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  • Profile photo of mathewc73mathewc73
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    Post Count: 241
    August 2, 2006 - 7:49 am

    um replace the word “loser” with “learner” [exhappy]

    Profile photo of mathewc73mathewc73
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    August 2, 2006 - 7:47 am

    Hi thanks again for your feedback.

    Actually I think I just realised. Even if the agent was slack and so I was 100% responsible for any injury, I have insurance. So my insurance would pay anyway and I would (obviously) leave the agent :)

    Does this sound right?

    Mat

    Profile photo of mathewc73mathewc73
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    August 1, 2006 - 10:28 am

    Thanks for the feedback Terry.

    Profile photo of mathewc73mathewc73
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    July 31, 2006 - 6:39 am

    Hi,
    I know this does not answer exactly what you asked, but is classified as risk management.

    I would suggest a .25 or even a 1% rate rise is only one risk you need to plan for. Other items I think are important to minimise you risks are:
    1. Insurance – to protect you from accidental or deliberate damage
    2. Pests and rot
    3. Lack of maintenance leading to structural damage
    4. Liability (fire alarms, key locks on 2nd story windows, fences that wont fall down, etc)
    5. Property Management

    These I would rate are much more important to concern yourself with on an overall risk management plan. I can assure you poor management causing malicious damage that was not appropriately insured will be much worse than trying to determine if you got duped going for a variable rate loan!!!

    Hope this helps the thinking on risk :)
    Mat

    Profile photo of mathewc73mathewc73
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    July 21, 2006 - 4:52 am

    Hello,
    This sounds like fun!

    Ideas, and sorry some of these Im not sure are considered retail or commercial….
    1. Money exchange
    2. Phone card (kind of entertainment)
    3. News agent?
    4. Video rental shop (one of those juke box DVD rental things)
    5. Take away coffee shop would fit
    6. Display case for advertising

    What type of people traffic will flow?

    Good luck Im sure you could make something work.

    Mat

    Profile photo of mathewc73mathewc73
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    July 17, 2006 - 10:32 pm

    Hello,
    If if was me I would put it all on the PPOR. Then use the PPOR as security for any future investments. That minimises my non deductable expenses and still allows me to leverage into shares or other property.

    eg: Reduce loan to $50,000. This is non deductable.
    Draw another loan of $60,000 secured by your PPOR and purchase your fund. This is now tax deductable.

    Seek tax advice first before you do this… I think it would work.

    Mat

    Profile photo of mathewc73mathewc73
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    July 17, 2006 - 10:24 pm

    Hi,
    Some tips, call YMCA Student Accom in Melb or go to http://www.collegesquare.ymca.org.au/. Ask them what works and what does not.

    A 12 month lease from Jan/Feb is best and it will minimise your vacancy. However you need to plan for it as once a semester starts you may have trouble filling a vacant room.

    Be sure you manage it to the letter as I bet if your student takes you to the tribunal you may have a hard time! Im not sure if there are additional requirements for student leases.

    Any services that you provide be sure that the correct responsibilities are passed onto the student in the lease. eg you dont want a visit from the police becuase of certain things the students found on the internet!!!

    Most important (well I think there is a morale responsbility) this is the kids first time out of home so be sure you comminicate with them and key an eye on them.

    Mat

    Profile photo of mathewc73mathewc73
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    July 17, 2006 - 1:50 am

    I remember before I owned any investments other than shares I would spend 3 days figuring out everything and filling in the ATO’s pack. With my bean counter it takes only 1 day on my part and hours for him.

    Since then I dont have the time to understand all the rules about how to depreciate each different property expense and all the other qwerks that go with such a simple process of add and subtract.

    So for me an accountant is invaluable. If you dont like your current one, seek referrals from people in your area for a better one. Be sure they are CPA or CA qualified. It makes a difference.

    Oh and as have come up before, be sure you are happy with how they are going to charge you with subsequent queries, etc.

    Profile photo of mathewc73mathewc73
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    July 11, 2006 - 2:08 am

    West is not bad at all… Look at Harrington Park or Glennmore park.

    Worst places are those right on the boundary of housing commission.

    I cannot give 10, and this is subjective, but I think bad areas are:
    1. The fibro house areas of Penrith
    2. St Marys

    Mat

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    July 11, 2006 - 1:30 am

    Hi,
    I have not invested myself but know of someone who has. They say its a great investment. As part of their terms, the place gets a repaint and new carpeting and everything fixed to as new before the lessee hands back the property.

    Mat

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    July 7, 2006 - 4:04 am

    okays, not too personal for me…

    Got 7 at the mo. Cash flow neutral. First one was a 2 Br unit brand new in Qld in 1997 paid $175k.

    Now worth 290k and is a nice investment.

    I was able to afford the 20% deposit and had 10k reserve incase I could not rent it (Im quite conservative). Was probably on 45-55k pa (cant remember).

    Tips for first one:
    1. Dont trust the sales agent with what he says is a bargain and what he says it will rent for. Promised rent was $190pw could only get 165pw.
    2. Do plenty of research. Thats what everyone says!
    3. Watch the market cycle. I purchased at the top!

    Profile photo of mathewc73mathewc73
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    July 7, 2006 - 3:50 am

    This is for NSW.

    Yes you will loose your .25% if you fail to re-negotiate.

    In a slow market or a potentially risky purchase you could do the reports first. This means someone else could buy before you decide.

    So for me the .25% is insurance (ie no one can take the property) and I have usually factored a repair budget. And so long as the reports dont show anything too exy I proceed.

    Profile photo of mathewc73mathewc73
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    July 7, 2006 - 12:41 am

    I think everyone may do it a little differently. But for me:
    1. Inspect
    2. Go off and determine your start price (ie look at sales history, residex, etc)
    3. Make the offer to the agent (up to agent how he/she wants it – I have never needed to put it in writing)
    4. Once final offer negotiated, sign a sales contract (add your terms). From here you have a 5 day colling off period.
    5. In those 5 days have your inspections done and contract reviewed by solicitor.
    6. 10% or the agreed % deposit must be paid in full by the end of the colling off.
    7. Arrange insurance
    8. Arrange final inspection
    9. If your solicitor is not keeping you informed, keep in touch with them.

    Hope this helps.
    Mat

    Profile photo of mathewc73mathewc73
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    June 28, 2006 - 11:15 pm

    Does this mean you should align your successes with having sex and align your failures with abstinence?

    I cannot see any other way to harness that power!

    Profile photo of mathewc73mathewc73
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    June 28, 2006 - 11:10 pm

    Hi Mark,
    Did anyone PM you and offer to help?

    I hope so… It would be great if the highly experienced and successful investors would be willing to spend 2-3 hours a month with a keen and willing mentee!

    I wish I could, but as yet I would still classify myself as average consdering Im still working full time.

    Good luck and I hope someone offers to help you!

    Mat

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    June 25, 2006 - 6:13 am

    According to the papers Gatto is a good guy for dispute resolution!

    It is frustrating to read what you are going through and it would seem what ever you do will take time and cause a lot of stress.

    Really makes you want to do something that may be bending the law a little!

    But going to the police could be a good idea. Theres a financial fraud squad who specialises in this stuff, but I have no idea how to get in touch with them.

    Profile photo of mathewc73mathewc73
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    June 20, 2006 - 3:04 am

    Any investment vehicle can be used to make or lose money

    Any investment vehicle can be geared to accelerate the making or losing of money

    Everyone can chose the vehicle that works best for them and can easily criticise those that do not

    Im only average at shares and derivatives, I dont trust super as I cannot access my money yet the govt can change the rules and Im only average at property investing.

    I guess I need to try some alternate vehicles!

    Profile photo of mathewc73mathewc73
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    June 20, 2006 - 12:36 am

    Im happy with a damp cloth!

    Profile photo of mathewc73mathewc73
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    June 19, 2006 - 5:47 am

    Current RBA rate is 5.75%?

    1% increase on 5.75% = 17% increase.

    Thats an additional 17% of interest you need to pay. 1% does not sound much on its own, but relative to the current IR its quite a lot!

    Profile photo of mathewc73mathewc73
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    June 16, 2006 - 4:16 am

    Hi Lobs,
    There is no one answer. However generally you are in property to make money. This would have to come either from income or capital appreciation. Everyone on this forum has their own strategy they use to either increase the income or capital appreciation. It could even be as simple as buy and hold (set and forget for as long as possible!).

    In the past I have been a simple buy and hold kind of guy. But now I have moved onto buy and improve a little and then hold!

    But I dont own 45 properties.

    Hope this helps
    Mat

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