Forum Replies Created
I use Rental Workbook. Seems good. Some areas are a bit complicated but there is enough newsletters and tips to help out. I also find the service very good. I think its about $99 per year renewal but this is ok for me.
I agree with RubberduckyAU and crashy. But why dont you try one and see how it goes? The market will let you know if you are on the right track or if you need to change your strategy.
location, location, location…………………………always
BTW, its Holroyd Council
If you are thinking of building in Merrylands, use someone to draw your plans who regularly deals with this coucil. They are one of the most difficult councils to deal with. Just ask any large project home builder.
Spot on !!!!!!
Great advice to those that will listen.
interest rates are killing us (but we will hang in) our share portfolio is down but I am buying as many blue chips as i can.
cheers
Toni
Hi Rossco
You need to educate yourself before going further. There are many great property investing books in the marketplace, just spend a bit of time in the bookshop. Spend your money on books and if you want, seminars to educate yourself. Keep reading and visiting sites like this. Ask the questions until you decide which strategy suits you better.You have an advantage in your age. You will have many years to work on the different paths your life will take so dont stress over it.
Sydney prices are always going to be high and there is an old saying that they will never be as cheap as they are today. HAve you thought about a unit as a PPOR? You may be able to get a unit for the price you mention in the west. Not sure where you are located. Good start though, having your own home. From this you can build your wealth.
API is a great read and the investor stories are my favourites. These are real people – real stories and you can learn a lot from their journeys.Cheers
Toni [biggrin]If you think you are entitled to a refund or a better refund, why not lodge an amendment? But only do this if you are really sure you will get more back as it will cost you money.
cheers
Toniwell not exactly paid off but you get the picture
cheers
ToniHi
I would put it all on my PPOR as there is no advantage in still paying this off.
If this were me, I would then get a line of credit on my PPOR and, depending on your servicability, i would use this line of credit to purchase IP’s.
For each IP I would use the line of credit for the deposit and closing costs and establish a separate new loan on each IP.
You are then able to claim a portion of the interest as a tax deduction.
You would be unable to do this (claim the deduction)for the mortgage on your PPOR.
This way, you would have your home paid off, and as many IP’s as you can service, all on the banks money !
Make sense?cheers
Toni[exhappy]Hi Simon
Just wanted to add my thanks for an excellent post.
If I may offer a great book for this purpose also is “The richest man in Babylonâ€.
A great read and gives the reader a lot to think about with our attitudes to debt, as does your article.
I have done a lot of reading over the past couple of years and what is great is my attitude to debt is rubbing off on the kids.
My 13 year old already knows what “bad” debt is and the 18 year old is almost there to owning her 1st property! The 17 year old, well I’m working on her!
Seriously tho’, to get ahead in life we need to be disiplined with our finances and this is coming from someone who had no idea in my younger days. Its really not that hard once you get into the swing of things.
Great post and if you are really serious about creating your own future, then a good attitude to debt is required.
cheers
Toni[thumbsupanim]
Hi all
An informal gathering sounds good.
We can do what you suggested and just put a few tables together Lawrence.
29th is good.
cheers
ToniHello
I guess that means no meeting in Jan.The address for those that are interested is
Petersham RSL
7a Regent st
Petersham.Hi all
Sorry 22 Jan is booked.
How about we try to make it say the last sunday of the month.
Having said that, hows the 26th Feb?
Then we can make it the last sunday of every month?
how does that sound.
Let me know your thoughts on this and in the meantime i will enquire about that date.
Cheers
ToniHello all
waiting on confirmation of 22nd Jan
Will let you know
cheers
ToniMat
I totally agree with you. The PM does need to be on top of it. If he had, I would not be going through this now.
I think mine cringes every time he hears my name at the moment due to the fact I am almost sitting on top of him over this.
At the tribunal, the PM was left waiting for an hour while they heard the tenants sob story.
Ah wellcheers
ToniSo Toni, given your recent experience and the glaring example of your lack of ‘control’ that you actually have as a Registered Proprietor of a residential property in a Lease situation, what is your opinion of the ‘whole show’ as a way of making money…both growth and income ??
Lack of ANY input whatsoever as to our situation is more to the point!
The tenant is a looney and is now 7 weeks behind. Tribunal yesterday states she can pay the back rent off at $25 extra a week and she does not need to start paying until next week!!!!!!
go figure.When i bought this place is was purely for the land. Just about 1700sqm, to develop at a later stage.
We have our own little rule that every property we have bought we have make sure of the numbers. i.e. that we are able to still pay in the event of a tenant like this.
I will get all the money from her eventually and if not? I will put it down to experience.As a way of making money? I am a kinda buy & hold sorta gal. This property was in the country, I wont do that again. Too far away to really keep on top of.
I have changed a bit over the last couple of years and now only buy for growth and will continue to do so. After this experience, I will propbably just stick to Sydney.Any suggestions for those contemplating doing the same ??
I am with Mat, to each his own. Would I do it again? Yep, already have.
What do you think of the Laws contained within the RTA and how they are applied in a real life situation….were you impressed or satisfied ??
I think they SUCK! and that we should have some voice.
How would the Judge? feel if the tenant was in his own IP?
So from that, I think you can tell I am extremely dissatisfied with the service rcvd!Cheers
ToniAm i worried? nah. I will get rid of her eventually.
thanks for your replies
Tribunal today……no help, only for the tenant.
So will just have to wait for them to slip up now and then they are gone and my PM has said we will list on TICA and I will then get a debt collector to get the unpaid monies.
cheers for your advice
ToniThey will do that if they cannot rent because they have been noted on TICA wont they?
But i am thinking to get a debt collector so the money is paid sooner. Also I have had no end of unimaginable problems with this tenant.
ToniHello All
Thought it was time to bring this to the front agin.
As Len has reminded all who are on the list, the meeting is on again this Sunday at Petersham Rsl from 3pm.
the address is 7A regent st Petersham. right near the railway and parking is fine.
dont forget to bring your drivers licence to get into the club. Just ask for the Property Investors Meeting and it will be on the second floor in the functon rooms.
see you all there. everyone welcome.
cheers
Toni [biggrin]
