Forum Replies Created
My little contribution[happy3]………
We are a one car household as well. It’s tecnically MY car (which came as an accessory into this relationship), a Toyota Corolla Ascent 2004 Hatch.
I love it. Easy to drive/park, cheap to run/maintain, and we can fit EVERYTHING in it (believe me, I’ve gone on the road with bands on tour: it’s amazing how much you can fit in a little hatch)!
I am still pinching myself from time to time, as I’ve never owned a new car in my whole life! My last car (also first car) was a Toyota Corona ’84. It was made of real metal & vertually indestructable! I only parted with it during a fairly complex breakup [hmm]. Long story.
I am a firm believer in Rich Dad (RK)’s definition on ‘doodads’ & would choose to put spare cash towards properties instead (though right now that’s all gone into our reno[whistle]).
Delay Gratification is certaily a virtue. I am still learning [mellow] ……
Originally posted by CCINVIC:……… We have been told that in QLD you have to pay stamp duty again together with my husband having to pay capital gains not like in Victoria where you can just transfer it over for a minimal fee. [confused2]
[blush2] Correct me if I’m wrong, but I have been under the impression that we (in Victoria) have to pay CGT, stamp duty etc as well (when transferring title fr one family member to another)…..? [eh]
Could the expert forumites confirm this for us…?
Oooh, that’s sounds like a contact I need!
Could I also have his details if I PM you, Steve?
Shelley
Thankyou, everyone, for your suggetions!
Yes, the CGT issue is indeed what’s been holding us back from buying my Dad’s share. He is not retired yet but will be within the next decade. He probably would not qualify for pension (too much assets, not enough super etc) so he never counted on it.
Re bathroom costing 20k….that’s a generous estimate. We got quoted anywhere between 13ks to 20Ks; NOT including fittings [stun]…….. we would like to do justice (ie maximise) to the space we’ve got, nothing overly posh, but nothing dodgey either. A leaky bathroom in an apartment would be an expensive nightmare……!
The quoting process continues, while we are saving towards the worse case senario.
Just thought I’d provide a little bit more information about this situation, and a brief history about this property…….
In ’99, I got out of an abusive relationship with enough savings of my own. Not wanting to move back with my parents, I bought this property with 20k deposit (costs $190k), except I had trouble getting a loan, as I was only working on a cash-in-hand, cotract job (which I could afford the repayments on). So my father stepped in, got a joint-name loan, and insisted that the only condition to this is that he also has his name on the title (to protect me from possible disasterous relationships in the future).
Soon after settlement we figured it’d make better financial sense to turn this flat into an IP & for me to move back to the family home.
It was CF- but it was quite affordable, with both my father & I contributing. Until I got ill (diagonosed with MS in ’01) & could not work any more…..
My family had been taken care of me, as well as all financial/medical matters (including all dramas relating to the IP, long story), and would like to see the debt paid off ASAP.
I have since recovered & rebuilt my life. With my supportive partner’s help, I’m learning to become financially savvy. One day, if & when my health deterioates, I would still be able to have a good life, instead of becoming a burden to my family/society.
We moved into this property Sept last year, because the rental we were living in got floorded (another story). We did the mathes & it makes the best sense to turn this IP into a PPOR, until we figured out the next step.
We have since done a beautiful job with the reno (not cheap, but wasn’t a huge fortune either). The 20ks allowed for the bathroom was mainly because it is smallish & odd measurement, so most things will have to be made to fit. We also need to water-proof the whole thing. We do keep in mind not to over-capitalise such project.
I would like to get the place evaluated once it’s all done. Similar properties in the same area/building are selling in their high 200ks to low 300ks……..
First of all, let me thank everyone who took time to read & reply my first official thread [blush2]…..!!!
Originally posted by Stuart Milne:Convince him to transfer the property into a Discretionary Family Trust with him as the Trustee, and not a named beneficiary. Then have the Settlor sack him as the Trustee and install a Corporate Trustee of which you and your partner are the directors, re-finance the property pay him out his share and move along purchasing the next property in your newly acquired trusts name as well.
Ps: I don’t personally recommend option 1 it was thrown in for humour although some won’t see it that way no doubt…
Thanks for this idea (joking or otherwise), Stuart!
My father & I are close, so if we explain this idea properly to him, as a mere strategy, I’m sure he would go along. My partner & I are currently learning about trusts & their benefits, so we are definitely interested.
(Is it actually a workable idea, or it is a non-workable joke? Sorry, had to be sure……..)
….just my 2 cents here……
Is your property (house? flat?) situated in amongst other similar rentals, or are you in an area where there is hardly anything for the renters…?
Another word, have you got competitions (so the tenants are spoilt for choice)?
While aiming at the young single market is a great way of eliminating competition, it might be worthwhile to be mindful when you are setting up your asking rental price.
My former IP, a two bedroom flat, is located in an area where there are *a lot* of competitions. Almost all targeting at young singles/couples. I made a mistake by charging a slightly higher rent (compared to other units in the same building), thinking I’d attract better tenants. Big mistake.
It was vacant for too long (6 weeks, if not more), and I ended up renting it to the *only* applicants, who turned out to be nightmares.
I have since read somewhere that by charging a slightly lower rent, you are able to attract a bigger pool of applicants, enabling you to choose the best applicants, AND minimise the vacancy period.
What do the rest of the IP Gurus think [eh]….?
Great topic & great replies [thumbsupanim], as always!
We have sort of been down that decision process, though our situation slightly differs.
We (my partner & I) are living in my former IP (bought ’99, with my father, whose name is still on the title/mortgage) , located in inner bayside Melbourne. It’s a 2 BRM ’60s flat (reno just completed, bathrm to do next), almost all paid off now.
We are contemplating on what to do next. Of course, the equity on this property (now a PPOR) is enough to get another IP. The dilemma is the fact that my father’s name is still on the title, making any change complicated (he is unwilling to do anything, apart from paying the mortgage off).
What would you do in our situation? Put all resources into paying off the remainder of the mortgage ($45K), or complete the bathrm reno ($20Ks)….? Wait for the price to drop a little more before buying, or start looking now….?
Sorry about the topic diversion [blush2]…….I’m happy to start another thread if that’s the right thing to do…….
Any suggestion would be really appriciated!
I’ve used someone to re-enamel our bath tub (when it was rented out as an IP).
They are called Nu Pride; in Canterbury VIC (but I can’t remember how much we paid). Two years down the track, it still looks new.
It’s definitely a good, temp solution until you are ready to reno properly [happy3].
If you do a search on buyers agents, or the two specific agencies, you should find responses as the question has been asked before.
Hi Everyone,
I’m new to this forum & have not yet figured out the search function yet [blush2]………..
Could I trouble anyone to post a link, or show me how to search for specific things…? Pretty please….?
