Forum Replies Created
Westan,
Interesting topic.
Our PI debt when our 2 settle in 13 days will be $700,000.
When you include our farm business loans, you can basically double that figure.[
]Scarey!!
Will & Del
Hi Alf,
Sory to hear about what has happened to you.
I guess it’s an expensive lesson in life.
Don’t feel naive, everyone single forumite, can probably think of something or someone they should’nt have trusted, or they’ve done something in their life that they regret. Nobody is perfect. (Especially one financial advisor).[
!]Well, it’s only uphill from here….That was yesterday…This is today. Shake your shoulders and rid yourself of that negativitey!!
The people on this forum, as Bryce said can give you back your confidence. You’ll be learning so much, so quickly, that you’ll be helping others soon.
Life has it’s ups and downs, but when I am feeling down, I try to think how lucky I am to hav my family, my health and my future…
Try to stay positive!!!
We all care……
Del
Maggie,
No, only older types, around 20 yrs+.
I just mean buying as many as we can.
New ones would usually be negative geared.
Becky,
Good girl!! See ya next week.
Maggie,
We only started investing late Feb this year. We will only ever (at this stage) buy cashflow pos. properties. We have 2 houses and 1 block of 4 units. Due to settle in 2 weeks we have a house and a block of 5 units. We have only started out.
If you are hoping for multiple properties, basically you have to keep getting cashflow pos. ppty’s. Each -ve geared one will limit the amount of borrowing.
I understand your theory, but unfortunately it doesn’t seem to work that way. We possibly feel that one neg geared ppty would reduce our tax bill quite a bit, however, it’s not worth it for us, as we want to sell our asparagus farm one day soon, and just do property. When we do that we’d be stuck paying off the neg geared one out of our pos geared ones, and be left with no income.
It’s a bit of a viscous (spellcheck) circle…
At the moment, we’ll just concentrate on building up our properties, and worry about the tax later.
Del [
]Thanks again Stu,
You can book us in for a pre-approval or two first thing next week.[
]However, it is nearly worth the pain of this week for the BIG lessons that we have learnt.[
]I don’t want to go through another week like this one too soon!!
Del
PS…We went to the pub for tea to celebrate![
]Hi Maggie,
Yes we are in that high tax bracket dilemma! (If it is in fact a dilemma)[
]. We have our own asparagus farm.One thing, it allows you to get multiple loans.
As far as the paying more tax issue, the way we look at it is you have to be earning $1.00 to be paying 48.5 cents tax. Therefore we’re still ahead. Most of our loans are P&I, so ultimately one day our assets will be building, with slightly higher income.
Our IP’s are now in a separate Trust structure, so we minimize our tax as best we can. The rest is up to our accountant to do what he is paid to do.
As Steve says “if all you do is make money, then you must make money”……(hopefully)
Del
Hi all,
Just thought I’d bring this post to the front again, and comment how fast these posts are moving with all the new forumites asking lots of questions.[
]This post is only 3 days old, and already it was down the bottom of page 7!!!
Gone but not forgotten,
Keeping up with all these questions is a full time job…[|)][|)]
Keep up the questions, it’s amazing….[]Del[
]“Great leaders create a buzz. They energise their surroundings and light up every room they walk into”
Hi Dynamic Duo and everyone else,
Just thought I’d let you in on our drama this week.
We had “verbal approval” subject to the reading of the Trust Deed, from “a bank” a couple of weeks ago, and everyone thought that there would be no problems, especially us!! We cautiously went ahead with the loan, and went “unconditional” with the contract…
Monday nite at 5pm we found out that the bank had “DECLINED OUR LOAN” [
!][!]. Well, we were in a spot of bother, to say the least. Settlement is 22nd August.Our broker, suggested another lender and Tuesday we signed loan papers for the new lender. The broker faxed the 200 pages “urgently” to them.
We got “unconditional approval” at 4.15pm today, and we can now sleep. Settlement in 14 days.
The moral of this story is “verbal approval” means nothing. BEWARE…………Nothing is approved until you see it in writing.
PS.. The lender we got approval from is Heritage, same as Dynamic Duo.
PSS.. The Broker was Stu..THANK YOU[:X][:X]
Have a good weekend all,
Del
Hi all,
Yes these shows need a shot of reality!
However, they give the average person the get up and go to go out and try something.
Our “strategy” seems to be – buy a property (in a regional town) that is just under cashflow +ve. Do a reno, up to 10% of value of ppty, and bring the house up to cashflow +ve.
It’s something that others should try if they can spare the time, but you definately need to be committed to a strict budget i.e.. 10%, and timeframe i.e.. no more than 4 weeks, to make it work. You have to also be prepared to get dirty!![
]Del
“Success is often just hanging on, after everyone else has let go!![
]– That one took a bit longer..
Hey Aussie,
You’re funny!![
][]“The early bird catches the worm. If you’re too slow you’ll just catch a cold”!!
Catchulata,[
]Del
Hi Max,
Welcome to the forum.
Just a hint though, you will find the most of the regular forumites try not to critisize others. Each person has different ideas, thoughts and goals.
If you want help from people on the forum, perhaps try to rephrase your posts, to be of a positive nature.[
]Good luck,
DelHello Stuart,
That is interesting.
Could you please tell me how much this rate locking fee is per loan?
Interesting concept. Just wondered whether the fee is worth it or not.
Thanks,
Talk to you later hopefully,[]Del
Hi stocki,
Yes this is a tricky one!!
With one smallish reno that we did on a house about 400kms away from home, my husband (Will) was free for a few days. We were able to get access to the house before settlement, luckily.
Will brought a mate, and they slept in their swags and camped in the house. They also had the part time help of a local handyman in the town. They worked from 6am to midnight everyday for 5 days, painting, and other stuff. It wasn’t much fun, but it was so satisfying for them. The before and after effect was amazing. They went through about 9 cans of gap filler!
Not everyone is able to take a few days off though, but if you can get access prior to settlement, helps reduce costs.
We are lucky, we have our own business, which is seasonal.[
]Good luck,
DelSooshie,
Probably getting off the track here…sorry about that!!
Our first (possible) wrap is to a tenant. She is part Aboriginal. She was “wrapped” first of all when we accepted her application as tenant a few months ago. I believe she had come across a lot of prejudice
, and even though she didn’t have heaps of rental references etc… (she has rented through friends etc..in the past), she did hold down a stable full time job etc..etc..
I had to think at the time, whether if she wasn’t aboriginal would I accept her application, and the answer was YES.Naturally, she has always paid her rent on time, and kept the house in tip top condition.
Now, we have offered her the opportunity to buy the house, and when she rung me back, we both almost cried on the phone together!!
It really is so satisfying to know that you have helped someone to achieve their dream.
There are too many people with prejudice out there. A mother of 8, or an aboriginal, or whatever….
Please everyone, give these type of people a chance to achieve their dreams. They really deserve it.[
]Life is too short, this is what life is really about.
Del
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