Forum Replies Created
- willy123 Posted – 02/11/2005 : 09:44:40Quote:Originally posted by Dazzling:
[navy]I absolutely love old buildings that are cashflow positive. Can’t get enough of them. The rusty old tin sheds I bought are great and the tenants don’t want to go anywhere, having just signed up for a 4 yr term with a 2 yr option hanging off the end of that.
Anymore of these around? doubt it!!!
Kim
Kim,
I think you’ll find that Dazzling’s IP is Commercial building. He doesn’t like residential IPs very much – too many tenant hassles for him.Cheers
C@34Our greatest weakness lies in giving up. The most certain way to succeed is to always try something one more time.
– Thomas EdisonHi Brendon,
I belive that in Steve’s book he calculates a figure of roughly 5% for closing cost. This does include payback for the Rates and Taxes.Regarding insurance – we found that security affects thsi very much! A word of warning on insurances, DON’T insure the house for what you’ve bought it (ie: Buy $150K, insurance for $150K)! My friends learned this the hard way – their home burned down so the insurance has to cover removal of the rubble AND the rebuild of the home! So we factor in $70K for rubble removal and check infrequently what the replacement costs are for each of the IPs and our PPOR and add that to the insurance! Beats nasty surprises should the mudd hit the fan!
Repairs, again I belive that Steve quotes something like 2 – 5% pa. Depends on the house condition and its age.
Let us know how you go.
BTW, Westan – welcome back!
Cheers
C@34Our greatest weakness lies in giving up. The most certain way to succeed is to always try something one more time.
– Thomas EdisonSo, … Cyclist, …
wats the go?
Cheers
C@34Our greatest weakness lies in giving up. The most certain way to succeed is to always try something one more time.
– Thomas EdisonHmmm,
went to Uni to become a Vet. Didn’t like the theory to much but enjoyed the surgery and research (sick puppy that I am).Left worked in a Vine Yard (can only use expletives to describe that experience) then decided to study Business Management (why not) graduated and became a bank employee (No not with WHICH BANK).
After 4 years I left and wnet into Retail (KMart) as a trainee Manager, decided that $10.81 per hour wasn’t for me and got a job as a contractor as an Analysit for a mining company in their Lab.Earned a tone of money and bought great mobs of doo-dats, as you would! At the same time I acted as a director in our family Business (I wrote the busines plan and secured the finance for the whole deal) – I enjoyed the experience but tried to re-invent the wheel and wasn’t smart enough.
We sold the business (due to my mothers untimely death) then lost my job at the Lab because there plant broke down.
Went out and got three part time jobs (Action Super Market, Repco Auto parts and as a book keeper) unitl I was offered the opportunity to come onboard a fledgling bus Contracting Company. Build the business from 4 buse to 17 and left because I was offered a job at the same mining Company as with the Lab – but as an employee this time.Made more money, but this time we focussed on paying out all the personal loans and credit cards we managed to accumulate. Boodarie Iron (BHP Billiton) closed down and now I am a Contractor once again. This time as a Supply Proffessional as it is the main underlying proffession that I have been consistenly good at and exposed to throughout my employment.
As of next year I am enrolled in a double major in Supply (Procurement and Supply Management and Operations Management), just for <edited>s’n’giggles!
Oh, and we’ve bought our PPOR and now our first IP.Cheers
C@34Our greatest weakness lies in giving up. The most certain way to succeed is to always try something one more time.
– Thomas EdisonSame for me!
Might be a glitch – if, however, you get into the topic itself you can subscribe there. It’s a lot slower, but it gives you the same result.
Cheers
C@34Our greatest weakness lies in giving up. The most certain way to succeed is to always try something one more time.
– Thomas EdisonTerryw,
are you saying it wont be legal in OZZ?
Cheers
C@34Our greatest weakness lies in giving up. The most certain way to succeed is to always try something one more time.
– Thomas EdisonHi resi,
I’d be inclined to agree with Shwing although it is hard to say as it is anew concept for me.
Important is quality coupled with examples (for those that are as thick as I am) to illustrate the point.Depending on the Topic or number of topics, and the quality of the info – I’d pay more for better stuff! Keep the marketing cr..p separate though! I had to unsubsrcibe from Hans Jakobi because for every 100 words of advertising I’d get one word of advice. Just P’d me off.
Cheers
C@34Our greatest weakness lies in giving up. The most certain way to succeed is to always try something one more time.
– Thomas EdisonHey Shwing,
I thing you can get that info from the Gov Generals Office – or DOLA.
I used to have an emial address of a lovely young lady in the GGO and send her my CC details and authorise her to debit the $7 or $8 for a search on a property. GIves you past owners, current owners, some details of the house and date of completion… from memory!Cheers
C@34Our greatest weakness lies in giving up. The most certain way to succeed is to always try something one more time.
– Thomas EdisonHi,
just sent a comment to Jenman (see below):Good afternoon,
just wanted to know if the “wrap Contract” in question is one from Steve McKnight or another “home-made” job. Was the Wrapee not able to put a caveat on the property to secure themselves at least a little bit? We are wrapees and are very happy – yes we pay more, but recently we gained some CG in the market rise so it isn’t all bad.Interested in your comment
Let’s see what happens. Sometimes I like stirring too…[cap]
Cheers
C@34Our greatest weakness lies in giving up. The most certain way to succeed is to always try something one more time.
– Thomas EdisonBig P,Sorry! That doesn’t sound the way it should….
Respect!
Cheers
C@34Our greatest weakness lies in giving up. The most certain way to succeed is to always try something one more time.
– Thomas EdisonBig P,
I think that MS Money does this sort of thing!?! You can down load your bank statements of the internet and imprt them into the corresponding MS Money profile.That reminds me, I’ve got it – really should look into it…… Anyways it doesn’t cost too much ~ $50 from memory. Go to Harvey Norman or Retravision say that you want it and how much for cash.
Cheers
C@34Our greatest weakness lies in giving up. The most certain way to succeed is to always try something one more time.
– Thomas EdisonDazzling – hehehe I haven’t heard so many big words in one sentnce since I stoped studying! Brings back memeories, tho [party][grad][puke][sick3][party]
Hehehe
Cheers
C@34Our greatest weakness lies in giving up. The most certain way to succeed is to always try something one more time.
– Thomas EdisonWhere is the Emotion Off Switch? Would love to re-read this post minus the emotions! Definite Learning to be had here!!
NEWGEN – too bad about the tiles! I know that when the budget is tight that these things make you more cranky than anything. Looks like the Sparky might just surprise you and pay for the damges – lets hope so.
Crashy – I see where your comming from! You have valid points that I have managed to learn from. I don’t agree on your format in presenting them here, but that’s just me.
You all have a great weekend and I hope things go better from now on NEWGEN!
Cheers
C@34Our greatest weakness lies in giving up. The most certain way to succeed is to always try something one more time.
– Thomas EdisonHi Redwing,
Our statements show the REA companies name and Trust a/c name when rental deposits go in.Sounds to me like they are in the 21st century and send your money electronically! This way the tennant puts the rent money into the REAs Trust account and they trf it to your account minus their fees.
I guess my idea is more relevant for those who manage their own IPs.
Cheers
C@34Our greatest weakness lies in giving up. The most certain way to succeed is to always try something one more time.
– Thomas EdisonMarisa,
I was going to suggest the local Fire Brigade or Vollies might do the same.
Perhaps inviting the neighbour to a BBQ (on you) to discuss the situation might solve the issue?!
My old man is not the easiest person to get along with (ask any-one who knows him), but he used to just yell back at people “.. shut up, grab some beers and come over for a BBQ..” amazingly this has always worked for him.Just another one of those “outside the square” ideas.
Cheers
C@34Our greatest weakness lies in giving up. The most certain way to succeed is to always try something one more time.
– Thomas EdisonYes All,
I’ve got the wrong percentages under the line!
Read Wages x 35% added to that Rent x 70%!Sorry
Cheers
C@34Our greatest weakness lies in giving up. The most certain way to succeed is to always try something one more time.
– Thomas EdisonCM,
Do you need to have a eners licens for this sort of thing?
I seem to recall that you can not do ‘Vendors Finance unless you have a lenders license – one of the reasons I didn’t investiget this option more.Can you clarify this point, please.
Cheers
C@34Our greatest weakness lies in giving up. The most certain way to succeed is to always try something one more time.
– Thomas EdisonRedwing,
I have always used the following calculation and, so far, no bank has told me that I am too lenient:
DSR = all loan repayments per month x 100
(Wages per month x 70%) + (rental income per month x 35%)the value then has to be < 35%.
hope that helps. You may already be using this…Cheers
C@34Our greatest weakness lies in giving up. The most certain way to succeed is to always try something one more time.
– Thomas EdisonMs ShellyD,
correct me if I’m wrong, but:Her lease is up and she says she is moving out to have more space for her baby. The agent finds another tenant to move in the day she moves out (in a couple of weeks time), she rings and changes her mind because her circumstances have changed. She wants to sign on for another 6 months however I think she will definately move after this 6 months.There is some-one you forgot! the new pospective tennant! What about interviewing them to see if they are more suitable – perhaps they’d like the idea of a12/24/36 month lease with new A/C? If so then I would seriously consider NOT re-renting out to this ‘Challenged’ mother Tennant. You do have the option to say: ” .. Sorry Ms XYZ, love ya but you gotto go! I got some-one that wants the place with A/C ..”. The A/C would also increase the value of your IP and isn’t that part of the formulae!
Just a thought.[cigar]
Cheers
C@34Our greatest weakness lies in giving up. The most certain way to succeed is to always try something one more time.
– Thomas EdisonPsychiatrist,
are you trying to find out what you pay/ And/or what penalty interest late rental payments incurr?If you are only looking for tracability? It is easy enough to set up an “Agent ID” on a deposit book with most banks. What it does it allows several different agents (read Tennants or REAs) depositing into one account but each having a different id code. This makes tracking who pays what and when very easy when looking at your statements.
I can’t recall what they are called, but I remember a friend that has one off-set account against his PPOR collecting rent from 6 other IPs all with their own ID.Doesn’t do much calculating, but sure helps sort out the muck and allows easy tracability!
Cheers
C@34Our greatest weakness lies in giving up. The most certain way to succeed is to always try something one more time.
– Thomas Edison
