Yeh, and I would think that the public purse (Legal Aid) paid for the idiot’s court expenses.

Pisces

I remember, some thirty years ago, a friend was running around trying to find a backer for a Russian scientist (living in Australia) who had designed a method to break up water into Hydrogen and Oxygen and thence use the hydrogen to run a motor on.

My friend tried to set up appointments with many companies but found it very hard going.

One…[Read more]

Well Aussierogue, you can always book your wife
and yourself into one of the larger hotels.

Make it a special weekend, go and see a show, have a romantic dinner and make the night into a night to remember.

The poor woman deserves a break, having to look after that crying baby of yours, day and night.

I am sure your mother in law would welcome…[Read more]

>>I would recommend a Line Of Credit if you do decide to use your equity.<<

That isn’t very good advice you got there, Smooth. An offset account is infinitely better than a line of credit.

The main reason is that there could be tax complications with a Line of Credit account which can be avoided by having an offset account instead.

These…[Read more]

It is always a good idea to keep trust moneys in a seperate account.

I think you will find that your bank can open such an account and the charges are identical to a normal account.

Some companies have the charges for the trust account charged to another account).

In your situation, does the account need to be audited each year ?

Pisces

>>I have now put up a post asking for references for a decent mortgage broker. *fingers etc crossed*<<

Devilcv8, the moment you realise that the broker is a bullshit artist (for example when he makes absurd claims how he gets impossible loans by standing over lenders), run for your life as you are likely to deal with a pathological liar.

Dealing…[Read more]

Some years ago someone living in a second floor unit in Kings Cross was asleep during the daytime when he heard a noise.

He got up and saw someone’s head poking through the window in the loungeroom, trying to get inside.

The guy who lived there grabbed a chair and hit the burglar over the head. That obviously didn’t go down well with the burglar…[Read more]

>> I rarely use the No Doc or Private Lenders as I ball-bust the regular lenders until they do what I want.<<

That is your statement Rob, not mine.
You are the one who has to live with it.

The above can only be interpreted as stating that you rarely use a No Doc loan or private money because there is no need to do so as you [habitually] squeeze…[Read more]

Originally posted by melbear:
Negative cashflow – yes now thanks to the boom. Beforehand very possible to get positive cashflow. I had 3 until I started buying OTP monsters that had massive CG but not so the rents…
Cheers Mel

Hi Mel

Help a newbie out, pretty please. What does OTP mean?

Cheers

Greg

WallFlower, do i detect a bit of sour grapes there or am I mistaken ?

A not so unusual trait for a wallflower perhaps [evo]

I would have thought that Mary’s husband did look quite colourful in his uniform.

Also, I imagine that Mary would have let her real estate licence lapse by now.

Pisces

>>But when you both want to do different things, it’s trouble. One wants to sell, and the other doesn’t… then you have all kinds of exit charges blah blah…<<

Kay, you hit the nail right on th e head in what you said above.

Having a business partner is fraught with problems. One wants to sell so he can get his money out, the partner wants to…[Read more]

>>I rarely use the No Doc or Private Lenders as I ball-bust the regular lenders until they do what I want.<<

Come on now Rob, who do you think we are ? Seven year olds who still live in make belief land ?

Pisces

>>Did you note my post read: ‘A message from Robert Kiyosaki’?. Have another look.<<

I think one would generally be inclined to assume (rightly or wrongly) that if someone quotes someone else without mentioning one word of criticism that the writer of the post agrees with the quote.

Pisces

>>Pisces, joke, or for real? re: denmark?<<

I was only skylarking Mini basically because last weekend Denmark was in the news because of Princess Mary.

Pisces

I would be the last person to excuse Charles’ behaviour.

I do however find his wife’s behaviour abominable.
Because of her position, yes, she should have shut up and suffered in silence, not bring further disgrace upon the family.
Behaving in a prim and proper way comes with the territory. Sorry.

Two wrongs do not make a right.

And that…[Read more]

Wayne is quite right about trading in property is difficult because of the high costs involved (stampduty, legals etc).

Pulling out one’s initial money once the property has gone up in value that is fine.

Provided however one realises that continuously walking a tightrope means exposing oneself to the distinct possibility of being wiped out…[Read more]

Hi Ezy, you talked about pooling our money.

The problem is that then there would be too many Chiefs and not enough Indians.

I very much disagree with having a partner. Surely one doesn’t need a partner to buy a house ?

Pisces

Geez, have I ever stuffed up!!

I posted this “new” topic, only to find:
1. The real author (Monopoly) had already posted it lower down the topic list.

2. To top this major stuff up off, I compounded it by thanking Mini, when it was Monopoly who replied to my original request.[confused2][glum2][glum][glum][glum][glum][glum]

A thousand apologies…[Read more]

Originally posted by Greg F:
I’m impressed with your Rental Yield figures. Thanks to Steve’s book, I know how to work out the CoCR (Cash on Cash Return) but in all my years of property investing, I’ve NEVER learnt how to work out the more “traditional” Rental Yield. Do you mind teaching me:
1. The formula and, if it’s not too much to ask…
2.…[Read more]

MIsty, some lenders will increase the loan as long as the title has been transferred to one’s own name.

This means that if the valuer places a higher valuation on the property than the actual purchase price one will be able to increae the loan without incurring the penalty charges you mentioned in your post.

Pisces