Forum Replies Created
G’day Sue…
I have torn out an advert for a guest house about a week ago… I like the potential
I have my hands full and have not even seen it
but if you like I’ll email you details or call me on 0419 636 449Billfromoz
Bill O’Mara
G’day Dennis…
I own 4 acres land 30 min West of Yass, 55 minutes from Canberra on Hume Highway highway. If thats not too far for please call me. I have an interesting project.
Anytime..0419 636 449 or [email protected]
Billfromoz
Bill O’Mara
G’day Dennis…
I sure agree with your observation.
Naturally others won’t and that’s what makes a market doesn’t it?
I can only comment on the Canberra market at that time… it tanked in September ’94. With prices falling 25%.
Where abouts are you?
Billfromoz
Suzie…
Thanks for the feedback guys. Billfromoz – no I didn’t pay cash. I have brought the property 80%
The entire interest on your loan (80% finance)
is tax deductible…without a doubt. Plus the interest incurred on the reno job.If in doubt with answers received…see your accountant…as long as he doesn’t wear a brown cardigan. If he does…change accountants
Billfromoz
G’day Suzie…
You certainly can claim the interest on any money sopent on renovating. It always gets back to the
“pupose of the expenditure”..I am a little confused as to your comment as to why you feel that you can’t claim on the reno itself. Are you saying you paid cash for it. If not, as you are renting it out any interest on the borrowings is certainly a tax deduction.
If you did pay cash…borrow against it to take on another property or 3-4-5 etc.
Please let me know if I have misunderstood that part of the info you provided
Billfromoz
G’day…
It really gets back to your “initial intention”
So if your friend was to live in the property even for a short time …and I don’t mean just a month or two. Realistically, he would be doing himself a favour if he lived in the property for a year and then tenanted it…he can change his mind in the 12 months and then rent it out….with complete “investment staus”.I have known of some that tried to shaft the system by “making out” they are living there.even their mail going to the address…only to find a disgruntled tenant “dobbing him in to the ATO:…tell your friend to play it straight and don’t try to be clever…however tempting.
Billfromoz
Okay mate…
3 Litres it is.
Double or nothing that the Aussie$ is at US$.73
by mid 04Bill
G’day…
Who said..”You can lead a horse to water but you can’t make it drink”.
Give the horse some salt first and it will.
Billfromoz
G’day Steve O’…
Congratulations on your team committment.
And the last word in that sentence is what it’s all about.Whilst my view is that the R/E Mkt. has peaked that is not to say that there are not opportunities to be had by some….who can committ to making it a fulltime occupation
I like the idea of your joint cashflow idea and of course splitting the workload 3 ways.
With 30+ years R/E and Finance behind me, my advice if you are interested, is to change what you buy. In other words improve what you have bought… that can be by way of renovate(if u can do it yourself or manage others)change title to Strata, change purpose clause if possible.
If you wish to change to strata from Company Title or from one type of purpose clause to another….simply offer to buy “subject to Council Approval”…This also gives you the added advantage of having a delayed settlement.
It doesn’t matter if you buy just one property or 130 propperties…or somewhere in between. Invest to the point that you can sleep at night and you will if you are within your comfort zone.
I suggest to you that your comfort zone will extend it’s boundaries as you do each deal. The market will always be there so you don’t have to try and do it in 5 minites.In particular todays market considering this latest Up cycle is already 7 years in the making.
I wish your team well.
Billfromoz
Bill O’Mara
G’day…
First off I just want to say that my post on about 1st month was misunderstood by some…
“Extraordinary popular delusions and the madness of crowds”…was the title
My thoughts were…that the R/E market has peaked well and truly..that’s why it is hard 4 most(but,not impossible) to find cfp+ today.
What I was trying to say in that post was…..
R/E….herd mentality now….Buy, buy, buy.
Compared to……
Stock Mkt….careful, too risky, not 4 me, remember ’87 and ’29, I don’t know anything abtout shares,
So Aussie Rogue (love the name)…I’m with you.
And xyzzy…name your bet size for next 6 months
and as for 2008…you won’t be able to afford a decent red…cause you will be short in the market and done ya dough.Billfromoz
G’day Terry..
The Canberra Building Society did that at my request in 1973.
It was fantastic until they were taken over by I have forgotten who.Then they undid it on me… still 3 years was better than nothing.
The good old days
But there is always something…what IS the latest on the ATO appeal re capitalising interest on the investment loan?
Bill O’Mara
Pinit…
Gimme a break…
Yes I did say that some thought I had an ulterior motive.
The real estate adverts you refer to were…
examples of my Editorial Style adverts..
4 properties shown…one was the deceased estate of my in laws…settled 17/4/2003the other 3 were 1995/96 adverts that sold on the 1st weejkend @ the advertised price… look at the prices…50% of todays prices
No I have no properties for sale and have not offered any for sale
I don’t arrange mortgages… I show people how to structure them. What you don’t realise is that I was the guy in Aussie that had the MCP written in 1993…the Banks copied that…refer to statement from Citibank admitting they copied it.
Would you like a copy of the letter from the 1995 Advance Bank Manager that wrote to clients to introduce me.
You can’t get or buy my soft ware… only one other person on the planet has it…and it works justas well in the Uk and Ireland.
You are so wrong it’s not even funny
Please have the decency to give me your subscribed name so I can save my time… I have not been to bed since yesterday morning…. check my posts sice then… and ask on the forum who has rung or emailed me and nobody has been offered anything other than advice and emails….and nobody has paid me any money and I haven’t asked for any…cause it’s FREE
As I said… gimme a break…I’m buggered
Bill
G’day Michael & Kaye
US$ 20 day 1 @ 3% per day compounded for a year is
worth, wait for it: ya gotta scroll down[^]
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vUS$969,654.50 at the end of the year
G’day Steve…
The newer site for posting is “tops”.
Another couple of catagories if I may suggest:
(1) Someone has mentioned some real life examples of “done deals” as another catagory…great idea.
(2) With many years of Mortgage consulting,
(as distinct from Broker) I have developed a Mortgage Control Program(1993..long before the banks bastardised it..Equity Mate is a watered down version, as just one example) My clients pay me $5-$10,000 for a Total Analysis and budgeting plus, plus,plus. If their situation is a mess…no fee is charged…but I help them all the same.
The relationship is ongoing with up to 4 assesments per year… and no further fees involved in future refinancing.I have refinanced some clients as many as 3 times.The referrals cover my free time for doing that. My fee is determined by what I save them in implementing my Program. I arrange the Broker to visit “US” to ensure my client gets the right deal for them. I do not receive any Brokerage from the lender…if they offer it as Citibank did..it goes to my client.At no stage will I offer the MCP service for sale in any forum. Other than those, if in their interest, who contact me in my mentoring/coaching Program… they email me initially. You have my word on that.
A longwinded way in suggesting a Forum Catagory for Finance in general,plus Mortgages and questions on any Maths topic relating to Deals.
Thanks for a great site…
Billfromoz
Bill O’Mara
(02) 6342 1274 … 0419 636 449G’day Andrew…
Off to bed…I’m buggered.
Thought I’d speak my mind…so appreciate your comments. I half expected to have the post “edited”… but felt it was mild and factual compared to Pinky’s irrational outburst.
She was “angry” as she posted her bit… I felt I was speaking on behalf of a lot of us here on the Forum and was “neutrally geared” as I wrote it, if you know what I mean.
It’s a pity in a way…she is very intelligent.
I hope you get to read the comment above Pinky if you’re still around,cause it’s the only positive thing I have to say about you,and that’s a pity,because I’m sure you are better than that.
Bill O’Mara
BillfromozPinky…
It’s nearly 6:00am and I’m wide awake, so thought I’d put in my 2 bobs worth re your unfortunate, disruptive behaviour and attitude.
Attacking you personally?…probably… just an observation of your “make up”. I was referred to this Forum on the advivice of someones judgement that I respect. I don’t know Steve McKnight from a bar of soap but he is sure a lot more tolerant than me, you too for that matter.
My problem I’m told, “is that I don’t suffer fools gladly and that non performers will feel uncomfortable in my presence”. So the best defence for those in that catagory is to attack…. just about sums you up girl… cause you sure ain’t no Lady.
“Not only did you leave the Party…you were stoning your Host on the way out”.
But I do know this, from Steve’s attitude, experience and motivation with a bit of hand holding for the newbies on the block” and his mature tolerance of your emotional outburst…my gut feelings of the Man suggest thst he did not deserve your out of control behaviour and shouted comments. But that’s you ..isn’t it Pinky?
If you choose to leave, I for one won’t miss your tantrums. I was here for 5 minutes so to speak
and you question my motives in offering Free mentoring. You are not only a very negative person but way off beam, at least in your assessment of me and others. As I don’t value your judgement your views of me are meaningless.If I was Steve…you wouldn’t have a choice…you would be gone. Bear, was also too kind to you.
Just like you, I speak my mind too…however you are unable to distinguish your capabilities with with your ambitions…whatever they are.You come accross as a very unhappy loudmouth. Pinky, do you realise your loudmouth is a cover for your unhappiness?
You owe Steve, Bear and myself an apology, not that I expect it and in any case I wouldn’t put too much value on it anyway…. give you 48 hours and you will be back with your misguided views.
With 30 odd years in Real Estate, Land subdivisions and Mortgage Consulting, including with 10 years with Bain & Co in the 80’s as Broker and Trader of Futures, Option writing and resposible for all Private clients… I just thought that those new to the “game, may benefit from my experience.
You and a few others considered that I was teaching the experienced few, here, to “suck eggs” or that I have an ulterior motive. They weren’t meant for those equally experienced. But I rekon I was stating what they were thinking.
Most of my posts are to encourage all that need it…yes I also spell out the pitfalls and stated that 2003 is different to 1992 and naturally 1972 as well… so my attitude is to work smarter and encourage the newbies to find their niche and with Integrity, hard work and those that have that necessary genuine desire will Excel.
I for one make my own descesions, I just hope your true to your word and you really did mean Goodbye.
Billfromoz
Hello nightowl…
It will be difficult if your husband won’t even read a book. Hope you had a good o’seas trip anyway.
Yes…it is possible to own your own home. Tell your other half that people with integrity and the skill can create a deal that will be equal to the rent your paying. Both parties…the wrapper and you the wrappee WIN out.
It can be done by considering part of your rent, initially,as part of the deposit you will need.
Don’t pay $15k for a mentor. I do it Free.Some will argue that you get what you pay for…but I have had 30+ years experience in Real Estate and Finance.
If you would like my help…please reply to my email and I will do my best to answer your questions by email, just like I do for more than 150 other people on this Forum.
My email address
I’ll let you get back to your book.
When do you get to sleep?Billfromoz
G’day Bronwen…
A deposit bond is used in iieu of your cash. They are issued by Insurance Companies and St. George Bank also.
Ideal if you have funds tied up in shares etc.
You MUST have your finance approved prior to purchasing the Deposit Bond.Depending on the amount of the bond (representing 10% of purchase price) cost is $100-$200. However if it’s an off the plan deal with lengthy settlement…will cost more..you pay for time as well.
At the end of the day you DO need to have that 10%…. so it’s only ideal as an interim measure.
Billfromoz
G’day Matthew…
I went to their website after reading your post.
It took ages to open…”very flash” and,as it’s all about perception… they bung on some links to ATO etc atc.
If they are not ‘straight”…and I’m not saying that they are not….
It works something like this….(1)You make an enquirey…(2)someone visits your home, to “qualify” you. That is…are you financially capable and gullible enough?(3) Your next appt. is booked with the “expert”…in the trade they call him/her the “runner”.
(4) If your lucky, you get to see a property in a complex…then they “earmark” one for you.
(5)You will then find yourself in front of one of the “inhouse” finance guys.
(6) Next step is “Their” friendly solicitor.By now you are feeling railroaded…but it’s too late “cause you have just bought a property”.
And you got to do it all in just one day,amazing.Valuations ? Not a problem…they have a valuer in their pocket.
“Wholesale may mean Hole Sale” and it may take you 5 or more years for you to dig your way out of that hole, to recover the $40/$50,000 they have made at your expense.
Be extra careful Matthew.
Better still..stay away.Billfromoz
G’day Christopher…
Are we reading a post from….
“Australia’s future Prime Minister”.
I don’t think any of us would be surprised.Christopher, young people like you will get all the help you need. Notice Steve’s post…
“Young Qlder needs help”. How could we not want to help? You are an intelligent young man.Keep doing what you are doing now…educating yourself with books. Buy yourself a copy of .
“The Richest Man in Babylon”…about $10.Why not write a letter to those in business or any Leader in their chosen field, that you admire?
Just “write your story” as if you are speaking to them. You may be surprised at the response.As for earning an income with a home based biz. Use your IT skills as has been suggested by Prop16, if that appeals to you.
Pound the pavement, go to schools , clubs, small biz’s and offer them your help.
Do a letter box drop in your neighbourhood,offer the first 30 minutes Free. Word will spread and you’ll get referrals.Got an idea….Why not write to Steve and ask him for an hour of his time ? I don’t think he would say no.He is as impressed as the rest of us.
All the best..
Billfromoz
