[SeeChangeMember@seechangeJoin Date: 2003Post Count: 66]

May 30, 2005 - 5:21 am

Originally posted by dmichie:

err.. It was a tongue in cheek reference to this gem

Sorry, missed that one. I was struck down with the ‘flu yesterday, and I’m a bit slow on the uptake today. Perhaps God is punishing me for not being positive enough?

Or Maybe God missed…..[biggrin]

See Change

[SeeChangeMember@seechangeJoin Date: 2003Post Count: 66]

May 29, 2005 - 11:25 am

Chat Room ?

See Change

[SeeChangeMember@seechangeJoin Date: 2003Post Count: 66]

May 29, 2005 - 12:06 am

Rob

Intesting to note that you don’t state here that you got banned as a result of a bet.

To Quote you

I rejoined as a bet. Another member wanted to know if I would get the boot within a week again without swearing or directly abusing anyone after some comments I made here. I thought I was a certainty to win. I lost as it took a few days too many.

https://www.propertyinvesting.com/forum/topic/17296/6.html?sortfield=&sortorder=

I think that people on somersoft would disagree that you stuck to your rules.

I apologise for repeating myself. Your banning had nothing to do with your message but every thing to do with your delivery.

See Change

[SeeChangeMember@seechangeJoin Date: 2003Post Count: 66]

May 28, 2005 - 10:45 pm

Again this post just reinforces the reason why you were kicked off.

You wern’t interested in somersoft and it showed.

You were just interested in stirring people and wining your bet.

The swannies lost , but they wern’t the only losers yesterday.

See Change

[SeeChangeMember@seechangeJoin Date: 2003Post Count: 66]

May 28, 2005 - 12:48 pm

Quote:

Originally posted by The Mortgage Adviser:

Sea Change, tell your mates over at Somersoft that I appreciate their accepting me back and the ’24 hour’ poll that was to be undertaken on whether I should be allowed to stay or not. That lasted all of ten minutes.

They are way too sensitive over at Somersoft!!!!

I have lost what little respect I had for some of the Mods there.

I hope you, Acey et ors are happy mate!

Anyway, back to ignoring your attempts at flaming me here.

Have a nice weekend.

The Mortgage Adviser

Rob

I’m having a good weekend except for the Swannies playing like a pack of dogs…..

Must admit I missed the posts that got you kicked off, but I do have other things to do , so I don’t spend all day glued to the internet.

From your previous posts I didn’t think you had much respect for anyone over at somersoft. If you’d listened to the feedback over there , you would have realised that people don’t actually disagree with the content of what you say , rather they don’t like the way you say it.

Certainly when the internet started it was a fairly anarchaic place and people tended to shot and ask questions later. Maybe you were looking for that type of place , but in my experience Somersoft isn’t that sort of place.

I just had a look at the page of the top ( as in number of posts ) posters on somersoft and realised that I’ve met over half of them in real life over the 3-4 years. Once you’ve met someone in real life you tend to treat them with more respect.

I always like the definition of insanity as doing the same thing and expecting a different result.

I don’t think anyone could realistically expect a forum that has been established for several years to change it’s behaviour and rules to accomodate one persons behaviour so if you realistically wanted to become a member over there , maybe you should have thought about changing your behaviour which obviously was antagonising a significant number of long term members who make somersoft what it is.

If you don’t like what it is , why bother going there ?

I’ve been told by people who have met you, that in real life you’re a nice person, but in your behaviour at somersoft over the last few days , that din’t come across. You certainly didn’t show any consideration or respect for the members over there. Probably doesn’t matter to you , but considering you did make the effort to rejoin somersoft I wonder about the way you behaved while you were there.

On a final note I’m curious as to which posts on PI.com you consider that I’ve flamed you. I’d be interested in knowing, so I can get some feedback.
I wouldn’t want to continue posting in a manner you are sensitive about. I wouldn’t want to do that over here.[blush2]

See Change

[SeeChangeMember@seechangeJoin Date: 2003Post Count: 66]

May 27, 2005 - 5:08 am

Originally posted by Mortgage Hunter:

SC,

The recent course I did made no mention of living off equity. He discussed keeping equity and living off portfolio income.

Simon Macks
Finance Broker
[email protected]
0425 228 985

Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.

Simon , was this his regular one day course ?. If so it sounds as though it is a change in direction. Certainly Living off equity is the controversal element of his strategy which seems to raise the emotional level on forums[biggrin]

See Change

[SeeChangeMember@seechangeJoin Date: 2003Post Count: 66]

May 27, 2005 - 1:08 am

Originally posted by The Mortgage Adviser:

The problem with Somersoft is that there is a ‘group’ mentality. If you disagree with someone in the ‘group’ you have no future there. You get bombarded by all those in the ‘group’ until you leave, cease posting or get banned for a ridiculous reason.

Robert Bou-Hamdan
Mortgage Adviser

[

Rob

The only thing the so called group at somersoft have in common is that they like to have an element of reason and logic in the debate.

When people come in and get involved in discussions where they conveniently ingore logical arguements and go off at irrelevant tagents the frequent posters ( or the group as you like to call them ) will challenge them, which is how it chould be.

There is as wide a range of view points on how to invest on somersoft as there is here.

The only reason why people get banned on Somersoft is for spam , abusive , threatening or potential libelous posts, and even then , most of these posts are just deleted and the poster asked to chill.

See Change

[SeeChangeMember@seechangeJoin Date: 2003Post Count: 66]

May 26, 2005 - 12:44 pm

Originally posted by The Mortgage Adviser:

As you may know, I ignored you over at Somersoft and I am disappointed that I cannot do the same here (that I know of). I will just endeavour to ignore all future posts you make.

[purple]The Mortgage Adviser

It’s easy to ignore someone when you want to,

You just don’t reply to them [biggrin]. But it takes will power…….

Again a post full of red herrings and distractions

See Change

[SeeChangeMember@seechangeJoin Date: 2003Post Count: 66]

May 26, 2005 - 12:15 pm

Originally posted by The Mortgage Adviser:

See, just as you do not consider managed funds to be shares, I do not consider principal repayments to be income.

I would not submit a loan in this way.

It seems Rolf implied the lenders did not pick up on the principal repayments and were just looking at payments going into bank accounts or through another statement.

What happens when the payments stop and for some reason the borrower cannot re-establish a bond and cannot meet the repayments on the higher loan they obtained as a result of a bank oversight or the broker not informing them of the true nature of the so-called ‘income’?

Who will be smiling on the current affairs program when the borrowers who just lost everything say “the broker told me to do it!”?

The Mortgage Adviser

---

http://www.themortgageadviser.com.au
[email protected]
Essential Links

---

Rob

I’ve said before that I wouldn’t use steve’s ( Navra’s overall strategy. With regards to your second last paragraph I agree completely. What happens if the banks ( stung by losses from a property crash ) decided to change their lending criteria , and won’t revalue properties becuase they have lower LVR’s. What happens if the property has gone done in value and the bank want to decrease the amount of the loan…..??!!

There’s so many what if’s

As I said there have been many post on somersoft covering this topic and I expressed my concerns in this post

http://www.somersoft.com/forums/showthread.php?t=14486

If the banks are dumb enough to consider capital distributions as income, that’s their problem.

You asked in this thread for someone to name which banks consider it as income and I’ve provided you with a reply. So you reply that you wouldn’t consider it as income…. that’s your perogative, but someone did answer your question. If you chose to dismiss that again that’s you perogative.

I don’t imagine too many people on this forum would have sympathy for people who get into financial trouble and then try to shift the blame of to their mortgage broker. I can’t imagine you would . Your comment on that vein only comes across as an attempt to distract people from the fact that someone has answered you question.

Re you comment about shares. If you want to continue that debate , why don’t you continue that debate where it was raised. I will stand by my statement that I don’t think too many people would consider buying managed funds , investing in shares…..

But maybe we should let people draw their own conclusions

http://www.somersoft.com/forums/showthread.php?t=20752

See Change

[SeeChangeMember@seechangeJoin Date: 2003Post Count: 66]

May 26, 2005 - 10:38 am

Originally posted by Mortgage Hunter:

Or use it to support a LODOC….

Simon Macks
Finance Broker
[email protected]
0425 228 985

Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.

Rolf said that was also his preferred option

See Change

[SeeChangeMember@seechangeJoin Date: 2003Post Count: 66]

May 26, 2005 - 10:10 am

Rob

I asked the broker that I use ( Rolf Latham ).

He said that in the past Westpac, Bank of Queensland and Homeside have come to the party in the past.

He thinks most lenders are way too thick to realise the difference between capital return and dividend paid…..

See Change

[SeeChangeMember@seechangeJoin Date: 2003Post Count: 66]

May 26, 2005 - 9:12 am

Originally posted by The Mortgage Adviser:

Even in that situation, the majority of the $23,000 is a principal repayment which does not belong to the the individual. It has to be repaid to the lender. It is still ludicrous!

The Mortgage Adviser

---

http://www.themortgageadviser.com.au
[purple]

I havn’t used cash bonds but know people who have used them and I have been to Steve’s Seminar. He has been presenting the material on Cash bonds for 3-4 years and it has been subject to much debate on Somersoft. Steve has enough critics over there that if this was a flaw in his strategy it would have been exposed by now.

My understanding is that the repayment of the principle and the interest is treated by lenders as income.

See Change

[SeeChangeMember@seechangeJoin Date: 2003Post Count: 66]

May 24, 2005 - 12:05 pm

I don’t use Steve’s Strategy , however I have several friends ( from Somersoft ) who have used elements of his strategy with good effect.

I personally disagree with his ” Overall Strategy ” ( mainly living off equity ) but again I can see that I might use elements of his approach further down the line.

Up to now I haven’t had any problems with servicability ( which is addressed with Cash Bonds ) , and I have taken a different approach to the type of properties I buy compared to those that Steve advises. Steve advises buying “good properties” which fit within his “rental reality ” formular which is in esence a way of determining ( in share market analysis terms ) value buys. Personally I prefer a trend following approach , ie waiting until I see an area that is taking , or about to take off and then buying at that stage.

His course is well worth doing and isn’t a teaser for a more expensive course.

See Change

[SeeChangeMember@seechangeJoin Date: 2003Post Count: 66]

May 23, 2005 - 3:23 am

Leanne

The first thing to be aware of , is that you don’t need to rush. The market has just been through a major boom and in most places has reached the top of the cycle and in many ( certainly in sydney ) prices are coming down.

It’s more important to buy the right property than any property, and I know more people downsizing their portfolios’s at the moment than buying.

Spend time reading the old posts . Also go over to Somersoft.com which is the other worthwhile property investing forum in Oz. It also has a chat room which while quiet for much of the time nowdays, can be a good place to get some more immediate feedback.

There are also meetings at various times in Sydney . Check the ” coffee lounge “

See Change

[SeeChangeMember@seechangeJoin Date: 2003Post Count: 66]

May 22, 2005 - 9:42 am

All the people who I know who plan to do it “live ” over at somersoft where there have been some heated posts in the past.

See Change

[SeeChangeMember@seechangeJoin Date: 2003Post Count: 66]

May 21, 2005 - 7:31 am

I’m not going to get into an indepth discussion of something I don’t intend to follow ( Living off equity ) , but I do know of a couple of people who have used cash bonds to good effect in the last property cycle. These were people who had lots of equity but were told by their finance providors that they had reached their servicability limits.

They got LOC’s and then bought a cash bond which involves the capital and interest of the bond being paid back to the investor , and the Capital repayment and the interest were treated by the banks as income. As a result , with the increase in servicability they were able to buy further properties and made significantly more money.

Both these people did this several years ago at a time when the market was in the earlier stages of the property cycle and good capital growth wasa reasonable expectation, unlike the current situation.

I can imagine myself using a cash bond in a similar situation in the next cycle , if I have a problem with servicability.

My concern with Living off Equity is what happens if the planned on amount of capital growth doesn’t occure further down the line.

See Change

[SeeChangeMember@seechangeJoin Date: 2003Post Count: 66]

May 20, 2005 - 1:38 am

Steve Navra is certainly the most articulate proponent of living of equity around, though personally it’s not something I plan to use.

However Steve Navra covers more than just this, he’s a very genuine person ( must be something about the name Steve ) , and his course is well worth doing for anyone who is serious about investing ( not just in property )

See Change

[SeeChangeMember@seechangeJoin Date: 2003Post Count: 66]

May 13, 2005 - 6:32 am

Dazzling

Congrats on your success.

Sounds like a well positioned property.

Would be curious to know ( if you’re happy to )what sort of n return this will generate.

See Change

[SeeChangeMember@seechangeJoin Date: 2003Post Count: 66]

May 12, 2005 - 3:04 am

Robert

I don’t thing that posting a link to a newspaper article on this forum is going to have much impact on the state of the Australian Property market.

If any individuals decision to buy or sell based on the impact of reading one article , then they probably don’t know what they’re doing and shouldn’t be buying anyway.

I think that it’s worthwhile having links to any property related article. Then we can make up our own minds.

See Change

[SeeChangeMember@seechangeJoin Date: 2003Post Count: 66]

May 12, 2005 - 2:47 am

Originally posted by The Mortgage Adviser:

Originally posted by dmichie:

Well, I don’t know about other parts of the country, but where I am (northern beaches, Sydney) we had an auction clearance rate of 7% last weekend (no, not 70%, 7%). I’d hardly call that ticking along.

EXACTLY!!!

The situation on the Northern Beaches is not an economic indicator for the rest of the country!

Robert Bou-Hamdan
Mortgage Adviser

But , Sydney leads the way in Australia. It goes up first and comes down first.

I’ve been amused at how people have still been talking up Brisbane over the last few months, when people I’ve talked to indicated that it was less than healthy.

So it came as no suprise when there was a front page article on the courier mail indicating pirces had dropped.

Melbourne is going down.

Sydney , melbourne , brisbane ….

See Change