Hi lister

yes i’m about that mark. I started buying 6 yrs ago when i was only working 4 days a week so my income was even less, My net worth at that time was only 25K. in 12 months i was able to buy 10 houses. thats the great thing about Cash positive properties you can buy heaps. Admittedly they were a lot cheaper then (about 30K and rent for…[Read more]

hi all

i really think that Ballarat, Geelong and other regional cities could go higher. unfortunately i don’t own any in these 2 cities. they are still cheap compared to the city. the State government’s new $1,000,000 campaign to encourage people to live in rural cities will only help push up prices in these and other rural places.
regards westan

hi guys

enduser yes those site are behind, part of the problem is they are left on until they have settled which can take 4-8 weeks. the agents leave them on just in case the sale falls over.
I think you are right about the personal approach. Guys so many properties are sold now days before they even get to be advertised. agents need to know you…[Read more]

hi guys

am i missing something, are these guys paying 8.75% for the money for five years and lending it out at 6.34%.

this doesn’t sound like a very good business plan. Do you think we should tell them ?

Better still how about we borrow off them and reinvest it with them and make the 2.41% profit ourselves. It doesn’t make sense to me. they…[Read more]

Hi investorgirl

welcome to the forum, i haven’t heard of that book. i’m a real fan of Dolf De Roos’ “real estate riches.
A must read for all interested in property.
regards westan

Hi pinit2000 and all

Pin i think that Richmond’s comments were in regard to my post which i have since changed to be far less confrontational.
Thankyou Richmond for your response.
Pin in regard to your comment about covered calls, friends of mine who were initially very excited about it after doing some stuff with Peter Spann a few years ago…[Read more]

Just found it in Dale’s book “if the trustee does not distribute those profits to the beneficiaries of the trust, then, the trustee will pay tax at 48.5% of the profit” p101 Trust Magic

westan

hi terry and crashy

the other main advantage of a trust is assett protection.
In regard to undistibuted money according to Renton’s book “family Trusts” page 134 some money not distibuted for what ever reason will be paid out of the trust fund. but he doesn’t say the tax rate.
Crashy i also recomment Dale Gatherum Goss’ book trust magic.

westan

Hi all

i think we just have to get tougher and vote with our feet and move to a new agent as you have done Richmond. i know there will always be hickups along the way and agents cannot stop a lot of the problems but sometimes thay are just incompetent.

regards westan

hi reon

not sure what you mean?
from my experience the level of coverage would be spelt out in the policy. i used to own a property in Tas. and the area was that bad that if it was vacant the excess on the policy when up from $100 to $1000. i don’t think this is very common though. the situation in NZ may be different. By the way you guys in NZ…[Read more]

Hi Rod and everyone

this is certainly an area i will be spending more time on in future. I was very disappointed to inspect a house that the tenant had vacated. i was told by the agent the house was ok and he had returned the Bond. today when i looked at the property there was a crack in a front window, carpet has small burn market and not clean…[Read more]

I’ve changed my post

Well Done Matt

your detective work is excellent.

I’ve some Questions for crashy
Did you come to the forum with the intention of promoting your own business to those on the forum? is this is why you continually claim the market in Melbourne will crash by 30% like it has in the early 90’s, even after it is proved Melbournes…[Read more]

hi all

boy, crashy i think we’ve done this one before []
i’m going to let this one go but pick up on Reggies comment
“Ed Burton talks about investing in overseas funds via Vanuatu, but I am not so sure, you are not as much in control.”
i really struggle with this off shore approach. the only reason people would do it is to avoid tax. we live in…[Read more]

what’s the money tied up in ? will you have any left after 5 yrs? i’d doubt it was capital guaranteed.
some of us remember Pyramid and other building societies that offer great returns. sadly they went bust loosing the depositors funds.
i’d check it out carefully before putting in one cent. How are they making a profit? by lending it out at 18%…[Read more]

Hi all

battz 71 i’ll get the ball rolling, i have bought 7 properties in the past week, all cheap ones that i can do some work on the exterior to add a lot of value to. the most expensive was $58,000 and currently let at 170pw (in a city of 100,000) the cheapest 23,000 and will rent as is for 100pw, but after i fix up will let for 130pw (it’s in…[Read more]

Hi muppet
how are things going, i purchased a house inDunedinlast week for 58k renting for 170pw i could have paid up to $85k for it to fit the 11 sec rule. So the deals are about even in large NZ cities. But i agree with you the 11 sec rule is not always indicative of a cash positive property. Especially at the lower end of the market, if you…[Read more]

hi All

hamster i agree thats a good idea. it’s worth having a chat to your tenants to find out what is going on with the house, for no one knows the property like the one living in it. when inspecting properties to buy if the tenant is around i always ask them ” what would i need to do to the property to keep you happy to stay on as the…[Read more]

hi fudge

i don’t think you would get anthing that cheap in Stawell as far as rent goes (90pw). I own properties in Oliver ave, freeland st (commission area and rent is 120pw, my properties are OK but typical excommission homes.
westan

hi steve

in my interpretation you have just contridicted yourself.
Are you saying we should be self inspecting every 6 months or pay someone to do it.
surely you wouldn’t personally inspect your properties? isn’t the reason why we have a manager to free us from the hastle of property inspections? or am i being neglectful of my properties, not…[Read more]

Hi all

one thing i’ve observed with some of these MLM is the business is incredibly fragile. i have a friend who was in Amway, he made it to the direct level (where you are supposed to have made it). in talking to some “diamonds’ (even higher up) he was told that they knew the business was not as solid as they presented and always at risk of…[Read more]