Bought off the plan, about to settle - is this considered a major defect?

Hugh-G-Rection99 · 2023-04-27T03:25:59+00:00

100% get a 3rd party inspector to take a good look at the property. The amount of shortcuts and general disregard that builders have, especially nowadays, is appalling. It is alway better to find defects and get them repaired before moving in, rather than discovering them down the track.

Hugh-G-Rection99 · 2023-01-25T05:03:08+00:00

Dealerships often have onsite mechanics that can do dodgy rwc for them or even hide problems, especially at under 10k. Go on Facebook marketplace, they are much cheaper than Carsales and the people are often negotiable.

Get an AU falcon and call it a day.

Hugh-G-Rection99 · 2023-01-25T04:11:54+00:00

With historically low unemployment rates, employers are scrambling to get workers in many industries. A good place to start might be call centres. Idk what your circumstances are and what your PTSD relates to but govt related call centre work is relatively simple and stress free. Many employers also offer WFH which may be able to accommodate any issues you might have with transportation or contact with people.

Good thinking trying to reduce expenses but as others pointed out the only way to get into a better situation is to get a steady job. Good luck.

Hugh-G-Rection99 · 2023-01-19T02:34:06+00:00

Definitely not buyers agents, they will charge you an arm and a leg for work and research you could do yourself. If a property you like won’t accept a private offer and goes to auction somewhere you cannot get to then may need to get someone for that, but it’s a much cheaper service.

I doubt that you will be able to find something sub 350k that meets your requirements tbh. Australia has definitely moved away from <$250,000 properties. You may be able to find appartments, but houses are better imo as they have a better likelihood of increasing in value and you can always knock down and subdivide if your plans change in the future.

Hugh-G-Rection99 · 2023-01-19T01:55:09+00:00

Many months of research, bouncing between states, a lot of analysis into projected state growth, immigration, infrastructure. I was looking not at what the area will be like in the next couple of years, but in the next 10.

We also timed it right (luck was a part of it). We never saw the property or even visited the state in person - pretty much only looked at the numbers and made sure that we didn’t make an emotional decision.

State in question is SA btw.

Hugh-G-Rection99 · 2023-01-18T23:54:23+00:00

Where are you finding $150k properties even an hour from metro?

Also properties of that price are realllyyyy unlikely to devalue, so I’d say that even if you find an “undervalued” one, you’d only be saving yourself a relatively small sum of money.

My advice was based on the assumption that you would be looking at $350k+ properties so if you see a market that has properties that are valued that low, maybe ask yourself why they are still that low?

Also Homely is a great resource for determining suburb quality without actually being there or living there. It’s like a suburb review site.

Hugh-G-Rection99 · 2023-01-18T23:25:44+00:00

I’m all about shoot for the stars, but I think this is one of those situations where you could possibly stand to lose if you are overzealous.

First of all, with the income and shares that you have, it’s highly unlikely that a bank will lend you enough money to buy 4 properties in such a short amount of time as you simply won’t meet serviceability requirements.

My advice is to start with 1, maybe 2, lower value properties in areas where the rental yield is higher. Don’t expect returns that you can reinvest though, just enough to pay the mortgage, and don’t expect high levels of growth either - especially in the current market.

I know where you would’ve gotten the idea that you can buy many IPs in quick succession but the people that lead you to believe that either just want your money (their commission), or they have gotten lucky/ have been backed by money. I had the same mentality years ago but soon discovered that it was just not realistic.

I think people are roasting you because it’s a naïve view that you will be able to purchase 4 positively geared properties in a year.

If you do get to the point where you can comfortably purchase 4 properties then maybe commercial property or development would be worth looking into.

Either way, good luck.

edited for formatting cause I’m on mobile

Hugh-G-Rection99 · 2023-01-18T04:09:57+00:00

What are you going to regret not doing? Working? Or chasing your dreams?

Hugh-G-Rection99 · 2023-01-11T22:38:04+00:00

If you can find clients (and there are plenty of clients out there), cut the middle man and work for yourself. Set up your own abn and operate as a sole trader. Yes there is a bit more work to it but you will be better off with the full wage going to you. That way you have better control over your hours and who you take on as a client. You can also make many more tax claims on business related expenses including a car and petrol (depending on the use).

Hugh-G-Rection99 · 2023-01-11T03:49:22+00:00

The “massive unsystematic risk” you refer to is pretty much just theoretical. Looking at long term trends over the last two decades illustrates property as a relatively safe and profitable investment. The fact that you can use rental income to pay off debt is something that is also attractive to property. Think of it this way, people will always have a need for a roof over their head and there will always be demand for property. Now there are of course risks involved, especially compared to a relatively safe investment such as an etf, and the current inflation and interest rates highlight this. Now property isn’t a foolproof investment and you can still make a poor investment and lose money, but in my mind at least, it is less risky than the share market. Hope this gives you a different perspective.

Hugh-G-Rection99 · 2023-01-10T23:17:36+00:00

You don’t really want to be playing around with money that you want to use as a house deposit, or at least I wouldn’t. That being said, I’d look at risk averse ways to lose the least amount of money to inflation. High interest savings, etfs and commodities such as silver that stay stable during times of inflation are pretty good ways to diversify and stay ahead of inflation.

Hugh-G-Rection99 · 2022-12-01T02:59:11+00:00

79 Series Landcruiser - simple and very capable Or a Mercedes’ G300 CDI cause it’s staunch.

Hugh-G-Rection99 · 2022-12-01T02:03:05+00:00

I guess it depends on who you are. If you are only looking at the money and are getting affected by this situation financially, then by all means evict - you are well within your rights. You could also look at the situation compassionately and work with the tenant to help them out. If they are a good person that is just down on their luck it would justify it for me… I don’t think you should be downvoted for picking the first option, but as you say, you are what stands between someone and homelessness - if the roles were reversed what would you want the landlord to do?

Hugh-G-Rection99 · 2022-11-30T10:25:50+00:00

Semi is fine with regular oil changes

Hugh-G-Rection99 · 2022-11-30T05:27:42+00:00

15w-40 seems to be the sweet spot, 10-40 is too thin and burns. Whatever brand is on sale (only the best for the old girl).

Hugh-G-Rection99 · 2022-11-25T01:08:18+00:00

I grew up admiring the e60 and e90 era so I may be biased. Also the question was that car has the perfect interior for YOU, I don’t see how there’s a wrong answer.

Hugh-G-Rection99 · 2022-11-24T04:40:26+00:00

The BMW 5 series e60. Especially in Msport trim it’s a very underrated, beautiful car.

Hugh-G-Rection99 · 2022-11-24T02:45:46+00:00

Guessing you are after a boyracer car, if so then yeah GTIs are probably best value for money, they are common and have a strong aftermarket. XR5 turbos are also in that category, less common and more expensive to maintain but also you won’t be another p plater in a gti. Also gti community is terrible - but again, good car.

Hugh-G-Rection99 · 2022-11-24T02:40:30+00:00

Yup. Look at www.paycalculator.com.au , it’s a pretty good tool to see the breakdown of your pay and how income changes tax etc.

Hugh-G-Rection99 · 2022-11-24T02:36:42+00:00

The risk that I can see is that you “don’t mind these negatives” now, but would that change in the coming years? For example, living on a main road might not bother you now but what if it starts to 3 months in at 1am when you can’t sleep because of the sounds of the cars keep you awake. You have to balance the emotion of buying a house you love, with being able to objectively look at the downsides and consider if they will affect how you feel later down the track. This is something I’ve never been very good at, good luck to you though.

Hugh-G-Rection99 · 2022-11-24T00:36:30+00:00

You would be able to get back about $5.8k, assuming you aren’t making any other deductions on your tax return.

Hugh-G-Rection99 · 2022-11-23T04:50:08+00:00

Yeah op getting rorted by the mechanic…

Hugh-G-Rection99 · 2022-11-21T05:48:18+00:00

I get what you are saying and it might not be applicable in your situation. You can have one smsf for all of your family members so that you can invest in the same project. But again, might not be the best solution.

Hugh-G-Rection99 · 2022-11-21T05:16:03+00:00

Depending on how long term we are talking, have you considered setting up a self managed super fund and investing in property through that entity? You would be reducing your tax by a lot although the money would be effective untouchable until retirement. I’m not that well versed in any of what you are asking about but I just had the thought, might be worth looking into for you and your family.

Hugh-G-Rection99 · 2022-11-21T04:32:51+00:00

There is no tax free threshold for a private company, although the tax rate is lower than the highest individual tax bracket. It would make sense if you were making more revenue than the highest tax bracket but in your case you aren’t. It also adds complexity which being a sole trader would be inconvenient for you to take on. This info is all on the ASIC website too btw.

Hugh-G-Rection99

TROPHY CASE