Financial advice for a fellow ferner
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<blockquote class="ipsBlockquote" data-author="Rembrandt" data-cid="596452" data-time="1468460999">
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<p>Anyway veering away from what will be increasingly hilarious attempts at modern dating I've been looking a bit further into this property business.</p>
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<p>I've just run some calculations on a property in a small town with plenty of employment in a high yield area currently being rented out at $270 a week. It's pretty cheap, I could probably swing close to 25% deposit. Which then using the westpac mortgage calculator at 5.6% over 25 years gives me a weekly mortgage payment equal to the weekly rental income less home insurance, rates, landlord protection insurance and property management fees.</p>
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<p>Other than basic maintenance what have I missed? The area would be unlikely to gather much capital gains but is that much of an issue? I guess the only cost would be the potential interest I could be earning off of the deposit money but that's not a huge amount and I figure that could be offset quite quickly by putting a good percentage of my current weekly savings into the mortgage.</p>
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<p>I feel I must be missing something very big here.</p>
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<p>How many weeks p.a. are you expecting to receive income for?</p> -
<blockquote class="ipsBlockquote" data-author="dogmeat" data-cid="596501" data-time="1468473052"><p>
How many weeks p.a. are you expecting to receive income for?</p></blockquote>
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That is a good point. I was anticipating every week but of course that may not be the case. The ones I have been looking at are currently tenanted. Landlord protection insurance will cover me if they suddenly can't pay but a period without tenants wouldn't be good -
<p>Anyone who can't clean up on Tinder probably can't close a door.</p>
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<p>Of course being tall, handsome, having a ready supply of hilarious anecdotes and making out I'm interested in them goes a long way too.</p>
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<p>To add to Smudges impressive list I'd add don't bullshit before meeting them ( ie if you're 6 foot 2 and 3/4s it's ok to say 6 foot 3 like I did but don't say 6 3 if you're 5 foot fuck all ).</p>
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<p>Everyone our age either has kids or wants kids so in one sense you're pretty fucked either way. That's why it's perfectly acceptable to have a crack at 20 year olds on there, some of them are hard to understand, I'm not down with the slang like I used to be, they also expect that at 37-38 as I was I have an endless supply of money, they don't get that after child support, rent and mortgage on a house I was no longer living in I barely had enough to shout them a second RTD. Still when it doesn't work out with them you might run into their Mums on Tinder too depending on your age settings ( Mine were 20-45 )</p>
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<p>Hutt/Pram girls are Wayyyyyyyyyyy easier than "town" girls too, they expect dinner/movies/picnics etc, on separate occasions no less. The former group are impressed if you turn up actually wearing shoes and a shirt as opposed to a swandri.</p>
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<p>Against all odds I managed to find a keeper on there too, we're extremely close to moving in together. Not sure how the fuck that happened. But I'm very happy.</p>
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<p><img src="https://scontent-syd1-1.xx.fbcdn.net/v/t34.0-12/13695753_10153551985645940_252036517_n.png?oh=fecc451633f3739fb96570e0d4fb23d3&oe=57890A6D" alt="13695753_10153551985645940_252036517_n.p"></p> -
Rembrandt I see you're moving to London before you leave you should do one of two things.<br><br>
1 shag one of your exes mates, <br><br>
2 if you can't be arsed or they are all heinous a much easier but less physically satisfying thing to is send the following text to your ex "by mistake"<br><br>
"last night was fun but everyone in the office says I look like I need a good nights sleep and I keep telling them I went to bed early last night lol, how are you holding up?"<br><br>
Depending on your levels of self discipline you can either wait for her response or send a weak apology text when you realise your "mistake". It's not quite as satisfying as this <a class="bbc_url" href="https://www.reddit.com/r/funny/comments/14w45y/hands_down_best_divorce_letter_ever_tldr_inside/">https://www.reddit.com/r/funny/comments/14w45y/hands_down_best_divorce_letter_ever_tldr_inside/</a> but it'll do. -
<blockquote class="ipsBlockquote" data-author="MN5" data-cid="596509" data-time="1468479371">
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<p>Anyone who can't clean up on Tinder probably can't close a door.</p>
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<p>Of course being tall, handsome, having a ready supply of hilarious anecdotes and making out I'm interested in them goes a long way too.</p>
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<p>To add to Smudges impressive list I'd add don't bullshit before meeting them ( ie if you're 6 foot 2 and 3/4s it's ok to say 6 foot 3 like I did but don't say 6 3 if you're 5 foot fuck all ).</p>
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<p>Everyone our age either has kids or wants kids so in one sense you're pretty fucked either way. That's why it's perfectly acceptable to have a crack at 20 year olds on there, some of them are hard to understand, I'm not down with the slang like I used to be, they also expect that at 37-38 as I was I have an endless supply of money, they don't get that after child support, rent and mortgage on a house I was no longer living in I barely had enough to shout them a second RTD. Still when it doesn't work out with them you might run into their Mums on Tinder too depending on your age settings ( Mine were 20-45 )</p>
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<p>Hutt/Pram girls are Wayyyyyyyyyyy easier than "town" girls too, they expect dinner/movies/picnics etc, on separate occasions no less. The former group are impressed if you turn up actually wearing shoes and a shirt as opposed to a swandri.</p>
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<p>Against all odds I managed to find a keeper on there too, we're extremely close to moving in together. Not sure how the fuck that happened. But I'm very happy.</p>
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<p>Good god.</p> -
<p>The Fern is the gift that keeps giving. Financial and Tinder advice plus revenge tactics. </p>
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<p> :good:</p> -
<p>not like TSF threads to veer slightly off-topic now is it!</p>
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<blockquote class="ipsBlockquote" data-author="canefan" data-cid="596523" data-time="1468481863">
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<p>Every 8-9 years there is a correction. We're up to year 7 now</p>
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<p>How do you define a correction?</p> -
<p>according to Labour, 98% of NZ is affected by the housing crisis, so buying a rental anywhere except that 2% and you can make hay while the sunshines! </p>
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<blockquote class="ipsBlockquote" data-author="Baron Silas Greenback" data-cid="596527" data-time="1468482820"><p>How do you define a correction?</p></blockquote>I won't be drawn into a debate Baron. It's all based on my failing memory but in 2008/2009 I lived through house prices dropping by about 25% in the Auckland suburb I was trying to buy into. I was stoked
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<p>I sense a correction incoming :whistle:</p>
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<p>Interesting thread. Like any great novel, I read the start, read the end and will get back to the middle at some point when I've got a bit more time. (Hence, I apologise if I repeat anything).</p>
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<p>Firstly, I wholeheartedly agree with the sentiment of your (ex) missus is a fluffybunny so go for the tinder, beers, porn etc. </p>
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<p>We've done pretty well for ourselves out of the renovating a couple of houses in the Auckland property market. We're now living overseas for a few years, and looking to move back home to Tauranga when we get back so we're gonna cash out of the Auckland market all going to plan in the next couple of months. We're just having the final touches put on our place (currently rented and paying it's own way) before it goes on the market. Our plan is to use the money we have made with one Auckland house to buy a few in Tauranga and put tenants in them. As with most homeowners, I read the dribble on the Herald and stuff and wonder if there will be a crash in Auckland. I don't think there will be a huge correction as such, but I do believe it must be close to a plateau and slight slump. There are still dozens of families looking for places and willing to pay over the odds for places in Auckland. Migration will in some respects ensure that that still happens to a degree. Our pl</p>
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<p>We owned a rental property in Tauranga and sold it at the end of last year. We tried to manage it ourselves, and it was a pain in the ass from a distance. So we've had our current Auckland place in the hands of a rental agent and it has been great. They deal with everything for us, do routine inspections and we get a lump of money in our account on the first of each month for doing not much. All the while our house is increasing in value, and, hopefully not getting meth cooked in it. </p>
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<p>I've got a few friends in property investment who all agree the best time to buy property was yesterday. If you're planning on holding onto an investment property for the long term, you don't have to worry too much about the cyclical nature of house prices because you'll still win in the end. Coupled with the fact that a tenant is paying the mortgage for you, it's hard to lose on it. </p>
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<p>In regards to the meth thing, I think that risk is hugely overstated by real estate agents, drug detection agencies and basically anyone else who makes a profit out of selling shit that is meant to test or "deter" people from it. I spent a good chunk of my time in the Police dealing with high end drugs, and I can honestly say that the risk you buying a meth house is exponentially less than the risk of you buying a house that leaks, has unstable pilings, has shit head neighbours who will cause you problems, or any other myriad of problems. Yes, some people cook meth in their rental properties, but more often than people do it in motel rooms, baches, rural farms of associates, campervans or other things where their neighbour who is 10 metres away isn't going to smell the toxic fumes and call the police. Someone was bleating on our local community facebook grapevine page about how 80% of houses tested for meth come back positive. Probably because if it's being tested, it's because it has all the hallmarks of a house that has had meth cooked in it. There is also a huge difference in a house that has meth smoked in it (almost certainly okay to be lived in), and one that has had meth cooked in it (probably wouldn't want to live in it). I think meth testing is hugely overpriced and bordering on scaremongering. </p>
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<p>In any case, my experience with having rental properties has been great. We made 50k in just under 2 years on our Tauranga house, and the only work we did on it was 3 days worth of cleaning it up and doing a little bit of painting to make it look nice. Plus we had healthy lump sums paid back to us by the IRD at the end of each tax year. My only advice would be to use a rental agent, it takes the hassle out of it. I think between 7 and 8% of weekly rent plus GST is the going rate. </p> -
<p>On topic -</p>
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<p><a data-ipb='nomediaparse' href='http://time.com/4403643/american-financial-literacy-test-fail/'>http://time.com/4403643/american-financial-literacy-test-fail/</a></p>
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<p>2/3rds of americans can't pass a basic financial literacy test. Here's the test (its 6 multi choiuce questions)</p>
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<p><a data-ipb='nomediaparse' href='http://www.usfinancialcapability.org/quiz.php'>http://www.usfinancialcapability.org/quiz.php</a></p>
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<p>Do the test before reading the article.</p> -
<p>Same as jegga, 5/6. Some of the questions I re-read a couple of times as I thought they must be trick questions as it was too obvious.</p>
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<p>Yeah, the bond one was the only one that requires a bit more than basic understanding. I'm not sure it makes sense being in there as its not like average person is in the bond market, tho' with the bond market seen aas the core thing that will cause the next major crash maybe its valid.</p>
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<p>Pass mark is 4/6. And 66% of the US failed. I'd guess it'd be similar numbers UK & NZ.</p>
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<p>And thats post crash. Its pretty stunning eh. Its one of those where you see pay day lenders advertsised & think "who does that?" and the answer is "a LOT of people", Ditto people living on credit cards or not paying down the princeple on their mortgages</p>