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spider2
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January 5, 2004 - 6:45 am
15K is pretty cheap. I like the story that was in the Sydney Telegraph a few years ago, a bloke in downtown Broken Hills purchased a property after much negotiating to a level where after negotiations exchanged his first home buyers grant for the property. There must be a few cheap ones still out there
Spider
spider2
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January 5, 2004 - 5:17 am
I’ve purchased three sight unseen. Find someone you trust and then SHOW ME THE FIGURES. The property is secondary.
Spider
spider2
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January 5, 2004 - 4:52 am
Hey Karen
Go with your gut feeling
Spider
freedom-please
[/quote]
spider2
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January 5, 2004 - 4:40 am
I have given three options on properties in Brisbane and all the future purchasers have thanked me a number of times for giving them the chance to purchase a property they had no hope of.
I don’t think we are here to debate moralistic issues.
Spider
spider2
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January 4, 2004 - 7:53 am
Hi Karen,
Steve would be able to answer this better than me. However, I purchased property in Canberra and the market went very south (thanks John Howard). Anyway, I rationalised and stuck with them as the rent was high. Although I could have purchased them a lot cheaper a few years after buying them. The answer to your question is that I believe it will cost you money to sell, however if you can find a better investment (positive property) I’d be tempted to cut my loses and run and learn from your mistakes. I’d be a bit dubious about the Melbourne market. Maybe you could find someone that likes your property and organise a lease or wrap. negative to positive in one hit.
Steve, what do u reckon???
Spider
spider2
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January 4, 2004 - 2:57 am
The investors club and it’s spinoff WISE are there to make money. The bottom line is to do it yourself and cut out the middle man. The investors club and WISE work as time is a good healer. It’s probably better to pay someone a spotter’s fee than the huge paybacks investors club and Wise dealers get.
Hey, it’s all in Steve’s book
Spider
spider2
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January 4, 2004 - 2:33 am
Any investor who purchases a rental property in the inner city here in Sydney is braver than me
Spider
spider2
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January 4, 2004 - 2:15 am
Peterhen,
You’re right. Any savings is better than none at all, however, negative gearing is SLOW and stops your borrowing power. If people can not get the negative gearing syndrome out of their heads then try the Margaret Lomas philosophy. A new residence with high tax deductions
Spider
spider2
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January 2, 2004 - 11:18 am
Jancrows,
Will the train help the real estate market up there? What’s the vacancy rate?
Thanks
Spider
spider2
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January 2, 2004 - 8:49 am
Pisces 133,
Sorry hit the wrong button. Maybe I should drink less.
Spider, what happened ? What did you intend to say in your post ?
As it is you are only quoting without providing your comment !?
Pisces133
[/quote]
spider2
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January 2, 2004 - 8:43 am
I tend to believe that in offering a low price, and the price is accepted, I am doing the vendor a favour. Low balling only really works in a deflated market BUT there are bargains in any market. Also, by buying low you can protect yourself if the market falls.
Spider
spider2
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January 2, 2004 - 4:56 am
Woolloomooloo in Sydney. Near the Woolloomooloo Bay Hotel, It’s a great pub I just can’t afford to drink there.
Spider
spider2
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January 2, 2004 - 4:48 am
5 unencumbered IP’s. Three lease options and I am renting here in Sydney.
Spider
spider2
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January 2, 2004 - 4:23 am
Brent1,
Thanks for info. A good time to buy????
Spider
spider2
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January 1, 2004 - 3:49 am
SI,
Even though I think there will be some more growth in Woden in the near future, I believe it is overpriced. real estate is so cyclical in Canberra you would be buying at the peak at the moment.
All comes to they who wait…..
Spider
Spider
spider2
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January 1, 2004 - 3:14 am
Hi Sooshie,
I also read Alan Falkson’s book years ago and subscribed to his newsletter. Do you know what happened to him?????
Regards
Spider
quote:
Hi there,
Yes, I agree with you Muppet, if the book saves you thousands in the long run, then $30 is just a grain of salt.
SIS, reading is great, when you get time for it []
I now have 7 books on my bedside table. I just have to look at them and I fall asleep. If anyone can invent something that will read the books for me and then telepathically link to my memory banks, then I’ll do the marketing for their invention []
Another book which came highly recommended to me is Alan Falkson’s “Investing in Real Estate on a Budget”. I loved it. It’s now out of print, but there is ONE library in Melbourne which it hasn’t permenantly walked out from yet. I can also tell you that Alan is a really nice person to boot.
Cheers
Sooshie []
When a problem is created the solution is created simultaneously
spider2
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December 29, 2003 - 12:42 am
Thanks Mel
– Spider
spider2
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December 29, 2003 - 12:36 am
Steve,
Many Thanks. I just needed to get my head around the borrowing aspect of accumulation. You might be interested in the story of three short term wraps I have in Brisbane. In anticipation of the Brisbane market surging I purchased three properties in Brisbane 2 years ago (Caseldine, Narangba and Highgate Hill). I sought out 3 future buyers by advertising in the local paper. basically, I factored in a capital gain of 5percent per year, the buyer paid all the outgoings (except mortgage) and I got a 3 year interest only loan with Colonial. I gave the buyer a three year option to purchase. The higher the risk the higher the non refundable deposit (unless they took up the option). One property the buyer had been bankrupt so I asked for a $15K deposit which I pumped into more property. To make a long story longer 2 of the properties have settled early (of course the buyer pays the breakout fees) and because I borrowed more than 80percent I get a proportion of the mortgage insurance back. A win win for everyone. Also the earlier the settlement the Cash on cash is enhanced dramatically.
Mate, I loved your book
Spider
spider2
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December 29, 2003 - 12:18 am
The Investor’s club recommend borrowing against your property in retirement. Steve recommends against this in is book and I am in agreeance. You are borrowing against future (and unpredictable) capital gains.
Spider
spider2
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December 28, 2003 - 10:25 am
Bear,
Please add me to your list of interested purchasers if you have any more +ve properties in the future. Unfortunately I don’t have the time to source these out and am willing to have someone do the initial work for a spotter’s fee. I can be contacted on 0414 403 413
Happy New Year
Thanks
Spider