A regular forum contributor – Dazzling – started a most informative discussion on this very issue entitled “Unmotivated Partner” in this very forum.

This discussion went on for many pages over several months.

This link should take you to it. Have a read, because in my opinion it was a great…[Read more]

Thanks for your responses and suggestions.

I am not sure that I understand the full big picture in what you are both suggesting – make sure that agency agreements have lasped, or are cancelled in writing, and that there is no mention of the buyer (ie me) paying any agents commissions in the sales contract.

Once…[Read more]

I’m not totally sure, but in short, yes I think it is possible to do what you are suggesting.

However, if in the future you decide to sell, you will most probably be hit with Capital Gains Tax, due to the fact that the property will be deemed to be an investment, rather than your “home” which is not subject to CGT.

I am happy to…[Read more]

Just thought people might like an update :

I still have not heard from the agent with the grumpy trousers on. And at this point I doubt that I will !! Excellent !

However, I have spoken to the Vendor – a couple of times – and the long and short of it is we have done a verbal deal together, and contracts should be signed later this…[Read more]

The good thing about “numbers” is that you can get them to say anything you want them to.

You could argue that if you are redrawing on available equity in property A to buy property B, then “your” cash on cash return could be zero (because you borrowed the lot and paid in full).

Or it could be inifinty (because you borrowed the lot…[Read more]

Thanks for the fantastic replies and suggestions.

In regards to negotiating price – I am trying to take the “cheeky offer” approach as per Michael Yardneys newsletters, all the while being conscious of the Jan Somers concept of “pay a reasonable market price and you can’t go wrong” as well as the “you make your money when you buy”…[Read more]

Another suggestion, if you haven’t done so already, would be to refinance your IPs with a Fixed Rate Interest Only loan, fixed for 3, 4 or 5 or more years. This will make your repayments lower, and also be “locked in” for however many years you wish it to be.

Also, fix the rate on a portion of your actual home.

This will…[Read more]

APerry is right – absolute bare minimum deposit a bank would require is 30%, but quite probably more likely to be closer to 40%.

Body Corporate fees in these Melb CBD apartments are enormous – lifts, pools, garbage collection, gyms, etc. A “cheap” fee ( ie building with just one lift ) would be $200 + per month…yes – per month = $2400…[Read more]

I, like Shwing, changed careers after a period of time furthering my education in between. I took the “leap of faith” after I did the investigation and found that the long term gain far outweighed the short term loss. And I was right.

If you and/or your partner have done your homework and research, and it all says to go for it, then go…[Read more]

My personal opinion is to hold for as long as possible, and therefore there is no real “end date”…

With proper maintenance and regular care, properties can obviously last hundreds of years. Even a hastily built apartment block will probably last longer than you or I.

Everyone probably would agree with the concept of “If I knew…[Read more]

4 weeks and the rest, probably. I live in Monash councils zone, and they want all you have mention, and more, even if you are just thinking about planting a rose bush in the backyard.

And this is why, if you caqn deal with the grief, your property will most likely go up in value. If it’s hard, most people won’t do it. If you…[Read more]

Friends of mine live in Sydney, and they rented their house out for two weeks to a family from Finland during the Sydney 2000 Olympics for an absolute fortune. They suggested that we do the same during the Melb Games coming soon.
My initial research suggests that my family home in Mt Waverley would rent for $2000 plus (and possibly even…[Read more]

There lies one of the many million dollar questions that can really only be answered by you…

Option 1 – Keep re-negotiating a new interest only loan when the old one expires.
Pros : interest only is cheaper repayments, and you can budget for an exact amount each month.
Cons : You never pay it back ( but in 20 years time the…[Read more]

Yes, I agree that if an individual actually does want to buy property in a particular area, then a letter drop to the residents in that area is a great way to go. I have actually done it myself on one particular house that I wanted to buy – the owner actually got back to me and said “thanks, but no thanks.” Fair enough.

It was…[Read more]

The other day in my letter box, I pulled out a typed letter from “Anna and Paul”, addressed to The HomeOwner c/o my address. It said “sorry to contact you like this, but we are looking to buy a house in your area, and if you are interested in selling, then please contact this particular agent at this particular agency and…[Read more]

You might find that there are other implications as well :

Such as rules regarding the FHOG… I think that you may need use your original unit as your principal place of residence for at least a year before moving out. See your friendlt Tax Accountant for further info.

As mentioned also, CGT may or may not be the downer on…[Read more]

My tip is to replace all of the power points / electric wall sockets and light switches. This, combined with a coat of paint throughout, can make a very big difference in the instant appeal of a room/house, and thus makes an increase in either value or rental income.

Thanks,

BDM

From a potential capital gains point of view, Berwick and Cranbourne could be quite tasty – especially Berwick.

If you bought in Cranbourne 10 years ago you would be absolutely laughing now, as you would be if you bought in Berwick 4 or 5 years ago…

From a yield point of view, both are not so good.
We are talking negative gearing…[Read more]

Standard rates for “unknown” authors are approx 7%-10% of retail price, depending on several things.

Bryce Courtney / J K Rowlings (spelling?), etc probably get a fair bit more….

I am also guessing that McKnight Enterprises Pty Ltd might be in a position to negotiate another percentage point or two when “From 131 – 700…[Read more]

Please accept this helping hand in standing you back up again, after I viciously bumped you to the ground….

I must confess – I just wanted my question back up near the top of the list. I actually used the word “bump” as a rough translation of “I can’t think of anything intelligent to say at the moment, and Arty2003 and Benson…[Read more]

My wife did this a few years after we got married….she is still having an identity crisis !!

Anyway, the point is, Benson is right : small fee, fill in a very boring form, too easy. By small fee, here in Victoria, it was only approx $5 ( five dollars ) from memory.

Stamp duty is not required.

The Titles Office can help you -…[Read more]

Suggested reading for facts / figures / how to / etc :
Anything by Jan Somers – but particularly “More Wealth from Residential Property”

Anita Bell – “Your Investment Property”

Dolf DeRoos – “Real Estate Riches”, part of the Rich Dad advisor series.

Steve McKnight – “0 to 130 properties in 3.5 years”

Suggested reading for…[Read more]

Thanks for the replies – I am touched that you have all responded, and/or read my post Thank you.

As far as due diligence is concerned, I think that I was lucky…. I’m still not even sure what causes pregnancy. As for the actual birth, I was there but I had my eyes closed.

I have photos – heaps of them – but I am unaware of…[Read more]

I would strongly recommend buying the book first…. The title is something along the lines of “The 7 steps to Automatic Wealth” – I can’t remember exactly.

I have my own copy, and have read it several times. At approx $25, it is substantially cheaper than the 3 day seminar. And it is easy to go back and read the bits you want to…[Read more]