A dentist was getting ready to clean an elderly lady’s teeth. He noticed that she was a little nervous, so he began to tell her a story as he was putting on his surgical gloves.

“Do you know how they make these rubber gloves?”

She said, “No, I don’t have any idea.”

“Well,” he spoofed,

“Down in Mexico they have this big building set up with a large tank of latex, and the workers are all picked according to hand size. Each individual walks up to the tank, dips their hands in and then walks around for a bit while the latex sets and dries right onto their hands! Then they peel off the gloves and throw them into the big ‘Finished Goods Crate’ and start the process all over again.”

She didn’t laugh one bit.
Five minutes later, during the procedure, he had to stop cleaning her teeth because she burst out laughing.
The old woman blushed and exclaimed, “I just suddenly thought about how they must make condoms!”

Cheers
Mel

John

Contact any one of the numerous mortgage brokers on this forum.

Alternatively, get a personal loan for $30K or higher if the bank will give it to you. This will solve the short term problem. Then you could look at refinancing with a bank, and without so much pressure.

But first, approach some of the minor lenders, and the brokers are the best to tell you who will go for your property (I’m guessing it’s in a postcode that is blacklisted by the banks?).

Cheers
Mel

MillaD it depends on what you mean by immediate? If it’s ‘immediately’ after settlement, and more than 12 months since you signed the contract, then yes, half CGT applies.

Cheers
Mel

If you buy an IP, and don’t live in it, and bought it after 2001 (I think that’s the date) you can still get the FHOG.

Bill, I don’t think that any of my properties are ‘cheapies’ (well, OK, one in SE QLD definitely is, but that was my first ‘learning’ experience). I’ve had awesome growth from some of them, and being a IP versus PPOR, I’ve had help paying for it, both from the tenant, and the taxman.

I had no idea those places in Hawker were valued so highly and then fell – I can definitely see that happening again, as you’re looking at around $200K to get one of them now – same same Queanbeyan units.

Cheers
Mel

Michael has some good points, but if I was a beginner investor with a bit of time, and only one property, I would definitely look at having a go myself. It is one of the best ways to learn what is actually involved in managing a property, and you have a better understanding when you do hand over your properties to a PM.

Of course, if you majorly stuff it, you could be in strife.[]

Cheers
Mel

Hi Stu

It depends on how much money you have to start with – various recommendations I have seen range from $20K (but few recommend), up to $100K (most recommended that I have seen).

We started with $30K, because we knew that we could earn more $$ than it would cost to audit (about $1500 depending on your accountant, and how much you do yourself), and I liked having the say in controlling our money. You can also start with a lower amount, if you plan to add to it substantially in the short term.

Cheers
Mel

I live at home with Mum and Dad[]. It’s way cheap!

There’s only one of my IP’s that I would have lived in, and it’s the one I just sold to my friend for below market value so he would actually buy a house. I was going to move in, but it’s a townhouse, and the yard is definitely not big enough for my dogs[]. The others are smaller again, or twice as expensive, and way more than I could ever afford.

I’m going to wait until my cashflow is enough to either rent me a house (need yard for dogs, plus landlord who will allow dogs – might ‘suggest’ one of my family buys another IP), or like Kay, make enough from growth in IPs to afford a cash, or near cash purchase.

Cheers
Mel

Hallo Bill

Why the [?]

Rugby World Cup trophy.

Cheers
Mel

SIS, your link doesn’t work.

This one should
https://www.propertyinvesting.com/forum/topic.asp?TOPIC_ID=5667

Also, for renos, try the reno kings. http://www.financialsuccesssystems.com.au

Cheers
Mel

Haha[]

Paul – William Webb Ellis Trophy, affectionately nicknamed ‘Bill’

Cheers
Mel