thats not bad….

Cabo Wabo

i reckon 15% under is a pretty good spot to come in at. Don’t tell the agent what you are gonna offer. Go out to the car, sit and write an offer, go back in, give it to the agent along with ur card if u have one, and leave.

Give em the impression u know what u are doing, that u have good finance, that u are prepared to purchase if they are…[Read more]

Well i’ve my wettie and rubber duckie all packed…

Cabo Wabo

Originally posted by foundation:

In 1990, the average person earned $24,440 (ABS), the labour force was 7.9 million and the total mortgage debt was $78 billion.

In 2006, the average person earns $42,500 (ABS), the labour force is 10.1 million and the total mortgage debt is $780 billion.

At 16.35% in 1990 (and remember very few people actually…[Read more]

Ok, i’ve picked my accountants brains, and he reckons he is now doubtful SD can be avoided. Back pedalling a bit…

Well, there u go, u guys were right. Bloody Johnny Howard and the tax department huh?

Cabo Wabo

It gives me the absolute SH%TS. Really pisses me off.[skull]

I’m in Perth. When i model purchases in excell, i put in 18% of rent as the overall management fee.

Personally i want nothing what-so-ever to do with the tenant side of investing, so its an annoyance/serious grievance i have to put up with.

Cabo Wabo

There’s a difference between dropping a very bullish asking price by 10-15K to adjust for a slowing in the market, and having the median settled sales value of a suburb drop by 15-20%

I see as yet no-one has replied to my ideas a few pages back regarding the differences between Perth’s situation and that of Sydney…..

If my ideas don’t hold…[Read more]

i’ll ask… does it make a difference?

Cabo Wabo

I want one of those big Imperial Star Destroyers from Star Wars….[fear]

Cabo Wabo

My accountant reckons he’s done it before for a client and didn’t have to pay SD. Maybe i should pick his brains more about it….

Cabo Wabo

I’ve some best friends that come from Norseman, 3 brothers who grew up there. I’ve been there a few times and with all due respect to my mates, i don’t think much of the joint. A real one horse town… and it is seriously far away.

I wouldn’t buy there for all the tea in china. My mates have all left and don’t think there’s much future in the…[Read more]

Ok folks, time to report back, done my sniffing around now regarding the bottom end of the Perth market.  Just to recap, 2 weeks ago I stated that for a lil while now  I'd been purchasing the crappiest houses in the worst suburbs of Perth ,as I thought it was the safest place to be when the heat comes out of the market.  (I forgot to mention that…[Read more]

A friend of mine put me in contact with another friend of his who was being foreclose on. The bank had given him 6 weeks to sell the joint or they’d take it. I purchased the property for slightly underrmarket value and got a good deal and some very helpfull equity.

He didn’t feel he was ripped off as i gave him a reasonable price. He was very…[Read more]

Thanks GMH454.

I can definately see where ur passion is. As for me, for the past 9 years i’ve driven 308 HZ Prem. She’s a beaut. A real sharp runner. Very clean, very straight. i’ll never sell her.

i’ll get back to you guys in the near future regarding my thoughts on the effect of the investor spread in bottom of Perth’s market.

I’ve…[Read more]

Hey GMH454,

Could you please restate your previous post as you lost me a bit. “Knock down buzz?” and … where was it that people were buying 10 or more proerties because they could only offord it there?
Walk me through it mate?

PS, what does ur Alias GMH454 mean? Have u got a big block Torana or something?[exhappy]

Cabo Wabo

Hmm, thanks guys… gives me something to think about.

What ur saying is be very carefull of the suburbs where prices have been driven primarily by investors.

You believe those suburbs to be careful of are the lower end of the scale as opposed to the middle tier suburbs. U are saying that in sydney there was a larger proportion or investors in…[Read more]

damn!

Cabo Wabo

I agree with Terryw about getting the valuation as high as possible (only if it has been you PPOR up until now.) If it was an IP i’d say get the valuation as low as possible.

By the way, I have a question:

I was under the impression that if you sell a property to ur family trust (and that property was originally in your name only),

…and you…[Read more]

Guys,

I’ve been buying in the very bottom of the housing market here in perth. The crapiest houses in the cheapest suburbs. I think when the heat eventually comes off the market its the bottom of the market that will be the safest.

My question is: when sydney cooled off, what did the very bottom of the market do? Did it experience as strong a…[Read more]

i’m a professional in the mining industry. Personally, i wouldn’t buy a property in a mining town for all the tea in china. Way too cyclical. When the worm turns in the mining industry, its usually pretty quick.

Cabo Wabo