R34 GT-T vs Apartment?

[warrior_350]

just curious though, do you work for your dad's company?

[RedS14T]

My friends 34 and has a really nice house designed by himself - he's a property developer/jackofalltrades.

He did have help from family but to put this into perspective, before he got the porsche/ferrari, he was driving a done-up SS ute last year.

Don't aim too high too soon, if i were you i'd pay cash on a R33 GTSt approx $20,000 and then look to a unit next, and then whatever gee-whiz brand new import is available in 2-3yrs!

Cheers!

[002 NVS]

SS8_Gohan Tenants in common simply means you are on the contract as a partner with your father and therefore all costs/profits are split 50/50 and for tax purposes etc you can claim against the investment. If you where to do it on the side so to speak you couldn't justify the asset for say a personal loan/tax...

As for affording it.... Typically as i said the rental income you receive if you buy in the right location should be suffice to cover your weekly repayments, or close to it anyway, so its really up to you how quick you want to pay off the loan and how much extra money you put in each week..

[Guest RedLineGTR]

the quesiton is how much in debt to you wanna be

[SS8_Gohan]

warrior.... i was getting myself confused. i mean $750 NET fornight... my bad. i get paid fortnightly, not sure why i said weekly. Ok, maybe my first post was a bit jumpy as well, sorry bout that.

But i have saved up $20000 (end of this June) by myself in the last say 14 months, i spent quite a bit to start off with, guitar, amp, went skiing for a about 5 days with friends last season. Which i paid for... but yeah since then i've tried to stick to a budget, and my bro works at CKlein so i get half price+ clothes when i need to So that's helped a bit.

As per my previous post, i work at the ANZ bank, doing credit card fraud.

Another thing... this apartment ISN'T going to 100% mine, as i said, we'd be going 1/2 in it. So it's an investment for Dad as well... i think that might have been missed. So if we sell we split 50/50 again.

[RedLineGTR] yeah, that's what i've been thinking about... do u wanna be $200K down this early, i guess as long as i keep my job and have ppl renting, i guess it would be ok. But then, u never know what's gonna happen.

[002NVS] oh ok... i get ya now.

[RedS14T] that's another thing i was thinking about, get a cheaper car now... R33, WRX, then start all over again to save up for a deposit for something, but i know that if i get a car i'd end saying "i'll just get this for it..." "just a little suspension work" Not sure how well i'd be able to save But yeah, still something else to think about.

cheers again guys.

[AutoTrust]

Sorry man, i'm getting old! Can do you a QuikTrak system if you like. In any case just keep doing what your doing and you'll kick ass!

[SS8_Gohan]

thanks mate. Unfortunately it has to be NavTrak, don't ask me why tho...

i've heard about this first home buyers grant thingy? could i apply for that or does it only apply to house?

cheers.

[AutoTrust]

the first home buyers grant thingy applies to you, but not your parents, therefore it would only suit if the house is in your name only...........Thats been my experience anyway!

[EnricoPalazzo]

U cannot claim 1st home owners grants cos u r'nt livin in the appartment. U have to live their for a min 6 months before u r able to recieve it ( 7,000)

[SS8_Gohan]

ahhh ok. hmmm... don't think i could afford living there for 6 months... oh well. Cheers Enrico!

[ix9]

Christ almighty, you're on ~24k/year gross, looking to loan $200k for your part of an apartment. I'm with warrior, spoilt little rich kid

Re: your savings, you've saved $20l in 14 months? and you've spent like $4000 in the last 14 months ? (that's what's left of your 14month pay $62/week) I dont believe you. Sorry.

I call Troll.....

Either you're in dreamland or you're not disclosing the whole truth.

[EnricoPalazzo]

Easy dude. He said his parents basically pay for most his stuff. Give him a break, some parents prefer to give their kids money *me curses my parents for not* hehe

[SS8_Gohan]

Ok, i admit i was a bit quick to jump on warrior the first time. I admitted i was in the wrong, and i said sorry. But the whole f*cking reason i started this thread was to get some opinions from other ppl who i thought might have been in a similar position, get a car or maybe put a deposit down for a place. Also, i know that not everyone on this forum is 19 or less... so i was thought it would be a good idea to get some help from those more mature.

I can't believe i'm having to justify what i've previously posted by turning it into 'dyno sheet' type evidence. I've have taken a print screen as it stands at the 7th June, 10:20pm.

as i previously said. $20k at the END OF JUNE, i still have 2 work payments to go ($1500), tax from last year coming thru in a few weeks (went thru dad's accountant and he's just got around to doing it ($400) and i have $350 currently sitting in my normal ANZ savings account, don't have a credit card. So just use debit card for cash, food, etc.

=17,710 + tax + 2 more pays + ANZ savings

=17,710 + 400 + 1500 + 350

=$19,960.... oh i guess i must have lied then, $40 bucks off EDIT: just remember, ING pays interest monthly, which is about $65 on that account.

u f*cking happy now? do u want account and pin numbers as well! I only posted all this to prove i'm NOT lying. I would have preferred not to, but i can tell that there are some ppl have very closed minds.

P.S. It's not as if dad is giving me $200k, and i'm getting an apartment for myself. 1. It's an investment property, so half of everything goes to dad, half to me. 2. I will pay back all of my loan, so theoritcally all dad has done is get the loan in his name bcos i doubt i could get a $350K + loan. He does what ever he wants with his half of the loan and half of the rent. I use my half of the rent to pay off my loan. Also going halves in the deposit, ok, so he'd be fronting up $20k. But if we sell, once again 50/50. So in the long run, i haven't go anything for free. I will pay my way.

Lastly, it's not like i'll be in a $24k year job for the rest of my life!!! And i thought i wasn't thinking ahead, maybe u didn't think that i might finish Uni in 2 years and have normal full time job?? I only work 3 days a week now! Already starting to kick off some free-lancing stuff in regards to webdesign/multimedia so that's gonna be a little bit extra thru uni as well.

build a bridge and get over it

[SS8_Gohan]

Originally posted by EnricoPalazzo

Easy dude. He said his parents basically pay for most his stuff. Give him a break, some parents prefer to give their kids money *me curses my parents for not* hehe

thanks for that enrico. But i don't quite know where u got that my parents pay for stuff. I still have to pay for everything, uni (eventually ), insurance, car running costs, etc (for my little run around) clothes, kinda lucky cos my bro works at Calvin Klein, but yeah, don't get allowance or anything, never have. So i guess the only thing i don't pay for is staying at home, board etc. I'm lucky my parents don't believe in that

cheers.

[akeenan]

yo!

ive decided to post what i think for you mate i dont need evidence of anything

Having an r34 would be cool! , although renting an apartment out to people would also be cool!

the apartment would make more sense earlier on as this would give you a great advantage later on in life as you probably already know. The only real advantage about getting an r34 is that it would satisfy your wants at this stage.

If I was put in this situation I would think long and hard in the end probably going towards the appartment. property increases in value, cars depreciate in value. You can get an r34 any time the only difference buying one now or later is maybe later there might be an r at the end instead of a t.

peace

[SS8_Gohan]

hehe, hey andrew

i know cars go down, but aparments go up... but i'm factoring the grin factor of the R34 GT-T Opportunity cost.... man, that brings back the economics days

Be some funny sh*t tho, after say 2 - 3 years, in a decent job and getting a R34 GTR, after driving the 67kw nissan puslar, hahah, wouldn't that be an experience!!

yeah, i think i need to put my thinking cap on big time. But all this has helped heaps. Maybe a bit of number crunching too...

cheers

[Guest Lord]

well, if i set my age clock back to 3 years ago. when i was 19, and IF ive got into same situation...i would choose appartement right away.

why ?

look me now...i am working hard for paying school, appartement. and i could have avoid all these if i had a dad like yours and bought a appartement

and dont get me wrong. i did buy car either lol

[kabab]

Buy the apartment wait 1 year or so in which the value of the apartment should have gone up.

Then borrow more money from the apartment loan and buy the skyline with that and let the people renting the apartment pay for your car

[franks]

Originally posted by RedLineGTR

property goes up..cars go down in value...after in a couple of year you'll be up for buying a gtr r33-34

not always the case, i was going to sell my GTT at a profit

yes agreed if you liquidate your assets then you'll have enough money to buy an R, but this is not the way to wealth creation now is it?

i say buy a BNR32 in January 04 for a cheap a55 price, crate a NISMO 500HP engine in and spend nothing else. If you buy a BNR34 your going to be up for a crap load of insurance, if it breaks you'll have a real scarcity of parts in Oz and they will be extremely expensive.

Buying an expensive car is one thing, AFFORDING it is another...

[predator]

Hey...

lol at the evidence image - true! this thread was about feedback and what he should do, not judging how he is in that position. Ease up punks..

Interesting, I'm going through very much the same thoughts right now. When I was conidering my car about a year ago, it was like: it was either the house or the car.. and at the time I thought, stuff the house what am i going to do with a house? I want a nice car for once. But these feelings are starting to change I think.

When I bought my car it was the latest greatest thing and made me happy for quite a while. Thing is, after a few months that feeling fades. Sure its still that same great car, but over time the realities set it a bit I guess. You reaslise the amount of petrol u end up spending (I can spend $50 a week just going 400km), ontop of the fairly hefty loan repaymnets, the cops hate you, and insurance - you realise a lot of money you are just throwing away. You also realise that there are plenty of other equally nice cars going for probably less than what you paid for yours and each month you look there is something else on the horizon that everybody is raving about.

To me, it seems, unless you have money to literally throw around, go the property. Renting can be a pain in the ass, and moving every year or two can equally be a pain that you'd rather do without after a while. I'm getting sick of it myself.

I earn a reasonable amount more than you, my car is "just another R33 gts-t" and yet still I don't have that much disposable income - it starts to get to you after a while.. a car is only part of your life, and yet it can easily start taking control in a way. To be honest, I could spend every cent on my car and still have plenty I would want to do to it.

Once you're living out of home too, the costs of life also creep up so easily. You can't live at home forever. I spend probably half my income on rent, bills, food and other essential expenses. By the time I whack all the car stuff ontop I maybe have 1/3 of what i take home left to spend on anything else (car upgrades, going out, holidays, etc). If I was still living at home (well i'm 26, not really an option anymore - lol), sure I'd be driving that GTR.. and everybody would be going "woaaaa.. you own a GTR thats crazy" but i'm not.

My advice, go for the secure option of the house, and go for a cheaper car. A 180sx, R32, S13, S14 are all great turbo cars for some $10-$15k. You'll still love it, and in many ways they're probably better in terms of bang per buck - and the differences are so minor other than the external appearance if you ask me. The more you spend on a car, the more it devalues - never forget that. With property its probably the opposite formula.

The worry and commitment associated with having a 20k+ car just isn't worth it much of the time unless you already have the property. And as others are saying, once you have a reasonable payback on the house - banks will be jumping at you to give you $30k-$50k for a GTR if that is what you so desire later on.

And if its a 34, you're paying maybe $10k over what you could spend on a R33 and you'll still only have a stock 34. Don't forget the costs of upgrades (even if its just wheels) ontop, these can quickly add up.