Hello Yo Yo Ma, Thanks for asking, I am going Ok.
Hello to everyone else!
I am still trying to work through my little dilemma, but following advice and trying to get as many people on board as possible.
I have been given a phone number from a friend who's sister is a bank manager (not my bank) and she would like to meet with me and discuss my options, she seems to be of the opinion that it is in my banks best interests to back me up, even if it is just letters from their solicitors.
Like she said, the council won't care if Mr and Mrs Average write them letters, they know they can beat us, but they won't want to take on a national bank.
Not everything was disclosed at settlement that should have been, but like I have said to her,I am not at all interested in getting into a legal battle of any kind, can't afford the stress or to lose.
Also same friend has a friend in our Kalgoorlie council who might have some suggestions.
I have been talking to Lizzie about it and she has been an angel sent from god! She is a very smart woman, who makes me think beyond the surface!
One development that has occured is a relative of mine wants to purchase on a vendor finance arrangement - all drawn up legally of course - as he would like to build a ppor there (has high income and not at all worried if the council will not allow tenants) - so if I did that for a 2 year period (with him covering all repayments and outgoings) I wouldn't make anything out of it, but not lose anything either - just time and stress!
What do you see as the pitfalls of this?
What sort of things do we need to consider?
If he is paying the payments and rates etc, how much do you think it will affect our serviceability to hold in this arrangement?
I know I am essentially giving away the capital gain by doing this (if there is any), but I know I can go on and do other properties, and am determined not to be beaten by this - as I said to a friend "this property has become the haemroid (sp) of my property investing, but I am determined just to see it as a minor speed bump"!
- Sorry reminded me of a gay joke!
There will be a lot of successes to look forward to.
Our solicitor has asked what finance clause we would want included - but I would of thought the bank would ask you to apply closer to settlement?
I know we purchased on 6 months settlement once and had to apply within 3 months of the settlement date, otherwise they ask you to reapply?
Otherwise we try to sell now but estimate could be losing between $10k and $40k if we are forced to sell for strictly land value only.
On a personal note I have decided to return to full-time work - I have previously managed our own as well as other peoples businesses but I have recently got my qualification as a Residential Property Manager (mum is coming to live with us to help with the 5 kids, I will work days and her nights (she needs the money also)- if we stick together and help each other we will be better off in the long run, poor hubby though having to live with MIL) so that will make life easier, than trying to survive on just one wage - Mark earns around $90k now and I should get $45k plus so not too bad.
I will let you know of any progress.
Best Wishes Angela.