Forum Replies Created
I was only discussing this subject with a friend who has substantial assets (house $ 4 M with no debt and $ 7 M debt against some blocks of units).
He suddenly has realised that he has left his run to protect his assets a bit late.
He came up with another possible solution. Divorce your wife and the house can be transferred into the wife’s name without incurring stampduty.
Bang, problem solved.
Solved ? I still see some problems however.
Pisces
>>Suncorps Ready Access Low Doc package at 6.97% (CP Rate 7.08%) 80% LVR is ok with a strong application,<<
To be fair I think you should also mention what percentage of loan applications are rejected by Suncorp, Steven.
Pisces
Wwwhat ? You think that a girl should rather settle for a big eared accountant, a toothy surveyor or bad breathed property investor ?? [wink]
Pisces
>>Well said 1hotvaluer – as a broker I can fully support your statements – I’ve never seen a val come up short for any reason other than unrealistic owner expectations.<<
That is absolute nonsense of course.
Firstly, a valuer values on the basis of his instructions from the lender. So, yes, a valuation CAN come up shorter than expected but not necessarily because of unrealistc expectations by the owner.
Secondly, valuers are human and do make mistakes or they may simply have been unable to obtain up to date relevant sales comparisons.
You will find that if a valuation is well below what it should be, one CAN (via the broker or the lender) gently ask the valuer to look at his work again and quite likely (if you are right) he will make an adjustment.
If the valuation is of such vital importance to
you the best way is to meet the valuer when he makes the inspection and present him with a list of comparable sales.As has been mentioned before, Council’s records
are as much as two months behind in time so you putting a bit of footwork into it by doing the rounds of the agents in your areas to obtain details of recent sales will go a long way to make you a happy borrower.Pisces
Areas to invest like New Zealand, the U.K., Japan, forget about them.
The flavour of the month is now …………… Denmark.
Pisces
Hey, what is that whip doing there Chan ?
You too must have been a frequent visitor to Hell’s Paradise (or whatever the place is called) [blush2]
Pisces
Verry verry clever Lizzie.
The solution is so clear now, yet it baffled so many of us.
Pisces
Chan, the way the world is made up there have to be baddies as otherwise how would one know who the goodies like you and me are ?
I actually feel very sorry for people like Martin
as often their unbalanced state of mind is caused by problems in their life.Often such behaviour is caused by a lack of self esteem, other times the cause may be a sexual inadequacy. Sometimes it is just a case of bad genes or bad upbringing.
Either way, when people become bitter and need to push someone else down in order to make themselves feel good there is always a reason for such behaviour.
We really ought to show a lot of compassion for such people Chan, hard as it may be. [smiling] They are what they are, inadequate creatures, rejected and shunned by the rest of the world, pariahs, one eyed cowboys.
Pisces
Well I better be nice to you Kay. [wink]
Congratulations.
Pisces
>>Pisces,
Are you being sarcastic? <<I guess at times I am. I wasn’t however in my post.
If someone teaches someone else how to make money using a particular technique what is so sacred about the method ? You can bet that many others have independently arrived at the same method.
Pisces
Anyway, can someone enlighten me what is meant by the words ‘chain set up’ ?
Ha that got something to do with the title of the property ?
Pisces
BTW Mr Moderator, this section (or, perhaps, thread) doesn’t appear to have a facility ‘to subscribe’ to the thread !!??
Pisces
Guys, I’ve got five or six houses which can be wrapped. I do not own them nor do I control them.
I advertised in a local paper (which covers a big area). I had a grand total of two replies, one from a pensioner whose income is about $ 245 a week whilst the rent to buy payment is about $ 280 per week.
Judging by the questions the second caller I am sure was another wrapper fishing around.
A different local paper also produced two replies (both again not suitable prospects).
It looks like even the ‘unable to get a loan’ people are sitting on the fence. [wink]
Yeh, I know, I also should have put up posters and done a letter drop.
Perhaps I am too impatient (as well as lazy).
Pisces
>>so anyone out there wanna have a go. PM me or email me [email protected].<<
I’ll go one better than that Freedomfinder.
If you are after a Low Doc loan at a better rate speak to the Low Doc King for an even better deal.
I know him well as I shave him everyday. [cap]
Pisces
>>It doesn’t matter which name the property is in. I am sure the wife will kick him out in any case !!!<< [biggrin]
I don’t think it is very nice to take a delight in other people’s misery Rob. [wink]
But all joking aside there is a lot of truth in that Rob.
One day the guy is on top of the world, the next day he is bankrupt so it isn’t so illogical to see the poor guy become depressed. The depression in turn causes him to be impotent.
Now the situation before the bankruptcy was that he likely wasn’t too good in that department anyway and now it is of course even worse.
So, yes, you are probably right, ‘out’ he goes, onto the street, a useless piece of human being.
So what is the lesson there ? I think it might be to not put the house into one’s wife’s name but put it into your mother’s name.
After all, a guy may be the worse kind of person, a murderer, a thief, a robber. The only person who won’t stab him in the back, won’t ever desert him, is one’s mother.
She will still love you never mind how bad one is.
But what is that ?
Your widowed mother re-marries (damn).
She is so delighted that she soon succumbs to a heart attack and, whoops, the house, YOUR house, sails into another direction.
O.K., what about it if she doesn’t re-marry ?
Well your siblings who don’t like you, never did like you in fact, well, not since you acquired all that property and poked their nose out of joint, they are likely to want their share of THEIR mother’s estate when the time comes and you finish up with one quarter only of the estate (which may well itself dwindle to a quarter in turn because of the legal expenses incurred by the estate via the courtcase you instituted to recover YOUR house.
O.K., that ‘solution’ of putting the house into your mother’s name is OUT.
Back to a trust set up by you.
But what’s that ? You set up the trust too late ?Too bad, you cannot win them all. That’s life.
Pisces
Looking at Samwise’s example, I am amazed to see such a statement which appears to imply that one’s house is safe. It isn’t.
Steve advised me not to take out too much equity in your ppor – 30% mortgage at most. You don’t want to end up losing your home. I have refinanced my IPs so they stand on their own and some are mortgaged 105%, so if anything happens I won’t be bankrupt.
The fact is that by the time things blows up one cannot protect one’s house. It is too late for that.
If one happens to run into financial strife and a particular property gets sold up by the mortgagee (or the receiver) then, in the case of a shortfall, he will eventually start looking at where else he can recover the shortfall from.
One’s house isn’t protected from someone chasing you for money unless one has taken steps beforehand to protect it.
There are a few ways to do so. Putting one or more unencumbered assets into a trust or into the name of a party who isn’t connected to a mortgage
is one way.Another way would be to look for a non recourse loan which means that the lender can only look to the security to recover the loan moneys and cannot attack the borrower for any shortfall.
Owing ‘only’ 70% to $ 80% doesn’t protect one if one were to run into financial problems and the properties get sold up and there’s a shortfall.
A firesale is exactly that. If you owe say 80% of what you at one stage thought the property was worth and you think you are safe because, after all, you’ve got 20% equity in the property, think again.
If the mortgagee in possession (or a receiver) finishes up selling the property for considerably less that what is owed you’ve got problems.
Guys, please note that there is however another danger putting one’s unencumbered home into one’s wife’s name. She may get so fed up with you that
she kicks you out [biggrin]Taking out rent protection insurance and having some cash in reserve may also go a long way towards providing, (albeit) s-h-o-r-t term, relief.
Ultimately one needs to make a decision to either build up one’s assets at a slower pace or risk losing it all.
The other way of course is to totally ignore the dangers.
Pisces
I wonder what the tax situation will be for Millie if she sells her back yard as against
selling her house (on a smaller block) ?Pisces
>>You have a keen eye to spot these things. I am pretty sure Tony and others you mentioned trademarked and protected their Intellectual property.<<
Ideas cannot be trademarked and protected of course.
Pisces
Originally posted by WallFlower:Geez, i bet a few brothels are spewing that domain name is taken !![cigar]
WallFlower
Geez, i bet a few brothels are spewing that domain name is taken !!Hi
Good one, Wallflower. You gave me more than a little chuckle with that one, I totally cracked up!!
As an ecstatically happily married family man, now I’ll feel REALLY GUILTY logging onto http://www.bangitup.com even if my motives are totally pure!!
Greg F
Originally posted by doylie:Hi
I am only halfway through 0-130 properties but I am completely excited! I would be interested to know of any others living in mining towns in WA and how you go about researching cashflow positive properties.Doylie
Hi Doylie
You need to link with RussH on this Forum.
Check out his Profile and PM him. I live in Qld, but am aware there are lots of great deals in WA.What mining town in North West Oz do you live in, and how long have you lived there?
Cheers
Greg F
