many will argue it is, is the “timing” i.e. the length (duration) of each cycle.
As for the seminar you and Dave are attending, yes I agree “very cheesy” but hey, it’s your money, and if you get something out of it, then it’s money well spent. But me personally, I’d rather be heading up to sunny Qld with cossie, towel and sun tan lotion in hand; at least I’ll get a tan!!!
Cheers,
Jo
Shall I quote some of your replies Kay????
I think not; snide digs are both unnecessary and immature. My “you want a friend, join a social group” was not directly aimed at Squash, but you couldn’t resist the opportunity to make it so.
Thank you Squash, I appreciate your efforts and understanding of my post.
Kay,
Squash and I have discussed this outside the forum and he knows I meant no disrespect. And much to your surprise, I too believe in “do unto others” just that experience has hardened me. However, I don’t believe that because someone is “soft” they haven’t learnt anything, it is just how they prefer to do things.
And I will trust you to keep your snide inference re general politeness (or lack of) outside of this forum.
Jo
ManicSquash,
Firstly, I wish to clarify that my post was NOT a personal attack on you and hope you did not perceive it as such.
If my comment appeared cold to the notion of “rewarding” tenants, then that’s great!!! Yes, experience has hardened me; I make no apologies for it, and will challenge anyone who has been through what I have, and who still wishes to dispute my stance.
In regards to my post, if it reaches ONE person who can learn from my misfortune, then I will feel justified in my bluntness!!!
From what you have said, you are new to property investing. I envy your enthusiasm and admire (and encourage) your willingness to be a responsible landlord. However, as “warm and fuzzy” as it may be, don’t let this cloud you to the reality that not everyone will return your goodwill. If you think tenants and disgruntled IT customers should be treated the same way, go for it….who am I to tell you otherwise???
Be fair, and just, but most of all, be professional (that is, keep a respectable distance between yourself and your tenants) and you shouldn’t (fingers crossed) have too many problems.
Happy landlording!!!
Jo
Originally posted by ManicSquash:Do onto others as you’d have them do onto you,
Investment made in knowledge and curtesy is a cost effective way to minimise our exposure to threat sources like rouge tenants.Oh pleazzzzz!!!! [wacko]
I’m sorry ManicSquash but I hope you never go through what I did, for if you had seen how sad my house looked as the last remaining embers continued to burn…..(no offense here, but) you wouldn’t say to my face what you wrote in your post!!! Here’s the advice of someone who walked through the ashes of what once was a beautifully restored Victorian masterpiece, that had it still been standing today, would’ve been heritage listed:
PLAY IT SMART – GET A PM, and KEEP YOUR LANDLORD-TENANT RELATIONSHIP STRICKLY BUSINESS LIKE. You want a friend, join a social group!!!!
Jo
Hi Richmond,
Just a quick addition to Kay’s and Yack’s comments re the residential/commercial questions. My concern would be the “public liability” issue as it is a commercial business run from a building which is zoned residential. Is the council aware of this business??? They may not be, and if customers do not set foot on the site, it is not an issue, but if they do, I would do my homework and make sure that (in particular) as the landlord, you are adequately covered, and everything is in line with both council and insurance regulations. I think this is partly what Kay/Yack were also referring to, but just in case, I thought I’d spell it out a bit better. Councils can and do, shut down commercial businesses run from residential (zoned) properties, in order to guard against the likelihood of any public liability prosecution.
Cheers,
Jo
Originally posted by MasterREL:I just want to say thanks to all the members on this forum.I think I have learnt more reading posts ,then from the hundreds of books I have read.
Thank You AllHi MasterREL,
As long as you/we read everyone’s posts correctly and completely I am sure there is always a worthwhile message and/or lesson to be learnt.
Often by reading anothers thoughts posted publicly here it raises further questions, all of which is a good thing, and demonstrates that the information has indeed been absorbed.
I personally have found many times that posts are not read as they were intended, and this is mainly attributed to the deficiency of this form of communication vehicle, rather than the fault of the author or the reader.
I often speak my mind, and “tell it like it is” (or at least how I see it) and it may not always be received agreeably by the next person, perhaps even upsetting a few, but that’s fine, I’m not out to win friends, I give my opinion freely, and if that means that just ONE person has benefited from my imput, then it was worth the atangonism!!!
I would like to thank you too MasterREL, for I am here to share with others just like you, and in so doing, we are all teachers and students, giving and taking from each other. So let’s get on with the sharing, and hopefully have fun at the same time, hey???!!!![medieval]
Cheers,
Jo
None taken Richmond, besides I wouldn’t want that to happen, you never know what you gonna get in your sandwich !!!! [laugh4]
Seriously, sounds like fate is smiling down on you, and you are definitely meant to have it!!! Good for you Richmond; I hope it all pans out well. Please do keep us informed; sounds like a fantastic opportunity!!![thumbsupanim]
All the best,
Jo
Hi Richmond,
Am I allowed to ask where near Melbourne???
Jo
Originally posted by jhighlo2001:“The property market in Melbourne has certainly flattened and it could be that the lenders you have approached are being over cautious in regards to their valuation. Our Principal Solicitor, ********, suggests that you try and get another valuation done by a different valuer, or alternatively consider a less conservative lender. We can provide the contact details of alternative mortgage brokers if you so require.”
Encouraging me to go with a company that will comply with the overvaluations Ahhhhh!
Is this all Legal?
jhighlo2001,
I think you might like to re-read this proposal/suggestion, as to me, it implies nothing untoward; that is, is does NOT suggest you approach a company that will give “overvaluations” at all!!! Conservative and overvalued have two very different meanings, and what is being suggested here is that you “shop around” as some lenders are more stringent as opposed to others who are less so. The propostion made herein is not in the slightest “illegal” and appears to offer professional, ethical and sound advice.
Jo
P.S. Sorry I thought I’d better edit my comment, as for the rest of your circumstances, yes I agree, you’ve had a rough trott and there has been some shonky business in operation, but in reference to the abovementioned paragraph, I can’t read anything sinister in it. Acey is right, as nasty as it is, it is all a learning experience; hopefully next time you’ll be better equipped. All the best.
