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Monopoly
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May 10, 2004 - 7:21 am
Hi jamestk,
Thought I’d better answer your question. In short…not that I know of.
Maybe that is something Steve will look into, but for now, apart from posting on the forum, emailing or PM (private messaging) direct is the only form of communication available.
Jo
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May 10, 2004 - 7:06 am
Hi Kaloni,
yes we do too. What’s the point of earning a substantial amount of passive income, if you can’t reward yourself for your efforts. We have travelled overseas, and plan to do so again soon (at least once a year, although we haven’t this year…been busy house-hunting). My favourite place in the world is Rarotonga (Cook Islands); we were married there, and we hope to return there at least once every year. We dine out on ocassion (at least once a fortnight), although we enjoy home-cooked meals with family.
You have to be enjoy yourself, and believe me, we do!!! [biggrin][biggrin][biggrin]
Jo
Monopoly
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May 10, 2004 - 5:19 am
Hi Diclem,
According to my calculations (that’s if I have done it right, correct me if I am wrong anyone) the rental return on this investment is 9.3% and if you up the rent by another $20 p/w it should make it a nice 9.7% (not quite the 10% most +CF people are chasing) but good in my books.
Before you buy, if that is what you decide:
a. Firstly, research the area as much as possible
b. Try and get the 245K down as much as possible.
Without know where they are, it is hard to comment, but they sound good to me. Also, are the units on strata titles, as this will help should you get stuck financially and need to sell one or a couple off, to make ends meet in case of hardship.
Again, as I said, market is down, so negotiate like mad….!!!!
Jo
Monopoly
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May 10, 2004 - 1:40 am
Originally posted by PurpleKiss:
a) Whether your first porperty was a PPOR or an IP
PPOR
b) What made you think about buying a first property
I’d moved out of home, was paying rent, and wanted to pay my own mortgage off instead of someone else’s
c)When you found the one you bought, why do that one suit?
It was close to my parents place, it had heaps of space (big house) great area and I saw it had real “potential”. Oh, and the most important factor….it was a bargain!!!
d) Was the first purchase emotive or done under proper due diligence
Bit of both, wanted to be near my folks, it was on a good size block, near all the right amenities (i.e. schools, shops, public transport, parks)
Monopoly
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May 9, 2004 - 10:25 pm
Pisces,
I couldn’t agree more with you…..I stand (somewhat) corrected!!!! Ofcourse my suggestion was flawed in that there would be 2 x stamp duty if Marc were to use the WRAP system to buy the house and his daughter becomes the WRAPEE.
HOWEVER…..(now this is where my ignorance of this matter really shows) who says that he has to make her pay for the stamp duty???, maybe he can cover it, and then collect that from her in the repayments she makes thereafter.
As I said….I am not really sure about the complete picture when it comes to WRAPS, and maybe I was just flappin me gums[blush2][blush2], but it was the only “business-like” option I could see at the time, as any other (aside from renting to her, also covered) gave rise to Marc’s other daughters as viewing it a “hand-out”. Having said that, even the WRAP thingy will undoubtedly be viewed as such I guess [blink][blink]
Personally, I agree with you, whatever means Marc uses to help her out, is ultimately his business, and I don’t think his other daughters should be too bothered, I am sure he would do the same for ANY of them if the need arose.
Jo
Monopoly
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May 9, 2004 - 11:43 am
Marc1,
the second part of my suggestion, aside from the rent one, was the WRAP process that so many in here refer to (which, as I stated, I know next to nothing about). Fundamentally, I guess you buy the property and sell it to your daughter. At the end of the day, she is paying off her own home, but instead of to a bank, she is paying it off to you.
Just a suggestion, that’s all….
Jo
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May 9, 2004 - 7:41 am
Pisces,
The areas you have mentioned are growing in population due to land availability. That is, these areas, are some of the only few remaining, that you can actually buy land on which to build. They are not the only ones ofcourse, however as they are a bit further out from CBD, they are cheaper than your inner suburbian regions, hence more appealing to first home buyers (looking to become owner/occupiers).
Does that help???
Jo
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May 9, 2004 - 7:31 am
Hi Marc1,
I am particularly fond of a saying my aunt used remind us of whenever we (my sister and I) would whinge about our children, that goes something like “just as the fingers on your hand are all different (in length), so to are your children”.
I would imagine your (struggling) daughter (and her family) have not managed to buy their own home, most likely because that is what they have been doing….struggling; especially if poor hubby only works casually.
Anyway, what I would do is buy the property (in my name) and put them into it, for whatever rent they can afford OR….maybe (and I don’t know much about the WRAP process) you might be able to buy it and sell it to her through the WRAP method (strictly business).
At the end of the day, neither of your two other daughters should feel threatend….just because they were more fortunate, doesn’t mean they should look their noses down at their battling sister, or you for trying to help out. Just reassure them, that they had the sense to make it, and she just needs a little “push” but that it will not be at their expense, and that she will be repaying any outlay….or better still…. it is really none of the business!!!!!
Hope, I too, haven’t overstepped the mark here with my comments.
Regards,
JO
Monopoly
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May 9, 2004 - 5:36 am
Hi misimb2,
The only ones I know of (and I am in Vic) apart from the one’s Westan has (correctly) outlined, include Ouyen = 45K for 90 p/w rent, Wyncheproof = 33K for 70 p/w rent.
It is not so easy in Victoria to find cheap +CF properties, but I daresay, it is not impossible. I don’t buy them, but that doesn’t mean they aren’t good value, so maybe those who do, can help.
Good luck,
Jo
Monopoly
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May 9, 2004 - 5:28 am
Hi watchful,
I was in the same boat as you (see. BUYING THE HOUSE NEXT DOOR). My neighbour approached me, and then signed up with an agent only hours after telling me!!!!
As mentioned, if he has given agent exclusive rights, it may be tricky, and he will have to wait till that contract lapses. If he hasn’t, he can still sell it to you without having to pay agent.
As for selling without agent involvement, you can take the matter straight to your solicitor or conveyancer to prepare documents/contracts (i.e. Section 27 & 32) and settle the matter.
Best of luck,
Jo
Monopoly
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May 9, 2004 - 5:21 am
Originally posted by geo:
Hey Monopoly – I have a [idea][idea][idea]…get your children to take you to the Blackburn Hotel this Sunday…hehehhe[biggrin][biggrin]….and just say ‘excuse me kids, I’ll be back in a minute – Nature calls’ then run off to our meeting….hehehehehehe[specool][][biggrin][cheesy][happy2][laugh][laugh4][laugh3][laughing]
..or better still, get them to sit in on the meeting[specool][][biggrin][cheesy][happy2][laugh][laugh4][laugh3][laughing][specool][][biggrin][cheesy][happy2][laugh][laugh4][laugh3][laughing][specool][][biggrin][cheesy][happy2][laugh][laugh4][laugh3][laughing]
“If You never never ask, you’ll never never know”
What a great idea George, [biggrin][biggrin][biggrin]
I should have read your post earlier, then maybe we could’ve gone to the Blackburn Hotel instead for lunch!!! Oh pooh……[angry2]
Cheers,
JO
Monopoly
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May 9, 2004 - 5:01 am
Pisces,
Just quickly, it is a medium density zoned area, confirmed this with council when I rang them to ask about possibility of building units (i.e. dual occupancies).
I appreciate your view on the matter, however, as I mentioned, I am giving the whole thing a miss; at present I see better opportunities in diversifying areas of investment, rather than paying too much for a house simply because it is next door to my own.
Many thanks again,
Jo
Monopoly
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May 8, 2004 - 6:50 am
Originally posted by Aceyducey:
Originally posted by Monopoly:
Quote:
I agree with diclem, I wouldn’t sell if I were you not until you have owned them at least a year (and one day) even though the CG hasn’t been such that it would not be too costly in the way of a CGT bill.
Heck – there’s no real CG at all!
Taking out selling costs he’s be luck to break even, so really if he wants to sell, the 12 month half CG thing really isn’t relevant
Cheers,
Aceycuey
I know Ace, but I was trying to be optimistic…you never know, miracles have been known to happen….the area in question may skyrocket overnight!!! [lmao][lmao][lmao][lmao]
Jo
Monopoly
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May 8, 2004 - 5:33 am
Up the rent!!!
I know it’s hard, I have been in the same boat, I hate doing it, but at the end of the day, I am running a business, not a half-way house. That rent is my livelihood.
Mean b….aren’t I??????? [angry2][angry2]
Jo
Monopoly
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May 8, 2004 - 5:10 am
To answer you questions:
No
Yes
No
I am not sure about the law in your state, but here in Victoria, settlements are 30 days minimum. Even if you go ahead and organise the pest and building (and whatever else) inspections, most conveyancers or solicitors will require a minimum of 30 days settlement, just so they can do their paperwork!!!
Good luck, glad to see a keen buyer, but don’t worry I am sure the property and its owner won’t run off on you.
Jo
Monopoly
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May 8, 2004 - 5:01 am
Originally posted by drew22:
I have four properties in an city that is stable but as I said growth has not been great at 0.54% from 00 – 03
That is terrible growth, especially in 3 years!!! You must have paid well over TOP dollar for them, and well in excess of their true worth, to have seen such small growth.
I have owned two for 9 months and two for six months.
I agree with diclem, I wouldn’t sell if I were you not until you have owned them at least a year (and one day) even though the CG hasn’t been such that it would not be too costly in the way of a CGT bill.
Property is not a short term investment, and to “take the money and run” as you put it, is fine if you make a profit, but unfortunately you ain’t got much to run with here!!!
Research the market a bit better next time before you rush out and buy (especially all in the same area, which is fine, but make sure you know that area inside-out first).
All the best,
JO
Monopoly
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May 8, 2004 - 4:32 am
Pisces,
There is the possibility of building ONE additional property at the rear of (either) his or my house, however if both properties are pulled down, following subdivision, council will most likely allow the construction of units.
I am not quite sure what you are asking me, thus the reason for not answering adequately.
What makes me think it is a good site (or opportunity) for development….size, location, and just because I want to?????? [blink][blink]
If I have not answered sufficiently, please do not hesitate to restate your question….I can be a bit darft at times (this must be one of those times).[blush2][blush2]
Jo
Monopoly
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May 8, 2004 - 12:39 am
I live in South Morang, 20km north of CBD (Melbourne).
Cheers,
Jo
Monopoly
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May 8, 2004 - 12:19 am
Hi Pisces,
To answer your question, the land size is the same as the one I own (approx. 750spm) which effectively would give me a very nice 1500sqm, if I wanted to build say 4 or 5 units. But as I said his house is in too good a condition to drop, mine not so, but still a costly exercise. I can better spend my money elsewhere.
BTW I have just heard it is in one of the REA windows already, priced at 296,000. No thanks, too much for me. And it is solely listed I believe; REA a friend of his!!!!
Thanks again for your thoughts,
Jo
Monopoly
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May 7, 2004 - 8:12 am
Hi Kay,
You are entitled to your beliefs, and dislike of the word “loser”.
I still stand firm, that positive thought is always a better message to convey, regardless of how mature the reader is…better to assume he/she may take it badly, and just post a more positive heading.
At the end of the day, I don’t really care….but if he wants to dramatise a situation that he has no factual evidence on, aside from mere speculation, then it is going to irritate some (self included).
I make no apologise for calling him what I did, and if he objects, he can PM me directly or shame me publicily here in the forum…he is as entitled to respond as he wishes, should he choose to do so.
Jo