All Forum Posts by: Dave Connelly

Sell it.

Take the 240k and do something else, it’s not worth the hassle, clearly no one in the family wants to deal with this bloke and he’s nothing more than a pain in the *** tenant the new owner will evict in due course- there is a time to be charitable with family but it sounds like that time is long past.

TBH i would probably put it in an index fund with dividends payed out between two organisations I like to support- 

Found money is a chance to do some good in the world I recon.

 Thanks for the kind welcome-

Honestly I don’t anticipate much in the way of networking as I’m not even in the same hemisphere as you all- no worries though ;) 

It’s worth noting that my home market is Canberra, Australia quite an expensive market and for the VAST majority, it’s single family- the duplex or triplex just isn’t really a thing here. 
taxes are high but this is is just a beautiful bit of country, fortunately we are a tiny territory and have New South Wales just over the boarder and they are more relaxed on investment property taxes.

Thanks for kind welcome.

My wife is risk adverse to a fault and I’m quite conservative too so the primary Residence is out of bounds plus we are expecting our second Bub in December so my wife will be off work for a while anyway so for now I’m stashing cash in the ETFs

Hey all, 

New to BP, love the money show and will listen to the REI one on occasion too.

My wife and I have just paid off our New primary Residence (In cash) and are fixing up our first home for sale.

As we are 31 with a paid off home that is big enough to support us long term so with that firm footing we are going to start investing in real estate to supplement and eventually replace our incomes and the way will do it is thus;

-Save a 20% deposit- roughly 80k (the cost of housing here is high but the maths works well enough)

-use all tenant income and a good chunk of our working income towards paying down the mortgage aggressively.

-Refi, cash out and buy the second and third.

Based on the specifics two maybe three will get us to our goals and while there is a lot of leverage left on the table that could be seen as wasted it actually buys us a lot of time with our young family which is our why for getting involved in real estate.

I kinda just think using Dave Ramsey’s radio/podcast/YouTube stuff for property investing advice is square peg in a round hole as it just not the intended audience- I’m sure his personal practices are quite different. 

Depends on your local tenancy law- 

I’ve run properties where there are 4 occupants allowed on the lease but only one named specifically on the lease- that named tenant is solely responsible for the property.

Personally, I’d give them the option of going on the lease (month to month if they are good tenants) or vacating, easier to sort it now rather than later.

get familiar with the tenancy law relevant to you.

In my area, the tenant has every right to refuse to sign a new lease, I managed properties where tenants had been month to month for over a decade.

That said the owners have the right to   terminate the agreement without grounds with 26 weeks notice.

 Ah yes, the BAAAA method.