OK guys, I know it’s been said before, I just read all the posts.

I read through as much of John T Reed’s article as I could – I skimmed through it and read bits as I went – it was soooo long.

My two cents worth

Rich Dad is a combination of 7 different people – outlined in the third edition of the (Australian) Wealth Creator magazine – can’t…[Read more]

Hey guys

I wasn’t having a go at anyone on the forum, especially not you luckyone. I was just wanting to make sure that there was no ambiguity about whether or not what he was saying could be right.

If I have offended, I apologise.

Cheers
Mel

Hi wannabe

Just ‘play’ with the figuers that pinit put in for your deposit amount.

Cost of property = 165,000
Stamp duty = 4,500
Legal fees = 1,000
Mortgage SD + fees = 1,000
Misc = 500

So your total purchase cost is = 172,000

Assuming an 80% borrow on PP, and that you are covering other costs out of pocket…

Borrow 80% of 165,000 at 6.8%…[Read more]

Mike

If you have more than one property out there, you could arrange to have the QS do them all in one hit – saves on a bit of the travelling costs for them. Alternatively, try to get some other investors out there to pool together with you and again try and get the QS to do a few at once. More money for them may mean they don’t charge as much…[Read more]

Every contract I have signed with a PM lately includes a half weeks rent as the ‘re-letting’ fee. ie when the tenant signs another lease.

Is it me, or is it just in Canberra that this appears to be the norm now?

Cheers
Mel

Russ

If the cost coming out of your pocket per month is a concern, consider changing to Interest Only loan. By my calcs, that would reduce your payment to $166 per week – less than your rent. You then would work out if that other $14 per week could cover other costs. It would certainly increase your borrowing power.

Cheers
Mel

Jeff

I would recommend John Burley’s Money Secrets of the Rich. He outlines a way to pay off all debt that I have found quite useful, and it does not involve consolidating.

Cheers
Mel

Clownsta

10-20% interest on $4500 is only $450-900 in a year. Presumably you’re going to make a deal more than this when you sell it, so I wouldn’t worry about that. We paid family and friends 50% interest on up to $30K borrowed to make the deal work, and still walked away with more cash than that.

Good luck with the debt reduction.

Cheers
Mel

Not an accountant, but luckyone’s broker is wrong, wrong, wrong.

The PPOR in this instance is being used as security for the loan. In no way has it changed the purpose for which the home is used. It is how the home is used that determines CGT liability, not if there is borrowing against it used for investment or otherwise.

Cheers
Mel

Nope, no real point![] Hey, look at me, 100 posts.[][][8D][].

We still spend our time researching etc., but need to have some fun too[^].

Cheers
Mel

We used credit card to purchase our Deposit Bonds early last year. I think that’s the easiest. If you have a card now, with good payment history etc., ask your bank to raise the limit. Then start to pay it back as soon as you can.

Cheers
Mel

It’s OK Pinky, Arty has it sussed. He just posts everything at least three times!!

Cheers
Mel

Nope. Easy to learn the idea and how to move etc., bit harder to learn the best strategy – but you only learn that by playing anyway.

There’s some fairly good online tutorials in the game, but I didn’t use them cos I had played the boardgame and knew how it all worked.

Cheers
Mel

Pinky, Fatboy, Joshwaly

I believe the Dutch auction is where the agent tells you that another has offered $X more than you did, so if you want to beat it, then offer more, and so on and so forth. You generally do not see any evidence of such offers, and so have to rely on knowledge of the agent ([?]) as to whether or not they are telling the…[Read more]

From what I have heard the Fed Govt (the ones who made the FHOG law) have no intention of changing the qualifying, or anything else. In regards to the kids that have been paid the grant, that is a State by State thing, and based on the legal age to buy a house. I thought it was 18, but obviously not. NSW is apparently now raising the level to…[Read more]

I got 690 and thought I was doing great, noting Pinky’s score[], but then I saw Arty’s.[]

Oh well.

Cheers
Mel

28 years young(ish)
5’6″ I think
Female
Blonde hair
Blue eyes
Crooked teeth – only just being fixed with braces
Missing front tooth – would have been fixed but they only just worked out the rest of my teeth are crooked, so we have to wait. NOT a gappy, have a plate, now I lithp when I talk.
Bad eyesight – two corneal transplants
Size 6 feet
Size…[Read more]

OH no! Reddy just doesn’t have the same ring to it….

Or Blue? Is that just a military nickname for redheads or is it Aust wide?

Cheers
Mel

Love Serenade was the worst movie I ever saw. [xx(]. My friend worked in hospitality, and got two tickets for a dollar. We agreed that the movie was not even worth 50c each!!

Cheers
Mel

All of the Rich Dad Poor Dad books.
Anytning by Robert G Allen (Creating Wealth, No Money Down, Multiple Streams of Income, the One Minute Millionaire) – American, but still some really good concepts.
John Burley Money Secrets of the Rich, and Powerful Changes (psychology one).

Lots of others, but can’t get to my bookshelf at the moment – lots of…[Read more]