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lifeX
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@lifex
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Post Count: 651
December 9, 2004 - 4:38 am
…….yeah, ok wise guy………..
…Everybody knows that the only way to travel, if you are a polar bear is with “The Down South travel company” …..
At the north pole, there is only one way to go baby………….Down South.
[baaa]
{backpaddles furiosly up stream)
[suave]
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lifeX
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@lifex
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December 8, 2004 - 2:30 pm
Lawyers don’t pay your tax, …..you do…
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lifeX
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December 8, 2004 - 2:19 pm
If the bear tenants are tourists from down south, how many vacancies do you expect?
I would hate to be interviewing a lot of new bear tenants as I don’t know the lingo too well.
It would be hard to bear, if you couldn’t seal a long term tenant.
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lifeX
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December 8, 2004 - 11:34 am
Domain.com, Realestate.com and others
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lifeX
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@lifex
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December 8, 2004 - 11:33 am
Check your council rates notice, it should have their estimate.
Or you could ask all the real estate agents in the area how much they would be able to sell your house for in the current market (they will usually give you an inflated figure)
Or just check out what similar houses in area are selling for at auction and in papers.
The second most o accurate way to determine the value is to have a professional valuation done.
The only real way to find out the value is when you find someone who wants to buy it and they make an offer.
There are a few websites that specialise in selling a property privately, try ya search engine….you may find that this is a slower way…..or maybe not.
Put a FOR SALE BY OWNER sign out the front property.
Can I ask what your reasons are as to why you don’t want to use an agent.?
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lifeX
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December 8, 2004 - 11:25 am
Wow Calder,
Thats textbook stuff on using investments to pay for luxuries….I’m impressed.
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lifeX
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@lifex
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December 8, 2004 - 11:19 am
If you want to find a tenant over christmas, throw in some sort of gimmick to attract a tenant before Christmas.
………Santa will bring a Free Christmas tree and X-box for your family if moved in before Christmas….
or…
…..free school holiday entertainment vouchers for any family that move in before Christmas……
…….house available with BONUS lockable cage to imprison trouble making kids for any family that move in before Christmas…..
If the RE Agent baulks at this advertising in their system, just advertise privately in paper and direct applicants to be screened through RE Agent.
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lifeX
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@lifex
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December 8, 2004 - 8:39 am
Sorry Property Plus if you had genuine queries, but a lot of posts are made that promote their product by talking it up.
“Seems quite good” to describe apartments in Australian Capital Cities will evoke immediate skepticism as a lot of people are currently being burnt for such purchases……ie: if you bought a Melbourne Docklands apartment recently, you would struggle to sell it now, and would definately take a loss if you did so.
If you are marketing your own company, I would love to crunch more numbers with you anyways.
cheers
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lifeX
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December 8, 2004 - 8:31 am
It means you can do deals without having to come up with the deposit and full closing costs. If you are smart with your offer, you can do these sorts of deals with No Money Down.
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lifeX
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December 8, 2004 - 8:27 am
You sign a contract to buy a property for say $100,000 and then before you settle (could be up to 90 days later). You find someone to buy it from you for say $125000.
You can charge this higher price if the property market is booming. If the value has actually increased.
If you have managed to get council approval to subdivide or similar in that period of time, you could also easily sell it for more
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lifeX
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December 7, 2004 - 12:45 pm
Stick it in a trust, and distribute the capital gains component to all your close relatives that are on a lower tax bracket than you. (Slip them a few hundred bucks, they’ll love you).
Or…. sell and make a giant loss in any of your other investing activities to offset gain.
If you are actually living on the land (caravan?) claim it as your PPoR (be very careful that you fall within the ATO requirements for this)
FLY TO MEXICO AND HIDE ON THE BEACH SENORE’
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lifeX
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December 7, 2004 - 12:35 pm
I am aware of some of Steves techniques such as wrapping and second mortgages but frankly they are a bit beyond me as I a am only new to the investing scene (practically speaking).
explain some of steves ideas in some basic terms
Second Mortgage: Normally the bank will lend you 80% of the price of property and put a mortgage over title.
You can still borrow any portion of the remaining 20% needed to buy the house from another lender (if the bank allows it). This second lender may also put a mortgage over property HENCE a “second mortgage”.
Second mortgages usually have VERY HIGH interest rates.
WRAP is when you buy a house (you make your loan repayments to bank) and then sell it to a wrap client with a contract (they make repayments to you).
You don’t really own the house in a wrap, but you make a tidy profit while the client makes payments to you, PLUS you get a deposit from client at the start of the contract that you can use to buy your next property.
[blink]
Does that help?
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lifeX
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December 7, 2004 - 12:19 pm
lol…..too funny
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lifeX
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December 7, 2004 - 9:57 am
hi Bumble,
I too watch all my friends spending, spending, spending while I focus on minimising my lifestyle so as to do as much investing as I can.
I don’t think this attitude is particularly restricted to a certain age group. There is a widespread problem with living beyond your means right across the age groups.
I am only just starting to get a property roll on and the looks on my friends faces when I mention I am doing another property deal is priceless.
But, you will have to sacrifice a certain amount of luxuries to get ahead otherwise you will just become one of the masses.
Do you want a holiday and a shiny car now? Pay for it with the rest of your working life?
Or…Would you like to never work again and have as many holidays and sports cars as you want…… and, hey why not shout your friends a holiday at your own island resort for christmas….?
If you have seen a glimpse of the better life You Can Make for yourself…..I think you would be crazy to then go back to an average existance![]
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lifeX
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December 7, 2004 - 9:37 am
….people like me who will deliberately slow down if some one comes speeding up behind me. Often using other cars on two lane roads to block “speed demons” getting through. And particularly enjoying slowing right down to catch red traffic lights.
HA HA
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lifeX
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December 7, 2004 - 9:10 am
Ah….Yack, you scared him off. I was just starting to have fun.
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lifeX
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December 6, 2004 - 11:33 am
Resiwealth,
DeNile. ha ha.
I did pick up that you put this across as a rhetorical question.
Spanky,
I think that it is a very widespread problem. I personally would like to contribute in some way towards solving it. Another reason I need to attain financial freedom, so as to have the time and backing to do so.
I really admire People like Steve McK and Robert Kiyosaki (even if he is a yank) for making such a contribution to financial literacy.
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lifeX
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@lifex
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December 6, 2004 - 9:25 am
Last few months, The Government are really clamping down on this type of property transaction.
The tax office will now throw double stamp duty on any such transaction.(vic)
Check out your states new tax rules.
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lifeX
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@lifex
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December 6, 2004 - 8:46 am
6.6% yield is $1760 pa rent.
So if you buy at 80% LVR, you will need
$52000 deposit
$10000 closing costs (approx)
$62000 total.
Your approximate expenses may be
$2500 rates
$1230 (i am guessing at least 7%) Management fees (are probably more)
$500 repairs (shouldn’t be too bad if its new)
$16853.16 Loan repayments (6.5% on $208000 over 25years)
$21083.16 TOTAL EXPENSE PER YEAR
So for a $62000 investment you are losing $21083 – $17600 = $3483 ($66 per week)
Thats ok for a negative geared property that you expect to increase in value.
The problem is that “Quest” have probably already increased a price margin. And if you had to sell in the near future, I am betting that you would be lucky to get $230000 for the place.
Spend time researching all of the above details, or you may be duped.[biggrin]
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lifeX
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@lifex
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December 6, 2004 - 8:18 am
An expensive car will give that person the illusion of being well off.
I think the reason is simple: It is because that type of person wants the best possible lifestyle NOW. And due to a lack of financial intelligence, they are unable to understand that they have thrown away an even better future.
To you and me and basic logic……IT IS CRAZY. The only reason I can see why is ignorance.
[disguise]
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