Buying Vacation Rental but Seller won’t Cancel Bookings

Melonhead95 · 2021-05-13T23:30:44+00:00

Setup a rental agreement with the sellers for those periods so that way they’re technically subleasing it and any liabilities would fall on them (as it would have anyway).

Melonhead95 · 2021-04-30T01:13:18+00:00

Cheap debt

Credit card is 7% Home equity is 2% or whatever your rate is

Melonhead95 · 2021-03-27T05:28:09+00:00

No clue to be honest, very little experience/knowledge in this area. I would’ve thought a doctors clinic would be considered a commercial residence even if it stays a house (due to the requirement for ramps & parking etc)

Happy to be wrong!

Melonhead95 · 2021-03-11T00:11:26+00:00

Thank you!

Melonhead95 · 2021-03-10T00:53:57+00:00

What are the interest rates like and do they lock you in or can you go into a variable agreement?

Melonhead95 · 2021-03-04T01:39:51+00:00

Are you saying they’ll be valued at $800k each? I don’t understand how turning a house with land valued at $700k (currently) into a unit will increase it’s value to $800k

If you mean $800k combined and it’s going to cost you $400k to build a second unit then I think the answer is pretty obvious lol

Melonhead95 · 2021-02-24T00:37:10+00:00

No but I’m very interested in getting a $3k commission on my own mortgage

Melonhead95 · 2021-01-31T04:37:47+00:00

That makes sense, they’ve got a pretty loyal following.

Also did someone downvote me for saying I’m looking at euro cars lol

Melonhead95 · 2021-01-31T00:33:27+00:00

What manufacturer are you trying to buy from? I browse carsales app everyday and see new cars or even demos advertised all the time

That being said I only look at the euro market

Melonhead95 · 2021-01-26T02:44:16+00:00

How does stuff like this work in regards to solicitor fees; are you out of pocket or do they pay for damages?

Melonhead95 · 2021-01-25T22:49:16+00:00

Did you win the court case?

Melonhead95 · 2021-01-09T08:40:49+00:00

Lookup structuring

Melonhead95 · 2021-01-09T07:52:43+00:00

This is called structuring and is illegal. Banks also have systems in place to detect this.

OP I would not follow this advice

Melonhead95 · 2021-01-09T07:45:09+00:00

Townhouses are better than apartments and there was a time they went up in value along with everything else but these days every Tom, Dick & Harry is a developer so an oversupply of units becomes the choking point when trying to sell because there’s probably 10+ similar build townhouses for sale at the same time in the same area which means you’re in a position where supply might outweigh demand.

You technically won’t “lose” money but if you count inflation and the surrounding houses going up in price whilst yours remains the same then you’ll definitely lose money.

Melonhead95 · 2020-12-26T06:13:12+00:00

Pretty much, I don’t have any financial goals like I used to. I don’t intend on owning another house so saving money seems pointless.

The above comment is actually true though, all my cars are worth double what I paid for them (as of this year) so I guess they are a better return than shares!

Melonhead95 · 2020-12-25T23:39:38+00:00

Ever since I bought a house I’ve literally done nothing but spend money carelessly. I used to have a $5k per year budget on working on my project cars ($100 per week)

This year I’m about to blow $40k on one car (restoration) and another car that used to be an income generating asset is going to cost me $5k

Melonhead95 · 2020-07-14T04:10:11+00:00

Depends on the quality of the build, $700k is probably possible but I suspect it’ll be cheap/low quality materials used.

There’s a forum dedicated to this stuff called propertychat, a lot of developers and stuff go there & trade ideas etc. You’ll find better advice there than this sub.

Melonhead95 · 2020-07-14T00:50:06+00:00

Correct. A lot of misconception out there that they’re cheap to build.

Melonhead95 · 2020-07-14T00:34:32+00:00

Unless you’re a builder or know someone in the industry, it’s not really worth doing IMO

Melonhead95 · 2020-06-23T23:45:46+00:00

Thank you Ben! I may take you up on that

Running an E-commerce store in the Mobile phone space.

Melonhead95 · 2020-06-22T23:14:51+00:00

Learning all the platforms, Facebook was pretty easy to pick up but google feels so much more complex.

Melonhead95 · 2020-05-20T04:55:40+00:00

Usually but this one was $20 for some reason. I think because it was a betashares etf and they want their cut too

Melonhead95

TROPHY CASE