Forum Replies Created
From my experience it simply depends on who you are talking to. Geography also seems to play a part in it. About 6 months ago we moved from Sydney to Leeton. When looking for a new place the agent said that they had a 3B/R “unit”. When we arrived we found a 3B/R “duplex”. When we mentioned this to the agent she said that yes, technically it is a duplex but people call them units here.
Doesn’t really answer your question but it’s the best I can offer.
Cheers
SonjaI have no experience in this sort of thing but I can say that I’d like to be in your position right now. If there is a demand for the rental properties then great. If not would you consider keeping some as IP’s and selling some? It sounds like there are a lot of possibilities here.
Cheers
SonjaI’d also like to know when WealthGuardian will be available again…
Cheers
SonjaI do believe that “unlimited” finance is possible but not many people achieve that level. As I understand it the process is a journey and for some it may take longer than others. You would need to prove youself as a successful and professional investor over many deals. You would need a substantial asset base and multiple streams of income. Even then you would be looking at a number of financiers rather than just one.
I am nowhere near this place myself but this is my understanding of it and nobody will convince me that it is not possible.
Regards
SonjaI don’t know how she has got so far on so little. I reckon this woman is a legend. I’ve no idea how to help her (I couldn’t do it for myself) but tell her I think she’s doing great. Very inspiring story as we are rather income challenged as well.
Cheers
SonjaYes please!
Cheers Sonja
You set up a trust (don’t know much about this at the moment but am thinking I should look into it) and then rent the property, as an individual, from the trust.
You own the trust, the trust owns the property, you rent the property and pay rent to the trust. I think it works something like this anyway…
It is sold out at the moment but Steve has a book available from this site on this sort of thing. I’m waiting for it to become available again (no idea when that will be though).
Cheers
SonjaIn my opinion, kids and pets are not the same thing. Children (although messy and destructive at times) are people and should not be refused housing. I also believe that parents have an obligation to accept responsibility for their childrens actions.
For example our PM told us that the tennant was moving out of our IP. OK that happens. Several days later we came home to find a message on the answering machine that went something like this:
“Hello this is Lisa from the real estate agency. The tennant would like me to ask you if it is OK for her to buy a rug to cover up the spot in the lounge room where the fire was. Please call back and let us know.”
I got on the phone immediatly and asked “what fire in the lounge room???!!!” It turns out that her 7 year old son had lit a bonfire in the middle of the lounge room while she was bathing her younger two children. She thought it would be acceptable to buy a large rug to cover up the damage. Needless to say, the new carpet came out of her bond.
As a parent I can suggest that if you want to deter families with children then buy IPs with no bath. We don’t even consider a place that has only got a shower simply because of the kids.
Cheers
SonjaYes, Peter Comben runs it. As I said, I can’t personally vouch for the courses and I don’t know much about property development. It just looked like an interesting site…
Do you know anything about him?
Cheers
SonjaAlthough I can’t personally vouch for the courses, there is an interesting site that I have recently found. If you are interested in developing it is worth a look:
http://www.smartpropertydevelopment.com.au
Cheers
SonjaI want to be able to choose what I do, when I do it and who I do it with. I don’t want money (or rather the lack of it) to be the deciding factor in these decisions.
Cheers
SonjaMy situation is a bit different to yours but I am having the same debate with myself. Push on renting while buying IP or buy our family some stability and purchase our own PPOR.
The cost of continuing as tennants is an emotional one – no real stability (our “home” is on the market at the moment and we are hoping that whoever buys it lets us stay – we have moved too many times over the past 5 years and we all hate it).
The cost of buying PPOR is a financial one – the mortgage repayments and deposit could go towards building our IP portfolio.
At the moment I’m thinking that if I can find the right PPOR deal it would be worth the cost. But I’m still not sure what I’ll do with that next property…
Cheers
SonjaI can understand that pets are an important part of their owners lives. Apart from the obvious benifits of guide dogs for the disabled, pets provide therapy and research has shown that caring for a pet can provide significantly improved outcomes for those who are sick or lonely or whatever. We have not said no to a tennant having a pet.
That said, there was a place that we moved into several years ago (as tennants) and the owners were adamant that NO PETS were allowed. There was an unpleasant odour that lingered in the house and the agent assured us that it was just because it had been locked up for a while and needed to be aired out. After a fortnight of airing 24/7 the smell was just as bad and we decided that as we were on a 12 month lease we would get the carpet cleaned ourselves. After a you beaut bells and whistles cleaning job the smell was only slightly better.
After locking the house up for a day we invited the agent over to see what she thought of the smell now. After her visit the owners decided to lay new carpet. This is where it gets scary.
When the carpet guy pulled the carpet up we found that the dog urine had soaked through the carpet and that the only way to remove the underlay from the floor boards was with a shovel. The guy doing the carpet actually took photos because he thought people would not believe it.
Later the lady next door told us that there were about a dozen little white terriers living there with the old lady before us.
Later again when the plumber came to fix the tiolet he shared his relief that we had moved in. The plumbers had drawn straws that morning to see who had to do the job at the “smelly dog house”. He said that it was like some thing you’d see on one of the current affairs TV shows.
So there is a compelling argument to say no to tennants having pets although cases like this are probably not too common. Don’t know what the PM was doing while things degenerated to that state but she always did her 6 monthly inspections when we lived there.
Cheers
SonjaI haven’t been around for a while because a virus killed my computer. On my return I must admit that I noticed the dissapearing posts and was a bit perplexed at the new development…
I thought that some things were better to quietly vanish but it is a shame to loose so much good stuff and to be left with threads that are a bit cryptic (especially to the newest members who probably have no idea what this thread is about either).
Cheers
SonjaYes, I am in NSW and I need a vacant block in a hurry so that I can relocate a free 3B/R house before it is demolished. Although the council will approve the DA before settlement (subject to vendors consent) I am a bit wary of going ahead with the relocation before settlement.
Cheers
SonjaI was looking forward to it but had trouble organising someone to mind our kids (aged 2 & 3) as hubby works weekends. By the time I’d organised to get the kids to Sydney to stay with my mum (we live in Leeton) it had sold out.
I’m on the waiting list – hopeful but not holding my breath.
Enjoy it you lucky ones!
Cheers Sonja
PS In hindsight I could have just bought my ticket straight away and sold it if there was nobody able to mind the kids…oh well you know what they say about hindsight being 20/20
Thanks Jo! This is great
Cheers
SonjaI was quite prepared to travel and pay for the seminar in July (I live in Leeton NSW) but my husband works weekends and there is nobody local that I can rely on to mind our kids (aged 2 & 3) at any given date that suits my whims. By the time I had organised babysitting it was sold out – but I think even with the cost of travel and accom. it would have been a gift… maybe next time?
Cheers
SonjaIf your rental return is $140 p/w and the weekly mortgage repayments are $125 then I would assume that the deal did not meet the 11 second rule. If the weekly return is 140 then the total purchase price should have been no more than 70k (if it is to comply with the 11 second rule) and weekly repayments of 125 seem a bit steep even if you borrowed the whole 70k. Although I guess it does depend on the particular loan.
It is my understanding that, according to the book, properties must (generally) fit the 11 second rule to be cash flow positive at the end of the financial year (as well as on a week to week basis).
Regards
SonjaMe Too!
Sonja
