[MikeRobinsonMember@mikerobinsonJoin Date: 2002Post Count: 27]

March 31, 2004 - 2:11 pm

Hi gang,My 1st IP cost$13000 in 1996.I rented it for $90/wk.Now worth $30000 and still rents for $90.Have had the same tenant for 4yrs.Mick

[MikeRobinsonMember@mikerobinsonJoin Date: 2002Post Count: 27]

January 15, 2004 - 2:02 pm

C’mon Kay
Stop picking on Broken Hill.I can make all my I.P.’s pos.Every time I acquire 2 properties in B.H. I then buy 1 in Adelaide.So my excess rents in B.H. on top of the rent in Adelaide pays the loan.No money from my pay towards any of them.Has worked 3 times so far.Imust admit that all the wrappers in the paper are squeezing up my rentroll.Just means I have to do the due diligence thing more often.Hate that,used to be easier before.Happy investing,Mike

[MikeRobinsonMember@mikerobinsonJoin Date: 2002Post Count: 27]

November 27, 2003 - 11:45 am

Merry Xmas guys and gals,
I give my tenants xmas week free but only the long term ones.I figure that 2yrs looking after my property and paying on time deserves a pat on the back.I always like to remember how tough they are doing it and still paying on time.
Just me remembering where I came from,Mike

[MikeRobinsonMember@mikerobinsonJoin Date: 2002Post Count: 27]

November 22, 2003 - 5:36 am

Hi guys,
Oxide St is close to the town centre and this house is in a good pos. except that the neighbours on either side are(how can I put this and not end up in the poop)undesirable.In the B.H. scale of things this house is$100/week but definitely no more.What else?Oh yes,population 21000,stable.It was 36000 20 yrs ago.We are in need of a boost(not alone there).If the mineral sands project gets going it will help.Personally Ibelieve that the $100/wk market is maxed and the arrival of some wrappers has caused that(my opinion only)House prices have lifted in the town and while still cheap not the bargains of 12mths ago.Hope it helps,Mike

[MikeRobinsonMember@mikerobinsonJoin Date: 2002Post Count: 27]

November 22, 2003 - 12:28 am

Be wary,
I know what is on either side of that photo.Mike

[MikeRobinsonMember@mikerobinsonJoin Date: 2002Post Count: 27]

November 22, 2003 - 12:20 am

OK Richmond here goes,
1.Watching family and friends seemingly follow the same pattern in life and achieve little.
2.Have purchased 8IP,s and a PPOR in various places all pos. cashflow.Keen for more but have stopped mine while I’ve been helping 3 children start their own journies.They all agree that practising with dad’s money is great.I am my greatest critic and believe that I could have achieved much more if I didn’t stop to smell the flowers all the time5/10
3.Would like to think that 7yrs would do it but those damn flowers keep getting in the road.I’ve learnt to be patient because like Richmond I’m a Tiger fan as well.
4.Plans are a bit on hold because of afforementioned kids.Bank managers a good bloke though if the bargain arrives.
5.I think slowing the workload and doing what we want is the ultimate.
6.Both.Can’t have one without the other but the journies more fun.
Crikey Richmond I’m exhausted.Stop finding these posers Mike

[MikeRobinsonMember@mikerobinsonJoin Date: 2002Post Count: 27]

November 19, 2003 - 12:57 pm

I remember paying 22% in 1988 for a business loan to purchase a hotel-motel.Hurt like hell paying it back but I still came out on top.Somehow the current interest rates haven’t scared me off at all.The old story still rings true,do the sums and you should be fine.Happy investing,Mike.

[MikeRobinsonMember@mikerobinsonJoin Date: 2002Post Count: 27]

November 3, 2003 - 8:46 am

Hi Westan,I agree.I gave a gift voucher from a nursery to a tenant who wanted to plant a garden.She bought shrubs which she cherished and my property looked a treat.She thought I was wonderful but when she left they were still mine.I differ with the rewards for paying on time.I think they have an obligation to pay for what we provide when it’s due.Their reward would then come from your suggestion of updating the property.Just my thoughts,Mick.

[MikeRobinsonMember@mikerobinsonJoin Date: 2002Post Count: 27]

November 3, 2003 - 8:17 am

Hi Robertv,I generally look after my longer term tenants by giving them Xmas week rent free.It’s only $100 in my case and I figure the 100% occupancy I’ve had with them over the years means I’m well in front.Cheers Mick.

[MikeRobinsonMember@mikerobinsonJoin Date: 2002Post Count: 27]

August 31, 2003 - 7:39 am

Hi aaronj,I live in Broken Hill and do very nicely with my rentals but I believe that the bottom end of the market is saturated.There is still a demand for better quality rentals within the town.However,you still have to do your homework the same as anywhere else.You would probably do just as well in your own area because you understand the town demographics.Mick

[MikeRobinsonMember@mikerobinsonJoin Date: 2002Post Count: 27]

August 27, 2003 - 11:18 am

Hi Lamotte,I’m not that smart but it seems to me if you can afford to do it in the present climate where you know all the rules,why wait for a supposed situation to occur that we can only guess the rules.We can only play each game as it happens.Worry about the what if’s when they actually happen.Just my 2 cents worth,Mick

[MikeRobinsonMember@mikerobinsonJoin Date: 2002Post Count: 27]

August 27, 2003 - 10:26 am

HI 224013,I’m from B.H. and you are right,there are lots of bargains here.We have houses ranging from $15000 to $400000 but we have had a lot of interest from out of town lately and I believe the bottom end is fairly saturated.We are no different to any other town,you still have to do your homework.If you get a tenant in your cheapie you will be very pos. geared but remember it will take a lot of $15000 to get to $400000.It’s still a lot of fun this investing no matter what end we jump in.My problem is a lack of patience waiting for the next one.I have to keep reminding myself that the deal of a lifetime really does come around once a month.Happy investing,Mick

[MikeRobinsonMember@mikerobinsonJoin Date: 2002Post Count: 27]

August 27, 2003 - 8:27 am

Hi Guy’s,It’s been a while since I’ve posted but there are no supermarket owners on this list,so I’m in as the 1st.Maybe this post will start me writing again,maybe,maybe I will just keep reading.All the best to you all,Mick.

[MikeRobinsonMember@mikerobinsonJoin Date: 2002Post Count: 27]

March 30, 2003 - 7:52 am

Hi jg1234,My reasoning behind my pos. geared properties is 1)cashflow and 2)I then marry that to a city property and the excess rent from the 1st one allows them both to be positive.While my main concern has always been cashflow,I believe that even my country properties have all gained in value.Hope the thoughts of a smallfry can help,Mick

[MikeRobinsonMember@mikerobinsonJoin Date: 2002Post Count: 27]

February 14, 2003 - 2:08 pm

I guess I will have to ask the post office to send me all those accumulated repair bills that I don’t know about.And I suppose I’m going to re-screen all those tenants I thought were good.They’ve only been there for 2yr ave.I never picked up that they were all shitheads.The things you learn on this forum.If this info level keeps up Steve will start charging us again[]

[MikeRobinsonMember@mikerobinsonJoin Date: 2002Post Count: 27]

February 14, 2003 - 1:38 pm

Hi Spring,Oh to be 40 again!I also started at age 40(I’m now 48) and must confess hadn’t really grasped the real meaning of equity until my late 30’s.I started with small positive cashflow property because I couldn’t come to terms with neg. gearing and I.O.loans(and still can’t).I now have 9 properties in value ranging from 20000 to 500000(3 outstanding loans)and in my mind they are all pos. geared because my portfolio pays its own way.No money needed from my personal wage.This post is not to blow my bags,merely to show you it can be done.Trust me when I tell you that there is no rhodes scholar at this end of the keys.All the best,Mick[]

[MikeRobinsonMember@mikerobinsonJoin Date: 2002Post Count: 27]

February 14, 2003 - 1:13 pm

Hi Guy’s,On a clear day I can see you.I’m from Broken Hill.Mick[]

[MikeRobinsonMember@mikerobinsonJoin Date: 2002Post Count: 27]

February 14, 2003 - 12:59 pm

Tails old boy,After reading all the posts,including yours,I really don’t think that anything you read on here is going to convince you. Your mind is obviously made up.That’s fine,but I suggest that you look elsewhere(maybe a share forum).I on the other hand am one of those investors that relishes the cheapies(I like to call them penny dreadfuls).My houses rarely cost more than $30000 and rarely rent for less than $100/week.My vacancy rate is a bees dick under 100%.I really don’t care if they all fall down in 30 years.Cheers to you all,Mick.[]

[MikeRobinsonMember@mikerobinsonJoin Date: 2002Post Count: 27]

February 13, 2003 - 12:34 pm

Hi MJ,Grab a red pen @ and ruler,draw aline across N.S.W.about1/2 inch in from the coast.Any town West of this line will have a bargain.Guaranteed!All you have to do is look.It’s not that hard.How do you decide if it’s a bargain?Simply do your sums and if it pays for itself,it’s a bargain.Shit now you have to find another one.Go for it MJ before someone beats you to it,Mick

[MikeRobinsonMember@mikerobinsonJoin Date: 2002Post Count: 27]

February 6, 2003 - 4:10 pm

Hi Hilary,I’m one of the lazy investors.I have only worked with buy & hold because wraps sound too much like hard work.I’m still in the J.O.B. SITUATION and 12 hours a day is enough for me.I do concentrate on being friendly with my tenants though and have to say that they are all long term.I haven’t had an empty house in 3 years.100% in 7 houses,Ihope I haven’t put the black alley in against myself.All the best,Mick