Forum Replies Created
Jo,
I have been in exactly the same situation a few years ago. I gotta tell you that yours is not a straightforward decision. On one hand staying with your parents gives you the ability to save as much cash as possible as your grow your business while on the other hand I imagine that you can’t `scratch’ yourself without the folks wondering whats going on. In my case it was the inlaws, so after six months I was just about ready to commit a serious felony!! If you can persevere, I would stay with the folks as long as possible. What we did was to use the opportunity to save as much cash as possible which we then put to buying a house. Three years on we’ve just bought an ip and will be buying another soon.
Good luck,
EricI think it also depends on what you want to do. Those skills that you mentioned are applicable to most businesses but given that in a diploma you generally only skim through the work, its probably more suitable if youre working in a small business environment. I went through the same decision a couple of years ago and decided to go the whole hog to do a Masters of Business Administration (MBA). An MBA is definitely NOT watered down education!
A friend of mine in Sydney has done well for himself lately with land and a couple of ip’s over there in Geraldton…..
Option 2 sounds more appropriate. Granted that kids pay rent to parents etc, but this is your mother. Don’t particularly want to stand the moral high ground here, but it sounds a bit stingy to me having to ask you mum to live in your house. Anyway, i guess if shes happy then whatever you do I’m sure it will be ok.
We don’t know the other side of story here ofcourse, but based on what you are saying, it appears that the landlord has not provided you with sufficient notice of the builders visit. I don’t believe that there is any excuse for not being courteous. As a landlord myself, if i (or the property manager) couldn’t get a hold of you by phone, what about a visit by the pm or a letter?? I mean, putting aside the legal aspect of this, if you view your tenant as a customer (which they are, aren’t they???) a little courtesy goes a long way. Gregg, if you really want to stay in the property, you should be able to. Now is the time to enlist your negotiation skills and work out an arrangement which suits you and the landlord. Pushing it (not sure what your intentions are here, presumably tribunal, going ape/agro etc..) will only make matters worse.
I am motivated by a passion I have for property, which I believe has come from my parents and their eagerness to buy, sell and hold property while I was growing up. To withstand all the doom and gloom of investing in property, long-term, you need to have something more than an acute understanding of the financial aspects. Like any business, to be truly successful a passion for what you are doing is essential.
i dont think so loungeact! the fact that you are residing there (your’re charging your mum rent ????????) makes its youre ppor.
Sledge
I’m surprised that you not able to take constructive criticism. What did you expect, that everyone here would be jumping out of our clothes to invest in Thailand????? Frankly unless you had some relation over there partnering in the investment (keep an eye on it etc.) , I would stay right away from investing in areas that I didn’t know anything about.
Eric
Having a budget is one thing, but as others have mentioned here keeping a record or track of all your incoming and outgoings is critical. I use Quicken to keep track of our household budget, all our investment accounts and investment property transactions. You needn’t be as sophisticated as this; but the Simply Budgets program sounds just the trick.
i agree. what a nasty post!! sounds to me like an attack of the tall poppy again…….
I don’t know. What do you mean responsible for electricity?? If you mean paying it, then that has nothing to do with the easement etc. Thats a tenancy issue if you’re intending to rent the place out.
You have a good chunk of equity in your ppor. Your decision will really be based on what you can afford. Downsizing and then buying an ip with any surplus funds is a good idea but you will incur selling/buying costs. Staying where you are and then tapping into your equity is probably a better option but you will obviously need to check out your ability to service the loans etc.
PAWA stands for Power and Water Authority, whoever that is in your state. If a sewerage easement exists on the property, the relevant PAWA as the right to come onto your property to inspect pipes etc.
Agree with foundation. get back to basics and reduce that loan on your ppor. the build up of equity from this and cg over time will put you in a great position to start building that portfolio. good luck.
its a shame that the banks/finance providers are welcoming brokers in through one door and perhaps kicking you out the other, in other words making the client/broker relationship very difficult indeed. i would have thought that the brokers had a fair amount of leverage with the banks etc.?
there is still opportunities out there janet. you really need to look everywhere.
agree with anubis that tasmania is not such a bad place to invest if you are looking at the major towns (Hobart/Launceston). I was one of the suckers that bought in Queenstown a while back, and while I haven’t totally regretted the purchase, with the benefit of hindsight i probably should have put my money elsewhere. Having said that the investment is cf+ and we have long term tenants in it. As far as future growth is concerned, I agree that stagnant population growth is not good for future rental demand. On the brightside, tourism in Queenstown is becoming more popular (the Wilderness Railway won the best Australian tourist attraction recently) so the reliance entirely on one industry is shifting. Anyway, as I said I don’t think I would invest on the West Coast particularly now having known what I know now. Ah, well thats learning for you!
don’t worry nick!!! more for us mate
john, my point exactly! This area does have potential and the changes are evident as each year passes.
Having been in exactly the same situation previously, I managed to negotiate a sizeable reduction in the cost of the property which allowed me to replace the few bearers that were damaged. I then spent a further $2500 to rectify the initial problem (rotten subfloor area from leaky shower) and also put a termite barrier around the property to keep them away indefinitely (we hope!) Regardless of how long you intend to keep the building, its going to cost you a lot more in future if you don’t nip it in the bud now. They may still be active. I realise you haven’t bought the property yet, but this problem should give you considerable leverage in reducing the cost of the property.
Eric
i think luci has well and truly canvassed your enquiry. Its worth noting again that the vendors agent is motivated to sell the property to you. its a good idea to show as little as emotion as possible during inspections (don’t be saying, “oohh, this mauve looks beautiful on the walls….”). To satisfy yourself of the property’s structural soundness, get a building inspector to look over the property before making an offer.
Eric
