Forum Replies Created
Milen…
What you are suggesting is unproffessional, for heavens sake….Do your research and then make your offer with confidence.
If you are in anyway unsure then don’t make an offer. If you get a reputation with good agents that you are one of those that reneges on acceptance…your offers will not be taken seriously.
That does not mean to say that you can’t make an offer “subject to a building or pest report”.
It’s sincere and sensible to do that. But to try and use it after an offer as an excuse…. well maybe you have read a book or two and think it’s just a big game.You are not on your own…I am aware of some
“so called buyers” that pay $100 holding deposit, to agents that are silly enough to take it on 3 houses in a weekend.Also aware of “Traders” in the Share Market with their CIC orders. Don’t ask.
Bill
Bill O’Mara
Real Estate,Mortgages,Share Market Strategies.
[email protected]G’day Kay…
10% Bank interest? I hesitate to ask Which Bank?
For my money I would certainly put your $$ in a safe bank, Rather than expect to make a profit in the last legs of a R/E Boom. But, have you considered the Share Mkt?
The DJIA has gone up about 32% in the past 12 months. Why ignore the next Boom ..it’s only a year old.
Bill
Bill O’Mara
Real Estate,Mortgages,Share Market Strategies.
[email protected]G’day…
Yes and No!
Provided you realise it’s a big bit of plastic and use it wisely LOC is the way to go. You only pay interest on what you have drawn and you can always “park” unused funds to offset any interest.
Used to it’s full extent, why not pay all rent and other salary/income into the facility?
Maybe even get a sub account as a LOC as well. Divorce the biz from Private.Another plus is that you are then your own banker and can draw on funds as required for an investment.
I trust you are considering the Share Mkt and not relying on the R/E Bull run to continue for much longer.If it’s taken 6 years for you to be game enough to get on board…don’t you think you might have missed the bus?
Cheers
Bill
Bill O’Mara
Real Estate,Mortgages,Share Market Strategies.
[email protected]G’day Alf…
I can’t ignore your question Alf …but you knew that I wouldn’t.
I don’t see that it is a problem…[?]it should be sold as it has not been a good investment. Consider how it has performed in comparison with your own home.
While the Investment went up a lousy 15% your home increased by 120%. My advice is to sell it in Todays Market….and sit on the sidelines until this market comes off the boil and even then wait it out for a year or two.
A bit like “shorting” the R/E Market…Sell Today and Buy again LATER.
One question: “If you didn’t own it, would you buy it today”?
That’s why you should be selling now.C’mon Guys and Gals, don’t be shy [
]
…Alf needs much more input…you would be doing him a favour if he was to get a good cross section of views.See you later mate
Bill
Bill O’Mara
Real Estate,Mortgages,Share Market Strategies.
[email protected]Peter…
Don’t worry about the fees mate.
AS Mel said the fees can come out of the loan.
Given the BIG payments for your Mum & Dad, I suggest you make an appt with Westpac and perhaps go with them asap.
Just put yourcards on the table and take evidence of the payments they have made each month unless already with Westpac. Don’t leave it until they can no longer pay…then the damage is done.
Cheers
Bill
Bill O’Mara
Real Estate,Mortgages,Share Market Strategies.
[email protected]G’day Peter…
Tough to give any precise answer without all info.
However, some suggestions…
Depending on your situation…Could you help out as guarantor/co-borrower ? That wpould increase their borrowing power. Maybe they can simply consolidate the debt @ 6.5%….the annual interest bill would only be $3,250…$270 month.
I would encourage them to make an appt. ( you could go with them)explain the situation and take out a first mortgage of about $50,000…and cut up the plastic.
Perhaps …$40,000 P&I and a $10,000 Line of credit…they only pay interest on the LOC if and when used. If that is only going to be a future problem like thhe plastic….Get $50,000 P&I.
Depending on their ages…St. George and others will give an advance of app. 30% of value ($60,000) that is repaid on death or when home vacated….probably a last resort…but an option.
Best of luck…I’m sure some of the Brokers on the forum will have other ideas for you as well.
Even if rates went to 8.5%…interest on $50,000 is just $4,250 per annum. Compared to what they are paying now…they should be able to refinance with a first Mortg. with any/all lenders.
Cheers
Bill
Bill O’Mara
Real Estate,Mortgages,Share Market Strategies.
[email protected]G’day Craig…
Sounds like you better put the commercial idea on the backburner mate. As with most if not all R/E you will buy cheaper down the track
As for that Propert/Agent…. give that property deal with a 50% vacancy factor a big miss.
Cheers
Bill
Bill O’Mara
Real Estate,Mortgages,Share Market Strategies.
[email protected]G’day xyy…
I have the 1980 edition by Charles Mackay, with all the original John Law stuff of 1841.
Complete with feproductions of original illustrations from 1841-1852 Edition. 724 Pages
Harmony Books NY, ISBN 0-517-54123-8
and paperback: ISBN 0-517-53919-5Cheers
BillBill O’Mara
Real Estate,Mortgages,Share Market Strategies.
[email protected]G’day xyzzy…
Very much the same:
16th Century Holland they sold R/E to speculate in tulip bulbs. Tpday their “own homes” are being flogged off/ or put at risk to speculate in “off the Plan”, Regional/Country properties, commercial, NZ, car parks and as of tonight BSS’s.
At the end of the day…No tulip bulbs..no housetoday No BSS”s, inner city units, country props and No house…. end result always the same.
Didn’t expect to come across anyone that read that Book.
Cheers
Bill
Bill O’Mara
Real Estate,Mortgages,Share Market Strategies.
[email protected]G’day Paul…
I am cerain that I will never be taken seriously again ! But then, I did get 7 emails requesting that I reserve 4 BSS’s. I just don’t know how to respond to them.
About to ask you for any suggestions… but thought better of it.
Bit of a worry.
Cheers
Bill
Bill O’Mara
Real Estate,Mortgages,Share Market Strategies.
[email protected]Fellow Investors….
My negotiations with the NSW RTA took many months of hard work and as I said at the outset…there are reasonable conitions attached to your Investment.
I feel I must respond to some of the ideas and suggestions put forward by members of this Forum.
There is a maximum of 4 BSS to each individual and that includes you too Pinit, you’ll stuff up the resale values with that many.
Benny has referred another Investor and that’s okay cause there are only 4 in his name. Paul was the exception with his 20 BSS’s….but that was in a moment of weaknesss…future purchasers are limited to 4….I’m not stupid, I’m not going to flood the market with BSS’s.
I am having a few problems with the MI…yes, of course I’ve transferred the risk. I pay the MI to reduce my exposure. I am aware they are all good deals….without exception, each and everyone of them is located on a Bus Route. This guarantees future CG. You are also virtually guaranteed that future income from Advertisers will increase by at least 5%pa.
AS I said “How can ya lose?” Ya can’t…
an ironclad investment if ever there was one. So ignore shonky deals like the one Castle Dreamer is talking about…There is no comparison..Carpark for $20k? Don’t touch’em.Conditions: No Toilets, No subdivisions,
No Cape Cods, No Dual Occupancy
and No ya can’t rent the BSS’s by the hour.The MI are very concerned with BSS”s inRural/Regional towns and any BSS near clubs and pubs now attracts a premium. More wear and tear I guess.
I need some help. How in hell do I respond to all the emails to “reserve 4 for me”… I’m talking about the emails to my genuine address….no I’m not kidding.
Come to think of it…Since being on this Forum I have seen suggestions deteriorate….
Inner city Units…. Houses on outskirts Sydney…Then Regional…Country towns…as they dried up it became Commercial….then China, NZ,
back’o Bourke and the latest from Castle Dreamer a bit ‘o bitumen for $20k.You’ll no dopubt thank me down the track for the BSS opportunity….
I think I better go.
Bill O’Mara
Real Estate,Mortgages,Share Market Strategies.
[email protected]G’day Fields…
My sentiments exactly.
My concerns used to be for those buying into regional areas that, traditionally go nowhere for ten or more years. In a bubble like this, anything anywhere will rise in price.
But, look out when the music stops.
A bit like “pass the parcel”….many will be hurt.However the real worry is that I have had a number of emails requesting that 4 Bus Stop Shelters ( BSS) be reserved.
You think I’m kidding?
Did you ever read a book, first published in 1841..”Extraordinary Popular Delusions and the madness of crowds”?…. Nothing’s changed. In the 16th Century Holland….Tulip Mania…Today BSS.
Cheers
Bill
Bill O’Mara
Real Estate,Mortgages,Share Market Strategies.
[email protected]G’day Craig…
Interesting proposal you have suggested.
I meant to say that the unsheltered BSS’s are at the reduced price of$6,250…that’s 50%off.
However it must be a cash deal. After all, what if you don’t build? All I have is a yellow post as security. But think of the increased value once you complete the BSS. Get it refinanced and onsell @ $12,500. You could even wrap it, don’t you think?
Email Now, for BSS Deposit Account Number..
[email protected]Thank you for your interest
Bill
Bill O’Mara
Real Estate,Mortgages,Share Market Strategies.
[email protected]Paul…
Seeing your a good customer, yes you can have another 20 and i’ll finance at 100% in the CITY ONLY. Regional because of little to no future CG I’ll still do the 100% but have to charge you either a Grand each LMI or alternatively hafta cut your Dad outa the Western Sydney Ranch…only fair, as I am taking all the risk.
Naturally I expect the Deeds to be totally unencumbered.
Bill
Bill O’Mara
Real Estate,Mortgages,Share Market Strategies.
[email protected]Hey Alf…
You forgot the “Option Writing Strategies
Nearly as good as BSS’s. By the way Cherrie just ordered 4 BSS’s in Pitt St. Sydney. Better than car spaces. Bit a bitunen and a couple of white lines.
Bill
ps. Only 53,221 left…don’t muck around…or you’ll miss out. Thats a 1000 sold in 2 hours.Maybe a book in the making….0 to 1000 in 2 hours
Bil
ps Don’t forget the friendly Vendor Finance.Bill O’Mara
Real Estate,Mortgages,Share Market Strategies.
[email protected]G’day Alf…
Sorry Mate, you’ll havta wait for NZ. You see I got them tied up too. To be released in Mich 2004
Don’t worry about little things like a BSS Buyer Beware Template….. All you have to do mate is check with Paul …he’s already bought 20.
And your “due dilligence”…I wish someone woul change that phrase…in 30 odd years we just callerd it Buyer Beware. and as for the 11 second rule….just “do ya sums”…same thing.
Adelaide next Alf…stay away from our cousins across the Tasman. I’ll save some in Adelaide for you…It’ll be an excuse to come & see you.
G’night Alf
Bill O’Mara
Real Estate,Mortgages,Share Market Strategies.
[email protected]G’day Paul…
Yeah mate…all covered ,you can use your FBSSOG
as long as only one per BSS and that you have never owned one before.Hope this helps in your descision making.
Don’t forget the delayed settlement is an added Bonus, with an appropriate settlement date.
Thanking you for you order of 20 BSS’s
Bill
Bill O’Mara
Real Estate,Mortgages,Share Market Strategies.
[email protected]G’day Paul…
Tell you what I’ll do for you…
Don’t worry about the chq, just send the Deeds to the Ranch in Sydney West. I’ll do a deal with ya Dad…50/50.
Have allocated all 20 BSS on Parramatta Rd for you so your inspections each few months will be a breeze. My brother, LuckyPhil, is worried about Vagrants….jeez, ya can’t satisfy some people.
In yourt best interests, as always
Bill
Bill O’Mara
Real Estate,Mortgages,Share Market Strategies.
[email protected]o2befree..
I suggest you get legal advice asap.
If she does not have a caveatable interest a Solicitor will fix it for you. You will not get the advice you need on any Forum…Legal Issue.
Call a Solicitor Tomorrow
Bill
Bill O’Mara
Real Estate,Mortgages,Share Market Strategies.
[email protected]G’day Hotrod…
If you had asked ” What’s good about XColl…
You’d have got 9 short answers……….“Nothing”
Bill
Bill O’Mara
Real Estate,Mortgages,Share Market Strategies.
[email protected]
That’s why you should be selling now.
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