Father Lost Money and Need to Pay off Mortgage

• 

  [Deactivated] on 04/12/2017 - 19:09

  +7

  What should I/we do?

  Read up about paragraphs.

• 

  chumlee on 04/12/2017 - 19:12

  +8

  Go see a financial counsellor

  https://www.financialcounsellingaustralia.org.au/Home

  Nothing we say will convince your dad. He's the one that needs to listen to professional advice

  • 

    shabhot on 04/12/2017 - 19:29

    Didn’t know such service existed. Thanks!

• 

  [Deactivated] on 04/12/2017 - 19:32

  +5

  Sign up your dad to Ozbargain!!

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  tsunamisurfer on 04/12/2017 - 19:35

  +11

  OP I am sorry but your dad is an idiot.

  Gambling money you cannot afford to lose breaks the first rule of investment.

  Now he wants to literally sell the house and put it on black.

  From what I read you seem like you are already committed to $200k within a short space of time.

  At this stage you don't know how much it will take to build the investment block to properties turn key, you don't know how long it would take to sell nor how much you would even get back. You don't know how much you even will get for your current properties.

  You are over-stretched.

  Find a new Father.

  • 

    shabhot on 04/12/2017 - 19:38

    +2

    Will you be my new father?

    • 

      [Deactivated] on 04/12/2017 - 19:51

      +2

      JV will!!!!
      At least he bargains bro

• 

  [Deactivated] on 04/12/2017 - 19:37

  +2

  should be able to offset the investment house capital gains against his shares losses, not sure if has to be done in the same financial year or not.

  • 

    tsunamisurfer on 04/12/2017 - 19:40

    Capital losses can be carried forward to latter years.

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  Baysew on 04/12/2017 - 19:53

  +1

  Get a job and support your family

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  [Deactivated] on 04/12/2017 - 19:56

  +2

  What should you do? - Mind your own business.

  When you're in the position where you have two properties you can do whatever you like. Up until then focus on fishing Uni and your own problems.

  • 

    Woodinski on 04/12/2017 - 20:22

    +4

    I am sorry, but that is terrible advice. His dad (on the evidence provided) appears to be making poor investment decisions, presumably chasing a get rich quick scheme. The fact that it is his father and that he lives in the house does give him the position to provide advice / guide his dad to do the right thing. If it was someone in my family (rich or not), I would be advising them what to do / seek professional advice if I thought they were about to do something that would jeopardise their financial security. Whether they choose to listen to you is a different matter.

    "A fool and his money are soon parted"

    • 

      Baysew on 04/12/2017 - 20:27

      +2

      I’m a uni student with limited knowledge regarding this area

      • 

        Woodinski on 04/12/2017 - 20:30

        +2

        I would be advising them what to do / to seek professional advice

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  garetz on 04/12/2017 - 21:36

  -2

  Its their money, they can do what they want with it, if he thinks he should gamble everything he owns, then that is entirely up to him. It is not your place to interfere in their decision making unless they specifically ask for your input. Even then since you acknowledge you have no idea about these matters, you should refer them to someone who does like a professional.

  • 

    TheBilly on 05/12/2017 - 10:58

    +3

    I agree, which is why OP should follow my advice listed below.

    I can give you some advice external to your parents as I cannot help you with financial advice to turn things around. When the time comes and they are about to sink and they ask you to get loans in your name and bail them out, jump ship and hang them out to dry. This sounds harsh, but irresponsible is irresponsible and your bail out money isn't going to change that. I have personally experienced this situation, your father will not even listen to any advice you give him however he will be more than happy to take your money to prolong his poor investment decision making. So why should you put your money into a situation where nobody heeds your advice.

• 

  echelon6 on 04/12/2017 - 22:09

  Respect your elder!

  • 

    TheBilly on 05/12/2017 - 10:56

    +2

    Respect and following every thing they say are two different things.

• 

  TheBilly on 05/12/2017 - 10:56

  +3

  My dad has been treating stocks as if it were gambling and has lost huge sums of money

  This should answer your question.

  My parents are jobless

  This should answer your question.

  One investment property at the moment whilst also owning 2 houses, one we live in and the other being rented out

  This makes no sense, What is it? Two properties or three properties?

  Currently the investment property requires around $100k plus for ‘compliance fees’ and subdivision fees (which haven’t been approved since last year and have been dragging out for unknown reasons) and another $100k plus for the mortgage on the 2 houses within the next 6 months

  Unknown reasons? Your father wants to carry out a property development and spend $100k but it's not going ahead for 'Unknown reasons'?

  This should answer your question.

  My dad wants to sell the house we live now and use that money to subdivide the property, then proceed to sell them and the house that is currently being leased out soon after, then take all the money earned to invest in the property market.

  Read point above. He wants to develop property but his development is being held up for unknown reasons. He has lost significant amounts of money already. This should answer your question.

  OP I hate to say it but your dad is a male genitalia head. I have been here, seen it all, seen them loose it all, there is a very unlikely chance that your father is going to come out on top. The reason for this is your post makes absolutely no sense and I'm assuming your father makes absolutely no sense when he explains things to you and your mum and he himself has no idea what's happening right now besides the fact that he is loosing a lot of money and he wants to make a lot of money to make up for it.

  I can give you some advice external to your parents as I cannot help you with financial advice to turn things around. When the time comes and they are about to sink and they ask you to get loans in your name and bail them out, jump ship and hang them out to dry. This sounds harsh, but irresponsible is irresponsible and your bail out money isn't going to change that. I have personally experienced this situation, your father will not even listen to any advice you give him however he will be more than happy to take your money to prolong his poor investment decision making. So why should you put your money into a situation where nobody heeds your advice.

• 

  MrTweek on 05/12/2017 - 20:06

  My dad wants to sell the house we live now and use that money to subdivide the property, then proceed to sell them and the house that is currently being leased out soon after, then take all the money earned to invest in the property market.

  That just sounds crazy. Your dad is broke, unemployed, has a huge debt - and he wants to fix this by selling his bare essentials (the house they live in) and invest it in more real estate?
  Your dad is broke because of too many bad investments.
  I can't tell you how to get out of this, but putting more money (that he doesn't have) into more doubtful investments doesn't sound like a good way to solve any of these problems to me.
  It also doesn't sound like your dad understands how investing works at all.

  Selling an investment property seems like a better idea to me then selling the house you are living in. Finding a job could be a good first step too.