[BennyModerator@bennyJoin Date: 2002Post Count: 1,416]

August 24, 2003 - 3:41 am

The building manager said they wouldn’t do anything about it because it is in my car space

Any chance you can manouevre it into common area (so it is not in YOUR car space?) Once a few tenants complain to the Body Corp about having to dodge around the wreck, they would have to do something, wouldn’t they?

My thinking here is that you are paying for your car space, so if someone is parked illegally in it, you would have the right to remove it, wouldn’t you?

I have previously used the “move it onto the street” trick before – seemed to work OK

Benny

[BennyModerator@bennyJoin Date: 2002Post Count: 1,416]

August 23, 2003 - 9:55 am

Well done, Diamond Gus – my suggestion would be to consider purchasing properties that could be reno’ed, or are simply at a discount. Anything that could give Capital Growth instantly by throwing cash at it (an LOC is as good as cash isn’t it?)

Use the LOC to fund them completely, reno them, then refinance after they have been spruced up. Or, if buying at a discount, settle them, do “what’s required” (paint, new kitchen, etc) then refinance – without any Bank clauses re 80% of purchase price holding you back. Banks do penalise us in this way, so keeping them out of the settlement loop should give you more room to move.

At this time, you also choose the best finance out there, and refinance to suit your purposes (70%, 80% or even 90%). A lot depends on just what and where the property is. And depends on YOUR requirements too (do you want +ve cashflow, or growth, or both? and in what proportions)

After refinancing, you repay your LOC, then do it all again (in fact, with over $1m to play with, you could be doing several at once)

Just having access to such a huge chunk of cash should ease your way into many different scenario’s. Half your luck …[]

Benny