Sure SIS, but won’t be until at least after tomorrow is over.[]

Cheers
Mel

Bad SIS – I’ve just spent the past half hour playing Monopoly. I was losing badly in the owning stakes, but had plenty of cash – I didn’t land on much I could buy[], and then first one player, and then the other quit, so I won[]

Cheers
Mel

HI Wayne and Welcome

I’m not sure where on the toolbar the 11 second solution is, but simply it is a ‘filter’ tool that works out if the rent will be 10.4% of the purchase price.

You take the rent, divide by 2 and multiply by 1000.
Rent = 200, /2 = 100, Price = $100,000.

Alternatively, you take the price, divide by 1000, and multiply by…[Read more]

Jimmy, noting your background in maths, I am guessing that you are good with Microsoft Excel?

In there, you will find several calculators in the functions that you can use – or in XP, I think there is a template that will do loan repayments over 30 years, plus you can add in additional repayments at various times.

The calculators are:
PMT =…[Read more]

I bought his Real Estate book, which wasn’t too bad for information.

So I bought Billionaire, and I must admit, I think I only got about halfway through it. For me, that’s pretty bad, as I read hundreds of books every year, and there’s only about 3 in my life that I haven’t finished.

Cheers
Mel

Hi Michelle

Re reading our posts, I can see that we weren’t a great deal of help.

I will reiterate though that you do have some time up your sleeve before you need to panic. Use this time to formulate your plan, and see where you want to head. Talk to a few brokers to see what your borrowing position is, and take small steps.

Cheers
Mel

Carrington, did you get a second opinion? Contact one of they guys or girls on this site, and see what they say.

Cheers
Mel

Mate, I had never heard of a land broker til you mentioned it.

There are no conveyancers in the ACT, so obviously I’ve only dealt with solicitors, and I get the same guys to do my NSW purchases.

Sorry I can’t help anymore.

Cheers
Mel

For anybody who wants to buy any of the boardgames or e games, check out http://www.powwowevents.com.au/site/christmas2003

There’s some really good package deals, with big savings.

Cheers
Mel

Bear, I don’t think I have paid LESS than $715 for any settlements I have had done.

As for the lease, 5.5% worked out to be about 3 weeks rent? Does sound a bit steep, but if they are going to do the inventory, and checks on the tenant for you it might be worth it. they’ve got access to TICA (the defaulting tenant database) whereas private…[Read more]

Comdom, the AFP are definitely a Police Force not a Service.[]

Certainly comes across as semantics to me, and I prefer Force to Service (but I’m probably biased cos I grew up as a ‘Force’ piglet)

Cheers
Mel

Hi, as Terry says, things may not be as bad as they seem.

If all else fails, at the moment you have the LOC that you can draw funds from until your husband gets a job again. Definitely not a long term solution, but can certainly help to pull you through the bad patch.

Cheers
Mel

faircloughm, the web address is http://www.renos.com.au

Cheers
Mel

Simotheman, I cannot help you.

there are a couple of guys on this forum – Michael Yardney from Metropole property, and David Paxton (Agent 007 user name) who both appear to be in the development game.

Do a search for posts by them, and check out Michael’s website. You may be able to contact either or both direct (they’re obviously on holiday or…[Read more]

fullout, if your settlement is longer than 12 months, I think there are heaps of lenders who do it. On servicability, we had Homeloans Ltd, and when we were more desperate, Pepper Home Loans both loaned to us on a total of 7 properties on value rather than purchase price (OTP purchases > 12 months)

Any good broker should be able to help out…[Read more]

I have read the book, and will agree that I was quite surprised that at least the words were not asterisked.

I guess the author (editor) left them in there because the story was being told by the individual in their own words.

Cheers
Mel

shaepower, the PMT function works out your payments, both P&I for you.

In excel, click on Insert, Function, and choose PMT. It then steps you through the variables reasonably easily.

Cheers
Mel

Steve, my comment was more related to how the banks kept lending you money.

It seems that a lot of investors – me included at the moment, but I’m shopping for alternatives – get stopped by the banks as being rent reliant, not enough ‘income’ etc to qualify for the loans.

Cheers
Mel

Properties coming complete with tenants aren’t necessarily as good as the agents selling them try to tell you.

What if they’re not paying market rent? What if the market rent is not enough to help with your holding costs?

Sales agents don’t think like investors, so to them a tenant (no matter what type etc.) is great.

Steve’s buyer beware…[Read more]

Luke, welcome

If you do a search for Perth or WA on the forums, you’ll come up with a wealth of information on who does what.

You’ll probably get some emails of people you could talk to/meet up with also.

Cheers
Mel