Forum Replies Created
I believe that some areas of Forbes are flood prone. Not sure what parts but something to perhaps ask a local.
Cheers
SonjaAre you saying that you have property available for us to invest in?
Regards
SonjaThanks for the interest everyone. I was dissapointed not to go but have passed the ticket on so I’m sure it will be well appreciated.
Apart from getting to and from Sydney, without getting too negative and heavy, my mum is a full time carer to both of my sister’s kids as well as my elderly grandmother. Adding my two would just increase her load (especially as Daniel is autistic and a bit different to minding your average child). I decided it was a bit much to ask considering the early starts and late finishes involved. If I’d had a bit more notice my hubby could have organised time off work to take care of the little ones. Unfortunatly we don’t have any family but mum to call on for this sort of thing.
Other opportunities will come up I’m sure – it was a shame to miss out on such a gift but I got to pass it on so it wasn’t really lost. (Now that I’ve shed my tears and had my dummy-spit) I am dissapointed but not going to dwell on the negative.
Cheers
SonjaHi Ben,
You really are a thinker! It is a good idea to do your research before making decisions that involve large sums of money – especially if it will impact on your family.
However (IMHO), to get the most accurate answer to your question, I’d just leave it in the hands of a good quantity surveyor as well as an accountant who has experience and an interest in property investing. I believe it is money well spent, not only is this thier specific area of knowledge and expertise but it also saves you the time and the hassle.
Regards
SonjaI don’t have a lot of time to do the things I enjoy at the moment (ie read all the threads on this forum) but I’ve just read this from start to finish and I have dediced to add my personal experience rather than my personal opinion.
At the tender age of 4 years and several months my mother gave me the choice of attending either Padstow Park School (public) or …(am allowed to say) @#%*bank C of E (private) school. Sensing that this decision was of great importance to my mother I gave it weighty consideration and chose @#%*bank C of E school as I thought I’d far prefer to work in a bank than in a park (4yo logic for you hehe).
My parents scrimped and saved to send me to the private school. At first the most obvious difference between me and my peers was the fact that we (or our parents) supported different football teams. My mum dropped me off and picked me up in the old HR with the blue and white Canterbury Bulldogs streamers while most of the other kids had parents with Mercs or BMW’s with no streamers hanging off the aerials – the kids simply stated who they supported and that was enough to make me realise that I came from a different area. Football was big back then.
I stayed at that school from kindergarten to half way through year 9. I was never considered a local and I was not in the same socioeconomic league as my peers. I felt alone, isolated and out of place – never really accepted or part of the crowd.
Half way through year 9 a particular incident between myself and a teacher was the catalyst for finally changing to the public system with my parents (dissapointment and) consent. I refused to go to the local high school as it was co-ed and I was terrified of boys. I managed to convince the authorities that I would be better off at the closest Girls High School at East Hills. Life became a lot easier for me both socially and academically.
Socially I was on an even footing with my peers. This was a relief at the time. Looking back it also led me into temptation. I could not believe what these girls got up to and got away with. Both in school and out. They were my first real friends and I got involved in a whole heap of stuff I hope my own kids don’t.
Academically I was so far ahead that I didn’t need to take notes or keep books. The stuff that was being taught was revision. I had already learned everything that the public school was teaching. It was a source of grievance to my teachers that I refused to take notes in an exercise book but was able to achieve test results that placed me in the top couple of students for my year.
Draw your own conclusions. I can interpret several of my own from the experience and I’m stuck as to where to send my kids to school. I’ve only got a year to make up my mind though…
Nobody is perfect – even parents they (we) make the best decisions they know how at the time. The private school I attended was a curse and a blessing, just the same at the public one.
Cheers
SonjaPS. Did you know that in some states in Australia preschool for 4 year olds (up to 2 days per week) is free (ie Govt. funded) and in others it is at the parents expense (some Centerlink rebates available depending on family income)? I am on the management committee at my daughter’s preschool (in NSW where we parents have to pay) and this was mentioned at the last meeting in relation to the upcomming election. Just a side issue that interests me at the moment…
Hi Brendon,
Just thought I’d give you my humble opinion here but…
Don’t bother with financial advisors. I believe that very often they do have their own (or their employer’s) interests at heart. I also believe that the more closely you follow someone’s advice, the more likely you are to end up in a similar position to them. What does a financial planner/advisor earn and how many hours a week do they work? How long would they survive without their job? Personally I don’t know too many financial advisors but the two that I have spoken to in my life time were not going to lead me to the financial destination that I seek.
Do you have your own plans? Do you simply need the advice of a good mortgage broker to obtain finance and/or the advice of a good accountant to explain how your plans will affect your situation?
Regards
SonjaI recently told my almost 4 year old daughter Brianna that her and her brother Daniel were gifts to mummy and daddy from God. Her response? “Can we give Daniel back to God?”
Cheers
SonjaThanks aussierogue LOL. My computer and I are now wearing the cup of tea that I was drinking when I read the first line of your post. I love your idea (hehehehe) the new aroma should attract lots of prostective tenants. Sort of reminds me of a house we looked at that had 12 fluffy white dogs living (and excreeting) inside – you’d never notice a smoker there!
Thanks for the ideas everyone, I’m just a bit of an anti (ANTI) smoker so I guess I let it bug me a bit more than it should.
Cheers
SonjaThis is unbelievable – not to say it isn’t true. I’ll have to look into it myself as our house is also for sale. There should be something in the fine print on the policy if it is the case… yuck… reading insurance policies.
Cheers
SonjaFirstly, congrats on your first purchase!
I will give you my understanding of why lease options are of benifit to the investor and why they are not simply an escape for someone who is desparate to sell. Mind you I’ve never done one myself…
I guess it depends on your style of investing, are you after +CF or CG? If you are lucky enough to have an investment portfolio I guess you need to decide on how and where to balance the CF and CG aspects of it.
As I recall (and I didn’t take as much notice as I should have) when the price of the property is negotiated for a L/O, it is usually above the current market value (but not usually enough to cover the CG that will occur – that is one of the bonuses to the purchasor). This partly takes care of the CG issue.
The instant bonus to the vendor is the higher than market value weekly rental payments that are made by the purchasor. In this way, the vendor is able to create a +CF investment that may be -CF under normal rental conditions.
At the end of the agreement, the vendor still gets paid a fair price if the purchasor takes the option to buy. This is on top of the higher weekly rentals that they have been collecting – a sort of compensation for the potential CG they may have sacrificed. Either way the house is still sold for more than the original purchase cost and while it was owned it was providing +CF.
If the purchasor decides not to take the option to buy then the vendor has simply been collecting higher than market value rent (ie +CF) for the agreed term of the option. Then, at the end of the agreed term the vendor can then do whatever they want with the property (sell, rent, wrap or another L/O). They also hold 100% of any CG.
Although I like the concept of L/O’s, I haven’t taken any action to do one myself. I can see how it works in theory. In practice I do not understand the legal, financial and insurance aspects so it scares me a bit and this is my personal barrier. Guess I should get out of my comfort zone and go find out how to take care of these things and make L/O’s work for me. I’ve sort of sold myself on the idea by trying to explain it to you.
I also think that there is a chapter in 0 to 130 about L/O’s but I admit that it’s a while since I’ve picked the book up.
Cheers
SonjaHi Jaffa,
This agent wouldn’t happen to be associated with Country Direct would he? I went to have a bit of a look at their new estates in Leeton and Griffith and it sounds exactly like the answer they gave me when I asked about their prices. I know that there are several agents associated with them, one in Griffith (who sold them the land that they have now subdivided and started to sell and develop) and another here in Leeton.
Country Direct are a new group that do their own subdivisions, market them, design the houses and hire the contract tradesmen who build the houses AND provide finance to anyone who wants to buy into their new estate. They seem to have TOTAL control and would not give me any indication of what prices, designs etc were available unless I was willing to sit down and provide all of my financial details to one of their staff so that “they would then be able to show me packages that I could actually afford – saves everyone time and dissapointment”… Yeah Right…
I didn’t like the way that they do business and I just walked away. Anyway, was it Country Direct or some associate of theirs Jaffa?
Cheers
SonjaWish I had seen this when you first posted it Bec! Must have been one of those busy times for me too…
Cheers
SonjaTo be honest, I posted this so long ago that I’d sort of forgotten about it. At the time I liked the idea of SA because it seemed that there was very little interest there. I just picked on Mt Gambier because it is a large regional centre and I honestly don’t know much about it (or anywhere else in SA for that matter).
For now I’ve decided to sit back and watch how the market goes for a while – and sell off my current IP in NSW so that I’ll have a bit of cash ready for when I feel it’s the right time to buy!
I have noticed that over the past weeks there have been a few new SA threads… perhaps interest is growing now?
Regards
SonjaSounds like a good solution. Also some good luck with the rental return on IP 1. Take some time out, breath a sigh of relief, sit back and enjoy some peace of mind with your family.
Regards
SonjaFor me, insurance is good value. Even if I never make a claim it is a small cost for the peace of mind that it buys. Do you have a financial interest in this property? If so I would suggest paying for the insurance yourself.
Regards
SonjaHow did you like Brampton Island? I spent a week there a few years ago and loved it (apart from the heat – but it was December). Are there still lots of semi domesticated goannas with claws clacking on the cement?
Hope you enjoyed the break and congrats on finishing the book – looking forward to it.
Cheers
SonjaThanks for the spelling tip Kay. You are right it is kinda important to get this one right (even if they are my last choice at the moment). I have now edited my post accordingly.
I’ve also got to admit that IMHO things are heaps better for the nation as a whole since “Little Johnny” took over… but how long will he stay?
Cheers
SonjaAlthough I only have one IP, I have it on good authority (my wondrful PM) that not only do REI Insurance Brokers (via AON Landlords Property One policy) offer a discount for multiple properties but they also have an excellent product. You can contact them at [email protected]
I trust my PM but as you don’t know me or her it’s probably best to shop around. I also believe that a South Australian insurance company called Scheer offers a discount for multiple properties and has a pretty good product. I don’t personally know much more about them than that.
Regards
SonjaPS Have you tried a search of this site? I recall reading about insurance here in a number of threads.
I agree that if enough people vote for the minor political parties that the major parties (hopefully) will then have to acknowledge there is a high level of dissatisfaction within the voting community.
Just because you give your primary vote to a minor party does not mean that you must then allow them to direct your preferance to the party of their choice. Vote below the line and number all parties in your order of preference. Personally I always put both Labor and Liberal last and second last. I just change their positions according to my thoughts at any given election.
As you can probably guess, I’m not too excited about either of our major political parties. I think this time it just comes down to the fact that the thought of Latham running our country scares me too much to vote Labor.
Regards
SonjaIt seems that you’ll have to have a chat with him. I hate this sort of situation because although you have not intentionally offended him, it sounds like he has a problem. Hopefully he able to discuss it without getting defensive.
Good luck with it. Perhaps a phone call to the railways might be a good idea. If he already has his back up about it he might refuse to sign on the easement just to make his point (whatever that is). Hopefully he will be willing to at least have a reasonable disscussion.
Regards
Sonja