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riffraff
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@riffraff
Join Date: 2003
Post Count: 68
November 18, 2003 - 10:23 am
Anyone in Melbourne interested in doing this?
I will organise if enough interest is raised.
My email is [email protected] or post here!
What the mind of man can conceive and believe, it can achieve.
riffraff
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@riffraff
Join Date: 2003
Post Count: 68
November 18, 2003 - 9:46 am
only problem with the Governmentis that they will make all SD the same by bringing all the other states up to Vic levels!!
I dont like tax[]
What the mind of man can conceive and believe, it can achieve.
riffraff
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@riffraff
Join Date: 2003
Post Count: 68
November 16, 2003 - 8:10 am
Lease with option to buy is very common in comercial real estate. I havent ever done it but I know some small business owners that have done this successfully and I was thinking that this might ease the “never heard of that before” syndrome. Also, maybe some comercial real estate agents can give advise as to how this works best/what to look out for etc.
my 2 cents [:0)]
What the mind of man can conceive and believe, it can achieve.
riffraff
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@riffraff
Join Date: 2003
Post Count: 68
November 12, 2003 - 9:30 am
Right! I get it… didnt think of the whole 80% thing…
time to call the bank I think!
What the mind of man can conceive and believe, it can achieve.
riffraff
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@riffraff
Join Date: 2003
Post Count: 68
November 12, 2003 - 9:07 am
ok, so from what Im reading a LOC would be my best bet as follows:
– refinance from 114k (owing) to 220k (as revalued)
– put (220-114) 106k back into LOC
– put all savings into LOC
– Start looking for investments.
Is there a time limit that you have to use the equity in? (ie only valid for 3 months or something)
Do you suffer any immediate repayment inclrease? or does this only happen when/if you use the money?
What the mind of man can conceive and believe, it can achieve.
riffraff
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@riffraff
Join Date: 2003
Post Count: 68
November 12, 2003 - 8:41 am
well chris?
dont hold out – last time I looked out the window there were houses everywhere!
(also interested) I assume you have some agents in your pocket… Offer them a cash bonus if they actively look on your behalf or something?
What the mind of man can conceive and believe, it can achieve.
riffraff
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@riffraff
Join Date: 2003
Post Count: 68
November 12, 2003 - 8:36 am
Hi there rodster – I know nothing about trusts but my wife is PA to a senior partner of property at Deacons in Melbourne. I can ask her who you should talk to if you like?
(chuffed to be able to help on a topic I know little about [])
riff
What the mind of man can conceive and believe, it can achieve.
riffraff
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@riffraff
Join Date: 2003
Post Count: 68
November 12, 2003 - 7:58 am
Hi there Ksafik,
Sounds like exciting times for you! but I can agree more with the whole “Budget and save” mantra
Its really boring but it really works!
Ive been reading finance books since I was 18 and plodding along wondering how Im going to make it big in life through investing. Only a couple of weeks ago did it all fall into place:
The key to all investments is cash.
It is the basis and goal of everything financial.
Once you have the cash you can leverage it through lending and investing!
So I too reckon the first step is to budget and save while you learn and read and plan the next step!
I set up a budget in exel that my wife and I live by, It shows us where our money is going and gives us determination because we can see it working when we get our bank statement. The more we save the faster we move towards our goals.
And thats another point decide on a goal our is to have one of us retire in 5 years time
we then worked back from there to see what we need to do to acheive that. There is a lot we must do – and learn, and we might get there.
Educate yourself on good saving/investing habits
Save while you learn and when you feel like you know enough to make a good decision you’ll already have some cash behind you to take imediate action.
What the mind of man can conceive and believe, it can achieve.
riffraff
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@riffraff
Join Date: 2003
Post Count: 68
November 12, 2003 - 7:40 am
LOL @ everyone!!!
Gees Bill… you dont take well to rhetoric do ya!
The above IP is not as Hypothetical as I made out… I just dont want to follow crashy’s footsteps lol.
Mel, what is the difference between LOC and redraw facility? I thought they were the same?
Bill, why did you mention the interest rates? would that affect you discion on the above scenario? how? (apart from servicability of repayments)
and I do appreciate all the attention!
thanks all
What the mind of man can conceive and believe, it can achieve.
riffraff
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@riffraff
Join Date: 2003
Post Count: 68
November 11, 2003 - 10:14 am
And that there is the problem!!!!
I need a good accountant…
ANYONE!?!?!?!
(the last one I had looked at me funny when I said I want to have the option of retiring at 30, I need one that would have said “right… but given your income you’ll need to…”)
What the mind of man can conceive and believe, it can achieve.
riffraff
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@riffraff
Join Date: 2003
Post Count: 68
November 11, 2003 - 9:02 am
Hi Westan,
Nice idea about using the equity back on the loan to avoid interest then accessing on re-draw… thats exatly the kind of solution this hypothetical problem needs!
Because hypotheticly speaking one wouldnt want to miss out on the opportunity to use the equity!
If you refinance do you pay CGT?
Thanks.
riff
What the mind of man can conceive and believe, it can achieve.
riffraff
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@riffraff
Join Date: 2003
Post Count: 68
November 11, 2003 - 5:01 am
Hi S.I.S.
WOW!! are you for real! thats amazing how did you do it!
I have emailed the guys above my details… for your info my email is [email protected]
would like to ask you more!
Where are your IP’s ?
what kind of price range are they?
How did you find them?
How did you make your descision to buy?
What the mind of man can conceive and believe, it can achieve.
riffraff
Member
@riffraff
Join Date: 2003
Post Count: 68
November 11, 2003 - 4:55 am
I read one a while ago:
if you can think it and beleive it you can do it!
I remodeled it to give it a bit of authority as I was going to put it on my business card… my version is below
What the mind of man can conceive and believe, it can achieve.
riffraff
Member
@riffraff
Join Date: 2003
Post Count: 68
November 11, 2003 - 3:55 am
Hi All,
Great time to start asking these questions. I am trying my best to position myself for when these start falling from the sky over the next few years. I think we’ll see them start comming onto the market end of next year or earlier.
Save save save and look look look.
What the mind of man can conceive and believe, it can achieve.
riffraff
Member
@riffraff
Join Date: 2003
Post Count: 68
November 10, 2003 - 11:00 am
Hi Tom,
This sounds great. I am in Exactly the same boat. I have been looking for mentors and people at my level for a while now and have had little luck before finding these forums! (I read more than anything!!!)
My wife and I are 25, have one IP in Brisbane that we bought to live in but then moved to melbourne – we now rent in St Kilda and renting sh*ts me to tears… all that wasted cash!!!
We are now looking at starting our journey and have recently commited to each other that we want one of us to stop working in 5 years time.
I have just started on the other points you raised such as defining goals and reasons etc.
Where do you live? I think it would be great to mix with people of the same fibre as all our other friends spend all their money having short lived fun! we want to spend ours on getting rich forever!
Cheers,
Steve
What the mind of man can conceive and believe, it can achieve.