[AceyduceyParticipant@aceyduceyJoin Date: 2003Post Count: 651]

May 10, 2004 - 9:58 am

My parents charged my sister board after she continued living at home while having a good income (the rest of us moved out before this point)….when she decided to go buy her first place they gave her all the board money back plus interest!

They’d just been letting it build up as a way to help her save for her first property

I’m thinking about doing this with my kids.

Cheers,

Aceyducey

[AceyduceyParticipant@aceyduceyJoin Date: 2003Post Count: 651]

May 10, 2004 - 9:56 am

Their Peking Duck is world famous as well!

I try to visit on every trip I make to Melbourne

Cheers,

Aceyducey

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May 10, 2004 - 9:53 am

I/O

Cheers,

Aceyducey

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May 10, 2004 - 9:52 am

Originally posted by Brenda Irwin:

I once went to a reno’d property which had previously had a cracked driveway (patio area actually). The owner had gotten a grinder and ground off the uneven sticking up bits, and then used a heap of that cheap no more gaps sealer to seal up the cracks. He had then simply painted the area with an appropriate paving paint. It didn’t look too bad.

Brenda,

That’s likely to only be a short-term fix. As tree roots or changes in the moisture level & the expansion & contraction of the concrete continues it will form cracks again.

It’s good for a quick sale however.

Cheers,

Aceyducey

[AceyduceyParticipant@aceyduceyJoin Date: 2003Post Count: 651]

May 10, 2004 - 9:51 am

Originally posted by kay henry:

Actually, some of the wisest people on here (in MY opinion only) have next to no IP’s. It just depends on what you’re looking for.

kay henry

I can see why you say that Kay [biggrin]

Cheers,

Aceyducey

[AceyduceyParticipant@aceyduceyJoin Date: 2003Post Count: 651]

May 10, 2004 - 9:31 am

Originally posted by gmh454:

When Sydney booms Australia Booms, when we drop….

Actually not true.

Look at the historic pattern of price changes in property & you’ll see that it’s more like a pond with ripples spreading outwards from the major metros.

Brisbane generally keeps going up for several years after Sydney & regional areas commonly start even later & finish later.

Fern,

Common sense is rarely common

Cheers,

Aceyducey

[AceyduceyParticipant@aceyduceyJoin Date: 2003Post Count: 651]

May 10, 2004 - 9:18 am

Try #IPChat supported by the Somersoft forum – there’s a good 20+ investors hanging out there at most times of the day & late into the night….

You can connect to it using a Java client from the main page of the Somersoft Forum (http://www.somersoft.com/forums)

Or via mIRC or another chat client connecting via one of the Blitzed servers.

Cheers,

Aceyducey

[AceyduceyParticipant@aceyduceyJoin Date: 2003Post Count: 651]

May 10, 2004 - 9:13 am

Originally posted by kay henry:

But you might respect that some people actually *like* being doctors, lawyers, teachers, nurses, builders, gardeners.

I know many who do – but all of the people I know who work want the choice not to

It’s not whether you exercise it, it’s about making sure you have choice.

4 uni degress – wow That’s a lot of time sitting on your bum so you can go out & work [biggrin]

BTW I’m out of decent six-figure-ville myself – and no I would NOT go back. Working is one thing, but frankly I’m not impressed with the ethical culture of corporate Australia and have the same view as John Gant.

Cheers,

Aceyducey

[AceyduceyParticipant@aceyduceyJoin Date: 2003Post Count: 651]

May 10, 2004 - 9:09 am

We tend to paint a 3-4 bedroom house inside & out for about $1,000 inc various required appliances.

Cheers,

Aceyducey

[AceyduceyParticipant@aceyduceyJoin Date: 2003Post Count: 651]

May 10, 2004 - 9:06 am

Originally posted by shaunwalker:

i am in canberra, but will be in darwin on the 7th and 8th of june. i have one IP up there and would be glad to give you any advice on the troubles i had! especially PM’s and conveyancers

Shaun,

Come along to the Canberra dinner on the 29th May and tell us about it too!

Cheers,

Aceyducey

[AceyduceyParticipant@aceyduceyJoin Date: 2003Post Count: 651]

May 9, 2004 - 3:40 pm

Originally posted by kay henry:

I see property as superannuation really. Say you buy 3 $100k properties now, with 30 years left wo work.

Now that’s a very different attitude towards working!

I can’t see why anyone would choose to work for 30 years without being able to retire at any time.

I guess some people have been well conditioned to society’s work til you’re 60-65 brainwashing [biggrin]

Robo,

What do you want – to work til you’re 65 with no choice – or to have the option to retire much earlier?

If you put your money into super all you’re doing is building (assuming the super fund doesn’t waste your money) a nest egg for when the government forces you to retire.

You’re not influencing in any way the date at which you can choose to retire.

Myself I’ll always look towards the assets that I control such that I can make my own choices.

Cheers,

Aceyducey

[AceyduceyParticipant@aceyduceyJoin Date: 2003Post Count: 651]

May 9, 2004 - 3:33 pm

Originally posted by MiniMogul:

“Looking online isn’t necessarily the best way to find deals”

I disagree mainly because you can trawl through hundreds of deals on the net with a fast computer and high speed access like I have and check out many areas in the process. In real life you could maybe inspect about 85 in two weeks, a lot slower

You use the internet as leverage. yes agents give you deals first once you know them but the internet is how I found my first three properties which got me to that point with agents

Gee that’s a slow approach you have.

Sure you can look at hundreds of properties quickly online – but who wants to waste time doing that!

We try to consider no more than 20 properties to find the five we offer on at a time. And we only look at the ones we offer on (except when researching an area)

How do we do that?

We first research the areas – so we don’t need to trawl through lots of properties pointlessly. Most of our online time for properties is spent researching, not looking at specific properties.

Then we call the real estate agents & have them send us the deals that match what we want.

And we look at the local papers for those badly advertised private sales (our last property had a two line ad basically saying: ‘6 bedroom house for sale – Open house Saturday 2pm – email [email protected]‘

We bought about 25% below market at the time.

Now THESE are the real gems. You won’t find them online.

Cheers,

Aceyducey

[AceyduceyParticipant@aceyduceyJoin Date: 2003Post Count: 651]

May 9, 2004 - 1:48 pm

Originally posted by melbear:

Acey, would you not be better discussing the business with an existing franchisee?

Doing that too Mel

I like to get a good round cross-section of views before proceeding in new areas of business.

The first hurdle to overcome in any new area is learning what questions I should be asking

Cheers,

Aceyducey

[AceyduceyParticipant@aceyduceyJoin Date: 2003Post Count: 651]

May 9, 2004 - 1:45 pm

Accept a credit card.

Good agents are flexible

Cheers,

Aceyducey

[AceyduceyParticipant@aceyduceyJoin Date: 2003Post Count: 651]

May 9, 2004 - 1:33 pm

I liked the comment:

Whether we are heading for a crash at the bottom of the property cliff or a gentle levelling out of the market, the figures show the current boom cannot last beyond the middle of the year.

And who made that rule

It should state that it’s an opinion, not a fact.

Cheers,

Aceyducey

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May 9, 2004 - 1:32 pm

You can do it.

Make sure there is a clear separation – ie best to use a company as the Trustee not you personally.

Also you must pay market rent.

We like the approach because we can claim another property as our PPOR and deduct elements of the rental due to running businesses from home.

The Trust largely furnishes our house, so most of our furniture fits under the depreciation guidelines.

However it’s not appropriate in all circumstances – consult with a GOOD accountant!

Cheers,

Aceyducey

[AceyduceyParticipant@aceyduceyJoin Date: 2003Post Count: 651]

May 9, 2004 - 1:29 pm

Summo,

Governments have legislation on which clauses are illegal & in certain cases what you can put in a lease legally.

I suggest you look through the available brochures on this topic so you’re not writing an illegal lease.

Cheers,

Aceyducey

[AceyduceyParticipant@aceyduceyJoin Date: 2003Post Count: 651]

May 9, 2004 - 1:26 pm

Originally posted by georgisj:

At http://www.incorporator.com.au you are able to set up a company, which based on what acountants charge for doing this, might save you around $200.

Yup Incorporator is bloody good.

I’ve used it several times myself.

Cheers,

Aceyducey

[AceyduceyParticipant@aceyduceyJoin Date: 2003Post Count: 651]

May 9, 2004 - 1:18 pm

The best income protection scheme is a portfolio of positively geared property with a few negatively geared ones plus a healthy share portfolio & some direct business investments.

Any other form of insurance comes with so many caveats & is operated by companies who have an interest in not paying you.

Put your money where it will do the most good.

Cheers,

Aceyducey

[AceyduceyParticipant@aceyduceyJoin Date: 2003Post Count: 651]

May 9, 2004 - 1:16 pm

Davo,

No there isn’t.

You’ll be lucky if your Dad doesn’t get fined for being 4 years behind in paying his taxes!

Cheers,

Aceyducey