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Monopoly
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April 28, 2004 - 6:29 am
Hi Marc,
My name isn’t Victoria; it’s the state I live in…LOL Anyway, I understand what you’re saying, and I look forward to a copy of your book one day.
Rugbyfan,
Orange does have good and bad spots, and there are heaps of HC areas which are slowly being sold off to private investors. Maybe the lass trying to sell her sister’s property need to be more specific about which part of Orange.
Anyway, keep smiling,
Jo
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April 28, 2004 - 4:42 am
No….I’m a brunette!!!!
LOL
(I wish….)
Thanks Marc
Jo
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April 28, 2004 - 4:28 am
VICTORIA
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April 28, 2004 - 4:25 am
Hi Marc,
Just read your post.
Sounds okay, but not my “cuppa tea” as I try to sit to my own state….no offense anyone; I HAVE NOTHING AGAINST ANY OTHER STATE…I just like to keep my IPs in my own backyard that’s all.
Hope you get more replies….
Cheers,
Jo
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April 28, 2004 - 4:18 am
When is the lease up for renewal????
Look at writing into the next agreement. Maybe adding, that if he mows the lawn, you will not raise the rent by so much, or split the differnce. Either way, compromise is the best solution here.
Don’t be hard on him, after all, apart from the grass issue, he pays on time, and keeps the place immaculate (otherwise)…..DAMN that’s good, don’t risk losing him….there are some real horrors out there that will do more damage than neglecting the lawn.
Worst case scenario….pay for it all yourself, and claim in as a tax deduction (garden maintenance)….so I was told by my accountant.
Jo
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April 28, 2004 - 4:08 am
Originally posted by NEWGEN:
Wowsers.. I’m only a beginner (24yo with 2 properties) but to me, to be ‘safe’ with your loan repayments you should hopefully be able to make the repayments + any other expenses from your income even without rental income from the properties and still live comfortably (i.e. not surviving on 2 minute noodles ). It’s different from person to person though because everyone has different lifestyles and expenses so it’d be hard to say.
You’re absolutely spot on Newgen. It is definitely a matter of one’s choice of lifestyle.
To answer your question, I only ever had one mortgage which was minimal, but a mortgage nonetheless. I have been buying and selling since I was 18, and I always purchased properties in high growth areas, where rentals were good and there was profit to be made.
The reason I asked the “how much debt” question is, that so often people who invest, over-extend themselves and go into huge debt, so-much-so that even the water for the 2min noodles is pushing it!!!
You have (and obviously are continuing to do) well. Keep up the good work; you will outshine me in years to come I’m sure.
Cheers,
JO
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April 28, 2004 - 3:54 am
Hi Rugbyfan,
You’re absolutely right, and that is why I wouldn’t consider it for myself. There are those out there, that may consider it worthwhile, hence my drawing attention to it, but it is definitely not for me.
I am not into “cheap” properties, even though I am interested in cashflow over CG, I ONLY purchase properties that will have a reasonable amount of growth.
It is in a rural area, and the population is not large, and aside from that is is way too far from me to travel to back-and-forth.
My only concern with cheaper properties is that the management of same (due to distance) and quality of tenants in these areas. I will stick to Metro Melbourne, more expensive, but growth is far better (which means I rest easier at night) [sleepyanim][sleepyanim][sleepyanim]
I do believe, in the end, you get what you paid for.
Jo
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April 28, 2004 - 1:15 am
And you ACTUALLY considered buying it????????????
Man, would love to know what the rental on that would be, and/or what the value of the property would be in say 10 years time (if it is still standing that is)!!!!
Sorry, guys but I find it hard to believe that anyone would consider such a dump. I had a look at one property valued at 160K months ago, with/for a friend of mine who didn’t have more than this to spend, and I was nearly sick….there were dog turds all over the kitchen floor, lounge room and on furniture!!! [angry2]
Nice…….!!!!
Jo
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April 28, 2004 - 1:02 am
Thanks Samwise,
I wasn’t thinking of borrowing anything against my PPOR – I would NEVER do that. I am lucky that I don’t have to worry about that for now anyway. I own my home, and 3 IPs outright, but was just curious to know what Steve considered to be an “acceptable” debt an investor should take on.
Cheers,
Jo
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April 27, 2004 - 2:20 pm
RussH,
I see. That’s cool; whatever works for you.
Just curious though (and again, sorry about the confusion with that extra 0), how many properties do you have? and what is your rental return per week/month on each?
You’re probably doing better than me, and if so…good for you.
If this is being nosey, please either disregard my question, or PM directly.
Jo
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April 27, 2004 - 1:43 pm
Oops……..
Thank you Baloo….you’re quite right. [blush2]
RUSSH….MY APOLOGIES…….I MISREAD THE FIGURE. NOW IT MAKES SENSE!!! In that respect, 160 p/w for 32,500 property is GREAT !
Can’t say I still agree that it is the best way, but if it works for you…..knock yourself out Man !! LOL
Jo
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April 27, 2004 - 1:39 pm
Originally posted by spongefingers:
On the other hand just two of my -ve geared props that McKnight says are so bad have gained me over $1M in equity over the last 2.5 yrs.
Hmmm I think they were worth the holding costs.
It’s no use spongefingers, McKnight’s followers won’t be converted, and that’s okay, each to his/her own.
Keep up the good work, hang in there….and smile (it keeps em’ guessing) LOL
Jo
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April 27, 2004 - 1:29 pm
Er Excuse me RussH,
I have no problem with your venture; how you conduct yourself or the means you use to get to your end.
HOWEVER…..I was wanting you to explain to me, if you are so interested in cash flow from cheaper properties (which is cool) I can understand what you claim as a bargain if you said you purchases a property for say 24,000 or whatever.
BUT….you said you purchased a property for 325,000 which will yield a 160p/w rent….even by my standards, that is TERRIBLE !!!! For that kind of money, I’d be looking at no less than 300 p/w rent.
Please explain…
Jo
BTW….I work part time (not out of necessity, but by choice, and most of the time I too, can enjoy time to do “diddly squat” LOL
Monopoly
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April 27, 2004 - 11:02 am
Originally posted by RussH:
My advice.You are young.You have a lot to learn.Best way to learn is reading books,reading posts on forums,meeting wealthy people and asking them questions.
Best book I can recommend is “Money Secrets Of THe Rich” by John Burley.
Read it . Do what he says. And prosper.
One other bit of advice.
When someone helps with a bit of advice.Listen to it.Analyze it.Act on it.
WOW Russ, where were you when I needed you???? LOL
I started at 18, read no-one’s book (let alone any rich dude’s crap) and spoke to no-one except my family. HOWEVER I did do alot of listening, attending Auctions and strolling passed REA windows!
But the real secret…..no great mystery….ready for it ….WORK YOU @#$%# ASS OFF…. SAVE, SAVE, SAVE and sooner or later, you’ll get there!!!!
I personally know one man, who read EVERY book, by every wealth/rich prick out there professing to have the answers to instant wealth….that person spent thousands on books, CDs, seminars and software programs (including the one book you mentioned)….what position is he in now….DIVORCED, on the verge of bankrupacy with a 2.2 million dollar debt due to GET RICH QUICK SCHEMES.
My advise to you sky_jobe, is talk to EVERYONE, rich and poor alike, listen heaps, work & save lots and act on nothing until you have enough behind you to put your plans into action.
If I can do it, so can you.
Good luck, and keep up the studying…it pays off (I know, mine did)
Jo
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April 27, 2004 - 12:21 am
Delyse,
Divorce is yuck (I know from experience) but life goes on…I am happily re-married now. LOL
And yes, selling is SOOOOOOO STRESSFUL, hang in their…..you’ll sell….BELIEVE IT & IT WILL HAPPEN.
42 is a start; keep us posted [biggrin] We’re rootin’ for ya [jerry][thumbsupanim][thumbsupanim]
Jo
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April 26, 2004 - 11:44 pm
Hi Delyse,
It is early days yet; you only listed it a month ago – did you say 90 days….give the guy a chance. Besides, as long as does what you expect him to, he is doing his job; however he can’t MAKE people come to the open days….they must want to!!!
Secondly, I realise it is difficult to gauge whether a drop is in order as feedback has not been forthcoming from prospective buyers, but give it a bit more time.
Selling a property can play havoc on one’s nerves, and anxiety can be high, but just wait a bit longer, with any luck the crowds will come. The market in your areas may be slow at present, but one good thing, it’s not dead!!! Ask your agent if people are “enquiring”; if they are; that is a good sign.
I have noticed that people tend to move SLOWER on private sales, than they do on Auction properties, maybe that is because they know they only have a certain amonunt of time to decide on the latter.
Is it listed on the net; check out http://www.realestate.com.au; and click on “show visits” and see how many people are looking at it (remember it will register your click too, so take that into accounnt). If no-one is even looking, something is not good….i.e. price-tag.
Be patient…..(fingers crossed) it will happen.
Good luck,
Jo
Monopoly
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April 26, 2004 - 7:02 am
Originally posted by camel_81:
then suppose on a nice sunny melbourne morning(as if they get that much sunshine
Hey, I object to that….if it sooooooooooooo sunny in WA why move here???????
That really was a nasty dig at Melbourne don’t you think Camel_81??????????????? [angry2][angry2][angry2]
Jo
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April 26, 2004 - 6:50 am
Samwise,
It was in North Fitzroy, just off the very hip cosmopolitan “latte sipping” Brunswick Street. Can you believe it??? I grew up in the area, and once upon a time (kids I grew up/went to school with) couldn’t wait to move out fast enough!!! I could believe my ears when the Auctioneer exceeded my “reserve” price by a whopping 175K, yes you read it right….175,000 ABOVE RESERVE. THE MARKET WAS INSANE !!!!!!!!!!
Haaaaaaaa change….is a good thing, no???? LOL
Jo
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April 26, 2004 - 6:39 am
mrsimba2,
Areas such as Glenroy, Dallas, Coolaroo, (some in) Thomastown, West Heidelberg; to name a few. They are all less than 20km from CBD. Be aware though, that some of these areas do have Ministry of Housing or ex MofH properties, except for Thomastown which has a large number of industrial sectors to it. They aren’t the most popular areas, so Capital Growth won’t be high, but rental returns are good for the money spent. You can often find a property for 200K or less (BUT IT IS GETTING SLIMMER).
Hope this helps,
Jo
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April 26, 2004 - 6:27 am
Hi Kay,
Yes my taxable income for last year was HUGE…the property which attracted the CG sold for a profit of well over 450,000, when added to my yearly income (wages/rentals) etc., ended up a tidy little sum. But luckily, my accountant did find a few legit deductions, but alas, [crying]not enough. I am okay with it, originally the bill was far greather!!!
But that’s cool….fairs fair I guess.
As for the second property, if we buy it, it will mean one of us MAY have to work more hours, and neither my hubby or I want that for ourselves or each other. We both work part time and that means we make enough money, and still get plenty of time with each other. [inlove] One of the benefits of 2 people working part time is that we make the equivalent to one person working full time, and as a result save heaps on tax. [biggrin]
So…..as they say patience is a virtue, and I am happy to wait (for now !!!!!).
GOD GRANT ME THE PATIENCE…..BUT HURRY !!!! LOL
Jo