Is this where (eg)a retired couple borrow against thier equity to provide for thier retirement/ new car/etc.. just thinking about this as i think a recently retired relative may be doing this on thier PPOR
The bank effectively starts ‘getting your property’ back don’t they ? unsure.. as i know nothingabout this subject, but think the relative may be making a bad move.. not that; its really my business, but the mechanics of it interest me too..
REDWING
How about serviced Units, with you as the caretaker/manger.. which i see in the ‘serviced units’ game as being far better than an investor in the units ( caretaker/manager seems to be in a win / win situation )
Hmmm.. there’s a Good guy’s down the road, sorry,[] with the way i read your post earlier, i thought you were ca$h syrapped, and thats why your reasoning for re-financing also..
Hardly Normal only ‘suggested’ due to ‘interest free’ deal, i’ve always got better deals ( usually cheaper and they’re happy to discount then when they pull up my address on ccomputer and see previous purchases the usually do some more discount to round figures etc) at Retravision when shopping for electrical gear..
S.I.S
Next time i need electrical goods i’ll check out my local Goodguy’s… i’m not a Uni student… but i know some []
Met a guy who does ‘mirrors’ for H.N the markup is shocking
Don’t forget with -geared properties there is ‘usually’ more capital growth associated with such, whether to get rid of it or not would depend on her financial and tax situation, don’t forget she can use the ‘Equity mate’ in the – geared IP to further purchase +IP’s the better the + gearing the better for you, especially if tenanted..
also how’s she feel about selling it..
Congratulations on the 2nd + IP [^]
REDWING
“The man that thinks at 5o as he did when he was 20 has wasted 30 years of his life”
The risk now is that interest rates will rise further ( and after a ‘bumper’ Xmas for retailers-why not)as property prices retreat.
It’s been said that investors in residential property make up a significant proportion of borrowers, 4 out of 10.
I’ve read that in WA over the last month or so, the number of properties up for sale has increased from 6000 to 9000, a trend being seen around Australia, which appears to indicate a view by many investors that the property boom has peaked. That means the hot money, particularly that controlled by speculators has decided it’s time to move on.
A ‘buyers’ market as Steve pointed out some weeks back, may be coming[], looking in the papers now ‘stocks’ seem to be the main topic of late..
REDWING
“The man that thinks at 5o as he did when he was 20 has wasted 30 years of his life”
Don’t adopt the ‘monkey’ on that site.. a work collegue did and had a [}] of a time trying to get rid of it..
PeterM
see above.. some of these sites very ‘dodgy’ and in saying that i requested a e-mail for super rollover from AMP, thier consulatant e-mailed me the forms as we spoke, when i went to open the attachments my computer ‘sat to attention’ red lighting a ‘virus’, i sent it back to him with a note not to open and contacted thier IT Dept.. never heard back from them, forms came via mail.. safe and slow
REDWING Who ever said women were the weaker sex, has never tried to get the doona off one at 3am
Contact your local Council, ask to speak to the Building inspector, he should be able to help you out. I believe regulations slightly different in each area
REDWING
“The man that thinks at 5o as he did when he was 20 has wasted 30 years of his life”
As i understand it the ‘main’ downfall is that you never own the land the property sits on, so you pay for it up untill the day you die/sell.
The owners can periodiacally increase rent of the land and it’s expensive to relocate the house, having said that you may find somewhere you can purchase thge land component, remember- land appreciates, property depreciates
Do your research and maybe even stay at the site to see what the neighbours and other people in the area are like, strike up a conversation with some of the long term tenants etc..
i too read the book, and enjoyed it, finding it motivational, the Author i believe is a Psychology Lecturer, agrree with melbear and ajwans, the words were probally left in there for reasons such as ‘effect’ and to convey the ordinary people message, we’re all different..[]
It was motivational seeing how ‘ordinary people’ set about achieving ‘extraordinary results’
REDWING
“The man that thinks at 5o as he did when he was 20 has wasted 30 years of his life”
you know what i ‘find’ funny.. rdayrday has not posted since his initial post and the ‘bruce’ rollercoaster started..[][][][][]
Ah well.. it amused me anyway
so back to the initial subject.. has anyone else found it funny that some owners of properties will sign 6mth rental agrreements in some cases, is this to help ‘sell’ this to investoras with the 6mth rent built into the sale price, and, gives them time to organise thier affairs.. or am i just paranoid [?] REDWING
The benefits of the airconditioner are worth it (for yourself and future tenants-no disputes, especially since we had a ‘very hot 38deg’ XMAS and was 28deg at 0900hrsin Perth)
Being your PPOR though and re-financing etc etc seems exce$$ive to me.. don’t Harvey Norman have some pay no interest for 2yr deals or something- just pay it off ‘in-time’) explore your options if you’re cash strapped..
be careful not to overcapitilize on a ‘rental to be’ also, doing it yourself and slowly as you say, makes sense to me
My 2c anyway
REDWING
“The man that thinks at 5o as he did when he was 20 has wasted 30 years of his life”
put a post up for them, or search the forum.. they’re here and you don’t have to look too hard []
Trust’s cost a bit to start up ( approx $700-900) or so i’ve been told, but Still-in-school seems to know what he’s talking about when it comes to IP’s.
Agree with his post re; Shares or a bit safer ‘managed funds’ and even safer term deposits. I wouldn’t recommend margin lending with regular deposits attached at your age..
Regular savings, steady and increasing income, and adding to your knowledge great starts, the option of your parents going Guarantor on your first IP would be of great benefit to you, speak to them, show your commitment and start cheaply.learn researching skills and ‘search’ all over this forum to learn..
Build on your skills my friend, do any courses you can relating to property, renovating etc, learn from anyone you or your family know in the industry.. your only just starting out so ‘make haste slowly’..
I’d speak to a mortgage broker ( i.e “mortgagehunter” or “TerryW”) For more exact information regarding your ability to loan !
A good ‘savings’ record never hurt anyone though, keep your statements looking good and ‘growing’, and stay at home till Mum and Dad ‘drag’ you out or change the locks when your out []
REDWING
“The man that thinks at 5o as he did when he was 20 has wasted 30 years of his life”
Thanks, i’ve been e-mailed a COCR calculator from this site,transfered it to disk, but not on-line and not on the computer very much at all at home, one day when i’m not busy ( Ha Ha Ha.. yeh right) i’ll have to look at it.
At work at the moment, log in every now and again to ‘learn’ from this site.
Contact DEPPRO for QS work, Offices in most states, think the price was around $400, they complete a Deppreciation schedule for you, usefull for tax time !
Mail
Suite 25, 219 Canning Highway
South Perth WA 6151
PO Box 479
Como WA 6952
Check back on some old Posts re Depreciation information. Finance company will not send out someone re Depreciation..I’m bnot sure what you expect from depreciation schedule ?
Anyway, check out thier site.. think there’s another company called ASSET, not sure. I’ve used DEPPRO and so has my PM