>>All one has to do is look at Cessnock (think it was there) where the mine exploded and shut down a few weeks ago- sheesh- what happens if you bought there and were depending on the mine for tenancy?<<

I am pretty familiar with Cessnock (having been involved in recycling a couple of ex-hotels into shops as well as building some new shops) and the town has always been different from most other towns.

The people have a mining town mentality.

When I got busy there (1980) every time there was a strike in the mines everyone would stop spending money irrespective of whether or not the husband worked in the mines.

Yet the amazing thing was that even then the town was no longer dependant on the mines to the same extend as one would think.

All these people who may have lost their job, they have been brought up in that town or in the district, all their family is there, most of them will never leave it.

Everyone has to live somewhere so what is the worry about the renters.

Having said all that, I am out of touch there now so I have no idea what the vacancy factor is there at the moment.

BTW, in summer it gets bl…. hot there.

Has anyone who has been there lately noticed the metal half dome houses (I think ex-army barracks) (which I have no doubt are still there) ?

Pisces133

>> I wonder what it would be like for them- living in Parkes… how many facilities for <<

Actually Parkes is quite a nice place. I bought a couple of properties there in 1986.

In most towns the young people have left for the big city. I was actually quite amazed to see how many young people are in that town.

Pisces133

>>Surely go getters on the MAP should still be good contributors to the forum to be afforded such a valuable target market.<<

Probably they are too busy finding deals. Remember, they are out in the field and the pressure is on them to perform whilst many here are just theorising.

We may not like it but the fact of life is that this website is a private website (costing the owner heaps each month to both set up and maintain) so the owner can and does set the rules.

If Steve has given some people special priviledges I have no doubt that he must have had a good reason for doing so. I think I can guess why though I don’t think it should be out in the open.

Rachel ? If you are talking about Rachelle, last time I spoke to her (and that is a couple of months ago) she had done three or four deals. And by this time it will probably be double that or more. I get the impression she is flat out.

I guess we will all hear from all those people in the program in good time, to all our benefit.

Pisces133

Ethics is something that isn’t fixed.

Something which is frowned upon in one society is perfectly O.K. elsewhere. It even changes from person to person.

If one were to ask ‘Is it illegal’ then we may be talking about something a bit more concrete.

Assigning contracts and options, whilst avoiding stampduty, is illegal (in those cases where it does attract stampduty that is).

Buying a property from someone who is in trouble, well that is something else again.

The way I see foreclosures is that if the bank is not immediately going to put the pressure on then the owner clearly has opportunity and some time to market the property.

If he doesn’t act (or is not succesful in selling the property by private treaty) whose responsibility or fault is that ?

Certainly not the possible buyer who comes along at that time.

After the bank has gone through their particular procedure, and is about to pounce, the inevitable will happen i.e. the bank will take possession of the property and auction it and, not unhappily, they will sell at a firesale price if there aren’t any higher bidders.

If there is going to be a shortfall the borrower will be hounded and quite likely be taken to court and possibly be made bankrupt.

Having a default noted on one’s record is one thing. To be made bankrupt is even a lot worse.

So if someone comes along and ‘saves’ the borrower from that awfull experience is that a good thing or a bad thing ?

If in the process the buyer picks up a good buy some people seem to feel that that is ‘unethical’.

Unless the buyer brings a gun along the transaction is
fair as the buyer does have the right to say no and take his chances with the auction.

The fact that we may feel sorry for the vendor does that justify blaming the buyer for the problem which the owner got himself into (be it because of unfortunately circumstances beyond his control or because of his plain stupidity) ?

Kay ?
Anyone else ?

Pisces133

Stuart, what I said was meant for Zacman. I was actually suggesting that he better not start jumping up and down (out of joy, thinking he had solved his problem) until he knew whether the higher interest is acceptable to him).

Pisces133

S.I.S. only three more days to go.

Pisces

Regent st I think it used to be.

Kay tells us that it is no longer going. There is a similar club (somewhere) in Kings Cross trading one day a week so Kay tells us.

Pisces133

Darren, to have an on-site manager means that one’s building must be pretty large to be able to pay for a permanent attendant.

How large is the town, how big is the building, was it producing a profit when you bought it, if not, then ? how long did it take to get it to the breakeven stage ?

I am sure that many people would be most interested in learning a bit more about your particular venture.

The good part about this business is that you can expand and yet run the business with the same number of staff.

Pisces133

G.E.’s rates are a lot higher than the rates from your friendly bank.

Pisces133

And I thought you were one of those caring, stay at home mothers. [:0]

I am disappointed as I really saw you as being different.

Anyway, as you obviously won’t be working over the weekend please respond to us about the child minding situation. (Seriously now [] ).

Pisces133 [:X]