QLD Family member didn't take advice

Discussion in 'Where to Buy' started by Greyghost, 23rd Oct, 2015.

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  1. MTR

    MTR Well-Known Member

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    Not to mention property markets are changing, if relative chasing growth now is not the time to throw a dart and hope for the best.

    Been down this road before, giving advice to family can also come back and bite you in the butt, don't wish to be negative but calling a spade a shovel
     
    Last edited: 24th Oct, 2015
    MTR, 24th Oct, 2015
    #21
  2. RM1827

    RM1827 Well-Known Member

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    This is true and that is what refrains from saying anything... The deal might turn good in the future..only time will tell..
     
    RM1827, 24th Oct, 2015
    #22
  3. Greyghost

    Greyghost Well-Known Member

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    UPDATE:
    I wrote an email to the family member explaining
    - using equity to fund repayments during build
    - Cashflow shortfall each week $130 min
    - recent sales
    - current properties for rent
    - current properties for sale
    - effect this will have on his servicing
    - effect on his equity position on his PPR to draw and go again
    - slow growth
    - depreciation myths

    - if he didn't have the skills to source his own property I would find him a gun BA to assist and move forward and I would provide support.
    Etc etc

    It was my last effort..
    I got an email this morning

    "So how do I pull out of it"

    Great news!!!

    So we are going to crash it on the finance clause..

    Made my day this!
     
    Greyghost, 24th Oct, 2015
    #23
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  4. Greyghost

    Greyghost Well-Known Member

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    Also, I understand those who are saying "it's his choice, he doesn't have to take your advice".
    But it's not like it's a choice between two boardering suburbs and it's a matter of preference, it's a dud deal and they saw him as a wood duck!

    Surely most of you would help your family out in this situation, especially when it's almost half a million dollars + interest, also you have the skills to do so..
     
    Greyghost, 24th Oct, 2015
    #24
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  5. Bran

    Bran Well-Known Member

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    Absolutely.
     
    Bran, 24th Oct, 2015
    #25
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  6. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

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    Enough said.

    Move on

    ta
    rolf
     
    Rolf Latham, 24th Oct, 2015
    #26
  7. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

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    "the out of town expert with a briefcase" is what got GG's relo in this, and Id agree with you, is very likely the only person that cant get them out.

    The other issue here is ego, no one wants to be wrong, and even more so to be told by someone they are wrong

    Teachability is a core fundamental of people acquiring new habits.................

    ta
    rolf
     
    Rolf Latham, 24th Oct, 2015
    #27
  8. Phantom

    Phantom Well-Known Member

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    You're right Rolf. No one wants to be wrong. But for half a mil, I'd try correct the mistake (and accept my error )before i lose it. Even if people are pointing at me.
    There is a time and place (and price) to have pride. This isn't one of them.
     
    Phantom, 24th Oct, 2015
    #28
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  9. The Silver Bear

    The Silver Bear Well-Known Member

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    The family member is lucky to have you Greyghost, and you should be proud of the way you have stuck your neck out to advise and help him crash it.
     
    The Silver Bear, 24th Oct, 2015
    #29
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  10. Angel

    Angel Well-Known Member

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    Can it be crashed by the finance clause? The in house solicitor probably had it sewn up in the company's favour.
     
    Angel, 24th Oct, 2015
    #30
  11. Greyghost

    Greyghost Well-Known Member

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    To be specific, the family member is my Step-father. My mother passed away of cancer at 52 years old 3 months ago.
    He is a role model to me and basically my father and has given so much of his life up for myself, mum and my brother.

    So he is alone now and bar his super is still working. Had a $130k job and got retrenched 5 years ago and had to go back to stacking shelves at 50. Now a store manager but on half the coin of the big corporate gig.

    So if you were in a position to prevent any more hardship to such an important person in your life Rolf wouldn't you do so?
    It's easy to give flippant solutions to problems, but life is life - and family is everything!
     
    Greyghost, 24th Oct, 2015
    #31
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  12. DaveM

    DaveM Well-Known Member

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    I would, and would give them advice till my last breath. But if they take your advice, file it under "wow that nice but I will just do whatever I like regardless" then I am not inclined to help them any more.

    But thats just me rightly or wrongly. I just get a bit tired of people not taking responsibility for their actions.
     
    DaveM, 24th Oct, 2015
    #32
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  13. Propertunity

    Propertunity Well-Known Member

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    That's indeed good news GG. Your relo is lucky to have you. He should thank you for caring enough.
     
    Propertunity, 24th Oct, 2015
    #33
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  14. D.T.

    D.T. Specialist Property Manager Business Member

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    Gave up on trying to advise family. Any investment has its ups and downs but you're at fault when it has its downs. That's on the rare occasion that they listen to you over a $10k 'professional'.
     
    D.T., 24th Oct, 2015
    #34
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  15. Jess Peletier

    Jess Peletier Mortgage Broker & Finance Strategy, Aus Wide! Business Member

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    Family issues aside, your dad needs to speak to a broker. Getting 5 IP's in 15 yrs on a low wage is not going to happen without good, independent advice which he's never going to get from someone who's selling property.

    If he's in Melbourne, take him to see @Peter_Tersteeg.
     
    Jess Peletier, 24th Oct, 2015
    #35
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  16. MTR

    MTR Well-Known Member

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    GH
    That's excellent he dodged a bullet, great news.
     
    MTR, 24th Oct, 2015
    #36
  17. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

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    Hi GG

    Understand

    Wasnt meant to be a flippant reply..............

    There is a solution in my response that works most times to "reframe" what people see, because they cant hear/see it from someone close to them............. just ask any parent !

    You can choose to accept that you may need to enlist outside help, and find the solution, or continue on battering away with the FACTS he Can not see, in doing so

    I have been at this choice with many people many many times, and usually the best solution I can find is ...........outside help, others have suggested the same. Your circumstances may be different, all people's are................ but for the highest chance of a better long term outcome you may need to attempt something you normally would not.



    ta
    rolf
     
    Last edited: 24th Oct, 2015
    Rolf Latham, 24th Oct, 2015
    #37
  18. Phantom

    Phantom Well-Known Member

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    Rolf, I think there was a mix up there. I didn't post that. It was @Greyghost with the 'flippant reply' quote.
     
    Phantom, 24th Oct, 2015
    #38
  19. jins13

    jins13 Well-Known Member

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    jins13, 24th Oct, 2015
    #39
  20. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

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    Thanks for the heads up

    weird

    thats why its headed GG

    fixed now I think

    ta

    rolf
     
    Rolf Latham, 24th Oct, 2015
    #40
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