The way I look at these areas is:Island Lifestyle (laid back, boat ramps, water everywhere)Baby boomer retirement destination (close to relatives in Bisbane/GC but cheaper)20 Minute ferry ride from Main land1 Hour from Brisbane on public transportLook at prices on stradbroke and coochiemudloCurrent infrastructure projects include 24 Hr policing…[Read more]

jenwren wrote:
Well I am a self confessed petrol head so I love this thread. I drive an 99 AU falcon ex taxi. I have fitted an aftermarket turbo kit, and low k engine and trans to this vehicle (did it all myself because I am too tight to pay) so I have XR8 performance for the cost of running a taxi. I get up to 500k's for about $30. The car is…[Read more]

Just bought a house on Russell Island in QLD – prices now will rise.

8 places, I owe about $780K Inc PPOR.$580 without PPORand get  about $1130 per week in rent.

In order of importatnce:
1. Explosive Growth
2. Meteoric Growth
3. Incredible wealth.
Little help?
But seriously, I can see how to make money, and I am making money. I just want to know where the accelerator is and how do I flatten it.

I think I would tell them, but back that up by telling them that its really irrelevant anyway because WEALTH does not always have a direct relationship with INCOME – lest see if that pricks their interest!

I have five properties that are flood affected, all purchased at 90% LVR and all with insurance. No Bigee.

No I did not take out insurance.
The house had sustained some damage prior to my purchase. Insurance companies did not want to touch it.
They did not do too much damage and yes the house was extremely cheap.

I was pushing for a fast settlement for exactly this reason, the other side have dragged the chain for a couple of weeks.

No advice , pointers or reality checks?

I can only guess it means the vendor retains a portion of the property until the purchaser is ready to buy them out. I get all excited just thinking about how that could work!!!!

$500 is my standard first attempt.
I have paid 10% on a couple of occasions.

Rent gaurantee? – I get alarm bells when I hear that.
If the deal is good enough, you dont need trimmings.
Free standing property I fond to be a better thing all round.

Good luck.

If the solicitor cant do anything, get a new solicitor.

I have used finance clauses before to exit deals, it just took a letter (or e-mail in my case) saying that I could not obtain suitable finance. She does not HAVE to use a 60% LVR and the funds that she has in her account are not the concern of the developer. All she has to say is that the…[Read more]

Mmmmm I have no illusions about the tractor, she is a hobby that occasionally makes herself useful. I do my own servicing and repairs and the tractor is lucky to get 3 engine hours per month, so she doesnt cost much.
Your lesson sounds like one of those Rich Dad Poor Dad type lessons. My father has passed away, but my mother has made millions upon…[Read more]

Well I am a self confessed petrol head so I love this thread.
I drive an 99 AU falcon ex taxi. I have fitted an aftermarket turbo kit, and low k engine and trans to this vehicle (did it all myself because I am too tight to pay) so I have XR8 performance for the cost of running a taxi. I get up to 500k’s for about $30. The car is beaten up, I do…[Read more]

When tenants dont pay, when you have to pass up the deal of a lifetime because you cant scrape up the capital, when building wealth seems to take a REALLY long time, when the bank balance says $0, when your freinds are driving new BMW’s and living in $1m homes (with $1m of bad debt), when you cant rationalise owning a boat (wont make money and the…[Read more]

If you go to Rick Ottons website I think you can listen to an Interview with Ed Chan where he talks about the property trust.

I think money gives us choices.
I look forward to being able to make my own choices and not rely on an employer to agree with me.

I would make the offer again and this time in writing with a sunset clause (72 Hours) and the deposit cheque stapled to the offer.

Last week I settled on a property for $40k with a 90% LVR leased the day of settlement for $120 per week.

I am still buying property as an individual (not in trust) and I am up to double digits in the number of properties me and the bank own together.

The deals are still out there to be found.

I know it is starting to sound like a looped…[Read more]