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  • Profile photo of melbearmelbear
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    @melbear
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    LOL Sue[:)]

    I think it’s because Arty and Pinky are hidden in their moving boxes – probably packed themselves by mistake!

    Poltergeist is around, but I’m not sure where Muppet has gone – maybe to propertytalk.co.nz? Or maybe he’s upset with us Aussies cos we didn’t beat England and keep Bill in the Southern Hemisphere?

    Cheers
    Mel

    Profile photo of melbearmelbear
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    @melbear
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    Have you looked at realestate.com.au

    I just did, and saw some in Mount Morgan (no idea where that is), and a few other places under $50K

    Cheers
    Mel

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    Sam

    drop me an email at melbear7(at)tpg.com.au

    Also, to check out the current rentals available, have a look at http://www.allhomes.com.au, then choose your suburb. If you advertise that you’re happy for pets, you could ask a higher rent, and would get it too. I know my brother has just been looking for somewhere that will let him have his dogs, and there haven’t been many options.

    Cheers
    Mel

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    @melbear
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    Hi kay

    A deposit bond is the same as your cash deposit, so it helps you out to secure the property without any cash. However, you still have to exchange contracts the usual way, so would have to pay all costs like stamp duty.

    Cheers
    Mel

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    Hi Prop

    You can wait until the end of they FY (or even into the next – but before you do your tax return) for your QS report. I still have not had one done for a property I settled last December (I need to pull my finger out!).

    I would not rely on the schedule you get from the vendor, they won’t be quite as specific as a QS, so you could be missing out on some more depreciation.

    Cheers
    Mel

    Profile photo of melbearmelbear
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    @melbear
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    Hi Westan

    That’s true about the purchaser knowing your price. I think there are some ways around that (although I don’t know if they are easy/legal to do). You could get the vendor to rescind the contract with you, and draw up a new one with your buyer at the higher price, and he would pay you (as a disbursement to make sure you got your money) at settlement. The problem with this is that then the vendor knows what you are doing, and might want to sell it at that price themselves.

    Either way, someobody will see you are making money, and I guess it depends whether or not the vendor/purchaser know that they could have negotiated the same deal themselves, or are just happy that they have a sale/purchase and aren’t worried about you making money.

    Sometimes, it’s just easier to exchange contracts yourself, and pay the stamp duty.

    Cheers
    Mel

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    Richardo

    An option would be where you approach the vendor, outline what you plan to do, and offer to split profits with them when they do onsell. This way, you are not buying it, you are merely ‘carrying out the business of renovating’, and will reap the reward on sale. Perhaps less money for you, but if you take out stamp duty, CGT, and sale fees, it might just be worth it. In this instance, your profit would be declared as income.

    Cheers
    Mel

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    fullout, one way is via the Option contract. I believe another involves putting ‘and/or nominee’, but there are specific rules (I think) about how this works, and whether or not you have to have the purchaser lined up beforehand.

    Cheers
    Mel

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    Profile photo of melbearmelbear
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    Hi Wilandel

    I know that that’s a good place for the topic, but it’s just that the same questions are asked all the time. I just think that if there were a more specific area, then people would be more inclined to have a look and a read and find their answers to their questions.

    I’m not saying that it has to be an accountant running the show, just that it’s a common place to look to cover those topics. I know there’s a lot of experienced forumites out there who will answer the questions, and will keep doing so, but as there are so many posts, old (like a day or so) posts drop off the pages really quickly.

    Cheers
    Mel

    Profile photo of melbearmelbear
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    Bronny, definitely check out all the costs of running multiple loc accounts.

    My strategy which I’m about to implement is to refinance all IP’s, up to 80%, and have the extra $$ sitting in only one LOC. Saves on costs, and is easier to transfer/write cheque from one account than from multiple. It also gives me the option of fixing some of the IP loans if that’s what I decide to do, and I get a rate that I want.

    LuckyPhil, I just asked my bank manager for 0.5% discount, and didn’t have to pay a yearly fee for it!

    Cheers
    Mel

    Profile photo of melbearmelbear
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    Had to have a bit of thinking time before coming back to post.

    1) What was the prime motivating event in your life that created a focus on the need to invest?

    My grandparents split after 51 years of marriage (that’s chapter 10 for all those reading my ‘book’) and Grandad wanted to sell their townhouse. At 18 I didn’t want to see it have to be sold, and Grandma have no house (she was in a nursing home, so I suppose really it didn’t matter, but it did matter to me), and so I asked Dad if I could buy Grandad’s half. At about the same time I found Jan Somers book (1994), and attended what I now know as a two tier marketeers seminar. I haven’t stopped reading and learning since.

    2) What have you in fact done about it since then, and rate your achievment.

    I set a goal to have 5 properties by 25, but only had 3. Then I wanted a million dollars by 30. Depending on how I look at it ie equity versus asset not counting debt, I could be there, or I could be well short. I’ve still got about 15 months to go though, so we’ll see. Although I have since changed my focus to $$ per week. I’m on 2/10 for the cashflow, and probably 6/10 for the equity.

    3) Based on your current performance, how long will it take to reach financial independence? (Whatever this might mean to you)

    Financial independence will mean to me that I have enough money coming in, that I can do whatever I went, when I want, with whom I want, for as long as I want, as often as I want. The first step though, is having enough passive income that I can survive without having to get out of bed. I’m about a year away from that (I have to be, or I need to go and find a real job). I’m probably about 5 years away from the main goal though.

    4) What are you currently doing to improve your plans?

    I read, re read, and read again. I need another bookshelf to house my books, tapes and financial videos. I also spend a lot of time on some forums, and find that in answering people’s questions, it clarifies things in my own mind, so there’s a double benefit (assuming the person who asked the question also got a benefit).

    I’m also taking stock of my financials, and better preparing and sorting out my systems.

    5) What is your ultimate goal; and will it make you happy?

    My ultimate goal is to be financially free, and able to ensure that those that I love never have to say ‘we can’t afford it’. Doesn’t mean they will be spoilt, or we will buy it, just means that if we really decided we wanted to, we could. Yep, I’ll be happy if those I love are provided for.

    6) Which is more important: The goal or the journey?

    Without the goal, I wouldn’t have the journey, but the journey is what enables me to refine and improve/enhance my goals.

    Cheers
    Mel

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    Hi Guys

    Definitely seconding Guru’s post. Even if we can’t get an accountant, it’s just a centralised forum to discuss structures, and other taxation and asset protection, possibly even finance options, or that could be a whole nother forum.

    Cheers
    Mel

    Profile photo of melbearmelbear
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    @melbear
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    Hey Westan, now look what you’ve done. You’ve gone and caused LuckyPhil to use an emoticon!! In over 200 odd posts he held strong, and I was thinking of getting one of the moderators or Poltergeist to edit his post to put one there, but he’s gone and went and done it of his own accord[:O]

    I noticed when I had posted, and gone back into that thread, that I could Edit, Delete, and a couple of other options. Then when I accidentally double clicked on Post New Reply, it posted twice, and I didn’t want to have a double or triple post, so I tried Delete, and it did, and it didn’t alter my numbers. I wondered if I had cottoned onto Poltergeist’s secret[:O].

    I do like my shiny gold stars. They’re so pretty.[:)]

    Now that we’ve (or more correctly, LuckyPhil) go this post going, it’s your turn:

    ‘i know you are a regular contributor but we haven’t really met, whats your interest in property? where do you own, are you a buyer /seller/holder, whats your investment strategy ?’

    I’m gathering that you had lots, have sold a few, still have some, and are buying in NZ currently? I’m sure I read that you’ll be living in Bondi next year, but I also see that you’re living in (South Island?) of NZ in Jan 04? I’m gathering that I’m confused, but hoping you will clear it up. And who knows, we could aim for 1000 reads of this topic.

    Maybe we should start a new one:
    Searching for Alibrandi, and see how much interest we get until she appears. Although Shaun did appear, and we didn’t stop…..[:O]

    Cheers
    Mel

    Profile photo of melbearmelbear
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    @melbear
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    No Poltergeist, it was more along the lines of, I don’t think I am thinking that straight, and so don’t want to try to answer Poltergeist’s very important question until I am thinking clearly.

    Re a tax and accounting area in the forum I was just thinking along the same lines myself, and going to suggest it in the Tell us what you think forum. It would be a really good idea as there are so many questions on tax, structures etc. etc. that it would save people a lot of searching to go straight there.

    As for your situation, check out Dale Gatherum Goss’s book Trust Magic, or make an appointment to see him. He’s in Melbourne somewhere, and from all accounts is excellent.

    Cheers
    Mel

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    Thanks for admitting that Westan, I went away and stewed, and was being all upset, and about to come back and say OUCH!![:(]

    And say that I was just trying to have some fun, and that if I really cared about how many posts I had I would have way more than Arty and Poltergeist, cos I’ve worked out that even if you delete your post, it still counts towards the number you have, and so I could have done that and …..

    But it’s ok now, I don’t have to say all that, cos you were just joking, and I’m not behaving like a little kid. I’m not I tell you (stamping foot).

    Cheers
    Mel

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    What can I say with no more info, but check out the many thousands of posts that are on this forum. There is a goldmine of information that has been posted, and a few people willing to meet up in your neck of the woods.

    I spent my first month on here reading through the old posts in the Treasure Chest before even looking at the current ones.

    Cheers
    Mel

    Profile photo of melbearmelbear
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    @melbear
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    Although it is American, it covers this concept in great detail, and I would suggest reading ‘No Money Down for the 90s’ by Robert Allen.

    Cheers
    Mel

    Profile photo of melbearmelbear
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    How do you “wrap” a lolly ?

    Um, I don’t know. If you buy a Mintie you are buying a ‘wrapped’ lolly? My lollies are Skittles, MM’s, MM Peanuts, Jaffas, Jelly Beans, StrongMints, Kool Fuits, Mini Fruits.

    Do you resist eating the profits ?

    No, but it’s amazing how when you go to the shop and buy a bag of M&M’s, you eat the whole bag (I used to eat 500g bags, but it did take a couple of hours, and yes I did feel quite ill afterwards[:I]), but now, when I have a 10kg box, I can eat a couple and I’m done. Or when filling the machine you ‘have’ [;)] to test that the lollies come out alright, and sometimes you might not really have clean hands (well you do, but it’s a good excuse) and so you can’t put those test ones back, so you have to eat them.

    What if interest rates go up ? LOL

    No debt in this business. But just make you pay 40c, or $1, and don’t quite give double or 5 times what you would have got for 20c. Then over time, can reduce more, increase profits. Jelly Beans are by far the best earner. 9kg for $28. M&Ms, 10kg for $70. Sell for same price in machine!!

    Talk about positive cash flow !

    Yes, and lots and lots and lots and lots of HEAVY 20c pieces. Lucky I have always loved counting money. We have to check evey coin, cos my Dad collects them, so we need to keep all Bradmans, and collect the various coins that have State pictures/emblems on them. That’s a pain, but I’ve got used to it.

    Will the banks lend against them ?

    I have not tried offering them as security, so don’t know. Will add them to my asset column though when the trust looks for finance for properties.

    When are you going to write a book .. don’t tell me, you already have right ? .. on the shelves next week no doubt ?

    I’m just going to print out all my posts on this website, and call it ‘PropertyInvesting.Com’ by Ms Melbear

    There will be a chapter called ‘Specifically Property’, ‘General Investing’, ‘Vendor Finance/Wrap’ – this will be a short one as I read but don’t post much there, etc.

    For my friend Jaffasoft, I will also create a chapter called ‘Mr Melbear harassment of poor little Jaffasoft’ – this will also be a very short chapter, but my co contributors will cause people to laugh as I did[:)]

    Cheers
    Mel

    Profile photo of melbearmelbear
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    @melbear
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    Monkey Magic

    In a word – yes. Talk to your accountant, or better still, visit http://www.gatherumgoss.com and check out the Trust Magic manual – $99. Or go to the Dale Gatherum Goss speech thingy in Balwyn, Vic if you live near there. Advertising on this board somewhere. Free (well $4) info from the man himself.

    Cheers
    Mel

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