Second steve’s comments. Well done Rossco. I read this thread earlier this week and was so impressed. You are a success already. Hope your momentum continues and the deals keep on flowing.
Enjoy
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A great deal of talent is lost to the world for want of a little courage. Every day sends to their graves obscure men whose timidity prevented…[Read more]

Hey EOD,
My purchasers contact Baycorp advantage and get their own credit reports. I look at those but don’t keep them.
Enjoy
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A great deal of talent is lost to the world for want of a little courage. Every day sends to their graves obscure men whose timidity prevented them from making a first effort.
-Sydney Smith

Hey Peter,
I suppose in conventional terms you need 5-10% deposit and the appropriate amount of stamp duties to cover costs. The numbers will vary on what you want to buy. You may be able to use equity in your place to purchase another ??
The other option is for you to get creative. How can you do the deal with no money down ?? To find out his…[Read more]

Michael,
When you say wrapped do you mean instalment contract or Lease option ?

I would check with your accountant but I use instalment contracts and I cannot get those deductions as I no longer “own” the property.

Enjoy

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A great deal of talent is lost to the world for want of a little courage. Every day sends to their graves obscure…[Read more]

Hey Spooky,
Very sage words from Brett. How you are doing is so subjective without a benchmark. Where are you going and where do you want to end up ?? All things considered though you seem to have done quite well if your aim is to amass capital gains based property . Well done.

By the way you don’t need us to judge you. My guess is you are your…[Read more]

Hey Christine,
Firstly no question is Daft. What is daft are those who choose because of many excuses not to ask the question and recieve help. Good on you for having the guts to seek advice. I started asking questions on this forum when it began and have learned heaps as a result of it. (I’ve also done a few deals on the way).

$60K is a nice…[Read more]

Hey Dan,
Tough call to make without all the facts but it really depends what you are doing and wanting to do. Are you buying another house to live in or are you going to rent? What is your aim in life to build cashflow or grow capital gain? On face value 50K in the pocket is nice (no tax) and it may be needed to purchase your next house. If you…[Read more]

Top discussion and great points.
For me I look at this way. I currently pay 8% flat for all mgt. They collect all the money, chase people if they have to, organise quotes for repairs, tenant the property, etc.
At the moment they have about $600/week of rent they manage. This will soon be 900+/week due to recent purchases.
so on 900 I pay around…[Read more]

Hey Dave,
Great question. The common belief is that one is mutually exclusive to the other….in saying that though of the 6 properties we have bought so far 5 have gone up over the last 3-6 months with the lowest gain of around 15%. The best has gained 30%+ from my purchase price. Here is an example. Bought one for 55K and rents for 120-25/week,…[Read more]

Gotta go with Felicity and Brett on this one. Firstly Dale’s book is excellent and he is an excellent accountant who is very familiar with Property as an investment. Secondly you do have to build a team you are comfortable with. The people on your team will cost you money but if they are worthwhile they will save you or make you a whole lot more.…[Read more]

Linda,
Another thought is to offer them an inducement to leave. I know this may seem crazy as they already have cost you money but would you rather this drag on longer or you offer them $500 to leave by a certain date. I know Steve and Dave have had similar experiences and they have used such a tool. Maybe they can elaborate.
The guts of it is you…[Read more]

Hey there Dave,
Welcome.
I guess you have to feel comfortable buying whatever the cycle. I know I am still comfortable buying, but only when the numbers work. I picked up a house last week for $55K which rents for $120/week. I could resell the house for $65-70K tomorrow but why would you with a cash positive deal. A lot of people are paying top…[Read more]

Sorry Wayne I didn’t meanto confuse. With Wraps there are two ways to make money and they are the monthly cashflow and the back end profit.
Here is an examlpe to explain.
If I buy a house for $80,000(10% deposit) and wrap it to someone for $100,000 (5% deposit). My interest is 6%pa and I charge 8 %to my new buyer. The difference between my…[Read more]

Are you an investor or looking for investment ? Which part of the world do you operate ?

Enjoy
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A great deal of talent is lost to the world for want of a little courage. Every day sends to their graves obscure men whose timidity prevented them from making a first effort.
-Sydney Smith

I have bought 6 (nearly 9) cashflow positive properties in the Qld area. Now before you ask the answer is no [}]. I won’t tell you where because more than half the joy of knowledge is the journey to receive it. Best of luck though and I can assure you they are still out there. I looked at three today and will hopefully buy 2 of them.
DO NOT GIVE…[Read more]

Which part of the world are you in ??
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A great deal of talent is lost to the world for want of a little courage. Every day sends to their graves obscure men whose timidity prevented them from making a first effort.
-Sydney Smith

Always keen to hear the deal Darryl. Email me on or call me
Enjoy
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A great deal of talent is lost to the world for want of a little courage. Every day sends to their graves obscure men whose timidity prevented them from making a first effort.
-Sydney Smith

Edited by – deero@optusnet.com.au on 14/11/2002 12:10:08 AM

Well done Lance. Great to see people applying what they learn. You beat me back to the market by a day. I’m off hunting tomorrow and wednesday. Love to chat sometime.

Enjoy
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A great deal of talent is lost to the world for want of a little courage. Every day sends to their graves obscure men whose timidity prevented them from making a…[Read more]

Hey Wayne,
Sounds like a great wrap. The reality is though you either need to know how to wrap or get someone to help you do the deal. It is not a difficult process but not a simple one either. The questions I have for you is do you want to do anything with the extra cash in the deal. (140K revalue says to me that you have 48K extra equity to…[Read more]

Hey guys,
IF you want to know where the properties are jump on realestate.com.au and set the parameters to sub $100K and plug away. This will give you some ideas then it is either the phone or the pavement…Enjoy

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A great deal of talent is lost to the world for want of a little courage. Every day sends to their graves obscure men…[Read more]