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Great Link, thanks mooki.
Would you have any advice for people who have worked really hard to acquire assetts and then have gold digging partners take all?
Live, Learn and GrowLifexperience
on advice of agent? really/?
Thats unusual that ann agent would steer you away from a vendor?
Do you think the agent had ulterior motives? (like buying it cheap himself?)
Live, Learn and GrowLifexperience
Weren’t mods like some kind of 60’s music type bad dressed groupies……………………………… I don’t know…..I wasn’t born yet.
Live, Learn and GrowLifexperience
Redwing, Best of luck with the rest of settlement.
It looks like I am not the only one who still has dramas with loans in this super-futuristic-deregulated-finance world that is meant to be so much better.
Why is it so hard to get 100s of 1000s of dollars?
Live, Learn and GrowLifexperience
thanks terry,
my own ramblings sometimes don’t even make sense to me.Clear and concise, an art you seem to have mastered!!!
Live, Learn and GrowLifexperience
It is a good little retreat, and even though there are a lot of things I’d like to claim……yeah, I suppose I will just have to cop it wrt my partners accountant apportioning investment and non-investment .
I can’t have it both ways and I don’t like the idea of going to jail as a tax evader.
Cows seem to be the most profitable and least hassle. Although as a vegetarian it does somewhat go against my principles.
We do have long term visions of running it as a base-camp for motorbike/dune-buggies related adventure tours………..then we could claim more as an income related expense.
cheers
Live, Learn and GrowLifexperience
This area fascinates me.
My understanding is that a defacto with no kids involved is dealt with in the state courts and each partner is only entitled to portion of assetts that they personally contributed to.
Add kids to the equation,,,,,different story.
If you are married (with or without kids, ) then it goes to the family courts where the custodian of the kids (usually wife) gets a very good percentage of the lot.
I would have thought a legally executed document pre-nup or joint partner agreement would protect the assetts you originally brought to the table and everything after that would be divvied up.
Can anyone add to this?
Live, Learn and GrowLifexperience
Go Gatsby,
Your insightful take on life will hold you in good “moderatering” stead.:0)
Live, Learn and GrowLifexperience
Good point, I’m not a multi millionaire yet, I should stop stirring you up ………..
Boy, did I get a good bite though!
Have a nice day blogs :0)
Live, Learn and GrowLifexperience
Redwing,
The cows haven’t even been to market and we will be lucky to make a thousand each a year.’,,, the house is making good rental price.I would have said property inspections but my partner has been raving to his accountant about how much fun him and his kids are having at this block.
So I have kind of been dropped in it, hence my need to keep it straight.
????
Live, Learn and GrowLifexperience
I’m not going to argue the toss. I lived there also up until recently and it was only the rare occassion when it took more than 25mins. Whatever, I don’t travel with the rats in peak hour, maybe you do.
I don’t have to explain why Glen Waverley is a very desirable suburb. The house prices there speak for themselves. It has and will continue to be a good growth suburb.
I was just a little concerned that you were throwing around facts that I felt were very biased and untrue.
And for the record (ho hum), a block that could fit a tennis court and a pool in Glen Waverley would easily be converted into a 6+ 3br Townhouse site and sell for $450,000 a pop. I doubt this would be standard in Bacchus Marsh.
The value of a property is usually in the underlying land value and how much money you can make. NOT so much how many tennis courts fit on it.
Compare apples with apples, and you may stake some credibility.
Live, Learn and GrowLifexperience
Balance is the key and is relative to each person and where they are in life respectively.
Delayed Gratification to progress financially early on is obviously not as appealing as having a nicer lifestyle at the time.
However later on in life the ones that delayed gratification will be much better off than the ones who lived it up early.
The power of compounding over time will also give the ones who worked hard early on a much more luxurious life later than they could possibly have had early on.
Yet, their youth and health may have gone and their families grown up without much notice.
I personally think you have to have a good look at your life as a timeline and allocate periods of work when they are the most effective so as to maximise the overall enjoyment you can get out of life, remembering that there will be certain times in your life that should be focused on the things that are really important. Friends, family and your own wellbeing.
I think that the conservative approach of a life balanced towards enjoyment on the way is short sighted and somewhat selfish when it may actually steal time that is really needed to be spent with a growing family or other close ones in other times of need.
Consumer spending just adds to the damage.
Live, Learn and GrowLifexperience
I’m no accountant, but I would say that if the trust is making regular tax payments (ie: weekly PAYG) then YES.
HOWEVER>>>>
I doubt that your trust is making regular tax payments (PAYG) to the tax office if it only owns property (AND I hope you haven’t combined an assett with other income producing activities for assett protection reasons!). So you couldn’t vary something that you weren’t paying anyway……so NO!!Different story if it is a Hybrid Trust. But in this case you would be adjusting tax for the loan in your personal name. So YES!
Clear as mud?
Live, Learn and GrowLifexperience
The banks drive me crazy.
It is so frustrating as a little guy when so much of your own money hangs in the balance waiting on an unreliable paper trail.
I feel for you Redwing.
Possibly you could chase down the person at the bank A who claimed to have sent package to bank B (the person who processed loan discharge OR the bank A’s lawyers who processed loan discharge). They must have used registered post or a courier and have a document that confirms it was sent. If they can’t produce a document to proove that they fulfilled their responsibility to send cert. of title to Bank B within a reasonable timeframe for your review (I’d give them 24hours) then impress upon them that if they can’t get a stat dec ASAP, then you will have no choice but to sue the bank for the potential loss you could have at settlement.
Or potentially contact a property lawyer who may well know who is at fault and help with legal action type leverage on the bank.
Good luck.
Live, Learn and GrowLifexperience
Property Guru (broker) was very helpful when I needed to find a lender that could do 80% on a large rural property.He is good.
It might be worth sending him a PM.
We used Homeside at that time.
Live, Learn and GrowLifexperience
Read some of his books first to get a taste of his ideas.
He is a great motivator, prioritiser and all round life coach.
IMO His principles have a lot of merit!
I am a fan of his work.
Live, Learn and GrowLifexperience
positive cashflow is just looking at your income(rent) versus your expenses (holding expenses ie: insurance,interest, rates, repairs, vacancies)
You can make a property positive cashflow easily by decreasing the amount of interest you pay. Ie: Pay more deposit/money off the loan.
This is separate to what the property value is. As the value of a property is usually affected by how much family homebuyers are prepared to pay in any given area and in what condition/location/size/etc it is in.
Live, Learn and GrowLifexperience
After Renos….:
TOTAL Income= $200 pw rent = $10,400pa
Expenses=interest on renos + purchase 6.65% * $130,000 = $8645pa
=rates $1300pa
=insurance at say $200 (Probably closer to $500)
=annual repairs at say $500
TOTAL EXPENSES = $10645Cashflow = $10,400-$10645 = -$245pa = -$4.71pw
I’d say that it is close enough neutrally geared, which is great! + you get all that potential increase in capital through adding value.!!
I’d go for it
Live, Learn and GrowLifexperience
Glen Waverley is usually 25 mins to city via S.E Fwy. Has a very good quality Public High School, Cafes, Many Parks, Shopping Centre and a lovely train line. It also has a booming asian immigration population. The median house price here is a lot less than $900k………blogs, where on earth did you get all of this bogus info?????????????
Yadeh, I would be looking at Bendigo. I heard that they may be entering a gold rush!
Live, Learn and GrowLifexperience
Ok, Dazzling, I may hold you to that offer. I know that Vic. Resorts and Hotels have been known to pay big dollars (extraction and even interstate truck delivery costs included), for good palm trees.
I will be in contact if I can set up a good buyer.
……you can keep the rats though!
Live, Learn and GrowLifexperience
