Boom Boom Rob yes experience is a wonderful thing

Byronent yes i know what you are saying but i never like to see people get burnt does’t matter how naive they may be.

It goes to show though that figures can make a compelling argument for
Reasons to buy
Reasons not to buy

It depends who is telling the story to the uninitiated.

Cheers

Hi

Well i just had to show you how the accountant did the calculations to convince me the property market was bad deal.

House price 55000
costs……..5000
all up……60000

Rent 130pwX52..6760

60000@6.5%i/o=3900
maintenance…1000
lawn/garden… 250
coun rates…..400
water rates….300
ESL………… 40
Total……….5890

In…[Read more]

Hi Byronent

Yes quite happy to share the accountants name with you. PM if you like

Subdivisions is not something i have attempted at this stage. Seems like you know what you are doing so great to hear.

I am at a stage that i am deciding which direction to take.
Reno
Sub
etc

Or just wait for a while.

Cheers
Alf

Hi Byronent

Yes i know what you mean.

Yes i remember the Salisbury/Parafield Gardens and adjoining areas houses were $50000 and renting for $120 a week. I spoke to my accountant he told me get into Managed Funds and to steer clear of these areas and the property market. I would lose money big time.

Well one has to move on. I wonder if…[Read more]

I would’ve thought that the learned few of the forum would know what i was referring to other than a four legged hairy animal. I was using the Peter Spann term for a non performing asset.

The property was owner occupied
It was 10 km from the CBD
It was in a preodminatnly housing trust area

At this time there were many one could buy at these…[Read more]

Everyone in the changeroom has got a smaller pecker than yours[gossip]

Hi Rob

Yes i may use a broker from the forum for the PPOR.

At this stage i will see how the IP refinance goes.

cheers
alf

Hi Rob

I am currently going to refinance my IP.

I am considering also refinancing my PPOR.

I currently have a LOC with my PPOR split
so part is for personal
and part for Investment

I am just looking at the options at this point of what is the best move. At this stage i am not sure if i will sell the PPOR to buy another one.

Retain the…[Read more]

Hi Rob/Terry

Thanks again for your response. Yes Terry this is what i wanted to establish. You have explained it well.

I will of course get verification from an accountant.

A Merry Xmas to you and yours

Kind regards
Alf

Hi Waynel

Yes it was verifiable she was a friend of ours we knew her when she maxed out her credit cards to visit the company to see with her own eyes.

So we saw her growth.
800pm
2000pm
3000pm
8000pm
30000pm
60000pm
70000pm
80000pm

This high end stayed sustainable for a few years she has since dropped out and doing other things shw invested…[Read more]

Hi again

My understanding is that this is quite legitimate.

The only proviso would be that the original loan on the PPOR is tax deductible if made to an IP.

If you had a loan for 70000 then spent 30000 on doo dads the original 70000 interest is tax deductible.

The only thing i am trying to establish is the question of CHOICE.

So if at the end…[Read more]

Hi Rob

Thanks for that reply just so the information is correct from how i see it i’ll use an example:
LOC
Limit 200000

split ppor 100000 Inv100000
balance 60000
available 40000

using the 40000 for
deposit on new ppor
the 40000 interest is not
tax deductaible because the purpose
is not for income producing purposes.

Offset
Loan…[Read more]

Hi Rob

Thanks for that what i was getting to was that with a LOC you pay your loan down or pay interest only however if you kept the ppor as an ip you would have to draw the loan back up and the purpose would be for your new PPOR for eg.

With offset you would have the cash as a sizeabel deposit but the loan would remain the ame and be tax…[Read more]

Hi All

Great thread and some good points.

MMMM Network Marketing
Well i knew a woman that made it big she went from $2000 a month to $80000 a month in the space of 2years.

What were the secrets of her success:
-She had a system
-She talked to people
-She phoned people
-She lived and breathed it
-She was a great motivator
-She picked her people…[Read more]

Hi all

Thankyou all for your responses and input. Had a discussion with my broker and he indicates the response from the ANZ is as follows.

Whether with a breakfree arrangement or not if the loan is Interest Only then the way the system is set up it has to have an account with ANZ to direct Debit. The reason is because interest is calculated…[Read more]

Hi

WOW[specool]super freak i am amazed bought 5 houses after reading the book. Well done.

I should speak to you i find it hard to go to the next level. alla buying multiple IPs.

cheers
alf

If someone upsets you just say

May the fleas of a thousand camels nest in your arsehole.[biggrin]

cheers

Hi

At what stage am i at i have signed the necessary paperwork. All that stands being finalised my electing to use my NAB account to pay the interest on the loan and not using the account set up by ANZ.

So if i decide not to go ahead for example can ANZ force me to take the loan. or can i not accept the loan.

regards
Alf

Hi all

Sorry if i didn’t make it clear. The application fee was $600. The broker negotiated with ANZ and was reduced to $200.

The broker indictated for the sake of $95 the break free was a better option.

The fact that you had to have another account was also known, and the broker did tell me.

What threw the broker was that the loan interest…[Read more]

Hi all
Thanks for your responses
Terryw
The Broker was able to negotiate the application fee down from $600 to $200. However he encouraged me to take the professional package at $295 for future borrowings etc.

If i open a/c then close it this may be then in breach with the conditions as set out and they may not close it. I do want to try and do…[Read more]