Hi Tony,
My ex and I owned a take away food shop/cafe several years ago, and let me tell you it was b….. hard work.

We opened at 6a.m. and closed around 7p.m. six days a week. Sundays we did the book work. All this work and we only just made a profit. It was in a good location (main street)in an inner suburb of a capital city.

I hope this…[Read more]

Hi ss2306,

That sounds correct.

The opposite of course is a property which is positive cash flow (+CF)[biggrin]
Regards,

Sharon

Hi showbags,
Some say it’s best not to cross-collateralise. I agree. That is to say: don’t use the equity in your existing IP to borrow more from the same lender.

Instead you can set up a Line Of Credit (see your broker to do this) using the equity in your IP and draw down on it as you need money for a deposit to purchase more IP’s.

Then you…[Read more]

Hi retropost,
I think you need to speak to an accountant.

In my experience they are happy to give you 1 free appointment to discuss your situation. Ask them if you can do this.

Even if you have to pay it would truely be worth the money to keep you OUT OF TROUBLE with the tax man. [biggrin]

My understanding is that you must declare all income to…[Read more]

Hi Joel,
I would recommend you read Peter Spann’s book – $10M property portfolio in just 10 yrs. It will teach you how to locate such properties.
Happy hunting!
Regards,

Sharon

I think DD is a spotter/bird dog for the SEQ area. Maybe you could look up her/his details in the members section. Might be able to help you.
Regards,

Sharon

Hi Woodsy,
Muswellbrook has a population of around 10,000, and major employment is coal, agriculture, and power/energy.
This link is interesting:
http://www.muswellbrook.nsw.gov.au/business/business.html
I haven’t purchased there… yet. I think it looks good… for further investigation.[biggrin]
It has been earmarked by the state govt. for major…[Read more]

Hi Kathy,
I’m with Derek, hold long term if you can, and as your equity increases you could buy another. Then the whole process repeats itself as equity rises with each new investment you buy. This may take awhile depending on the market but you can see it’s Magic.[thumbsup2]
Your choice though, as everyones situation is…[Read more]

Hi Woody88
I think Steve suggests a town with a population of not less than 20,000. And preferably not relying on one form of employment (e.g. a mining town).

Other creative suggestions might be to find a place in need of renovation – add a new bathroom, kitchen, add an extra bedroom – divide a large bedroom into 2, paint, fencing etc (But be…[Read more]

Lots of info on Wood Borer here..
http://www.csiro.au/index.asp?type=faq&id=TermiteControl&stylesheet=sectorInformationSheet
Termites are mentioned first, then wood borer.
Regards,

Sharon

Hi Spanky
This link will probably answer all your Q’s…
http://www.fairtrading.nsw.gov.au/realestaterenting/buyingselling/buyingprocess.html
that’s if you’re in NSW, but I guess other states would have similar.[biggrin]
Regards,

Sharon

Might be an idea to check with your local Council what their rules & regs are.
Some Councils require you to be licenced if you have over 7 rooms (NSW). To comply with the licence requirements can be very expensive. Fire regulations concern them the most of course, but also things like the no. of bathrooms per rooms, kitchen facilities, common…[Read more]

Hi Dazzling,
What a freaky thing to have happen, so glad no one was injured or worse.
I have heard of claims against landlords where the insurance company states ‘the landlord is responsible for ensuring everything possible was done to prevent the accident’. How far they would enforce this is questionable. No trees allowed?
I guess all the O.H.&S…[Read more]

Does the plumber have an apprentice?[argue]

Sharon

From an older perspective (40 something), I wish I had paid myself 10% of my earnings every week since my first job.
With this 10% savings I would have bought properties and never sold them.
Oh to be so wise at 15, 16 or even 20.
Nevermind, it’s never to late to start[biggrin]
Life is for learning![thumbsup2]
Regards

Sharon

Also heard on the radio recently that by 2026, 30% of the population will be living in 1 bedroom units/apartments.
Don’t know the source.[blush2]
Regards

Sharon

My understanding is that your new PM will do it for you i.e. fire the old one, or you can do what I did and just write them a letter to tell them that their services are no longer required from (date).

Before you choose a new PM I would suggest you interview them to make sure they will look after the property, and that they will see to it that…[Read more]

Hi Frano,
Maybe you could try doing a search (under Forum Boards on the left) if you haven’t already done so.

Using the word spotter, spotting, or bird dog, should turn up some info for you.
Happy hunting.
Regards,

Sharon

No, haven’t heard of him.
If he is a baddie, Neil Jenman might know him.
Try http://www.jenman.com.au and look for ‘Cast of Characters’. He has 97 on his list.
Regards,

Sharon

I know what appeals to me…
Photos, photos, and more photos (and +CF of course[biggrin]
Regards,

Sharon