Total Members: 152,964

quasimodo

  • We would LOVE to meet up! We just finished the book, and would love to talk about it. We also have regular Cashflow games at our place, and are always looking for new players (20 minutes south of Brisbane).

    Regards,
    Sheryl & Piers (aka quasimodo)
    sheryl_duru[email protected]

  • I’m inclined to agree,

    You’re not going to earn their respect by rushing in and buying any old piece of property that they put in front of you. You’ll earn their respect by asking the relevant questions, not pretending that you know more than you do and being prepared to act *when* they give you a deal that (reasonably) fits the criteria you’ve…[Read more]

  • Sounds like you’re discussing what Dolf DeRoos calls a “Heads of Agreement”. Dolf used this to get a tennant for a commercial property (a funeral parlour!) signed up before the property was purchased. He then took the (low) asking price for the (vacant) property and the contract showing that the income secured will massively raise the value of the…[Read more]

  • Check around on this answer but my understanding is that you’ll need to inform the bank of the change if you want to keep it legitimate as they have different policies for owner occupied Vs investment properties (for example the percentage of the house price they will lend – the LVR – is often significantly more for owner occupied). Failing to…[Read more]

  • Never wear dirty underwear more than twice in a row… [;)]

    Seriously though, a more specific question would most likely get a better response. What do you want tips on exactly? Sourcing properties? Financing? Structuring? Negotiation?

    Quasimodo [^]

    __________________________________________________
    It seems to me that action has a most magic way…[Read more]

  • Hey FW!

    We must be neighbors! Apparently we live in Fairyland, too! I personally have been critisized for “seeming to believe that somehow everything will work out for the best” lol! Not that I’m complaining! So far with a bit a work… it has!

    The weathers great and life here is good in Fairyland! Now all we need to do is convince a few more to…[Read more]

  • What’s the LVR (how much you owe versus how much you own) on your IP? If you’ve paid off quite a bit, you may be able to refinance your IP to the banks maximum allowable LVR and use that (tax free) money to pay off part of your home loan mortgage. Just make sure you check out the fees to do this (ie refinancing fees, early repayments) as the banks…[Read more]

  • I would suggest making a deal with an experienced wrapper in Tassie to wrap the property for you, and have you take over the role as money partner. Thisway, you get part of the cashflow for providing the house, and they get part for setting up the deal and maintenance. Try searching this web forum (as well as John Burley’s and financewraps if you…[Read more]

  • OK… a couple of things here…

    Firstly where renting a property out, the only protection a landlord has is that there’s usually a bond equivalent to around 4 weeks for if the tennant breaks lease. In the majority of cases this has to be paid back in full. It’s a common misconception that mortgage insurance will make your payments if you have no…[Read more]

  • What’s your niche Fullout? Buy & hold? Wraps?

    Quasimodo [^]

    __________________________________________________
    It seems to me that action has a most magic way of answering all the questions our fearful mind tries to throw before us…
    __________________________________________________

  • Depends on what “services” you’re referring to and where you are…

    If you want to cover yourself legally, you’ll need a solicitor experienced in wraps in your state.

    If you have a house and want to get someone else to wrap it for you when we’ll need some details about the property to decide if it’s worth a closer look (once again, where is it,…[Read more]

  • Luuuurvley! Thanks all!

    Keep on rockin’ the real estate world!

    Quasimodo [^]

    __________________________________________________
    It seems to me that action has a most magic way of answering all the questions our fearful mind tries to throw before us…
    __________________________________________________

  • quote:
    My letter is off to my local member.

    Cheers

    Sooshie [:)]

    Yes, I was suitably outraged until I realised I’ve never lived in Melbourne… still, NT seems to have it pretty bad, too! I say we start our own party and storm the halls of parliament together, righting wrongs, and making the world a nicer, more humane and investor friendly kind…[Read more]

  • Oops! The missing part of that equation is that obviously you’d still only get the cap. gains if the tennant moved on and you then had the chance to resell…

    All shall be duly “accountanted”! Thax Saskatoon!

    __________________________________________________
    It seems to me that action has a most magic way of answering all the questions our…[Read more]

  • We may be interested Tony.

    We’ll be coming back to Brisbane from the 6’th of May, so drop me an email at [email protected] and we can arrange to get together shortly after.

    Quasimodo [^]
    (aka Piers)

    __________________________________________________
    It seems to me that action has a most magic way of answering all the questions our…[Read more]

  • quasimodo replied to the topic Stamp Duty in the forum No Subject 18 years, 3 months ago

    OK… it’s not the easiest to read format, but these are the scales (from http://www.stampoutstampduty.com.au) and the concessions. Not sure about deductability.

    Cheers!

    Quasimodo [^]

    Value of Property Rate
    <$12K
    $1.00 for every $100 or part of $100
    $12K < $30K
    $120 plus $2.00 for every $100 or part of $100 over $12K
    $30K< $50K
    $480 plus $3.00 for…[Read more]

  • Seems to me that the choice between IO and P&I all depends on if you’re after cashflow (where IO would reduce payments, boosting returns) or equity (which will be boosted by having payments reduce your LVR). The real question may be whether cashflow or equity suit your strategy better…

    Quasimodo [^]

    PS IO being illegal does sound *very* odd……[Read more]

  • There’s a good article in the current API (Australian Property Investor) magazine about this. In short, yes, there are people using buyers agents successfully to buy site unseen, just be careful to have a buyers agent who can be trusted and isn’t just a front for a selling agent. They also recommended finding an agent who has received certified…[Read more]

  • I’ve been along to their meetings and still seem to get their newletters.

    The one question that I asked that they seemed to dance around and be particularly evasive in answering was “How can I be sure of the independance of the properties that you reccomend I buy?” as well as (on a similar line) “Are you prepared to guarantee that Investors club…[Read more]

  • Hmmmm… so based on that…

    Could you buy a place, move in for X months, move out into a rental, wrap the first place and gain any capital appreciation of it for the first 6 years CGT tax free? (assuming you didn’t nominate another place as your PPOR as you were renting?)

    Interesting! Very interesting!

    Quasimodo…[Read more]

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quasimodo

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