Forum Replies Created
Thank you all for your responses.
I will ponder my options for a little longer.
Cheers
Jenny1
Hi Mum
I have just gone down that track and I found a web site wwww.comeguard.com.au. It has an online quote and they email you back with the details.
The info that was emailed gave me comparisons of 3 different insurers.
Another plus is that Protection tax is a tax deduction! [biggrin]
Good luck
Jenny1
Dazzling my white knight alias kick up the bum and get on with it (no pointy toe shoes though!)
Just what I needed.Dazzling it is like this (don’t be confused) I bought this place with vision of sitting on it with a nice little tenant paying me regularly and eventually going up there to live.
Got excited as sacked the PM and got another, dropped the rent and looked like getting a tenant. Paradise here I come. Not to be though as now I find out proposed tenant not able to be contacted to give the good news that they would make suitable tenants (with so many properties for rent, tenants putting in applications everywhere and picking and choosing).
With all my other properties I have got (also I have never sold anything I owned or bank owns before)easy peasy straight forward, but I am being a real girl with this not knowing what to do next and when. Prob do know not too sure do I sit on the fence and wait 4 more weeks?
What did I learn:
Don’t get emotional just because you slaved your guts out cleaning it up with reno, after all it is an investment to make money not to sit with no one in it.
Have your exit plan in place and use it (don’t be a girl!).
Don’t be afraid to say I stuffed up and got wrapped up in the hype. etc etc.
It is a learning curve this investment thing maybe this property is the one that I learnt from the most. Thought I had it down pat, obviously didn’t.
You can stop kicking me now Dazzling!
Cheers
Jenny1
Hi Erwanjg
I can pass on 2 things I learnt from others (and they both work).
1. You pay yourself first each payday
2. Save often (the amount doesn’t matter and will vary, but it all adds up!)
[biggrin]
Good luck with your future investingJenny1
As in a previous post I wrote that AAMI have a product that combines the 2 insurances contents or building and landlord insurance(came out on the 8 Aug) it is only an extra $20-30.
AAMI will send out details to me next week and I aim to get all my properties covered with the 2 insurances policies on the one, providing I first read the fine print. Will let you all know if it stacks up against 2 separate policies.
Cheers
Jenny1
I had no role models for managing money, both my parents drank and gambled at times leaving only money for toast for dinner for 3 kids!
I married at 18 had children at 19 and 20, lived a life of good clothes, holidays but unfortunately still no savings.
I have learnt the hard way through divorce, going guarantor for sons loan (he then passed away) leaving me with a debt. I held down 3 jobs and in as many years cleared debts and bought 1st property (no FHOG in those days).
From there worked a 2nd job bought another 2 properties on my own, and then fell in love and married a guy who just adores me[blush2]
We have purchased a further 2 properties together(he insisted on protecting the assets I had before we married).
My daughter has married a loser who gambles and drinks and is paying off a debt that he was responsible for when he crashed their car when he was p***ed.
I could very easily afford to help her out by putting her into one of my IP’s (as her Mum I have paid for bills and put food on the table) but not while she is married to that idiot. He would expect to get half the house with no effort at all on his behalf when they divorce (won’t last..fingers crossed).
I will then step in and teach her what she wouldn’t listen to when she was younger.
Life is a never ending story isn’t it??[biggrin]
The End
Jenny1
Congrats Dazzling!!!
Still make me smile (must look ridiculous for anyone watching)[blush2] as I read some of your tongue in cheek comments.
One of the things I like about you is your quote “no point in having cake if you can’t eat it”. But with your cake you share a slice from time to time, and that is nice…
Keep it coming
Cheers big ears!!
Jenny1
Hi Propertytalk
I have just renewed my building insurances with AAMI and they spoke to me about a new product,landlords insurance (just started 8 August)which when you pay building insurance it is just an additional $20-$30! Which is alot cheaper than the purchasing the 2 separately.
Details are sketchy at the moment (from me as buggered tonight and only half listening)
but they will send out info in the mail.Sure sounded ok and covers all the normal landlords tenant from hell things like vandalism, vacancy period etc will give you more details after I read the spiel.
Cheers
Jenny1
Thank you Dazzling
Yep I was thinking should I pull the plug on HB or not, I feel the place will go but when I don’t know (we all need a crystal ball). I will monitor closely over the next 12 months.
Fingers crossed with the tenant (previous applications that I received were all knocked back as they all defaulted on their rent!)he and young family are on Centrelink payments but condition of lease is that payments are electronically transfered to my account each week.
Ended up a great week after all as I got a tenant and I sold hubby’s car.[biggrin]
Dazzling take care
Jenny1
TMA is up and running, has answered a post in help needed [biggrin]
Jenny1
Hi Dave7
There has been alot of talk with Jetstar and Virgin going into HB with the extention of the airport how the place is going to boom…. Also know of a Technology Park going in soon….[blink]
If you look on the internet for places that are advertised to rent you will find Hervey Bay has(73) Urangan (16) along with Burrum Heads and alot of surrounding areas with all empty rentals. These places have been on the net for along time (including mine)infact in a previous thread I asked for how to get a tenant in after dropping the rent etc.
I ended up sacking the agent getting another and still had property vacant for another 6 weeks (finally rented today yippeee)all in total vacant since late April ouch. Was only thinking I will get rid of the property as I have other projects and HB was becoming a financial drain.
If I would suggest anything it would be to do lots of research, don’t get caught up with the hype, speak to the agents and they will tell you straight. [biggrin]
Good luck
Jenny1
Hi my mate Dazzling
I have read your posts and replies to others questions. You know your stuff and how to strut it.[cigar]
How long did you give yourself being “dayrate consultant oilfield whore”? Is there a chance to move your family over with you for however long it takes to move to the next level?
It is a big ask of your wife/kids to be away for the long stretches of time.
How about using the big bucks to have an accountant look after your investments while you are away, this will save you having to slave over the books and give you more time with your precious family.
I know why you are doing this and those commercial deals will pay dividents down the track. Keep focused, look at other ways to do things differently, have a plan to start to work for yourself sooner rather than later.
You would be an excellent developer, you might even think of working with your wife (she is in real estate if I remeber rightly).
Chin up, keep strong and get to the table to enjoy that cake![biggrin]
Take care
Jenny1
Hi Del
First I went to Ray White (that was where the receptionist who became the Property Manager) and now I have started with Raine and Horne.
You don’t need to sell me on Hervey Bay as hubby was born and bred there and still has rellies living in HB.
Rental Manager said this time last year had 203 applications for rentals so far this area has only 73.
Didn’t know about IT park going in that will bring others to the area.
Beano, I will look into having a post put up at hospital, police station. Might need to push my own barrow and see how it goes….Til Sep you say Del until things pick up hmmm
Thanks for your comments
Jenny1
Hi Dazzling
You always make me laugh, but if it is all the same with you I will take you up on your suggestion to sell my tarted up place only.[biggrin]
It was what I was thinking and only confirming what I already knew.
Hubby still in hospital but coming on OK, thank you for asking.
Cheers
Jenny1
Jerzy
This forum is a great place to get advice and learn.
TMA has given me personally some excellent info and advice over the time I have been with this forum and I value his contributions to this forum.
Reading the post and reply there was nothing in it to get upset with, TMA was merely giving another opinion and he backed what you said re going back to your lender to negotiate before you move on.
TMA is just blunt but he is a nice guy.
Hope you will contine to write posts.
Take care
Jenny1
Supachef
When you hit rock bottom there is a positive in there, you can only go up from where you are.
I agree with others an accountant is good or I would personally go and see a credit counsellor. They will look at your situation (not pre judge you)and will even negotiate terms with those who you owe money to. They will sit you down and go through budgeting and show you how to manage the debt your in.
If you got $200,000 debt from ccards you must be able to flog something off either garage sale, ebay etc etc.
Good luck, chin up
Jenny1
Unfortunately neo25x5 we are amongst the minority that think the way we do.
Living on bad debt is no way to move forward, I am happy with the way that I am going/growing in order to move forward.
I know we will have the last laugh at the end of the day.
Jenny1
I just don’t understand today’s society, nothing or very little is bought with cash, the old fashioned lay buy system used to be very popular to encourage you to pay something off before you got it. But lay buy has been replaced with have it all now pay back in 2 yrs time yeah right.
I have been to friends place and they obviously contribute to the credit card debt that the country is in. They have everything new house, car tv’s and all the gadgets, they can’t understand why I drive a old car have had the same tv for 6 years don’t go on lavish holidays etc etc.(still have fun without spending the earth) and everything is either cash or if I pay anything on ccard it is paid for in the month.
But I have investment properties and they tell me I am lucky! Luck has nothing to do with it, it is old fashion work save and spend only what you can afford to do.
Cheers
Jenny1
Thank you John,Myoung and Dazzling for your stories it gives you alot of satisfaction to turn an ugly duckling into a swan.
I still pinch myself when I think of the bargain I got, 2km to shopping centre 3km to Uni, schools and high school .05km away.
Also I talked to the council and found they allowed it will allow dual occupancy on it as well. [biggrin]
So in future I will look for further ugly ducklings!
Good luck all
Jenny1
Hi kendo5181
One of the cheapest is paint (look this up on the forum as this subject comes up quiet alot)also can be done quickly and gives an instant freshen up.[biggrin]
Good luck
Jenny1
