Forum Replies Created
I wouldn't dream of asking a mortgage broker to rebate fees/commissions.
If they've gone to the trouble of sourcing a loan and used their expertise to structure it properly I think it's worth far more than you can put in simplistic $ commissions.
god_of_money wrote:If I am the vendor on above clauses of contract.. I will run miles away or offer it to another buyer (despite lower price)Me too. Talk about overlawyered.
mattnz wrote:. The covenants state one dwelling per block.Can covenants be changed? Can that guy in front just go to council and ask for a change?
sapphire101 wrote:Singer why would you buy a rent controlled property? ( And Wikipedia is not the best resource). There are thousands upon thousands of alternative properties where you control what rent you charge.This is true, but the concept of rent control is just not on most Australian investor's radars. I was just pointing it out as something to look out for among the many hazards of buying in the USA.
Hi JacM
No, I don't believe that is correct. Your link is for immediate payment only.Here is the schedule for assets you are allowed to have.
http://www.centrelink.gov.au/internet/internet.nsf/payments/chartab.htm#bIf a person has that amount ($307,000), then they have to wait 12-13 weeks for benefits to kick in.
Feel free to correct me if you think I have it wrong.
Lestki; there are financial planners at Centrelink offices. I'm not sure how effective they are but you are in need of some solid advice that's for sure.
You need to go through the appeals process with Centrelink STARTING TODAY. This is intolerable. Of course people can have money and property to get benefits – you may have to wait 13 weeks but you are still eligible.
Our tax dollars are meant to help people like you get your life back in order. The staff in your local office are fobbing you off.
Click on the links on this page (ARO first then tribunal) and get going. You will need to have lots of copies of all your medical reports and be on top of the paper work. You've been in administration so this will be easy for you. You can write well so that will help a lot. Use the talents and energy that you do have to get the benefits you are entitled to.
http://www.centrelink.gov.au/internet/internet.nsf/legal/review_appeal.htmGo girl!
Sorry to hear about all this. If you are ill your doctor should issue you with a statement to give to Centrelink.
I don't understand what you are saying about social security and unemployment. Something doesn't make sense.
If Centrelink has decided that you can work, you should be on the Newstart Allowance. Why on earth would you drop that, given that it's some income while you look for the kind of work you can do, and it also subsidises your rent.
I understand that you need to put in an effort to fulfill the requirements to look for work but it's not onerous, especially at your age. You will probably be required to show that you've contacted 3-4 companies per week. If you don't get work then they will put you touch with an agency which will interview and help you. During the interview it will come up that your illness affects your working ability. If you still don't get work, then they require you to do some limited hours of volunteer work but you still get the NS allowance.The rent you are paying is horrendous by the way. It would help to move to cheaper digs.
Your Scenario 2 is awfully risky and you can't afford to take such risks.
Scenario 3 sounds like a money drainer not a money maker.Someone else on this forum could advise you on Scenario 1.
Good luck
dreamtobelieve wrote:It was almost harder to rent a place than it was to buy.Dead right. I don't know why the industry attracts such silly and disorganised people.
Definitely leave it in – a bath, even a small one, is essential for families. I wouldn't consider a property as an IP without a bath, because as S-N-Mates said, it cuts out families from your market.
We are seriously regretting going the renting route thinking that we could do this and just buy IP's instead of another PPOR (which we stupidly sold). If we'd known that renting is such a short term concept here in Australia (i.e. landlords seem to sell constantly unlike in Europe and the USA where long term leases are more the norm) we would never have considered it.
I think the PPOR- for a year/ conversion to IP/ then sell before the 6 year CGT deadline scenario is driving the constant turnaround of properties.
Always wondered how fools and their money were so easily parted.
tonyy21692 wrote:If you are inexperienced you will be financially bled as quickly as possible.You hit the nail on the head. From someone who lived there for many years, I hope your post is widely read.
Reeks of fraud.
I think you may be worrying needlessly. It costs $$ to put tenants on TICA and I think your agent would have informed you by email if there had been problems. Once you get to know some PM's in your search for a rental they can easily just look it up for you if you are still concerned. Good luck today.
Cash on cash return. If you put COCR in the search box in the top right corner, some other posts come up explaining it.
Thanks for that.
It's because I've been reading Richard's and Terry's posts that made the light bulb go off, but it seems that there are only advantages and I was thinking that surely there'd have to be some disadvantages. Good to know there isn't. I'll go for it.
DWolfe wrote:Start at odd numbersJust a slight disagreement here: as a recent vendor, this use of odd numbers was very irritating. It just indicated a silly round of game playing coming up.
As a buyer, I have one price, my highest, which the seller needs to take or leave within a few hours. If it's rejected I am willing to negotiate terms but not price.Don't forget also, that when a buyer thinks that all this "negotiating" is going on with the seller, buyer and RE, the RE is actually just pulling phone calls out of a hat to work the buyer up into a lather of panic.
Is it possible to structure these wraps or lease options so that the wrappee can accelerate the deal and own the property outright sooner than originally planned? For instance, if they suddenly inherit enough to pay off the whole thing in one hit?
Beware: investing in NY can be hazardous to your income:
http://en.wikipedia.org/wiki/Rent_control_in_New_YorkThe concept of a city council controlling how much rent a LL can collect is probably a little foreign to most Aussie investors.
Can I just interrupt the proceedings to say thank you to Richard and Terry for giving valuable and helpful information? I never cease to be amazed at their generosity in sharing their knowledge and really appreciate it.
