Forum Replies Created
All the people laying the boot into the OP need to take a chill pill. One day you may well be down on your luck and may need a helping hand.
Air goes in and out. Blood goes round and round. Any variation is a bad thing
Why don’t you just double your rent? That way your wife can leave work when you have kids.
Air goes in and out. Blood goes round and round. Any variation is a bad thing
Originally posted by julz36:Just wanted to say hello and I hope to learn quite a few new things regarding finances very soon!!! lol.. [biggrin]
For the record, I had just finished doing an ad to sell our house myself when an agent rang and says they have some keen buyers for our place.. So, after all my hard work and lots of photocopying, the agents are coming here tomorrow to get us listed with them. gee i dunno, me and my hairbrained ideas.. thought i would do well for myself in not having an agent.. wish us luck!! [biggrin]In the last real crash it was possible to buy a house for 10% of it’s bubble price.
Is your property nice?
Air goes in and out. Blood goes round and round. Any variation is a bad thing
Originally posted by JetDollars:Anyone here follow NRL?
Which team do you support?
Go Sonny Bill Go!
Kind Regards
JetDollars
“The road of some-day lead to the town of nowhere”Haven’t heard about another Coff’s Harbour but they have plenty of time. Helped in 2004 bonding.
Air goes in and out. Blood goes round and round. Any variation is a bad thing
Originally posted by dboddy21095:Approximately 18months to 2 years ago my husband (Paul) and I bought 2 off the plan properties which were meant to settle about 6-12 months apart. The one is Sydney was three months late and the one in Melbourne was 12 months early and both were down to settle mid-March 2005. We went to the bank and they agreed to lend us the money for Sydney but not Melbourne. After much discussion they agreed to give us bridging finance on Melbourne after we have a signed contract for Sydney. Settlement for both was 18/3/05 (they even fell on exactly the same day). We put Sydney on the market straight away and are now paying penalty fees on Melbourne until settlement (the builders have given us to 13/5/05 or they will rescind).
Other points of note:
We really don’t want to sell Sydney, we would prefer to keep the Sydney property and sell Melbourne. We have been told by an agent that we would get between $480 and $500 a week rent (others in the block have been renting for that amount).
We have approximately 40-45% equity in our own home.
The money to be borrowed is the amount plus stamp duty on Sydney and will be the amount plus stamp duty (which will be apparently $5,000) plus the penalty fees (which is working out at about $1300 per week). We have paid no deposits (got them both with deposit bonds).
We have been to 3 lenders – our bank, a broker from Melbourne (the lending institution approved the loan but the units and our house were very undervalued), and another broker from Sydney who has one last resort to try and has not yet got back to us.
The Sydney unit has been on the market since 18/3/05 and has had about 6 people through but no takers.
Any suggestions
Sounds like you gambled and lost. Relax. It’s only money. Had a young child die today in the back of my ambulance today. If I could change one of the scenario’s I can assure you that you’d lose the lot.
Funny. This whole forum is about making money. Guess that’s your priority. Mine is to raise a well rounded family without drowning in debt. Just trying to understand why the hell I can’t afford a house of my own. The greed on this forum is almost breathtaking. Don’t bang on about retirement. Just don’t leave your kid near a pool unsupervised.
Air goes in and out. Blood goes round and round. Any variation is a bad thing
Wow. A new low in property specutlation
Air goes in and out. Blood goes round and round. Any variation is a bad thing
Pear Shaped. US is experiencing it’s death throws. They owe far far to much and have sold off their manufacturing ability so that everyone can wash each others car.
Australia is in dire strife from …. well to much “investment” in property. Not going to argue the case now but suffice it to say a widescreen plasma isn’t edible.
Two words to send a shiver down economists spine “PEAK OIL” What do you think W is doing in Iraq?
Today tonight et al will have many more “hard luck” stories regarding debt, housing etc
Howard will resign
Financial strife will increase along with Divorce and suicide and child abuse
The millstone that is a mortgage will get awfully heavy.
Meanwhile I’ll kick back and enjoy being debt free. Might even be a bit of a “vulture” and pick up a house to live in from an “investor”
Originally posted by robo:What difference would it make if they had the motgage with a bank? Wouldn’t the bank sell the house?
RoboIn a flash.
MichaelG – I wasn’t refering to you.
Chincho
So far your doing quite well. All you need is some financial discipline to stick with a budget. Alternatively “pay yourself first” by putting some money into a saving’s account you can’t access easily. Richest man in Babylon suggests putting a little away each pay (a couple of percent) then as you become comfortable increase the percentage to around 10%. Millionaire next door suggests 15%.
Not sure about the cafe deal Terry is suggesting. Personally I’d seek the advice of a tax expert into account. The taxman does not look kindly to “mistakes”. My missus rang the ATO and got their “advice” followed their advice and was fined. Luckily we keep meticulous records so when we said “on such-and-such date, at 11am, we spoke to so-and-so. Their advice was xxxx.” Potential big (for us) fine averted. Taxman is hated for a very good reason.
Air goes in and out. Blood goes round and round. Any variation is a bad thing
In the UK I believe it is possible to bar all calls where the number is witheld. The person making the call is re-directed to a message telling them that they need to unblock their number. That would be very good. Why can’t we block calls from specific numbers / places.
When asking to put the topic on the Roswell. Ask them to find out why Kochie has such a huge chip on his shoulder about New Zealand. It borders on racism
<edited>
Neil Jenman
Phone: (61) (2) 9894 8988
Fax: (61) (2) 9836 4055
e-mail: [email protected]
web: http://www.jenman.com25/7 Anella Avenue, Castle Hill, NSW 2154
Mailing address – PO Box 6611
Baulkham Hills B.C. NSW, 2153, AustraliaI challange you to put your money where your mouth is. <edited>
Air goes in and out. Blood goes round and round. Any variation is a bad thing
Look I have to apologise. I just get really cranky about housing
My reason is that I want one house to raise a family in on one paramedics wage.
I lost it because you have 6 properties.
I should not have and I apologise unreservadly. I have nothing against you or your fella personally.
Put it down to me having had a really rotten shift
Originally posted by basher:Yes the property is negatively geared and yes $100 is under the current market value. Why do I need to be careful, sorry if this sounds naive but we have discussed all this with our accountant who advised that as long as our tax returns reflect the current market rental value then what we are doing is ok? Surely there are others out there who help out family in similar ways?
Sarah Melbourne
That’s cool then. If the accountant assures you it is above board and it turns out not to be he/she wears it. Make sure you have it in writing somewhere.
I am very wary of dealing with family. It has a nasty nasty habit of turning very bad. Won’t go into horror stories but i’d be careful.
Torachan
(mate is in prosecutions in the tax office which makes him not very popular at parties but very interesting to listen to)Originally posted by basher:Originally posted by Torachan:My husband and I are 24 and have 5 rental properties plus our own home.No – the bank owns them you manage them.
A 20% price “correction” will make life very interesting for you. Keep us posted [biggrin]
It seems you take great pleasure in others poor situations, as this reply isn’t helpful nor is the one you posted to my query. We are both new to this forum and are asking for some advice, not negative unconstructive feedback/critism.
Sarah Melbourne
if you ever bragged to anyone about how much money you have made then you have enjoyed
great pleasure in others poor situationsYou have 6 houses. I would like to have one. Somehow that makes me bad?
I will not put myself in a precarious financial position that you have. But hey I learnt off my grandparents to be careful with my money, if I learnt off my boomer parents i’d have a flash car, big tv an overpriced house and a mountain of debt.
The bank owns you. You can get angry if you like but it doesn’t change a thing.
Whilst working towards financial independance is a laudible goal methinks you have 6 giant millstones around your neck.
Note that Steve Mc Knight advocated purchasing CF+ve. What would your rents need to be to make this happen?
Houseflips? during a downturn? when IR are going up and wages staying flat? When affordability is worse now than when IR were 18%? When people have relised that prices are a joke?
Did you do any research about booms and busts before you bought? “the bigger the boom the bigger the bust” is one mantra. Another one, often misquoted goes along the lines of “when the shoe shine boy gave me share tips I sold all my shares, the next day the stock market crashed” Did you buy when everyone else was buying? Did you buy based on the market from 1999 onwards? Are you aware that Japanese real estate prices have not recovered from their crash in the 80’s even though their interest rates are for all intents and purposes 0? As you are already lumped with CF-ve no doubt you will try to weather the storm. That’s the beauty of it. Very cruel financial position. Do I lose money now or later?
I’d wish you good luck with your property but it would make a liar out of me.
Torachan
Property is a great investment. Sale on soon
If you make lot’s of money from real estate “ahem” using “creativity” you may just may, dislike what Niel has to say.
If you just want to buy a house to call home he is a champion.
I have found Mr Jenman to be easy to communicate with and forthright in his assertions. The market would be a lot better with more of his “type” than the get rich shonks polluting the market.
BTW – investing at the start of a bubble does not make you an expert
Originally posted by basher:I’m new to this forum and was hoping I might be able to pick your brains on my situation. I have a -ve IP in Qld as a few years ago we bought my husbands parents house and we let them live in it for the first couple of years rent free but now for $100 a week. They, like most of our ageing population don’t have enough super to retire on and by buying their house it gave them some extra cash. The only +ve is the house increased in value and enabled us to use some of the equity to buy our own house. They pay all the rates and insurance etc. I’m now wondering if we are better to sell the house and just pay for them to rent somewhere. The house was recently bank valued for $340k and we owe $262k which costs $1324 in interest each month. Any ideas?
Sarah Melbourne
[biggrin]
That’s funny. Subsidising your in-laws. Hope you relise that the taxman would be very interested why the rent is not at the market rate. If they catch up with you there will be fines, extra tax to pay. Don’t think it wont happen either.
My husband and I are 24 and have 5 rental properties plus our own home.No – the bank owns them you manage them.
A 20% price “correction” will make life very interesting for you. Keep us posted [biggrin]
Speak to a rival Agent. He may do the dirty work for you. Something along the lines of the enemy of my enemy is my friend [biggrin]
Air goes in and out. Blood goes round and round. Any variation is a bad thing
If the seller lives in the property walk on up and knock on the door. Say that you would like to buy the place but the agent is causing you problems and you will not deal with them out of principle. In the contract have a point that the RE agent is not to get one cent in commision. That’ll sort him out.
Is there another agent in the agency?
Are agents not obligated by law to take offers to the seller?
I wouldn’t waste your time with the real estate institute.
Keep records of what the agent said, wrote and put it in the local rag. If you have all the details he can’t come back with anything meaningful.
Originally posted by Marc1:I charge abusivly high rent that I collect with the help of a one eyed veteran of the Golf War that goes around with an aluminium bat.
Price increase = rent increse.
Interest rate increase = rent increase.
You tenants goes because you increase $5 ?
Good! increase another $5 and find a tenant that can afford to live in your property.If you do not follow this, you are subsidising your tenants rent. Remember they are probably already recieving your tax dollars, (collected by Robin Hood and the jolly men in the forest), in $90 rent subsidies through Centrelink.
This is bordering on insulting.
In no particular order
It was the Gulf War.
Tenant leaves and IP vacant for one week = loss of rent until you find a new tenant, if you use a PM add his costs(divide that by $5 and see how many weeks it takes for you to catch up. Heaven forbid you get a “bad” tenant)
Let’s beat up on those who receive rent assistance. Real tough. Let’s forget for one moment that we tax people who live below the poverty line then give them “assistance” and tell them that they should be gratefull for it. Do you think that if they weren’t getting that assistance that rents would be as high as they are now? No they would not. So in a round about way you are getting the hand out [guilty]
Let’s also forget that if you are negatively geared you are also a welfare recipient… welfare for the rich.[guilty]
I challange you to forgoe your negative gearing. After all you don’t want to have your hand out for welfare now do you?[guilty]
Here we go now with your arguments about paying too much tax [lmao] Try it from the bottom of the social ladder.
