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

April 28, 2004 - 12:20 pm

Derek is correct – DAAJ I suggest you reread Derek’s post.

Steve McK has actually written about the same topic in a recent forum post.

Cheers,

Aceyducey

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

April 28, 2004 - 12:14 pm

Roofarmer,

I appreciate your ethical dilemma.

I do see a need for the type of service. After all, traditional lenders don’t help the people in these types of straits…maybe THEY are unethical to not help….

Personally I’m not sure of the decision I’d make. It would depend on the people involved, the policies of the company & the level of control I would have to ensure that the company was behaving ethically and profitably at the same time.

If I didn’t have sufficient control or I had concerns over the ethics of the people involved my answer would be a definite no!

However I’d be willing to consider the investment provided:
– The company makes it’s policies, costs & interest rates clear to clients.
– It complies will all applicable credit legislation.
– It has a mission and supporting policies of providing a needed service to people who need quick cash fast (don’t we all at one time or another).

Cheers,

Aceyducey

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

April 28, 2004 - 12:47 am

Sounds like a great buy to me!

Cheers,

Aceyducey

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

April 28, 2004 - 12:39 am

I can get to it. I’m not with the same ISP.

PK – you could have a browser incompatibility or it could be a caching or DNS (Domain Name Server) issue with your ISP.

Call your ISP about this one – there may be other sites you can’t get to…and you won’t know until you try to reach them.

Cheers,

Aceyducey

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

April 28, 2004 - 12:36 am

Personally I prefer to use a corporate Trusteee & be the director of the company.

It adds that extra layer of removal to the situation – and has some other advantages.

Cheers,

Aceyducey

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

April 28, 2004 - 12:34 am

Originally posted by PurpleKiss:

No, you have the insurance for 12 months to make sure you are paying your way, otherwise you join, have the baby and leave and the rest of us who stay in it have paid for your treatment.

Ok, looking at it a different way, do you insure your houses, your contents, your cars? Yes, and do you use the policy every year to “make sure you get your money’s worth”? I hope not, otherwise you are having a lot of accidents, thefts etc.

PK,

If I insure my house as soon as I have an interest in it (on exchange) then a week later it burns down I expect to be compensated…

If I join a private health service & then find out a month later than my partner is pregnant I’d expect to be covered.

It’s the risk the insurance company takes. That’s their job!

Cheers,

Aceyducey

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

April 27, 2004 - 2:25 pm

1. There’s no such thing as cannot.

2. There is such a thing as should not.

3. Don’t expect others to make you rich.

4. Creativity comes from within.

5. So does confidence.

6. Everyone starts with the same skills – which you choose to learn through life depends on your self image.

7. Doing is the only way to get to done.

8. Is too many tasks to focus on simultaneiously for most people. Find your own multi-tasking sweet spot.

Cheers,

Aceyducey

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

April 27, 2004 - 2:15 pm

I started a lawn mowing biz, ran a uni club & through it attended/ran to a lot of seminars & events which provided me with practical experience.

Cheers.

Aceyducey

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

April 27, 2004 - 2:13 pm

Evans,

they’re all BIG questions – and discussed regularly across various forums.

Do some research and you’ll be able to answer all of them yourself.

Cheers,

Aceyducey

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

April 27, 2004 - 2:11 pm

pp,

Properties sell themselves in a boom market.

We’re not any more.

According to some figures I saw last year on where REAs source buyers:

Signs are still the number one source of leads for REAs – so a big sign is a MUST.

A well-worded ad in the appropriate publications is number 2.

Online is number 3 but gaining on 2.

The REA’s database is in fourth spot – though this may be more due to how tardy many REAs are in a boom in keeping peoples’ details

Cheers,

Aceyducey

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

April 27, 2004 - 2:07 pm

We renoed a property last year with a similar issue.

We looked at the cost of replacing the driveway, but frankly it wasn’t worth it…it’s a frill not a necessity on an IP – doesn’t change the valuation a single dollar.

Cheers,

Aceyducey

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

April 27, 2004 - 2:00 pm

Delyse,

It is largely a buyers’ market in Sydney atm – how you deal with it is your choice, but I’d advise that you don’t panic – that’s an emotional response & doesn’t really add any value.

Any property can be sold quickly IF THE PRICE IS RIGHT. Clearly your price is higher than anyone in the market is prepared to pay right now.

You have two choices:

1) Wait until the market is prepared to pay your price.
2) Drop your price to the right one for the market.

Pick the choice that works the best for you – but do it from an objective perspective not a emotional one or you WILL lose out.

Oh, and bear in mind – no-one cares if youre price is negotiable…what they SEE is $389K not ‘negotiable’. Many people don’t even negotiate on house prices as they’re conditioned at retail to pay the price advertised.

Think about the cost of holding the property for months versus the cost of reducing the price, say, $20K…..

Cheers,

Aceyducey

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

April 27, 2004 - 1:51 pm

The ATO doesn’t recognise valuations done by REAs.

You need to use a registered valuer.

Cheers,

Aceyducey

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

April 27, 2004 - 1:49 pm

Lucifer,

There is no ideal level. It all depends on your situation, strategy & what you’re buying.

The less you pay the further your money goes…but the more highly leveraqed you are & at greater risk of external factors such as interest rate changes & changes in government legislation.

Cheers,

Aceyducey

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

April 27, 2004 - 1:45 pm

Jaffasoft,

Think about it in a different way.

You are paying a charge to use the bank’s money.

At the end of the loan you still own the original amount of money, which you can continue to pay a charge on, or pay out (somehow).

If you pay it out you end up with your cash being tied up in the property – to get it out you need to either sell the asset (and lose the future CG & rent) or refinance it with a bank – and pay interest on the loan.

So why bother paying out the original loan in the first place!

In fact, as the property increases in value you may wish to pull out more money from the property and INCREASE the size of the loan….

Cheers,

Aceyducey

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

April 27, 2004 - 1:38 pm

Derek is spot on.

Frankly you can rent out virtually any property, so if they have to offer a rental guarantee – what’s wrong with it

Cheers,

Aceyducey

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

April 27, 2004 - 1:37 pm

Originally posted by Pursefattener:

I hope it is worth it at $99 jeez…

Pursefattener,

Sometimes fattening other peoples’ purses aids you in fattening your own

It’s well worth the money….if you need the information contained in the book.

Cheers,

Aceyducey

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

April 27, 2004 - 1:28 pm

Originally posted by Rachel77:

I used to work for Medibank Private and there is a 12 month waiting period with them on maternity.

Hang on a minute…12 month wait for maternity – 8 1/2 – 9 months to have a baby….

There’s something a bit screwy with these figures.

Does it mean that on private health cover mums have to carry the baby for 3 months longer or not get a spot?

Cheers,

Aceyducey

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

April 27, 2004 - 1:19 pm

Originally posted by Michelle_G:

What sort of professional would I see about setting up a Unit Trust? Would that be some sort of legal person?

See a good accountant. Preferably one with property investing experience.

Nick Moustacious of Strategic Wealth Management is a VERY good property & trust accountant (www.strategicwealth.com.au)

Cheers,

Aceyducey

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

April 27, 2004 - 1:17 pm

Originally posted by SPT:

Unfortunately we are now stuck with this commercial loan which will cost about $3000 extra in interest over three years.

Why are you stuck?

Revalue and get a new loan….

See if you can get the valuer to pay all the exit & transfer costs – cause they made a MAJOR stuff up!

Cheers,

Aceyducey