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AimHigher
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@aimhigher
Join Date: 2008
Post Count: 26
September 16, 2008 - 3:45 am
sniff, sniff…smells like Scamp!
AimHigher
Participant
@aimhigher
Join Date: 2008
Post Count: 26
September 16, 2008 - 3:44 am
sniff, sniff…smell like Scamp!
AimHigher
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@aimhigher
Join Date: 2008
Post Count: 26
August 23, 2008 - 5:58 am
Daedalus wrote:
Hi AimHigher,
Hmmm, dear old dingo…
When I went through Dingo at the beginning of the year, I tried to work out what makes Dingo 'tick'. I do this to see if I can identify the opportunity.
The conclusion that I came to was that Dingo exists because it is a very old town on the highway, and way back might have been about the distance you could make in a day from Rockhampton, so you would stop there before continuing on to Blackwater. I doubt this is really the case, as it's only about 120km from Rocky, which is probably a day's travel if your horse has a bad leg…
The other thing of course is that it's on the junction of the Middlemount/Mackay road.
Anyway, I concluded that it's close enough to Blackwater that Blackwater would fill first, followed by Bluff, then Dingo. Since there's not a lot happening in Backwater property-wise, I tend to think that Dingo is a ways off booming. BUT, I read no news feeds regarding Dingo, so there may be some big news that I'm not aware of.
There is a caravan park there, which is interesting, and somewhere that I don't think I'd like to stay.
I hope I haven't offended anyone from Dingo…
Daedalus.
Thanks for the info Daedalus. I kind of thought the same thing about a boom being a long way off but the info I had access to was fairly limited so it's really good to speak with someone who's actually been through it.
Think I'll leave my horse in town…!
AimHigher
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@aimhigher
Join Date: 2008
Post Count: 26
August 22, 2008 - 6:48 am
Forgive me if I'm doubling up but I can't see if anyone asked about dear old Dingo…?
Your thoughts?
AimHigher
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@aimhigher
Join Date: 2008
Post Count: 26
August 19, 2008 - 6:09 am
Qlds007 wrote:
AH
As i say i dont want to be the bearer of the bad news.
Shoot me an email with a spreadsheet of what you have basically a slightly more indepth version of what you have given here and i can come back to you with some suggestions.
Richard!
Not bad news – just advice…that I should have gotten first. Gotta put a positive spin on it if no reason other than my own sanity!
That'd be great.
I'll get onto it tonight.
Thanks so much for your help.
AimHigher
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@aimhigher
Join Date: 2008
Post Count: 26
August 17, 2008 - 4:03 am
Qlds007 wrote:
Hi Aim
Again hate to keep the bad news coming.
Mac Bank have pulled up stumps in the lending market so wont be open to another IP.
This sort of situation is exactly one of the many issues with X collateralising the loans together.
I am suprised the Mac Bank deal was ever cheaper than what you could negotiate with Anz and at least there you could split the loans to have them each standing on their own and not supporting each other. With Mac that is not a choice or option.
Regretfully doubt if the Aussie Broker has any idea on loan structuring probably doesnt even have a IP portfolio himself so will look at you blankly when you mention it.
A Discretionary Family Trust would give you numerous options when it comes to buying + cash flow properties.
Richard
So basically we're stuck with it all?
I just can't believe there's no way out of this for us. Felling very disheartened right now.
Thanks for your advice.
AimHigher
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@aimhigher
Join Date: 2008
Post Count: 26
August 15, 2008 - 9:45 am
Qlds007 wrote:
AH
I hate to say it sounds like the loans maybe Cross collateralised (one of my pet hates) and not structured correctly from day 1.
I am sure it was a typing error on imulgi's part but the 100% offset account should be linked to the PPOR loan and not the IP loan. DO NOT dump the cash into your PPOR !!!
The loan on the IP should be standalone but from what i read is being supported by the PPOR. Yuk!!!
Hopefully the IP was purchased either in your hubbys name or as Tenants in Common to maximise the deductions.
Suggest you might like to look at a DFT structure for the next IP if the property is to be + cash flow especially with 2 little ones.
Firstly i would be sorting out the loan issues before rushing in and buying again.
Richard
I remember you saying this previously about the loans being cross colateralised….
This might sound a bit lame but how do I work out if the IP loan is set up the way you said – cross collateralised?. We've just refinanced on PPOR for a better rate and we had no problems doing just the PPOR but we did stay with the same lender – it's Aussie and we changed from ANZ to Macquarie. There were no issues with the IP on this but is this becuase it was all staying under the Aussie roof?
Can you tell me how I can change the situation? And if I can't, what bearing does it have on us being able to borrow for a CF+ place? From what I can see and what you say it looks like the structure is one we're stuck with…lesson learnt I guess.
What is the DFT structure you've spoken about? We bought the place under Hubby's name as he's the higher earner.
God I love this sight…just wish I'd found it about 4 years ago.
Thanks again for all your advice
AimHigher
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@aimhigher
Join Date: 2008
Post Count: 26
August 15, 2008 - 9:37 am
imugli wrote:
IMO you should start by getting the current IP to CF+ status – set up an offset account linked to the IP and dump everything in that. THEN start looking at your next one.
Imugli
But how do I get the IP CF+??? We're in a bit of a bind in terms of tenants. The ones we have now are excellent. Always on time, treat the place well and they have taken two increases on the chin. Two previous lots were just horrendous and I don't even wanna go there. My husband NG's on his wage but we're still short a fair bit. Is there something I'm missing with ways to make it CF+??
Thanks for your advice…keep it coming. I'm open to it all!
Cheers
AimHigher
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@aimhigher
Join Date: 2008
Post Count: 26
August 15, 2008 - 5:03 am
Hi stay_c and welcome
I'm a newbie here too – joined in July. I won't offer you any info as I'm not experienced enough but I just wanted to say that I think you've come to the right place.
Everyone here is very helpful and their knowledge is incredible.
If there's a solution, these guys on this site will give it to you.
I've also visited a few other sites that may be able to help in terms of forum advice – happy to give you their details if you e-mail me.
Cheers
AimHigher
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@aimhigher
Join Date: 2008
Post Count: 26
August 12, 2008 - 11:27 pm
Chris
Thank you so much for sharing your wisdom! We're in the research stages of property investment and commercial property is something I've just started to look into.
Your information is invaluable. We have a lot more to learn before we decide on the course of action that's right for us and your post has really lifted things.
Thanks again
AimHigher
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@aimhigher
Join Date: 2008
Post Count: 26
August 11, 2008 - 4:16 am
Scamp wrote:
It's time for me to delete my account. I wish everyone on the forum good luck with whatever they want to do. All the info you need is there. I wish both the investors and the people who wait for better times ahead the very best of luck in their endeavors. I have a new project starting and I won't have time to spend on these forums anymore.
I hope you all got something out of the post.
byebye
SEE! Now THIS is what I'm talking about. Sane, rational, well thought out, relevant…all the things your other posts should have been. Then I would have taken you seriously. I believe you had good advice to give, but as with most things in life Scamp – it's all in the delivery.
AimHigher
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@aimhigher
Join Date: 2008
Post Count: 26
August 11, 2008 - 4:12 am
harb wrote:
AimHigher wrote:
So I say to you all :
Don't poke Scamp!
I know You don't really mean that. Besides, this thread is in the Help Needed !section and if Scamp doesn't need help then who does ?
Wasn't there some ABC reporter on this forum looking for a story not that long ago ? How about a story about a young migrant arriving here from a civilized European country, his grandiose dreams and the culture shock of landing in a banana republic. The daily struggle for survival in a typical aussie backyard, putting up with red-backs and funnel web spiders and the occasional king brown and tiger snakes crawling from under the fibro rented house. Then after a hard day's work renovating a lovely blue asbestos cottage the constant lookout for stingers,jellyfish, blue-ring octopus, sea snakes, sharks and saltwater crocs while trying to cool himself down at the beach in temperatures of 44 degrees plus. Finally when the sun goes down and he goes to bed thinking that he can now finally relax the Encephalitis and Ross River virus carrying mosquitoes come out to play. We could just call it SCAMP, get Michael Caton to host it and it could become more popular then Backyard Blitz and Hot Property put together.
Harb :
My Mum always told me not to poke at things. It makes them mad. And the madder they get the more they come at you. But you're right…this IS the 'HELP' section and your assertion that Scamp belongs here is right also. Now…can we just get him a Bex and make him have a good lie down?
AimHigher
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@aimhigher
Join Date: 2008
Post Count: 26
August 8, 2008 - 4:53 am
ummester wrote:
AimHigher, why can't a downturn or correction be a positve thing? Perhaps the thought of property remaining at current price levels or going higher it is more doom and gloom than the thought of the prices going down.
It all depends on the majority view. If more than 50% of the applicable people in Australia currently have a house or mortgage, then doom and gloom would be a crash. If, however, more than 50% of applicable people aren't yet invested in the market, then a crash would be a godsend.
Here we go
http://www.rba.gov.au/PublicationsAndResearch/Bulletin/bu_may04/bu_0504_2.pdf
People now aged between 50 and 70 have far more to loose from a crash than the rest of Australia. If anything, the numbers have probably consolidated more around that age group in the 4 years since this report.
One man's doom is another man's boom, or so it would seem.
Yossarion, the inflated imigration numbers are probably spin be the Real Estate industry.
Ummster: Sorry but I have no idea where you're coming from. I never actually expressed an opinion on Scamps original posts topic. In fact you'll notice I didn't mention a thing about Scamps post in terms of the topic. This is becuase I don't beleive Scamp is either serious or informed. I'm all for seeing/hearing every side to every debate or issue, however I close down completely – as I'm sure many others do – when it's presented in such a silly way.
Scamp may well have some valid points but he does himself no favours when he posts in such a recationary way.
My post says nothing AT ALL about the topic so I'm at a loss to understand your post to me and what appears to be a question to me in terms of 'correcitons and downturns' and a supposed expressed opinon…???
Perhaps you have my post mixed up with someone elses?
AimHigher
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@aimhigher
Join Date: 2008
Post Count: 26
August 8, 2008 - 2:52 am
I've been coming here for a few weeks now and everyone here seems to be pretty level headed, intelligent individuals who happily share their experiences with the rest of us. For someone new to this stuff I've found your offerings valuable and enlightening and have e-mailed a few members privately and I've always been humbled by how readilly everyone is to share what they've done or are going through.
So my question is this :
Why are any of you smart people even paying any mind to what this fella Scamp says? (apologies for the assumption that you're a male Scamp no offence intended)
Scamp's a doom sayer born and bred and the likes of Scamp exist only because we let him. Best off to pay him no attention at all. You know what they say "ignore it and It will go away"
Scamp rarely has anything of substance to offer so I tend to read his offerings for entertainment value only. The rest of the people on this forum are far smarter, far more adaptable and a hell of a lot more positive than him. He's like one of those sea creatures that if you poke him he reacts.
So I say to you all :
Don't poke Scamp!
AimHigher
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@aimhigher
Join Date: 2008
Post Count: 26
August 8, 2008 - 2:51 am
I've been coming here for a few weeks now and everyone here seems to be pretty level headed, intelligent individuals who happily share their experiences with the rest of us. For someone new to this stuff I've found your offerings valuable and enlightening and have e-mailed a few members privately and I've always been humbld by how readilly everyone is to share what they've done or are going through.
So my question is this :
Why are any of you smart people even paying any mind to what this fella Scamp says? (apologies for the assumption that you're a male Scamp no offence intended)
Scamp's a doom sayer born and bred and the likes of Scamp exist only because we let him. Best off to pay him no attention at all. You know what they say "ignore it and It will go away"
Scamp rarely has anything of substance to offer so I tend to read his offerings for entertainment value only. The rest of the people on this forum are far smarter, far more adaptable and a hell of a lot more positive than him. He's like one of those sea creatures that if you poke him her reacts.
So I say to you all :
Don't poke Scamp!
AimHigher
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@aimhigher
Join Date: 2008
Post Count: 26
August 1, 2008 - 3:48 am
Scamp wrote:
Interest rates won't fall…
It's a hoax, just like all the spruiker stuff the real estate agents post.
Even *IF* RBA lowers interest, the banks will keep rising them anyway, so the situation will only get worse if the RBA drops interest rates. Have a look in USA. 2% interest rates.. lol.. and we all know how much THAT helped them ? ( hint : They are a third world country now… )
Scamp! What are you smoking over there?? I'm in fits of laughter that you think the Us is a third world country. Not by even the wildest stretch of the imagination could it be classed as that.
Just so that you know – and so that you don't bandy the term around – the term is given to countries who have not developed/ evolved in terms of finance and infrastructure etc in the 20th century. And in no way can the US be regarded on those terms.
Really Scamp…I expected more…ha ha ha ha ha. You're a funny one.
AimHigher
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@aimhigher
Join Date: 2008
Post Count: 26
August 1, 2008 - 3:30 am
For what it's worth, I think they'll drop the rates. Whether the banks pass them on is another story! The RBA underestimated consumers and how quickly they would adjust ie – stop spending their cash. I think the last rise was just that last step too far and now we've ground to a halt, which wasn't the intention. Slow – Yes. Stop – NO!. Given the banks propensity not to pass on decreases I also heard something that seems to make sense. The RBA will have to drop rates twice in order for consumers to be given 1 decrease. Nifty, eh? We get every single interest rate rise, but only every second decrease.
wait and see, I think.
AimHigher
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@aimhigher
Join Date: 2008
Post Count: 26
July 29, 2008 - 3:38 am
Jon Chown wrote:
Why on earth would anyone want a list of foreclosure Properties. If you think that you are going to get any special deal here then guess again. Try following any Public Trustee auction and you will see that in many cases they get more than the property is worth just because so many people go to these auctions in the belief that they are going to secure a bargain and they continue to out bid each other to above real value.
The Seller/Auctioneer have a very strict duty of care to make sure that they obtain best value for the property in order to stop the Original owner sueing the forcloser for underselling their property. Stop and think about how you would feel if the shoe were on the other foot and it was your property being foreclosed. Would you like to think that the Bank did everything in their power to make sure that you got the best price? I'm sure you would.
Whoa, there, Jon.
I haven't decided on anything yet. I'm looking at a lot of options – which I think is wise. It's called research, I believe. Thankfully I'm not naive enough to beleive that buying a home under these circumstances means I'll get it for close to nothing. Just exploring.
AimHigher
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@aimhigher
Join Date: 2008
Post Count: 26
July 25, 2008 - 12:23 am
Scamp wrote:
You need to dig… for instance, this friday 25th July there is one at Surfers Paradise Marriott Resort & Spa for 40+ auctions in South Queensland. Most (all) of those will be foreclosures.
Good luck !
Scamp. That's great. But when you say 'dig' how exactly do we do that? What do we look for, where do we look? That's what I'm asking. What are the words you use to put in the search engine? What paper do you buy? What column do you look up? What government/business body or website do you look for/call/visit? All good and well to say 'dig' but you're talking to a real novice here. I mean, most of the abbreviations used on the forum are like a foreign language to me…I AM getting better, thankfully.
HOW did you find out about the 40 auctions at the Marriott?
AimHigher
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@aimhigher
Join Date: 2008
Post Count: 26
July 25, 2008 - 12:19 am
rudo1ph wrote:
So I've spent hours looking for these things…..where and how do you find them? I have googled and googled, with all sorts of different search options and whilst I find lots of interesting information about the sales, I cannot find information about ACTUAL sales……so anyone care to point me in the right direction?
Thanks
Rudi
LOL…Rudi I did the same thing! That's why I put it to the forum. I HAVE seen some sales listed 'under instructions from the Mortgagee' and the like but there seems to be no 'catch all' site like the ones in the US.
The sites that I've seen the sales on are actually http://www.realestate.com.au and http://www.domain.com.au. And it's really a case of search and search becuase they aren't listed according to this status. But they ARE there. My last search for a cheap property in QLD yeilded about 5 of them – none of which were suitable for me to buy but it did show me they are there. Of course all were by auction.
Good luck with it. Let me know if you find a better way.