Family & Relationships Billy Ray needs some advice

[IKnowtheDog]

True. I either declare the rent she pays and that covers me down the track as backing up my ‘she was a tenant’ claim.
Or i dont (we are splitting the cost if running the household, potentially opening her up to having some claim or a payout equal to what she has put in)

I’m looking at issues like land tax, principle place of residence exemption for CGT, assets test re welfare

 

[Billy ray]

I’m looking at issues like land tax, principle place of residence exemption for CGT, assets test re welfare

I think there is a seven year rule for cgt?! Ie if i move out so long as i am back within 7 it would remain my ppr.
But yeh will check that out

 

[Bomberboyokay]

Ask Mamamia

 

[Billy ray]

This is the sort of house i would want to rent with her. But they are few and far between.

13 Alkira Street Tugun Qld 4224 - House for Rent #427019770 - realestate.com.au

SPACIOUS ENTERTAINER IN QUIET AND CONVENIENT LOCATION!. 5 bedrooms House for Rent. $950 per week. 13 Alkira Street Tugun Qld 4224. Listed by DJ Stringer Property Services - Coolangatta. Features: Carport Spaces.

m.realestate.com.au

 

[Bomberboyokay]

Where's Silent Alarm when you need him.

 

[JW Frogen]

Get a caravan and go gay nomad.

That will test your love for everything on Earth.

 

[Off The Couch]

This is the sort of house i would want to rent with her. But they are few and far between.

13 Alkira Street Tugun Qld 4224 - House for Rent #427019770 - realestate.com.au

SPACIOUS ENTERTAINER IN QUIET AND CONVENIENT LOCATION!. 5 bedrooms House for Rent. $950 per week. 13 Alkira Street Tugun Qld 4224. Listed by DJ Stringer Property Services - Coolangatta. Features: Carport Spaces.

m.realestate.com.au

Very nice
The other problem you may encounter is an owner not renewing the lease and having to go through the whole process again.

But it is a fresh start......

 

[Perth gal]

I would go with option 2.

 

[Xtreme]

Go to Russia and recruit someone instead!

 

[Sainteric]

It is sad huh.
Ive already paid for this place twice following my divorce. Three times would suck!

Prenup and has been said $400 from her for the mortgage could mean a payout of equity and capital gain at a later point.

Renting out your house and renting one together might be cleaner. Although financially not as great.

 

[Sainteric]

I think there is a seven year rule for cgt?! Ie if i move out so long as i am back within 7 it would remain my ppr.
But yeh will check that out

As long as you lived there a while you should be ok

 

[Billy ray]

Renting out your house and renting one together might be cleaner. Although financially not as great.

Yeh rent out and rent ourselves definitely cleaner. Keeps my affairs separate.

 

[Better Loosen Up]

so, Billy Ray needs some advice

My gf and I are looking to live together from next year when her lease is up.
She has two kids <14, 12 days out of 14 and currently rents a 3 bedder for $400 a week.
I have two kids <12, 50:50 with my ex, and own my place (well mortgage) which is a 4 bedder+home office.

So we need 5 bedrooms +office (and ideally a second living area) to ensure everyone has own bedroom as kids head into teenager-hood.

We cannot all fit in my place as it is one bedroom short (and doesn't have that second living area).

Option 1
I rent my place out (prob get $800 a week) and together we rent a 5 bedroom+office place somewhere (not many around tho….) for $900 a week.

She would continue to pay $400 a week and I would pay the remainder $500 - that's fine as I earn more and work from home so the "+office" is why it costs more.

Under this option $ wise I will be up a few hundred a week as my new rent income is greater than my share of the new rent we pay. For her, no change $ wise.

Option 2
I convert my garage into an extra bedroom + second living area bringing my place up to 5 bedroom+office.
This would cost me about $40k which I would extend the loan for.
I would charge her $400 a week rent.

Again, for her under this option no change, she still pays $400 a week. For me, no major change (mortgage will go up meaning my payments will go up, but I then have her rent helping me pay for that and other costs that will increase with more people in the house (higher utility costs for example).



Option 1 would have the benefit of us starting a new life on neutral turf, plus would earn me a few $$. and if it goes belly up, oh well, lease ends and we go our own separate ways.

Option 2 they live here (which they love - as do i, I helped design it and built it as my forever home) - it doesn't earn me any real extra $, but if it goes belly up, she moves out, I rent out the garage as a 1 bedder (I would have to spend an extra $5k to install a kitchenette for example) and down the track I do earn extra $ as I have a new line of income.

Also under this option, if it doesn't go belly up, down the track when the kids all move out, I can still rent this out and have a rental income in retirement....

But, option 1 is difficult to potentially do as I cannot find many examples of 5 bedder+office at the end of the gold coast I need to live to be near kids schools and where my ex lives (as we do frequent swaps of kids we share 50:50).

What would you guys do?

Have you thought about getting a good tent?

 

[Billy ray]

Have you thought about getting a good tent?

Billy Ray doesn’t camp

 

[Billy ray]

Go to Russia and recruit someone instead!

Well there are russian women who want to date me right now. Plus milfs within 2 miles

 

[Better Loosen Up]

Billy Ray doesn’t camp

No but the kids can! Sell it to them as something fun where the best behaved each week gets to spend the next week in it!

 

[Macpotata]

If it goes belly up you will only have half at best

Its hard your life your choice.
I have a mate who strictly doesnt date women without houses and then even if they do no more than 18 months.
He doesnt want to start from scratch again

Legend.



Nailed it in the first response.

 

[Macpotata]

As someone said and I heard of this years ago. All She has to do is prove ( which is easy ) that she's been in a relationship with you ( I think it's 6 months ) then she can take half of everything you own. Now it may not be 6 months although that wouldn't surprise me, but we know it would be no more than 18 months.

 

[Off The Couch]

Sometimes you just have to take the leap and place your trust in what you have is good

 

[craigos]

If the kids have their own rooms they're going to be doing that masturbating. That's all the opportunity the devil needs to sow his seed.

 

[Billy ray]

As someone said and I heard of this years ago. All She has to do is prove ( which is easy ) that she's been in a relationship with you ( I think it's 6 months ) then she can take half of everything you own. Now it may not be 6 months although that wouldn't surprise me, but we know it would be no more than 18 months.

Not true. ive been through a divorce and used family lawyers and had advice in the past.
Plus when there are no children involved (which there wont be) its even more straight forward

 

[Beerfish]

Plus when there are no children involved (which there wont be) its even more straight forward

So you're taking my advice re adoption. Smart choice. Well done.

 

[Off The Couch]

What happens to the house if you drop off

For example in our wills my share goes to my kids not my husband so as to protect them against any future step mums and her kids

 

[Billy ray]

What happens to the house if you drop off

For example in our wills my share goes to my kids not my husband so as to protect them against any future step mums and her kids

Goes to the kids.

 

[Sainteric]

Billy Ray doesn’t camp

Caravan