[melbearMember@melbearJoin Date: 2003Post Count: 2,429]

July 10, 2004 - 12:17 am

I believe that there are conveyancing kits that you can purchase so that you can ‘do it yourself’ but that’s the extent of my knowledge.

I find it much easier to pay someone to do that for me….

Cheers
Mel

[melbearMember@melbearJoin Date: 2003Post Count: 2,429]

July 10, 2004 - 12:10 am

Shaun you should have let me know – we could have gone halves.

You would have got the dedication and the first half of the book, I would get the second. With the mystery gift, we could probably have cut that in half too []

Cheers
Mel

[melbearMember@melbearJoin Date: 2003Post Count: 2,429]

July 10, 2004 - 12:03 am

setmefree, it depends how much you earn and spend now. If your current income is enough or more than enough, then you would be able to be ‘free’ if you earn that same amount..

However, you might want to (at that point) keep investing so that you can increase the amount, so that you can have the odd holiday etc. etc. Kiyosaki said that he did not become rich until he retired – cos he then had all the time he wanted to spend investing and making better deals…

Cheers
Mel

[melbearMember@melbearJoin Date: 2003Post Count: 2,429]

July 9, 2004 - 11:55 pm

But Del, it’s only Macleod’s Daughter now… I stopped watching it when they killed Claire off – soooooo not happy, and then I see that they gave BOM away (Mum still watches it, so I see bits and pieces, sometimes a whole episode)

Cheers
Mel

[melbearMember@melbearJoin Date: 2003Post Count: 2,429]

July 9, 2004 - 12:39 pm

I agree with Westan.

In the big scheme of things, a $10K hit right now on sale won’t cost as much as the negative gearing and extra mortgage you’ll have on your new PPOR.

Sell, put money towards your new PPOR, then reborrow that money so that it is tax deductible and buy IPs from there…

I guess it also depends if you want to own IPs – at the moment it looks like you are considering it cos you can’t sell your house? A lot of people become investors that way from what I’ve read (Jan Somers book/research from memory).

Cheers
Mel

[melbearMember@melbearJoin Date: 2003Post Count: 2,429]

July 9, 2004 - 12:32 pm

Jamie, why don’t you keep one of the houses you build in each estate? Obviously they are profitable for you, and you could use some of the other profit to fund any shortfall from the rent…

Seems you’re in the best place – being first into the estate, esp if prices rise in subsequent houses in said estate…

Cheers
Mel

[melbearMember@melbearJoin Date: 2003Post Count: 2,429]

July 9, 2004 - 12:19 pm

If you have a look at your local newsagent, there are quite a few magazines of business for sale type, and they generally also have websites….

I can’t actually remember any, cos I keep forgetting to take something to write down the websites when I’m in there[blush2]

Cheers
Mel

[melbearMember@melbearJoin Date: 2003Post Count: 2,429]

July 9, 2004 - 12:06 pm

Nugen, not CGT, but probably income tax.

You would calculate the interest you are paying to your sister as a cost to you also though, so it’s not as big as you first thought.

but if you are making a profit, then yep, the tax people will come for you…

Cheers
Mel

[melbearMember@melbearJoin Date: 2003Post Count: 2,429]

July 9, 2004 - 11:39 am

D’oh. Darn computer – couldn’t logon til now so missed the whole auction thing..[evil5]

Cheers
Mel

[melbearMember@melbearJoin Date: 2003Post Count: 2,429]

July 9, 2004 - 11:24 am

g7, ideally I agree. One building, one tenant (preferably government on a 25 year lease[biggrin]) would be awesome!

In an excellent location, you could probably do well – but a good building would probably cost more than $10m. With 100 houses you have a loooooot more paperwork etc. but less risk (unless they’re all in the same town, and there’s only 105 houses!) of something major happening to all of them at once.

If I had 100 houses, I would look at doing what Robert Allen has done in the past, and that is to hire one person (or persons) to manage the whole lot – and also to scout for other deals, of all kinds. I suppose I should have the financials to go for the bigger buildings too by then….

Cheers
Mel

[melbearMember@melbearJoin Date: 2003Post Count: 2,429]

July 9, 2004 - 11:19 am

Unless we get any other takers – Simon’s next.

I’m 25 Feb.

Cheers
Mel

[melbearMember@melbearJoin Date: 2003Post Count: 2,429]

July 9, 2004 - 6:01 am

I reckon I’d have to go and get a life![biggrin]

I certainly wouldn’t touch the computer that often… Maybe I’d do my tax return.

Hey, there’s an idea. Steve, can you kill the forum for a couple of weeks? I really need to do my tax return(s)…..

Cheers
Mel

[melbearMember@melbearJoin Date: 2003Post Count: 2,429]

July 8, 2004 - 6:46 am

But Steve (whinge, moan, complain) Mike didn’t use the figures you gave in your question (whinge, moan, complain, grizzle)

Cheers
Mel

[melbearMember@melbearJoin Date: 2003Post Count: 2,429]

July 8, 2004 - 6:40 am

So Steve, I reckon those of us that used your ‘quoted’ selling % should also qualify?

Cheers
Mel

[melbearMember@melbearJoin Date: 2003Post Count: 2,429]

July 8, 2004 - 6:27 am

aussiemike, sales costs are 2.25%, but other than that you got closer than the rest of us…

Cheers
Mel

[melbearMember@melbearJoin Date: 2003Post Count: 2,429]

July 8, 2004 - 6:13 am

Ignoring the $20K costs to start with

b) $28350.

You have not said that we have sold it, so it’s $38K – annual costs.

Or

c) $18350.

Again, we haven’t sold it, so it’s $38K – annual costs, minus another $10K cos we paid somebody 50% interest to borrow the other $20K to cover our costs!!

Cheers
Mel

[melbearMember@melbearJoin Date: 2003Post Count: 2,429]

July 8, 2004 - 6:03 am

Steve, is the sale price the $438K? I note the valuation says it would sell for that, but you don’t actually specify sale price….

Cheers
Mel

[melbearMember@melbearJoin Date: 2003Post Count: 2,429]

July 8, 2004 - 5:49 am

Cost = $420K
Sale = $438K – $9855 = $428145

Yearly cost = $9650, so Sale – Cost – $9650 = $-1505.

Steve, how did you get your figures?

Cheers
Mel

[melbearMember@melbearJoin Date: 2003Post Count: 2,429]

July 8, 2004 - 4:16 am

Wrap Attack, Derek’s example was $100K equity in a $200K property, leaving available equity of $60K…

Cheers
Mel

[melbearMember@melbearJoin Date: 2003Post Count: 2,429]

July 8, 2004 - 4:10 am

Yep, my understanding is that they ‘want’ more…. But that doesn’t mean that you have to offer more.

I think if they want a higher price, they should advertise at a higher price…

Cheers
Mel