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Wow, I am going to be very smart one day, if I just keep reading advice other people receive. Thing is, my brain isn't working much today (I've got a cold), and I don't know some of the jargon. What are LVR's? I am also trying hard to work out how to structure the loan we need, as husband and I have had our offer to buy 2 blocks of land next to each other accepted, and now have to apply for finance. We don't want to use the homes we own to secure the loan… so what do we do? We intend buying more IPs, but need to know how to do the financial side of things. Unless everyone else out there has positive cash flow properties from the word go, I don't understand how you can increase your portfolio – wouldn't your loan repayments be HUGE?
I get that you want to help your friends, but I don't understand why tenants think they should have all the rights. I also used to rent, and realized I was living in someone else's house. You pay rent to live in a place – that doesn't mean it's yours. I wouldn't like someone I hadn't checked out living in one of my rental properties,which is why we do the checks before we sign an agreement. Just my view!
I had a similar thing happen to me. I was advised by the manager of the estate, that the couple who rent the townhouse I own, had moved another woman and her children in. The tenants said they were just visiting, but my manager was concerned – so he called me. I then wrote a stern letter to the manager, asking him to inform my tenants that they were in breach of their contract, and had not asked permission for this woman to move in. It seemed to scare the tenants a little, and they moved their guests out . Maybe you could do the same. Hope it goes well!…Nell
Amanda, thanks so much!
I bought the townhouse in 2000 for $145000, and it's now valued around $216000. But along the line we refinanced, and our loan is now for $206000. The rent has increased from $165 to $255 over that time. I can't add to much value to it, I think, as it is a Body Corp situation, and things have to be approved. Our on site managers look after the place really well. We are paying interest only at the moment, and I was thinking maybe we should start paying the principle off, as, to buy a place now, $206K isn't such a huge amount. What do you think?
Thanks Devo76, I suppose I am just a little scared of over committing! Do you have any stragegies in place if you did lose the contract you're on, and didn't get work straight away?
