Forum Replies Created
Thankyou for your reply. The situation has changed (slightly) in that those people decided the repayments were above their means, but now we have another family interested in a rent/buy wrap. I just need to get time to sit down and find out exactly how to do this. I am not interested in pumping the price of the house up, or making a higher interest rate, I simply would like to bless this family with the ability to get into the market, while releasing us from the property. If you have any suggestions in the interim I would appreciate them. One of my questions is, obviously we do not use a general lease agreement for something like this. What DO we use?[blink]
Redhaven
That’s cruel Sis, for those of us unable to get there! Please tell us about the interest rates, I am sure everyone would love to know Peter’s opinion.
Redhaven
Brady5 agree totally with you! My personal opinion is when people personally have worked to achieve something, it is more valuable to them than when they “access a line of credit” which is simply invisible “other peoples’ money”
Dunnyboy, work hard and get a few grand saved, and learn as much as you can. Aim to double that money within a 12 month period…and then double it again. Knowledge will come, and possibly some mistakes too…but at least the skin is off your own nose. A strained relationship could be a painful price to pay for a line of credit.
Redhaven
Redhaven
It’s 20 years ago now, but I remember my sister-in-law who lived in Adelaide complaining about the dangerous amount of lead in the dust out there…….?
Redhaven
Redhaven
No one thread can answer your question properly.
You need to get hold of decent investment books and read, read, read, read and then read. If you use the search button on the left under Books you’ll come up with a great review list. Someone else might be clever enough to have that link?[blush2]
I would suggest you spend quite some time reading before you venture into a purchase. The more you read the more you will learn and things will suddenly be much clearer.[grad]
Redhaven
Hi, glad to hear you’re ready to give investing a go. I would personally avoid purchasing a permanent caravan, (and I know little so I could be wrong) simply because the land belongs to the caravan park owner, not the caravan owner, and as such the rents can appreciate, but the van itself will depreciate (and much more rapidly than a normal house) and unlike a normal house/land investment, once the van’s dead, that’s it, show is over. If a house is bulldozed you still have the land.
You are at the mercy of the landlord of the caravan park…if he decides a block of units is a better idea, then there goes your parking spot.
Also the quality of tenants often leave a lot to be desired (not always but often – I did street ministry in a couple of van parks) and as such I would find a permanent van an unappealing and probably headachey investment.
However, that’s only my 2 cents worth. Maybe others have different opinions?
Redhaven.
Redhaven
A growling FROG??? What – How – Why ???
“I alone know the plans I have for you, plans to bring you prosperity and not disaster, plans to bring about the future you hope for.” ~ GOD ~ (Jeremiah 29:11)
A Ridgeback/mastiff marshmallow called Jake, a Rough Collie (lassie dog) called Keira (my baby)…a tabby cat called Tiger (I’m HIS baby).
Four foster cows named Mudcake, Honey, Lizzie and Misty…we did have a steer called Bruce (as in Bruce the Goose, he was an idiot) but we ate him.
“I alone know the plans I have for you, plans to bring you prosperity and not disaster, plans to bring about the future you hope for.” ~ GOD ~ (Jeremiah 29:11)
I thought the going rate was one horse per 5 good acres? After all, they do eat like horses…and I agree, the poo factor would be immense!! But then I guess you could bag and sell it!?
Redhaven.
“I alone know the plans I have for you, plans to bring you prosperity and not disaster, plans to bring about the future you hope for.” ~ GOD ~ (Jeremiah 29:11)
We relocated an old colonial as our PPOR 4 years ago and believe me it’s STILL mid-reno…although it looks like a palace compared to how it arrived. One job gets started, then has to be paused til another job is dealt with, which in turn exposes another!
I think we must have had temporary insanity because we didn’t break down and cry when we saw how dreadful it looked, when it first arrived. Anyway it gave us a leg up, providing us with a 5 bedroom 3 bathroom home that we could not have otherwise afforded, and certainly plenty of room. Buuuut…oh my goodness, the hard work! the cracks in the floor and walls, the windows that failed to shut once the house was actually level…I would do it again, yes, but only with plenty of money up my sleeve to save my sanity. I would also be a little more discerning (make that a LOT) with the choice of home.
And your question about the roof…our council’s requirement was “new roof” and with that, the inside of the roof had to be according to the current wind rating etc…we had to pay around $5500 for extra support inside the roof cavity before they put the iron back on.
My husband is calling out for me to inform you that our council required that every single crack on the outside of the house had to be gapfilled (we bought boxes and boxes and boxes of the stuff) and any decaying putty in windows must be replaced. Our bond was 9K and two inspections and 4 years later, they still have $500 of the bond…we still are mid-throes of painting the exterior and have 2 windows needing to be replaced.
Be warned, although it can be an absolutely fantastic leg up, it is SUCH AN ENORMOUS LOT OF WORK. Choose your house – and removalist – wisely. Get things written into a contract. We had heard terrible reports of the company we chose, and yet they had what we wanted. We told them anything they did for us would have to be written in BLOOD!! They were so determined to change their reputation, we got an incredibly good deal…entire new roof included, not just the main centre, and other extras. Something as simple as them providing a skip bin for the tons of rubbish was appreciated, and apparently a first, according to their contractors.
Anyway, don’t let us put you off. If you are in the mood for an adventure, then buckle your seatbelt and bite the bullet – if nothing else it will be an enormously satisfying feeling when it is all finally completed.[biggrin]
Redhaven.
“I alone know the plans I have for you, plans to bring you prosperity and not disaster, plans to bring about the future you hope for.” ~ GOD ~ (Jeremiah 29:11)
I am blessed that Brett supports my vision and passion to see us financially set free. Whereas I can be impulsive and a bit of a risk-taker, Brett is slower and more risk-averse…quite a good combination! I would agree with many of the previous suggestions. Slowly does it, maybe actively seek out people in your social circle, neighbours, friends or family who have been successful in property, and just let it “rub off” on the slower party.
Redhaven.
“I alone know the plans I have for you, plans to bring you prosperity and not disaster, plans to bring about the future you hope for.” ~ GOD ~ (Jeremiah 29:11)
Lots of beautiful land in lots of beautiful places without prisons nearby and jets overhead…I know where I wouldn’t want to build OR buy…
Redhaven.
“I alone know the plans I have for you, plans to bring you prosperity and not disaster, plans to bring about the future you hope for.” ~ GOD ~ (Jeremiah 29:11)
I’m with Calvin here, Foundation, I think anything is worth checking thoroughly. Just by the by, do you mind me asking how many IPs have you got tucked under your belt? I was surprised to discover you’re only 28, I thought from your posts you must have been in your 60’s!
“I alone know the plans I have for you, plans to bring you prosperity and not disaster, plans to bring about the future you hope for.” ~ GOD ~ (Jeremiah 29:11)
Phil, our computer crashed on the weekend so when fixed we upgraded to Windows XP so we could use ID. However! previous emails have “gone” – could you resend so we can download that update??
Redhaven.
“I alone know the plans I have for you, plans to bring you prosperity and not disaster, plans to bring about the future you hope for.” ~ GOD ~ (Jeremiah 29:11)
You amaze me Terry with what you know. I am sure others think the same as I do!
Redhaven.
“I alone know the plans I have for you, plans to bring you prosperity and not disaster, plans to bring about the future you hope for.” ~ GOD ~ (Jeremiah 29:11)
I believe Christianity isn’t about buildings, it’s about the love that’s in them. Unfortunately sometimes “man’s plans” get in the way of God’s plans. The most awesome church I’ve ever been in was held in a little shop front at Bargara. I personally have a problem with churches having buildings worth a bomb while people go hungry or homeless.
Jesus doesn’t ask us to take a vow of poverty when we come to Him. But we are told to be good stewards of what He does give us. If we prove ourselves to handle things well, we get more!
I love your question No.2! : )) but as I am not catholic I can’t answer it. It made me giggle ‘though!
I agree with your comment in your last paragraph. My thoughts are, “walk the talk”. “By their fruits you will know them”…If you believe, as I do, that God delights in you and gets pleasure from blessing you, then that’s what you’ll get. Some folk think God is a giant ogre with a stick whose main goal is to beat you over the head if it looks like you seem happy…well if so, you’ve got the wrong God. All I know is, My God blesses me every time I turn around and then some.
And sorry Dazzling, but I have NO idea about the council rates!!?? I know they’re tax-exempt…but not so sure about rates?
Redhaven.
“I alone know the plans I have for you, plans to bring you prosperity and not disaster, plans to bring about the future you hope for.” ~ GOD ~ (Jeremiah 29:11)
Foundie!!! You DO have a sense of humour!!!! (At least, I thought it was funny…)[biggrin]
Redhaven.
“I alone know the plans I have for you, plans to bring you prosperity and not disaster, plans to bring about the future you hope for.” ~ GOD ~ (Jeremiah 29:11)
“Eat the meat and spit out the bones…” a wise man once told me when I questioned a style of teaching. Use your discernment.[buz2]
IMHO those folk who take an aversion to people such as NJ do themselves a disfavour, as it closes down the door of opportunity for them to learn from him. I prefer to learn from as many different angles as I can. Doesn’t mean I agree with everything they say ‘though[biggrin]
Redhaven.
“I alone know the plans I have for you, plans to bring you prosperity and not disaster, plans to bring about the future you hope for.” ~ GOD ~ (Jeremiah 29:11)
And yes, Brenda, I agree that step by step is the way to do it. We will be down there for 9 days shortly so Brett and I will begin to check out the work situation. I think your idea of renting first is wise. I just hate the idea of paying “dead money” !! Oh well if we set a goal of 6 months renting then buy…?
Redhaven.
“I alone know the plans I have for you, plans to bring you prosperity and not disaster, plans to bring about the future you hope for.” ~ GOD ~ (Jeremiah 29:11)
Exactly.
“I alone know the plans I have for you, plans to bring you prosperity and not disaster, plans to bring about the future you hope for.” ~ GOD ~ (Jeremiah 29:11)
