Hi Mel

The client has a few coastal properties and was trying to hold her till summer when she could get more money. She basically has everything on the market now, but won’t make it in time.

Terryw
Discover Home Loans
North Sydney
[email protected]

Ticky

What was the cause of the blockage? Was it just a large POO or were the tenants flushing things down the toilet that they shouldn’t have??

Terryw
Discover Home Loans
North Sydney
[email protected]

I actually have a court judgement on my CRAA because of this. The council was sending the rates notices to the wrappee who was ingnoring them. The council eventually too it to court and put the judgement on. I immediately paid it ($500), but it still hurts when getting finance. All this happend on the first wrap I did about 4 years ago, and I have learned a few things since then.

I think there is a chinses saying, something like this:
“Only a fool learns from his own mistakes, a wise person learns from the mistakes of others.”

Terryw
Discover Home Loans
North Sydney
[email protected]

It will be hard. They will probably need to look at your track record, off the plan sales etc. Some are willing to lend on future value.

Terryw
Discover Home Loans
North Sydney
[email protected]

You could try Bruce Whitting at http://www.mintgroup.com.au
He is very good, but used to be hard to get to see. Now he has a number of accountants and consultants working with him. Not sure about after hours, but you could ask.

Terryw
Discover Home Loans
North Sydney
[email protected]

I would suggest you pay them yourself and collect the money from you wrappee. I found out the hard way that they often just ignore bills like these.

Terryw
Discover Home Loans
North Sydney
[email protected]

Peter

You can become a financial planner by getting a diploma in Financial Planning (this can take as little as 8 days).

Accounting is usally a 3 year course (eg. TAFE), followed by working under someone for another 12 months or so. This is to become a registered tax agent. You can also do a conversion course if you are a uni graduate and get accounting qualifications in 18 months.

Terryw
Discover Home Loans
North Sydney
[email protected]

It is unlikely that the company that listed the default will remove it. But the bank you are approaching for a loan may consider the circumstances. What they look for is
-the amount
-how soon it was paid
-the reason
-how long since it appeared.

it is worht a try anyway.

Terryw
Discover Home Loans
North Sydney
[email protected]

Hi

I am still not convinced that carparks would be a good investment.

Points against:
– cannot add value,
– they are all the same with nothing to distinguish from other spaces
-are locked into a rental contract
– hard to finance
– low rental yield
– legislation changes (eg. a state govt levy could be imposed on all car park owners)
-hard to sell

Points for:
– stable income (??)
– possible growth
etc??
It may be better than putting your money in the bank if there is capital growth. I don’t know what this would be like, but 10 to 20% sounds high.

BTW, have you considered putting your money with places like Eurofinance – they were offering 9% interest a while ago, secured by 1st mortgage. Or even shares would compare favourable to car parks 3 to 4% yield and then capital growth on top.

Terryw
Discover Home Loans
North Sydney
[email protected]

Wrap attack

The other shareholders would only have to pay stamp duty if they transferred their shares.

Regarding changing bankruptcy laws, they are looking at getting back gifts made if a benefit was obtained by giving the gift. One lawyer has suggested poeple should not sleep with their spouses as the wedding ring may have to be given back if the other half goes bankrupt.

Terryw
Discover Home Loans
North Sydney
[email protected]