sairah,
If you’ve been burnt. Then you must have the invaluable experience of knowledge and mistakes. This should skyrocket your progress and get you on the right track, if not quicker than early starters.

GO for it.
[drummer]

lifexperience

he he he

lifexperience

Ok, Yeah, yeah.
I’m have only just started using an accountant, and wasn’t sure what the deal was.

Thanks for replies.
[vanish]

lifexperience

You made me laugh bbruham. Nice one.[thumbsupanim]

lifexperience

Jerry,
If you negative gear properties and bought pureley for capital gain, then you would definateley be at the mercy of market fluctuations. DING DING DING DANGER.[smash]

However, If they are cashflow positive, the properties are bought because they are good value, and return cashflow.So buy as many as you can, whatever the market.

If you were…[Read more]

Gatsby,
I’m hearing you. I’m but a young 26, and i am working flat out between a job and setting up properties in the small window of opportunity between periods in my life of PARTY and A FUTURE FAMILY(maybe).

I have dropped most of my social life, time with close ones and a lot of more enjoyable but often self-indulgant past-times.

This is all…[Read more]

That’s a property that would require a large income to service repayments (at 6.5% = $625p.w. just for interest…phew!!!). I would of thought that the type of person who could afford such a place would normally be able to get cheaper traditional finance (this eliminates most wrappee applicants).

Who were you hoping to attract to such a…[Read more]

Allan,
Try looking in the Australian Papers Classifieds under Money/Finance.

Here in Melbourne, Herald-Sun, The Australian and the Age. are the main papers.

Also check our Yellow Pages (business/telephone directory) under “Finance”.

[cowboy]

lifexperience

Hidumadiscount,
I am considering a joint venture soon too.

Do a search for partnerships, joint ventures, partners, etc.

My accountant suggested two ways

1. Tenants in Common – simple!

or

2. A unit trust owns the property and you split the units between you and your partner, this could be through a family trust/company or your own names.

Find…[Read more]

The aim is to get a property for minimum initial outlay.

If you use a lender to obtain over 80% of sale price, you pay Lenders Mortgage Insurance.

If you get vendor financing 20% or more, you may pay a bit more for the property (compromise)

Kay,
If you needed to sell a property which you had paid most of the mortgage off, would you sell if the…[Read more]

Felicity,
Did you encounter any other hiccups with your deals.

Could you give an example. I am just wondering whether i am stepping out into relatively unchartered waters.

Anyone else done this, it would mean almost 100% gearing, but would surely speed up process of acquiring cash+ props, waiting for equity is a bit slow lately.

[hat]

lifexperience

Make sure the dirt is built up around stumps likely to collect water.

If the water forms puddles around stumps, this may speed up rotting process.

[cowboy2]

lifexperience

Thanks Mortgage Brokers, you guys rule.

Felicity,
What were the terms you could find for vendors leaving money in the deal. Second Mortgage, separate Loan, interest?

Terry,
What do the banks you mention need to approve a loan when there is money left in the deal. Will they still do 80%LVR of the TOTAL sale price?

[sunny]

lifexperience

Chat would be cool[thumbsupanim]

lifexperience

Phone Bill dropped to $136 (optus), and i have been making a heap more calls. Probably used $50us Dollars in this time.

I agree Karlsav, it is much more reliable now.

With the gprs connection, i can see how many 1cellnet credit i have.

It’s worth a try guys, if you are patient. GPRS is no good for calls on the run though.

[juggle]

lifexperience

I recently signed contracts on a property and then found out the stumps were rotten. They didn’t budge on original price even though i did have a clause in there for acceptable pre-purchase condition report.The rough quote for stump repairs was about $5000.

I got underneath and with the help of my dad (civil engineer), poked at every stump with a…[Read more]

Karlsav,
You beat me with figures, I am waiting on next phone bill still. No 1Cellnet(2months ago)was $240 Last phone bill was 1/2 and 1/2 1cellnet=$175 (using sms still) My next bill will be mostly GPRS connected calls.

Yup,
I have the GPRS connection.
To make a call with NOKIA 6230, it takes

45 seconds to log onto 1cellnet and access

10-15…[Read more]

Kay, simon, thecrest, vicgirl, jo.
Thanks for guidance and support.

Rabid Nazi hmmmmm.

I am going to be firm, and say NO if necessary.
I am going to be firm, and say NO if necessary.
I am going to be firm, and say NO if necessary.
I am going to be firm, and say no if necessary.
I am going to be firm, and say NO if necessary.
I am going to be…[Read more]

Suzie,
I know that slapped in the face feeling. I just had my first centrepay pin pulled yesterday.

What was the lesson you have learnt from having compassion override better business sense?

I am still struggling with this, (and seem to keep getting slapped in the face) (see my soft landlord post)

Go suzie, this episode will make you…[Read more]

Thanks Kay,
Good words. My personality changes all the time. It tries to adapt best it can to things i might have to deal with on regular basis.

My idealistic super-nice do anything to help anybody hippie type attitude is cool for just hanging out in general, but is not a goer when dealing with property and tenants, i have found that i may have…[Read more]