Forum Replies Created
- aidanq wrote:I can effectively hold the property, make a cash gain and use none of my own money.
Why are you here at the computer instead of down at the real estate agent's office making an offer?
Go, go, go!Good luck, and be sure to let us know how it turns out.
Best wishes, Tracey in Brisbane
Ouch, guys – why do you have to get so personal???
Happiness is a state of mind; you can be rich and unhappy, and poor and happy. History is full of examples of miserable wealthy people, and very content poor people. And yes, also many happy rich people and miserable poor.
I'm convinced that whether you're happy or not actually has very little to do with circumstances (events, wealth, etc), but on your perceptions of those circumstances. Some people are fortunate to be blessed with a "naturally sunny disposition" – kind of like the opposite of a tendency to depression. Conversely, some people are very unlucky to be inclined to be depressed and unhappy.
For the majority who are somewhere in-between, happiness can be cultivated. It's a matter of choice.
A great exercise that I read in a Dale Carnegie book is that if you're feeling miserable, force yourself to walk around with a big smile on your face, even if it feels insincere at first. What you'll find is that people will interact more positively with you because of your smile (if it's even marginally convincing), and after a while, you'll naturally begin to feel happier – like your thoughts change to become more consistent with your expression. I found that this worked a treat.
So, all of you plaster on your smiles and try and speak more civilly to each other!!!!
Best wishes, Tracey in Brisbane
crashy, I just can't resist doing a Darryl Kerrigan (The Castle) and saying…
"Tell 'em they're dreamin'"Regards, Tracey in Brisbane
Jaffasoft wrote:The Contract of Sale of $38,000.00 is subject to and conditional upon the purchaser obtaining a Planning Permit from the council authorising him to use the premises for residential purposes.OK, I did misunderstand; how is settlement happening before the permit, if the permit is a condition of sale:?
Perhaps I've got to read this yet again.Anyway, I'll revert to what I was going to suggest: if you can possibly do it, as this isn't a huge amount of money, use cash, credit cards and personal loans to settle, then go for a standard residential mortgage once you get the permit and pay out the credit cards and personal loans at that time. The advantage of doing it this way is that 1) it's low hassle in terms of applying and getting the funds quickly, and 2) you don't have to find a lender willing to do a short-term business/commercial loan, who'll (understandably) probably try and lock you in for your residential mortgage by creating exit barriers such as fees (and that lender may not have the best deal).
Best wishes, Tracey in Brisbane
Hi N! I'm sorry, I'm fortunate enough never to have been in this – or a similar – situation, so I can't offer much helpful advice. But I did want to offer "tea and sympathy", for what it's worth.
If your brother moved out 5 months ago and the rates are 2 years overdue, I'm assuming that you and your brother don't have a fabulous relationship, in which case I'm wondering why your father would leave you joint ownership of a property together? (Perhaps he died intestate, and this is just what happened?)
Anyway, I'd definitely be buying out your brother (or selling out), and if nothing else, it will make the situation clearer.
I suspect this is going to be resolved over months rather than weeks or days, but I really hope for your sake that I'm wrong. I think my biggest concern at this point would be how your "tenants" are looking after the property. It may pay to be as nice as possible, given that they have the potential to trash your property and you'd probably have no hope of recovering your losses, unfortunately.
Good luck, and keep us posted,
Tracey in Brisbane
Um, $250 per week means you've got about 3% interest on your mortgage!!!
Hang on – I think you must mean cashflow negative by $250 per week, right? So rent $420 per week, expenses $670 pw? That sounds more like it! Well, that means about $13K negative per year, and if it grows at even a conservative 8%pa, it will increase in value by about $35K in the first year. So provided you can afford the negative cashflow, it sure sounds like a keeper to me!
Best wishes, Tracey in Brisbane
Then find a new lender! There are certainly lenders out there who will give lists of valuers, enabling you to take exactly the course of action that you outline.
I know it's annoying, I'm with you…. but to extend your analogy – you're not buying an apple, you're paying for the bank to have an apple, because the bank having an apple is one of the things that they require in order to enter a contract with you to provide finance.
Imagine you had a non-working spouse whose life you wanted to insure. Part of getting the insurance requires that she have a medical exam, and you pay for the exam. Would you then think you were entitled to see her medical records?
LIke I say, I'm with you – I want to see the valuation – just trying to give you an analogy that might make you see the principles that the lenders say are involved. In fairness, if I were a valuer, I wouldn't want anybody else but the lender to see the report
Best wishes,
Tracey in Brisbane
Go, go, go!
Perhaps I've got to read this yet again.
