Originally posted by brains
Olly
Your sister has got herself in a fix there - she shouldnt have borrowed for a non income producing assett. One - theres no income, two - the interest payments arent tax deductible.
And heres an option for your sister. She could investigate the possiblilty of getting a couple of villas or somthing similar approved by council and then selling it with the councils DA approval. If its viable for her area its a quick way to pick up a few bucks. She could talk to RE agents in her area to see if it would be viable and if it would add value.
Just realised you're at Umina Beach - my sister is at North Gosford.
My sister - AGAINST ALL ADVICE - went ahead with the buy. It was her first buy at RE and she wanted to do something before it was too late (she's early 40's and a single parent). She's a bit of an airhead/dreamer/not very practical and just whistfully dreams of living in a timber pole home amongst the birds on her very steep, bushy block (it's gonna cost her a bundle just to remove 1 tree which is in the way). Great dream but..........
She won't sell it 'cos she won't get the FHOG again and it's not suitable for villas or much else for that matter. Just thought the cabins might be an option for her - get the piles/platform or whatever in, plonk the cabins on,, join 'em up creatively, connect sewer, water etc and move in. It should leave her a bit over to reno them too - ie knock out internal walls, convert lounge room to bedroom etc. Depends on the cabins of course which is why I asked about them.
You think I'm mean for calling her an airhead? Would never do that of someone ignorant of information, making an honest mistake or not having the mental ability to understand what they are doing, but she's also had a block of land at North Arm Cove for the past 10? 15? years or whatever too. If you know anything about that little saga you'll know what I mean when I say I love her to death but Aaagggghhh! so frustrating!!
Of course I hope it all works out for her in the end and she cleans up and gets her dream, but there were easier ways of achieving it if only she'd listened - not just to me, but at least 4 other family members who have bought property and one sister and BIL who have 3 IP's as well.
Anyway, some of us live and learn and some just...........????
Cheers
Olly
