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rumin
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@rumin
Join Date: 2005
Post Count: 25
February 5, 2006 - 4:13 pm
Thanks everyone,
…here’s the numbers
purchase price 470k
3 year lease 800p/w
it doesn’t look terrible from the outside it looks like a nice big house.
Iand price alone 325k 5.5km from CBD
It’s not a motel or anything just a nice big house fit to share.
(tenents at present 30/40ish )pension people
The surrounding area is nice leafy residential with bus stop right outside a walk to train & shopping…
Dazzling,If it’s a residential lease can I get them to pay insurance??
I thought them paying utilities was pretty good.
If I ran it myself I would have to factor the utilities in …
Please teach me some of these knots to tie the leesee up with…
Anyway,other numbers are needed I’ll post but I want to get onto my next point..
…that I did some diging and whist I found no ‘fire’ as such I did find
that they are a bit of a big cheese (WERE?name would not be appropriate)(and you wouldn’t know by just looking)
big developements many,many mill’ns$$
….But from old newspaper articles ,
**I got stories of clients that bought (not a house like my project)small inner city units “guaranteed returns” blah,blah were well behind in receiving rents..ie Mr&Mrs.S trying to collect 5 months back pay $21k..the list is long!
**A plasterer chasing $73k in work done…
**etc,etc148 unsecured creditors trying to recoup $1.8 million
**also repairs to numerous building flaws which have remained unattended for six months or more, including cracks in material and water damage that has ruined plaster, carpets and electrical fittings.
**trouble with BSA
**even the ATO was on his tais for $2000k
these were all 8 or so years ago ..and only finding this out on a Sunday…
Of couse I’ll be calling my lawyer and finding out what happened to all of this but it is certainly unlikly for them to uphold my little paper lease and 470K prop??
but who knows has he changed??
…..I think the REA who is selling this has something to answer to,too..
Is it o.k. to know all of the above and still say..
Yeah….no probs with those things (repairs/painting they have to do as per annnexure for finishing sched)..ther’yre good for ’em,I could vouch for ’em etc!!!
Of couse everything is in writing but I’M ANGRY a huge franchaise REA can blatently say that…Do they have no morals…
Maybe he would have done the repairs but I feel it’s withholding info ..
AM I WRONG??
Anywho will call lawyer first to see what I should/shouldn’t say…
Any other advise??
taa
rumin
Member
@rumin
Join Date: 2005
Post Count: 25
February 5, 2006 - 7:45 am
Thanks for replying Terry,
Yes,I am doing thread searches as we type on best insurance,public/private liability …thanks
??but as far as you say on ‘the owner'(whom I buy from)doing something illegal what insu.do you get for that??
*position is 5.5kms from CBD
*good growth I expect
*I have crubched figs on having to either rent out rooms to people myself or get specialist PM (usually charging 10% not 8% as in reg IP)still seems good and much better than reg.res.income..
Also have 2 more back up plans to either do better reform and onsell at any time…or as there s no internal staircase could do upper/lower unit in future….
Bank will lend 80LVR….
When the numbers add up …is it best not to worry about the emotional doubts??
My IP’s at present are just reg brick homes rented to couples..
this is first time to have 7,8/9 people under a roof (and a weatherboard at that)
Am i being a worrywort to take rumours into concideration?
How else can I check?
taa
rumin
Member
@rumin
Join Date: 2005
Post Count: 25
February 5, 2006 - 5:59 am
Hi ozi..,
,,….just another thought for you is maybe an option between 1 & 2 ….to buy and get the DA approval sorted out and done.
then as you say..it isn’t just land, it does have the house on to return rent…..but now you have the option to sell off the land at any stage or even find buyers and build a house with their tastes/colors etc..in mind ….thats gotta be worth a tad over market price??
whow knows?I’m just a beginner,too….but I’m trying to think of more creative options as it seems you need to in this market .
rumin
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@rumin
Join Date: 2005
Post Count: 25
February 5, 2006 - 5:04 am
..p.s.would love to get comment especially from Dazzling,Redwing ,Grossr,or Q007[blush2]
rumin
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@rumin
Join Date: 2005
Post Count: 25
September 27, 2005 - 4:54 pm
Hi again grossrealisation,
Yes!mee too..count me in for the Dazzling group….Hmmm[lmao]’Dazzling Investments Inc’…bit too razzamatazzy??
Anyway…adding another 2c …
grouping people is an idea..ie each group has a senior(not age but prop count)residential specialist,commercial specialist,reno specialist
etc,etc so each member can get the information to challenge another method in the R/E market to balance our own portfolios..
[biggrin]maybe even a barter type club for advice given???just a thought?
rumin
Member
@rumin
Join Date: 2005
Post Count: 25
September 23, 2005 - 2:50 pm
Thanks for the replies…
an update…I decided not to go down the tree route as it would have tied up money for a long time and not offset my tax just deferred .
My accountant made a lot of mistakes but it was my fault not to double check…(although I always thought that’s what you pay a goodone for not to have to research every rule yourself?)
As Terry pointed out the prepaying interest was the best way but as I have an asset line loan my banks’cutoff date had expired to get the paperwork through in time..
The only things left were some necessary repairs and full depreciation reports…
I should have the finally tally of tax to pay soon..and as hmackay so kindly pointed out YES, I should be happy I have money to pay tax on..
rumin
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@rumin
Join Date: 2005
Post Count: 25
September 23, 2005 - 1:38 pm
Hi meilin08..,
Would you mind breaking up the 3000 you got back…ie rental commision fees/repair quotes etc,please?
I am situated in Tokyo and had a sale of a townhouse in Maroochydore in March 2005…plus 2IPs during that 1st july 2000 to 1st april 2005 window..my accountant has been looking into it but it would be very helpful to see what others have got..I will post mine next Tuesday
rumin
Member
@rumin
Join Date: 2005
Post Count: 25
September 22, 2005 - 2:20 pm
Thanks phefford,
great tip…! I just PM’d a moderator and they said they’ll look into fixing the problem..
Your tip is great ,though…will try it now..
rumin
Member
@rumin
Join Date: 2005
Post Count: 25
September 22, 2005 - 12:35 pm
Hi grossrealisation,
I really like the idea!There’s no learning like hands on ‘REAL’ learning…I love all the posts
on PI.com about win/win situations and am trying to get a chapter of PI.com people living in Tokyo together so we can maybe help out with each others ips and pool info and resources.
Thanks for the idea and if you’re going to start it,count me in..I’d do it even from outside OZ!!
Rumin
rumin
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@rumin
Join Date: 2005
Post Count: 25
September 22, 2005 - 12:23 pm
Celivia ?Did you contact the moderator?The search function still isn’t working and I went to email in the tech difficulties section AND that function isn’t working either??
I really like the search function and I think it helps newbees not ask too many Qs that have already perfect answers…I hope it’ll be up and running soon

rumin
Member
@rumin
Join Date: 2005
Post Count: 25
September 21, 2005 - 3:28 am
Ooops sorry[blush2]…just a beginner…Did I overkill the posts?Can someone give any tips for using the search function on PI.com
(I usually keep it to one word quiries)
thanks
Ruth
rumin
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@rumin
Join Date: 2005
Post Count: 25
September 21, 2005 - 2:32 am
Hi again ,BTW does anyone else find the search function even when it was working bought back unrelated and difficult to see at a glance -data??
The search function at somersoft if great it comes back with clear,relevant threads all in perfect order everytime…
[blink]Sorry PI.com but if the search function is to be fixed maybe it can be made much better!!?!!
Whilst I try to get through all daily posts… for certain topix ie CGT,the search function has been invaluable[inlove]
Just a thought…
rumin
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@rumin
Join Date: 2005
Post Count: 25
September 21, 2005 - 2:24 am
Monopoly Man..,
H again…sorry when I said search I meant this forum’s search function BUT it’s down at the moment..However I always find that SOMERSOFT’s forums’search function is much faster and better than PI.com’s
(sorry PI.com)
rumin
Member
@rumin
Join Date: 2005
Post Count: 25
September 20, 2005 - 4:42 pm
Dear grossrealisation
“3. BenJones I’ll try to answer your post I think simon is right with the account it gives you easy accessable money if you need it I wouldn’t give this advice as I don’t know you situation if you were 18 ( and you have to be to invest) I would put it in the off set account and then lend it out on the short term money market at 3% per month now thats growth but is the highest risk currently there is so its horses for coarses.”
Question:
Where can I find out more about the short term money market at 3% per month ???Have you tried it?
thankyou
Ruth
rumin
Member
@rumin
Join Date: 2005
Post Count: 25
September 20, 2005 - 4:18 pm
Hi MM..,
I’m just a beginner too(3IPs)..but to add my 2c
Just an idea (as I am just about to do my first,too)
but how about trying to do a cf+ lease option (do a search if you’re not familiar)on your current prop..that way you don’t have to sell yet..it looks better on paper to the bank,and the extra cashflow will help with next purchase.
BUT ,if the figures are too hard to make positive ,I totally agree with Millionare in training’s post..
good luck
rumin
Member
@rumin
Join Date: 2005
Post Count: 25
September 16, 2005 - 4:56 pm
Hi,could someone pleeease put a bit of an idea of what was in ‘API magazine has got the lot – 50 ideas’ article…I’m overseas and can’t get a copy (or it’d cost an arm &leg)..
was the article THAT good???
toodles
Ruth
rumin
Member
@rumin
Join Date: 2005
Post Count: 25
July 16, 2005 - 6:24 pm
Hi steve..,
Good to see the BIGGIES wanting to know our littlies needs..Thankyou..
I like Swampy30’s Qs:
strategies for building wealth in this environment of rising rates and falling prices.
Possible strategies
– Build equity by paying more off loans
– Let time increase the value of property
– Carry out realistic analysis of holdings
– Investigate what we can expect by looking at previous economic cycles
and C2s
of the best place to source fianace once capital is used up…..
and my own 2c of ‘when to know how much debt is too much debt’ ie not taking into consideration the “comfortable factor” but for example if you know you’re going freelance next year and therefore not as ‘goodlooking’ on paper to banks (similar salary,though)…obvoiusly taking into concideration cycles/rates etc..do you max up your loan (if and only with properties you would have bought anyway…)
just a thought
thanks Steve & all posters…great Q’s ..I have a note book full already..[thumbsup2]
rumin
rumin
Member
@rumin
Join Date: 2005
Post Count: 25
June 11, 2005 - 3:10 pm
Thanks Terryw and jodieleigh for the replies..
Why,are these 100% offset investments all agricultural?I found trees(various types)wine and truffles! Any preference?Pawlonia,sandalwood,teak?
Also I found a few small sites on Aussie movies to invest in that have A-10 approval…
Anything else anyone knows of?
rumin
Member
@rumin
Join Date: 2005
Post Count: 25
April 26, 2005 - 4:19 pm
Born:Melbourne
IPs:SE.QLD
currenly living in Tokyo,Japan(the big Mikan)
rumin
Member
@rumin
Join Date: 2005
Post Count: 25
April 26, 2005 - 4:10 pm
I agree with TerryW…go with Bantacs ,,
I use them,and as far as Geography goes..
I’m in Tokyo!!
So I’d say from Brisbane up the motorway to the Sunshine coast isn’t as far as I have to go[strum]!
Ruth