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  • Profile photo of yackyack
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    @yack
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    March 26, 2004 - 12:19 am

    I always take insurance out once I signed the contract ie. offer accepted.

    If its only minor damage – just fix it yourself or get it fixed and pay for it.

    Dont sweat the SMALL stuff. You wont last long in this game if you stress over small stuff and dont see the bigger picture.

    Profile photo of yackyack
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    March 25, 2004 - 1:53 pm

    Why dont you just refinance? Go to another bank. Or see a mortgage broker?

    Is it Hampton or East Hampton?

    Profile photo of yackyack
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    March 25, 2004 - 1:51 pm

    Rugby – you beat me by 1 min. The property may be yours.

    At $200k its a bargain. The naturestrips are worth more in Hampton.

    Profile photo of yackyack
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    March 25, 2004 - 1:48 pm

    OTP = off the plan.

    Fraught with danger they say…..

    Profile photo of yackyack
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    March 25, 2004 - 1:43 pm

    Its a shame you have to sell. I love Hampton. I would love to live in that general area. But thats in my 5-7 year plan.

    You will get very strong growth there.

    Wraps are BS. What are you intending to do? I dont understand. Wraps dont work in good areas from what i understand. But i’m having a mental block – i should be watching the footy show

    Profile photo of yackyack
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    March 25, 2004 - 1:35 pm

    My replies.

    1. I use PM. Never done myself. I dont want to hear the sob stories. PM can handle that.

    2. Depends on # of properties with agents. As I have 2 with the agent it 5%. If I only had 1 it would be 7%.

    3. I have public liability insurance and landlords insurance.

    4. Yes. if its small i get PM to do it. If major repair I source my own people.

    5. I do not insure for lost rent. Never lost any rent in the 7 yrs investing. Its not too bad.

    Profile photo of yackyack
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    March 25, 2004 - 1:27 pm

    Can I ask what surburb, is it brand new, did you buy it off the plan, is it in docklands, what is the rough price eg. 500k, whats the expected rent, how many units on each floor, did you buy it from a seminar property company.

    A bit more information, may allow us to give better advice.

    Profile photo of yackyack
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    March 25, 2004 - 1:19 pm

    Wraps. I dont know or believe much in them.

    Profile photo of yackyack
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    March 25, 2004 - 1:11 pm

    Ok. My advice is go to the local estate agents.

    No such thing as a quick sale unless you are prepared to sell quickly at a price below market value to a vendor with cash or finance already sitting their waiting.

    Profile photo of yackyack
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    March 25, 2004 - 1:07 pm

    Hopefully its in Port Melbourne with Bay and City views.

    Profile photo of yackyack
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    March 25, 2004 - 1:05 pm

    The smell of blood on the streets already…….

    Profile photo of yackyack
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    March 25, 2004 - 1:00 pm

    Is noone worried about this?????????????????

    Profile photo of yackyack
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    March 25, 2004 - 12:56 pm

    What suburb and what about vendor finance at 4% for 20 years.

    Profile photo of yackyack
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    March 25, 2004 - 11:51 am

    1. approx $1.3 mill
    2. approx 700+k
    3. 1 house (PPOR), 4 units
    4. Mix of + and – gearing… oh wait, that’s offset gearing…

    Started in 1997. Should have bought houses in hindsight. No secret – started before boom.

    Loans fixed.

    Profile photo of yackyack
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    March 25, 2004 - 11:44 am

    So you reckon Steve Mcknight is some god or something.

    Profile photo of yackyack
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    March 25, 2004 - 11:42 am

    There is a tradeoff between positive cash flow and capital growth.

    In the long term capital growth is what you need for asset growth.

    What type of asset do you want – rural or city/suburb?

    Profile photo of yackyack
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    March 25, 2004 - 5:42 am

    <<<<<Anyone in Melb willing to hire their property consultancy services out for a fee that is lower then the current buyer’s advocates of 2% of property purchase? I’d be interested :)>>>>

    Why not do it yourself? I live in Melb. You know what area, type of ppor and cost of ppor you want to live in.

    My suggestion – do it yourself – I am familiar with Bayside surburbs of Melb. Got any questions, use the forum, PM or email me.

    Profile photo of yackyack
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    March 25, 2004 - 4:40 am

    These are my figures;

    Property portfolio values. Loans have not changed. Loans are my business.

    Dec 2002 $1.180m
    Dec 2003 $1.335m Increased by $155k
    Mar 2004 $1.385m Increased by $50k.

    Prices in my area of Melb have not really softened. I went to an auction on the weekend and there were multiple bidders.

    And the main reason for the growth has been South Frankston. And I expect more growth as the infrastructure is built. eg. new picture theatres, central shopping centre, marina, foreshore developments, CAD (central activities district) etc.

    So I think its possible but he must be very highly geared. I think his total portfolio is at least double mine.

    Profile photo of yackyack
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    March 25, 2004 - 4:08 am

    <<<Dymphna Boholts’ “secrets of growing rich superconference 2004” >>>>

    Dymphna Boholts is Ed Burton in drag. Both come from the same company ‘Breakfree events’ and the advertising material I received looks very similar.

    Profile photo of yackyack
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    March 25, 2004 - 3:28 am

    Let me give you an example of buying in a Boom.

    I recall that back in Oct 2000, I borrowed $10k and put the money into a BT Time (Technology)Fund. Do you remember those days when everyone was making heaps of money out of IT stocks.

    At the time I invested, the unit price was 80cts after an issue price of $1. I thought – way to go – I am getting a 20% discount on those that bought when the fund was started.

    In March 2004 its worth $3300. And the unit price is 26cts.

    I am not saying property will go down by 60% but it could go down 5-20% or remain flat for a very long time – some say 4-10 yrs.

    All i am really saying – is be careful – and dont expect similar growth for some time.

    If you can afford it and you know the value may go down and you wont panic – then go buy properties. The key is time in the market.

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