[Mick INCMember@mick-incJoin Date: 2003Post Count: 43]

January 6, 2006 - 2:57 pm

Hey

It’s sound like you might have yourself in a bit of a pickle. I think you need to look for an easy low stress solution!

I would simply organise a meeting with the tenants and negotiated with them. Courts and tribunals cost money and time. Offer them $500 or $1000 for vacant possession in two weeks, you can possibly guantee them their full bond back and allow them to leave house in as is condition – you are doing a reno so it probably make no difference to you if it’s a bit messy.

You might not like giving them “Free Money” but may be what is neccessary for you to come out on top, it will end up saving you money.

They are probably are pissed about the house being sold and probably not on good speaking terms with the property manager due to unpaid rent etc so make sure you do all negotiating yourself personally

The only other choice is to use the legal system and wait but remember each week they are there you are losing rent and your reno gets pushed back

The decision is yours – have fun and remember to enjoy yourself, don’t let this upset you, things could be worse.

Mick

[Mick INCMember@mick-incJoin Date: 2003Post Count: 43]

August 13, 2005 - 3:20 pm

Hey All

I drive a 94 Toyota Hiace. It’s in as new condition, and on gas only. It’s really useful having a van, I love it! Very cheap to run. Not very classy if I want to go on a date though!

Mick

[Mick INCMember@mick-incJoin Date: 2003Post Count: 43]

August 3, 2005 - 7:45 pm

Hey J
I think your talking about the second profile (four kids, four properties)with the airforce guy. Everyone else is talking about the couple with the 10 or so houses and lack of cashflow.
By the way an extra $150per day and tax free pay is hardly worth 6 months (or more) in Iraq away from your family and friends is hardly worth it. It sounds good but trust me, it bites
I guarantee he earned every cent!!!

[Mick INCMember@mick-incJoin Date: 2003Post Count: 43]

August 3, 2005 - 6:42 pm

OK, OK

How about this?
I purchase an IP for $200,000 which has a market value of $250,00 and I pay cash for it.

Then I apply for loan thru bank. They do a valuation and it comes back with a market val of $250,00. I borrow 200,000 and recoup my cash. Now no cash in deal. YAY – tea and biscuits for all.

I think maybe this is what terryw was getting at!

Mick

[Mick INCMember@mick-incJoin Date: 2003Post Count: 43]

July 21, 2005 - 11:50 am

Hey guys

Well I thought I might throw my two cents worth in. I think the first plumber saw you coming! If I rang my plumber on a public holiday he just would have explained how to isolate the hot water (which is easily done) until he could attend to the problem the next day.

Mick

[Mick INCMember@mick-incJoin Date: 2003Post Count: 43]

September 18, 2004 - 3:15 pm

ha, ha

[Mick INCMember@mick-incJoin Date: 2003Post Count: 43]

July 16, 2004 - 6:38 pm

Hey all

In regards to WA housing market still looking OK and having a shortage of houses on the market, well I would agree. May have something to do with stamp duty reduction here for first home buyers introduce on 01 Jul.

Another note to all, keep an eye on rockingham WA, I’m expecting big things to happen here. Major infrastructure planned. Just watch this space!!!!! Things looking great in my corner of the country. No doom and gloom to be seen here!!

Mick

[Mick INCMember@mick-incJoin Date: 2003Post Count: 43]

February 7, 2004 - 2:12 am

Well it doesn’t meet the 11 second rule. And you haven’t factored in other costs like maintenance, periods of vacancy and initial costs to make it rentable etc etc.

Doesn’t mean it’s not a good deal though, depends on location, vacancy rates, chances of capital growth, new infrustructure etc.

Maybe I could suggest buying Steve’s “Buyer Beware”, at just $99.95, it could be just what you need and save you thousands to boot.

Mick

[Mick INCMember@mick-incJoin Date: 2003Post Count: 43]

February 6, 2004 - 11:13 am

But if I could come up with a legitimate (small) income from the block I could ask to the ATO for a ruling on it and if it was then given the OK then it would be dodgy at all.

Mick

[Mick INCMember@mick-incJoin Date: 2003Post Count: 43]

January 31, 2004 - 4:24 pm

Gidday jars

Well I think you’re out of my league. Myself, I’m aiming for 2 – 3 million net worth in five years – haven’t thought about ten mill yet!!

I do believe though, for anyone on here to give you some real advice they would maybe require more info, like your gross income etc. and obviously it not advisable to provide that much detail on the forum.

To sound like a wet blanket, I would suggest seeking private professional advice (sounds like you can afford it!!) Maybe someone on here can suggest a high quality (expensive) advisor.

Actually if I was you I would possibly ask for advise from Steve himself, he would have contacts gallore!!
(However if I was me I would ask my own investment advisor – he is pretty damn good!!!!)

Mick

[Mick INCMember@mick-incJoin Date: 2003Post Count: 43]

January 30, 2004 - 6:08 pm

I manage all my IP’s and haven’t had any major probs.
I quite enjoy it. The only bad experiences I’ve had is with property managers.

I say “if you want something done right – do it yourself”. Now that’s what I call piece of mind!!!!

My only advise is be organised and professional, you only have one IP to manage so you should be able to do better than a PM who looks after over 100 IP’s

And get onto overdue rent straight away

Have Fun!!!!

[Mick INCMember@mick-incJoin Date: 2003Post Count: 43]

January 30, 2004 - 3:20 pm

Thanks Julia, I would love a copy of that free booklet.
I’ll PM you my mailing address.

Cheers[^]

Mick

[Mick INCMember@mick-incJoin Date: 2003Post Count: 43]

January 21, 2004 - 2:54 am

Thanks for the info Pisces. I think I might start making a few inquiries. I have plenty of time to look into it at the moment as I wont be able to get finance for that sort of money for another two or three years anyway.

Mick

[Mick INCMember@mick-incJoin Date: 2003Post Count: 43]

January 20, 2004 - 9:23 am

Originally posted by ryanmel:

are there any tax implications or legal issues if the people are paying “board” to you instead of “rent”?

The main difference is that people paying board do not fall under the residential tenancy act, which give them very little rights. In this situation the landlord becomes GOD!

Mick

[Mick INCMember@mick-incJoin Date: 2003Post Count: 43]

January 20, 2004 - 8:30 am

As I see it there are two ways to create equity.

The first is obviously to buy below market value.

Second is renovation etc.
If you’re just starting off there are plenty of low cost things to do.
1. Improve street appeal
2. Create outdoor entertainment areas
3. Painting (yuk)
4. Removing clutter
5. Gardens / lawns
6. Brighten up dark areas of the house using skylights, lighter curtains or remove trees/plants blocking windows etc. Maybe paint walls a lighter colour.
7. Removal of all rubbish, general tidy up and lots of cleaning.
8. New kitchen benchtop and cupboard doors
9. Replace worn out carpet with good quality carpet remanants which can save heaps

hmm boss coming
gotta go

mick

[Mick INCMember@mick-incJoin Date: 2003Post Count: 43]

January 19, 2004 - 6:44 am

I would just politely hang up the phone and find someone else to do bussiness with. He’s not worth getting upset about.

He is a very naughty little agent, and naughty agents should be seen but NOT heard!!!!![}]

Mick

[Mick INCMember@mick-incJoin Date: 2003Post Count: 43]

January 19, 2004 - 6:20 am

Hi Kim,

I have been renting out rooms for years. Both in my PPOR and IP’s. I never used to tell the tax man about income from PPOR. I do now, but only because I want to prove income to keep buying IP’s.

I do have tailor made leases, ID forms and room reports sheets if you would like them.

If you like you can email me on [email protected]

Mick

[Mick INCMember@mick-incJoin Date: 2003Post Count: 43]

January 13, 2004 - 2:20 pm

I believe interest rates will remain stable for some time, Stability seems to be all the go with the RBA for a while now. I believe they will just threaten to lift rates and let the media do the rest. Making us believe rates are going up is almost as good as actually putting them up.
It’s called the “Claytons” interest rate rise!!!!!

Mick INC

[Mick INCMember@mick-incJoin Date: 2003Post Count: 43]

January 13, 2004 - 1:58 pm

My prediction is next rate rise will be in June/July (0.25%) if at all. I believe the RBA is worried about strenghening the Aussie dollar, and a rate rise will do that!

Mick INC

[Mick INCMember@mick-incJoin Date: 2003Post Count: 43]

January 10, 2004 - 2:41 am

quote:

---

Originally posted by HousesOnly

Kay
Always consider the long-term trend currently which indicates that almost every property for sale today is overvalued by about 100-150%!

---

Hey Guys
If a property was overvalued by 100% wouldn’t that mean it should be free, or at 150% the seller should pay me to take it off their hands?
Hmm, sounds like a plan!! I might just suggest it next time I make an offer.

PS I hope my agent doesn’t get too upset[]

Mick INC[]