Forum Replies Created
Hi Scott,
Do you have a link for this for the curious?
Thanks
MickNot wanting to throw a spanner in – but what if she wants to move or you want to sell before the 6 years is up?
Are we talking structural or just cosmetic? You dont want to fall into a potential liability situation if it is an IP and an accident occurs.
mickCan I make the suggestion of wprking out why you are investing first.
Once you understand your why, you will find a strategy that suits you. This will help avoid alot of information overload. What I mean is, if it is your goal to retire in 2 years then your investment strategy will be different from someone who is looking to fund their childrens uni in 10-15 years, who will have a different strategy from someone who is risk adverse and happy to hold out until retirement.
The thing that you must remember is that there are no right and wrong ways to invest, it all depends on the reason behind it. At the end of the dayyou will make choices, your job is make then as informed as possible. Uninformed choices lead to alot of regret and sleepless nights.
And I agree, its your money and your butt on the line. Seek as much professional advice as you choose but ultimately it is up to you to manage your investment
Mick
I was going to suggest the same as Linar. You may have to sign a waiver saying that if anything goes wrong with the paint then you wear it as you did the base coat. But it may be worth asking. I would really try not to get them offside, you still have to get them to finish everything off properly.
All the best
Mick
be nice if it is
, you will hear me chear from here!!!OK Harb,
I am suitabely impressed with your wooden floor and will have to note down the estopol because I truley didnt think it would have been that durable. There must be a lot of tight ar$*$ around finising of the wood, I have seen even the dogs toenails leave scratches!!!!
Cheers
Mick
Just picking up on the LAMINATE wood flooring. We had that in the PPOR we have just sold. Quite large open areas, kitchen and hall way. We had a wood fire and the floor holds the heat nicely. Much better than the tile one we are currently in. We still had a couple of mats. Interestingly, it didnt seem as hard as the current tile one…..
A couple of additional things to consider, mopping is a challange as excess water in the joins will cause it to swell, so spills muct be attended to ASAP. I missed an esky overflow and a where the moisture was absorbed by the flooring, a slight swellig occured. A family member who mops with an old fashioned "dolls head?" mop has noticed slight swelling in all her joins, you mostly niticeit when the light is in the right spot and looking along rather then from on top. You really need to be as close as you can to dry mopping.
That said, I did like the duribility of the laminate, we had 2 small children on it for 4 years and minimal marks. I am not sure that a "real" wooden floor would have stood up so well.
Hope that helps.
Mick
And that is exactly why I have invested in rental properties in mining areas. My most recent ones are in the lower Bowen basin where there are several major employers. There will always be more and less risky towns to invest in, it is up to the individual to determine their "risk comfort level" and apply that to their investing.
Hi Jon,
He was talking about realestate.com. The link is for a company that will put a FSBO listing on realestate.com for $490. Personally, I think it is an excellent option. I have always felt that everyone should get paid for the work that they do. I once had 2 properties with the same agent, a vacent block comission $2300 and a house comission $17600. When I asked if there was any difference in the work (ie will you work the same to sell the cheaper one) the answer was, "we work the same on all listings"……..SO…….Why then do you charge so much extra for the same work??????? As a sales rep I certainly couldnt charge a Doctor more for the same service than a teacher. I am all for a flat fee service.
Mick
With the vendor agreeing to fix the issue, do you feel more confidant in your purchase?
Dont worry about what the agent says, he is only looking at his commision walking out the door. Look at your wording. I always have mine say words to the effect of "building inspection satisfactory to purchaser". Ask you solicitor where you stand. They will advise you on the wording. If it simply says " subjsct to building inspection" then you dont really have anywhere to go as you got the inspection – pedantic but its all in the wording.
Good luck
Mick
I currently am involved in a JV where I am the "time" partner so to speak. My buisiness partner is the finance. Many on this site said it wouldn't/shouldn't/couldn't be done. However, whilst the split is 50/50, we have it written into the contract that so is any debt liability. This alleviates the any concerns of my partner that should it go "pear shaped" they are not left with complete financial responsibility. We have a very comprehensive (and might I add costly) JV agreement that clearly sets out obligations and responsibilities and this was reviewed by each of our respective legal eagles. And away we run. If your model is good, and your management excellent then go for it.
All the best
MickWhat about going the other way? If using the above example, the PPOR was sold off (you would think appropriate exemptions would apply), withthe subdivided land being retained for construction of a new PPOR. When this second property is sold, what would the tax implications be, if any given it will have been a PPOR for a period of time? Just a thought from left field.
Cheers
Mick
Hi Jas,
The idea is noble and please dont take offence to what I am about to say. From your comment " Investment strategy will be either reno, duplex, subdivision,etc, not sure yet." I gather you are not experienced investors. Whilst your heart may be in the right place, and as you said, you and your sister will be responsible for the loan repayments, what happens to your Mum if things go south? As her property will be tied up with the investment (has to be if you are only using equity not redraw) she may end up in a worse case situation. If none of you are prepared to wear that, then please carefully consider tying up her property.
I am not a broker but if you still wished to proceed – can your Mum redraw the amount required, you and your sister make up the repayments (ie maybe go guarentor as well) for the extra for her and use that for the project. The end interest should be the same, it would just isolate your Mums property so that if it did hit the fan, the most she would be out is the redraw rather than putting her home on the line. Sorry, just my 2cw, but when it comes to family I am EXTREMELY risk adverse.
All teh best
MickThe other thing about drawing it off your credit card – something the most people are not aware of until it bits – is that you pay interest on the WHOLE amount until it is paid off. ie draw down $30 K pay interest on 30K, pay back 20K, still paying interest on $30K. Not fair I know, but it is in the fine print – well at least that is how it was when I got stung. OK that was 10 years ago, and please someone correct me if I am wrong. But i believe this still catches alot of people and proves very costly.
In short, personally, I would do all I could to avoid getting a deposit together this way.
MickYep spicey,
second reference for Richard. What have you got to lose? And possibly a lot to gain.
mickA – but only because I keep building and selling.
A, B or C????? I agree, what matters is the debt level and cashflow. I will take my 4 low LVR over 8 high LVR in the current market. 5 years ago, my opinion and thus exposure was different. Lasting in the game is all about being able to roll with it and avoid having to make hasty decisions.
mickIm sorry, but I am am firm believer in teaching one to look after ones own a%$e. The type of finance product doesnt matter, at the end of the day it is the banks job to make money, it is the consumers to look out for their finances. There is always fine print in life and the sooner we teach kids to start reading it the better. Then when as adults these options come up then they will have at least practised reading documents before signing.
Sorry for the rant…….I just get sick of compensating for incompetants. I am not refering to those who genuinally need assistance, just those who are too lazy to get off their own butts and then when it hits the fan, it becomes everyone else fault and someone elses problem.
my 2cw
mickKaren,
PLEASE, PLEASE, PLEASE conduct you DD very very carefully.
There are so many stories of people thinking grass is greener only to find that they have been legally conned. Buffulo is a very good example of this. So much so that the city mayor is actively discouraging overseas investors. Cheap place bought buy "clever buisiness man" advertised offshore as exceptional deal. Aussie buys, middle man gets a premium. Rent falls over as too much maintenance, or too many buildings for rent, property sits empty/abandoned, city has to foot the cost for demolition or vagarent removal. I know this sounds extreme and my purpose for posting is to highlight that the other side of the coin is far from rosey. Search this site and you will find many posts regarding this.
Proceed with caution
Mcik
, you will hear me chear from here!!!
