Forum Replies Created
That is good to know in the current market with a lot of people considering necking themselves after the downturn in the market.
Robert Bou-Hamdan
Mortgage AdviserI didn’t think you could use the Public Trustee unless you were dead and had no appointed Trustee.
Robert Bou-Hamdan
Mortgage AdviserI still don’t know the point of the LOC other than to be stylish but you seem sold on the idea. Good luck with it all.
By the way, I think your accountant is wrong telling you to put money into an IP when you will have debts against your PPOR. But hey, what do I know??? I am a lowly mortgage adviser!
Robert Bou-Hamdan
Mortgage AdviserYou can claim a deduction on the interest if you like but you will pay tax on the income. It balances it out.
Negative gearing just relates to earning less from an investment than it costs you to hold on to. Usually a negatively geared investment will show the best return from capital growth which is not impacted by taxation until you sell the asset and pay capital gains tax.
Robert Bou-Hamdan
Mortgage AdviserJust like any normal sale as far as I am concerned. Usually the property goes to auction and sells at the highest bid on the day.
Robert Bou-Hamdan
Mortgage AdviserWhy would you sell in a flat market and rent when it is a fantastic buyer’s market? Renting only “saves” money when there is an investment property costing more than the rent in repayments and deductions make it more profitable or it helps increase cash flow.
Robert Bou-Hamdan
Mortgage AdviserThere is a huge oversupply and borrowing against them is difficult in most cases. Prices have dropped recently yet more are coming onto the market.
People may argue that rental yields are up but I believe it is a direct result of lack of affordability to purchase by those renting. This will eventually turn around.
You can’t go wrong buying a house somewhere.
Robert Bou-Hamdan
Mortgage AdviserYeah, I think that ever since his fall from grace, it has hurt him emotionally and mentally.
Robert Bou-Hamdan
Mortgage AdviserMy first comment would be to stay away from CBD apartments.
I would then ask which CBD you are looking at that has 6% yield??? I know it is definately not Sydney.
Robert Bou-Hamdan
Mortgage AdviserGreat idea. I will add some if I find any good ones.
Robert Bou-Hamdan
Mortgage AdviserIt is not that I would like more information, it is that information cannot be provided without it. How about the price of the property, your goal or required returns, etc. The more information you give, the better the responses you will receive.
Robert Bou-Hamdan
Mortgage AdviserNeed more information regarding income & expenses, property purchase type, etc….
Robert Bou-Hamdan
Mortgage AdviserThis is not a reverse mortgage.
Robert Bou-Hamdan
Mortgage AdviserOriginally posted by bruham:MrVip,
There’s plenty of mortgage brokers on this website.They’re always looking for business, except in your case. “Keeping your heads down fellows”?Fantastic generalisation bruham. I am not looking for any business. I just enjoy discussing finance and investment related issues.
The reason I have not responded yet is because I didn’t think I could do so without being critical but I will try for your sake. I do not know why other brokers have not responded. Maybe it is the subject – if it does not sound related, I usually don’t look.
As you mentioned, the loan types have not been provided. An asset position is not evident. The only expense stated is $900 per month and he only lost his job earlier this year. Worst case scenario is two payments behind which is not a major problem.
He now has a job taking home more than the monthly payment each week. The late payments can be caught up and exceeded in less than 2 months without struggling unless there are other unstated expenses.
Regarding advice on where to go to consolidate, without knowing the type of debts, there is no way advice can be given.
As for trying to save for an investment property, I think this is ridiculous if a measely $900 per month causes difficulty when earning over $900 a week. I would be interested in knowing the total debt because the repayments represent minimal debt for someone on $50,000 net per annum. Paying down bad debt would be a smarter thing to do than save money as I am sure the interest rate would be much higher than the return on money in savings.
All the advice about this book and that book made me laugh as well. How can anyone know which book will help without knowing the overall picture?
What made me roll over laughing was the secrets of the rich rubbish. Nothing is a secret! All investment opportunities, strategies, tactics, etc are available to anyone who knows how to find them. The biggest secret of the rich is to write a book about freely available information and market it to people who want to get rich quick without doing any research.
If they provide the book for free, there is usually a marketing campaign to drive traffic to a website or a service provider where they make a fortune off visitors or users of the services plus the advertising revenue from other organisations.
In my opinion, MrVip has nothing to worry about and 2 minutes with a financial planner would sort out all his problems.
If I took all the advice I had been given so far regarding this problem, I would be in a worse position because I would have bought 100 books and missed another monthly repayment!!!
Books are a learning tool and not an answer. Always seek professional help if you are unsure of something. Books also go out of date very quickly!
Now you know why I refrained from posting here on this topic.
Robert Bou-Hamdan
Mortgage AdviserI buy property without viewing. Just send in a valuer or building inspector or both to do a report for you with digital photos.
Regarding less than 50sqm, it is hard but not impossible in most cases.
Robert Bou-Hamdan
Mortgage AdviserBeen going just over a year. Will pay up to 130% of current property value over the term. Pay all property costs. Does not affect pensions.
Not much more information is available about them unless you book an appointment where the hard sell will probably occur. Sounds ok but I would rather learn more about them before dealing with them.
Robert Bou-Hamdan
Mortgage AdviserI would not go anywhere near Tassie for investment property.
Robert Bou-Hamdan
Mortgage AdviserYes you can gear.
Robert Bou-Hamdan
Mortgage AdviserOne valuable piece of advice…
If you want people to help you, DON’T LIE!!!
Good luck in the future.
Robert Bou-Hamdan
Mortgage AdviserI think it is achievable but my thoughts are qualified. We do not know how much income / cash flow he has available to increase returns nor do we know which accounting and compounding strategies he will utilise or his risk profile to determine how highly he will gear.
Sorry about the PM. I thought I sent it in email. OOOOPS!!!
I will PM you a response to the comments you just made about the product.
Robert Bou-Hamdan
Mortgage Adviser
