There is a lot of the next boom talk. most of them have never seen a recession. They believe that property goes up most of the time, takes a break for a year and then continues to go up. It has 'mini booms'.<br /><br />They've no idea that we are at <end> of a super cycle, and requires a cyclical super cycle. 1<br /><br />1 - purely opinion.
Most people think a house is a place to live rather than a piece on a monopoly board. So in that respect, there are quite a few arseholes over there.
Most people think food is something to eat, but if there weren't some people who regarded it as a commodity then you'd have to be a subsistence farmer or starve.
Most people think clothing is something you wear, but the fact that some people see it as a business means you don't have to weave your own cloth and sew your own clothes.
The truth will set you free. But first, it will piss you off. --Gloria Steinem AREPS™
hoof- Just for the record whats your opinion on the guy's over on Sommersoft?
Enjoy The Ride!
The case for individual freedom rests chiefly on the recognition of the inevitable and universal ignorance of all of us concerning a great many of the factors on which the achievement of our ends and welfare depend. It is because every individual knows so little and, in particular, because we rarely know which of us knows best that we trust the independent and competitive efforts of many to induce the emergence of what we shall want when we see it. Humiliating to human pride as it may be, we must recognize that the advance and even the preservation of civilization are dependent upon a maximum of opportunity for accidents to happen.” ― Friedrich A. von Hayek
"I, on the other hand, am a fully rounded human being with a degree from the university of life, a diploma from the school of hard knocks, and three gold stars from the kindergarten of getting the shit kicked out of me." Blackadder.
I plan on selling my investment property within the next 3 months and my property is about to become vacated. It will most likley be purchased by another investor so is it worth me giving the next tenant a 12 month lease and $10,000 via a private deed in exchange for lifting the rent $150 extra over the market rent. The $7,500 will cover the increase and the other $2,500 will keep the tenant quite during the marketing process.
Looking at comparables this should easily add an extra 30k-50k in value.
I was wondering if this is illegal as this practice always goes on in commercial property.
I was hoping someone more cluey in banking and finance than me could help me with a small dilemma -
Basically I have had for a few years what I thought was a line of credit against an investment property (only $40,000 or so) which I recently started putting my excess salary into to bring it back to no debt owed for the purpose of using it as a deposit on my next IP. Final $200 owing was deposited during the week and today i went to my internet banking page and instead of seeing that I have $40,000 available and nothing owing I see that there is nothing there at all - I have $0.00 owing, but also $0.00 available for redraw either!
I can still see the loan but no funds - is this right? Surely whatever money is deposited into a line of credit should remain available for redraw even once you pay it all back to $0?
I haven't been able to contact the bank as their call centre is only M - F but just want to know from somehone who knows how banks work, has all my savings over the past 3 months gone forever or can I somehow get access to it again somehow without needing to refinance the property and setting up a new LOC?
I'm having a bit of a panic as I have signed a contract for a new property and now don't have a deposit ready on hand! I'm currently refinancing another property to lock in the equity into a new LOC, but seriously doubt it will be ready and available in time to provide the deposit for the new IP, plus I won't be able to show regular savings.
In hindsight I should have left the last $200 owing to keep the LOC open but I didn't realise they would close it once it was paid off.
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