PropertyInvesting.com | cobra8272 | Activity

cobra8272 replied to the topic Skyview WA in the forum General Property

Sun, 23 May 2004 13:39:58 +0000

Elvis
Absolutely brilliant – just seen my neighbour topless sunbathing.
no seriously this is great.
Thanks for the website, Elvis
rgds
Cobra[suave2]

cobra8272 replied to the topic Depreciation on interest free term items?? in the forum Legal & Accounting

Sun, 23 May 2004 13:02:26 +0000

Misty1
its not intertest free believe me i’ve worked in thr=ese areas.
The credit charge is built in to the purchase price.
If you offer cash you should get a 5 – 10% discount.
rgds
Cobra

cobra8272 replied to the topic Termite/Building inspection on new house? in the forum General Property

Fri, 21 May 2004 13:18:16 +0000

Hi Elvis
I believe all new houses in WA must have an approved termite barrier installed during construction by a registered pest company with a 5 year guarantee but with annual inspections.
Check with your builder and the certificate is usually stuck on the inside of the power box
rgds
Cobra[suave2]

cobra8272 replied to the topic Finance Approval: How Long? in the forum Finance

Fri, 21 May 2004 13:09:49 +0000

Russ just a second thought why don’t you put a 48 hour clause in so if a better offer comes in your current client has 48hours to go unconditional.
That should get them moving
rgds
Cobra

cobra8272 replied to the topic Finance Approval: How Long? in the forum Finance

Fri, 21 May 2004 13:08:09 +0000

Hi Russ
we just had settlement on IP and finance took 16 days and we had pre approval.
If we hadn’t put 28 days for settlement we would’ve looked stupid.
As terry suggests say 3 weeks for finance and settlement 10 days after that?
rgds
Cobra

cobra8272 replied to the topic Anyone been subject to ATO Tax Audit in the forum Legal & Accounting

Fri, 21 May 2004 13:00:21 +0000

Hi Guys
just as an aside to this i’ve just renewed my house and contents insurance and my policy includes $5000 towards accountants fees if i’m ever audited!
not bad or is it a warning?
rgds
Cobra[suave2]

cobra8272 replied to the topic Landlord Insurance etc in the forum Help Needed!

Wed, 19 May 2004 12:25:02 +0000

we use hollards
both for landlord and building insurance – very competitive in perth
rgds
Cobra
[suave2]

cobra8272 replied to the topic Property Valuations in the forum General Property

Wed, 12 May 2004 14:08:55 +0000

Re valuations!
a few years ago i refinanced PPor to put a pool in and my Then credit union refused to do it as they said the valuation did not support the loan???
When queried as to who why and when for the valuation as no-one had contacted us to do one – we were told the valuer had not bothered to see the property as there was not a property in…[Read more]

cobra8272 replied to the topic Profound Thoughts in the forum Forum Frolic

Wed, 12 May 2004 13:45:49 +0000

Brilliant Geo!
i loved them all – especially the one about the tunes of the alphabet song and Twinkle Twinkle little star and then the next comment.
it took me 15 mins to stop laughing
rgds
Cobra.

PS Redwing I heard the same story about the Baby food.[biggrin]

cobra8272 replied to the topic Lessons in Logic - 8 in the forum Forum Frolic

Wed, 12 May 2004 13:38:00 +0000

If there is a woman out there earning over 150K PA and needs a stay at home Dad –
i don’t have any freudian dick problems and offer my services.
Let me know as i’m fed up of working away from home.
rgds
Cobra

cobra8272 replied to the topic Lessons in Logic - 8 in the forum No Subject

Mon, 10 May 2004 12:46:01 +0000

Behind every successful man is….

a line of people wanting a hand out

any more?
rgd
Cobra
[suave2]

cobra8272 replied to the topic Quote??? in the forum Forum Frolic

Mon, 10 May 2004 12:42:00 +0000

It’s hard to soar like an Eagle when you’re surrounded by Turkeys

Love that one but I don’t think its by a Famous person
rgds
Cobra

cobra8272 replied to the topic My Easter present to you in the forum General Property

Mon, 10 May 2004 12:23:26 +0000

Try working on the principal:-
“Do unto others as you would have them do unto you”
I do – or at least try to.
I can look at myself in the mirror each morning and feel comfortable.
Also if i’m in a quandary as to what to do in a problematical situation it always supplies an answer.
Not preaching just trying to suggest an option!
rgds
Cobra
[suave2]

cobra8272 replied to the topic Super search ATO in the forum Heads Up!

Wed, 05 May 2004 12:54:40 +0000

Bugger![angry2]
I’ve got nothing!
But thanks anyway Redwing.
rgds
Cobra[suave2]

cobra8272 replied to the topic The three biggest self inflicted curses in life in the forum Opinionated!

Mon, 03 May 2004 13:32:13 +0000

Low ball offer – i think the term should be banned!
We’ve just bought a property for $190000 marketed at $230000! Why? Because it is not worth $230000.
It is in hell of a state and requires $20000 to fix up but then will be worth $240000+.
rgds
Cobra

cobra8272 replied to the topic Rude in the forum General Property

Mon, 03 May 2004 13:09:31 +0000

Melbear
I don’t know what creditcard you have but i assure you the information given is incorrect.
I had a problem with a company debiting my c/card a year ago. My bank cancelled my c/card issued anew one and i had no further problem.
The law is pretty straight forward- if you do not authorise a deduction the company may not debit further…[Read more]

cobra8272 replied to the topic Margaret Lomas in the forum No Subject

Sun, 02 May 2004 14:06:46 +0000

Well said Kay Henry!
I read so much against -ve gearing yet what you say works perfectly.
I think the 2 or 3 +ve cf to balance each -ve cf property seems to work well.
Cobra

cobra8272 replied to the topic Im in a hole........ in the forum Finance

Wed, 28 Apr 2004 13:59:33 +0000

As Russ says read some books
suggest ‘the richest man in Babylon’ by Clason
Go see a mortgage broker – be honest and they should be able to help.
If your in WA i can recommend 1 or 2.
Rgds
Andy
NB the horse is called Friday

cobra8272 replied to the topic How much is too much debt? in the forum Finance

Wed, 28 Apr 2004 13:10:15 +0000

Still in School has been reading Rich Dad Poor Dad.
I too think its amatter of personal comfort.
80% debt to equity would be a reasonable maximum -thats why the banks and LMI use it.
As was posted 2mill debt on 5mill equity with capacity to repay – no problem.
rgds
Andy

cobra8272 replied to the topic How to become a fortune teller and maker in the forum General Property

Tue, 27 Apr 2004 14:11:38 +0000

Perth

I agree Redwing
Ellenbrook will see good CG for the foresseable future
In 5 -7 years it will be bigger than Bunbury.
Huge New S/centre has started- Woolworths/Kmart etc – Darwin Hwy going in right next door – 2 new Land developements started.
Large rental demand – vacancies about 1%- but most (all) Properties are -ve.
Kewdale and…[Read more]

cobra8272 replied to the topic Expenses associated with buying a house in WA in the forum General Property

Mon, 26 Apr 2004 02:53:10 +0000

Hi
Go to eze.rent and download the free software EZ-rent.exe it is a terrific help as when you select the state the purchase will be in it does all the calcs
rgds
Cobra
http://www.ez-rent.com i think!

cobra8272 replied to the topic Rory O'Rourke in the forum Heads Up!

Tue, 20 Apr 2004 14:28:40 +0000

Hi Guys
Thanks for the replies and yes he went belly up but is back and “worth millions” to quote him.
Seminar was very entertaining and i think he could do well on the stage, but as i said i saw some holes in the calcs – ie no mention of how to pay the 20% deposit or the fact you need a lot of income to keep -ve gearing properties or that you…[Read more]

cobra8272 replied to the topic This property game is too easy!! in the forum General Property

Mon, 19 Apr 2004 14:57:56 +0000

Hi
And yes its just that simple!
BUT
find a +ve cashflow property
convince the bank to lend on it
plus numerous others

These are the Tricks you need to master
Good luck
and keep reading this forum

rgds
Cobra

cobra8272 replied to the topic Recommendations for QS please ? in the forum No Subject

Wed, 14 Apr 2004 15:13:20 +0000

try deppro haven’t used them but some contacts in perth say they are excellent and i believe they are Auswide
rgds
Cobra

cobra8272 replied to the topic Cost of Depreciation Schedule? in the forum General Property

Wed, 14 Apr 2004 15:11:09 +0000

Hi
Try Deppro
i think its
http://www.deppro.com.au

they quoted me approx 500 -550 from memory but it does depend on scope of schedule and size of property
or
check quantity surveyors in Perth yellow pages

rgds
Cobra

cobra8272 replied to the topic Caution – Brisbane/Perth markets in the forum General Property

Wed, 07 Apr 2004 13:25:46 +0000

Housesonly certainly seems to know his stuff but then so do the respondents.
Again i think some areas will decline others increase.
Here in Perth we seem to have some growth left as employment is up and we are far behind Eastern States.Same as 2years ago

cobra8272 replied to the topic Margaret Lomas in the forum No Subject

Mon, 29 Mar 2004 14:43:35 +0000

Hi just my 2 cents worth.
Depreciation is an on paper deduction against taxable income.
The higher the taxable income/tax bracket the more tax saving and yes eventually you will run out of tax savings.
secondly, yes Steve AND HIS PARTNER bought 130 properties in 3.5 years.
They paid 20% deposit on each property and each property was very low…[Read more]

cobra8272 replied to the topic Which City/Suburb you live? in the forum Forum Frolic

Thu, 04 Dec 2003 16:04:00 +0000

Ellenbrook Perth WA
10 mins outside of Perth next to the best golf course in Aus.

cobra8272 replied to the topic Septic systems. in the forum General Property

Mon, 13 Oct 2003 14:29:37 +0000

Hi
What state?
Are you having problems?
I lived on 3 properties in WA over 12 years that had septic tank sewerage systems.
Basically the effluent settles in the septic tanks and the leftover fluid leaches into the ground via a series of drains – called Leach Drains – and every 10yrs or so the tanks need to be cleaned out. Usually by a tank…[Read more]

cobra8272 replied to the topic +ve cashflow in Perth in the forum General Property

Mon, 13 Oct 2003 14:18:34 +0000

Hi
I’ve been looking too but i don’t think you’ll find any in Perth unless you look at Commercial.
Try regional areas, or Wrapping
Rgds
Cobra

cobra8272 replied to the topic The Dreaded Body Corporate in the forum General Property

Mon, 13 Oct 2003 13:46:11 +0000

Hi Tristan
If you are not going ahead with the units can you give me any info as i could well be interested in them
rgds
Cobra
andywild@ellenbrook.net

cobra8272 replied to the topic Prices in the forum General Property

Sun, 12 Oct 2003 23:46:53 +0000

Hi
general feeling i get from internet and talking around seems to that when rates hit 8.5% then some people will start to have repayment problems – so that may be the tip point – but – who knows???

cobra8272 replied to the topic Should my accountant be a property investor? in the forum General Property

Sun, 12 Oct 2003 09:42:55 +0000

Hi Guys
I would appreciate any info on Good IP accountants in WA.
Westan are you in WA?
If it’s not a secret Can I ask the name of your Guy
Rgds
Cobra

cobra8272 replied to the topic Wrapping mates & the commercial unaware ? in the forum General Property

Sun, 12 Oct 2003 04:50:11 +0000

Hi just my 2 cents worth.
What does a bank do when it loans money for a mortgage?
It borrows money (from the RBA or depositors)
at low rates and relends at higher rates and lives off the profit.2-6% depending on risk – using security and lending criteria.
Wrappers are just small banks with easier criteria – more risk – same security.
just as abank…[Read more]

cobra8272 replied to the topic how to retire by 40? in the forum General Property

Sun, 12 Oct 2003 04:13:56 +0000

IMHO = in my humble opinion
BTW = by the way

hope this helps
rgds
Cobra

cobra8272 replied to the topic how to retire by 40? in the forum General Property

Wed, 08 Oct 2003 15:43:15 +0000

Hi
it all depends on your requirements and your property profiles.
I mean if you need 50k to retire on and buy cheap properties returning $50 PW then
$50 pw = $2500 PA = 20 properties to get $50k PA
or
if you need $100k PA to retire but you look at more expensive properties retuning $200PW then
$200pw = $10k PA = 10 properties to get $100k PA.
so…[Read more]

cobra8272 replied to the topic Is it just me or do people want to be spoon fed? in the forum Opinionated!

Tue, 07 Oct 2003 15:41:05 +0000

Hi Guys
I would just like to say thanks to everyone who posts info and helpful suggestions here.
Basically from the info and stats i’ve learnt here i intend to do my first deal by 10/11/03.
without all the helpful stuff i couldn’t do it – its as simple as that.
I don’t expect to be spoonfed – but any help or suggestions are just great.
So once…[Read more]

cobra8272 replied to the topic Beware of your managing agent. in the forum General Property

Tue, 07 Oct 2003 14:41:52 +0000

Hi
yes thats a good strategy – but if like me you live 500km to 1200km from your properties it can be aproblem so you almost have no choice but to use a PM.
rgds
Cobra

cobra8272 replied to the topic Equity investing in the forum General Property

Tue, 07 Oct 2003 14:33:09 +0000

Hi Brent
I am new to this myself but from my understanding of Steve’s method is that when he maxed out his deposits for buy and hold properties he then wrapped the next 10 to 20 properties or so – which then gave him additional savings and capital gain to leverage more finance for more buy and hold properties.
And so the cycle goes on and on.
One…[Read more]

cobra8272 replied to the topic I can't do it therefore...(long) in the forum The Treasure Chest

Tue, 30 Sep 2003 14:44:08 +0000

a friend gave me your book steve – right now i haven’t bought a property -BUT it’s the most important thing next to my family because it gave me a kick up the backside to do something for my families future.
I’ve researched and spoken to people and received the -ve comments and advice – BUT I come back to this site and forum and drink from the…[Read more]

cobra8272 replied to the topic Other Reading material in the forum Heads Up!

Mon, 29 Sep 2003 14:53:09 +0000

Hi Leo
I’m new to the IP game and still learning.
a great book i’ve read is
How to Create an Income for Life – Margaret Lomas.
It seems to compliment Steve’s book and to me fills gaps in Steve’s book.
Conversely Margarets book has gaps that the other book fills.
Hope this helps
rgds
Cobra

cobra8272 replied to the topic 11 ss also applicable to Commercial Property? in the forum The Treasure Chest

Sun, 28 Sep 2003 16:31:32 +0000

Hi
re the options to turn the -ve to +ve cashflow.
don’t forget that the building and fixtures have various depreciation rates and a good and knowledgeable accountant and quantity surveyor can turn your -ve tp +ve depending on your tax position.
rgds
Cobra

cobra8272 replied to the topic Interest rates ?????? in the forum The Treasure Chest

Sat, 27 Sep 2003 06:47:48 +0000

Just a thought !
if the average loan is say $150K at 6.5% reayments are $1012
At 8.5% repayments are $1207
At 10.5% = $1416
not including any tax breaks for extra interest.
I don’t think it would break the average +ve CF investor Or would it ????
The average homeowner would screamn and the it would spell death to the Govt at the next…[Read more]

cobra8272 replied to the topic CAPITAL GAINS DOODES in the forum The Treasure Chest

Sat, 27 Sep 2003 06:27:15 +0000

Get the property revalued and them approach another lender with your new deal using the equity in the reno property as deposit??

cobra8272 replied to the topic NEED ADVICE _ URGENT!!! in the forum The Treasure Chest

Sat, 27 Sep 2003 06:24:01 +0000

I think it depends on which State you are in as in WA i believe you will find acceptance is binding.
HOWEVER – if you have conditions just use them as a reason – ie cannot get finance just get aletter from your finance co after assuring them you will buy elsewhere,. Or get a doubtful pest report???
Again be creative and try to change the deal as…[Read more]

cobra8272 replied to the topic What's your profession? in the forum The Treasure Chest

Sat, 27 Sep 2003 02:32:56 +0000

Hi
Seems to be alot of bored IT people so i think i’ll stay away from that profession.
I sell and install garage doors but i only earn income if i work – when i’m away i don’t earn – so i’m looking for a passive income.
and want to ‘retire’ in 8 years.
1st Jan 2012
rgds
Cobra

cobra8272 replied to the topic Is this a good deal in the forum The Treasure Chest

Sat, 27 Sep 2003 01:54:30 +0000

Thanks to everyone who answered my query.
I’ll keep looking but the information really helps.
Thanks once again
rgds
Cobra

cobra8272 replied to the topic Riddle No.1 in the forum No Subject

Thu, 25 Sep 2003 14:40:48 +0000

Aquarists

cobra8272 replied to the topic Real Deals ? - 11 second rule in the forum The Treasure Chest

Thu, 25 Sep 2003 14:33:40 +0000

Hi Cookster
You say about ready to give up on WA – I’ve only been looking for 1 week and in /around Perth seen 4 deals that beat the 11 second rule ( none yet thet meet the new 7 second rule)
try looking harder or longer- don’t give up.
rgds
Cobra