Flip

[WebBoard]

From: Mike .


I think I'm flipping! - Sorry, long post
From: Jude
Date: 26 Feb 2001
Time: 16:22:22

Afternoon all,

Help would be seriously appreciated. Nuts and bolts is this: Signed for property 22/2/01 for $140k. Settle 23/3/01. Agent had cause to ring me today and asked if I would be interested in selling same property as he has had multiple enquiries.

2 separate real estate agents who know house for different reasons say it is worth min $165k. Add in local paper today shows same design house for $172k 3 streets away. I believe I would need to spend $1000 on curtains (2 windows have black plastic up, others have tab curtains not very well fitted) and $1000 rear yard landscaping to improve property. (2 large dogs in yard, dirt/gravel only). Borrowing entire costs.

A post earlier asked who was driving force. Well it's me, hubby would have coronary if I attempted to flip, he's barely coping with concept of IP's as it is. Please advise what to do, don't worry about hubby, I'll fix that :0)

Cheers all - Jude

 

[WebBoard]

The Wife

Reply: 1
From: Mike .


Re: I think I'm flipping! - Sorry, long post
From: TW
Date: 26 Feb 2001
Time: 19:36:19

WOOHOOO!!...you go girl!, I think I'm as excited as you are, keep going, keep going, now it becomes FUN )

 

[WebBoard]

Les

Reply: 1.1
From: Mike .


Re: I think I'm flipping! - Sorry, long post
From: Les
Date: 26 Feb 2001
Time: 17:21:43

G'day Jude,

Wot a lovely problem to have ;^)

It's your call - but if you can generate $20 - 25k equity in one month by buying it, along with the attendant costs, and wish to keep it, it sounds like you have the deposit for your next IP.

Of course, if you were to "flip" the property, get an immediate cash gain, and don't pay the various costs (stamp duty, solicitors) and only pay the Income Tax, then you have pocketed around $10k for a month's work ($120k per year after Tax at that rate). This might help to relieve hubby's coronary position (where the first scenario might not ....)

It's your call - enjoy your problem, it's a NICE one !!!!!

Regards, Les

 

[WebBoard]

Jude

Reply: 1.1.1
From: Mike .


Re: I think I'm flipping! - Sorry, long post
From: Jude to Les
Date: 26 Feb 2001
Time: 19:04:02

Les, What a shot in the arm you are! I've been reading the posts for some time now and admit was dubious about some of the claims being made. I'm still pinching myself to see if I'm awake. To my fellow newbies, yes the deals are out there. It's exactly like the old (not TW of course) hands say it is. I can't believe how easy it was (do believe that luck played some part though). 2 days after buying the house I bought a block for 10K under the going rate for the area. I'm going to build a house on that. Am I smiling? You betcha! Cheers Jude

 

[WebBoard]

Les

Reply: 1.1.1.1
From: Mike .


.. and how's hubby's coronary ???
From: Les
Date: 26 Feb 2001
Time: 20:42:21

G'day Jude,

That is tremendous !!! Hubby must be feeling better already - now all you need is to do it again, and again, ...... But don't forget to keep a few along the way ...

Good for you,

Regards, Les

 

[WebBoard]

DaveT

Reply: 1.1.1.1.1
From: Mike .


Re: I think I'm flipping! - Sorry, long post
From: davet
Date: 26 Feb 2001
Time: 19:44:38

How'd you word your offer and contract?.. you allow for assigning. Ya might find you have to also pay stamp duty then, might dig into the CG a bit, but if it still looks good, why not .... Go girl!!

 

[WebBoard]

Jude

Reply: 1.1.1.1.1.1
From: Mike .


Re: I think I'm flipping! - Sorry, long post
From: Jude to Davet
Date: 27 Feb 2001
Time: 06:22:54

Hi Davet,

Think one of the problems with me flipping this property is that it never was intended to be flipped. Contract doesn't reflect a flip, it's a 30 day settlement.

The idea of flipping came after the agent asked me if I wanted to resell. I did know at the time that it was way underpriced but flipping never entered my mind. This is the same agent that wants to manage the property. Der, okay! Sle*ze big time.

Just as an aside, I got this property because I had finance ready to go. Within 2 hours of the first phone call to agent I had inspected and made an offer that the agent said the vendor would accept. Who's he working for again?

Cheers all - Jude

 

[WebBoard]

Jude

Reply: 1.1.1.1.1.1.1
From: Mike .


I havn't told hubby yet......
From: Jude
Date: 27 Feb 2001
Time: 06:05:56

Thanks so much everyone.

Remembering that I'm new, I've decided to keep house and use as equity for next property.

I havn't told hubby yet but you see there's these nice little terrace houses that a birdy whispered in my ear about and I'm thinking....... I'll tell him about that idea when the times right. One step at a time right?

Have a good day all - Jude

 

[WebBoard]

Alston

Reply: 1.1.1.1.1.1.1.1
From: Mike .


Re: I havn't told hubby yet......
From: Alston
Date: 27 Feb 2001
Time: 06:15:24

Start the conversation with "Hubby, you know how you hate Monday mornings and would like to retire? Well, how does (insert date) sound?"

Alston

 

[WebBoard]

Jude

Reply: 1.1.1.1.1.1.1.1.1
From: Mike .


Re: I havn't told hubby yet......
From: Jude to Alston
Date: 27 Feb 2001
Time: 06:36:27

Good morning,

Actually, I have a 5 year plan. 5 years time we will both be working part time. I'm a nurse and don't want to lose my registration. Hubby, well it would just plain drive me crazy to have him under my feet all day.(love ya hon)

He likes the idea of the 5 year plan and I'm sure as he starts to see the benefits he will come around and not be so nervous.

Have a good day - Jude

 

[WebBoard]

Gee Cee

Reply: 1.1.1.1.1.1.1.1.1.1
From: Mike .


Re: I havn't told hubby yet......
From: Gee Cee
Date: 27 Feb 2001
Time: 19:44:47

That is why I sent my wife back to work a few days a week and I am Mr Mum.

On those days we do as we like. Not as we are told.

Gee Cee

P.S.(And I am finally asserting myself. There is no way I am going to stand in the corner with my nose on that chalk mark anymore)

 

[WebBoard]

Sim

Reply: 1.1.1.1.1.1.1.1.1.1.1
From: Mike .


Re: I havn't told hubby yet......
From: Sim'
Date: 27 Feb 2001
Time: 08:14:40

Hehe... my wife is a nurse too. I started a new job back in October and now work from home most of the time. Before, she used to complain that I would come home late from work all the time... she would ring me up at 5:30pm every day (when she wasn't working) and ask "when are you coming home ?".

Now that I work from home, she complains that I'm in her way... she wants the house to herself a bit etc. Sheesh, I can't win !!

I think that we're going to have to find some really interesting hobbies that we can go and do individually once we retire so that we don't drive each other nuts ;-)

Oh well... once we start working part time and investing the rest of the time we're going to be so busy out having fun that it won't matter so much.

Looking forward to it !

Sim'

 

[WebBoard]

Jude

Reply: 1.1.1.1.1.1.1.1.1.1.1.1
From: Mike .


Re: I havn't told hubby yet......
From: Jude to Sim
Date: 27 Feb 2001
Time: 11:03:11

G'Day Sim,

You disapoint me. I've read your posts and always thought that you sounded quite clever yet there is something that puzzles you. You say...I can't win. Well of course not. You're male, your wife is female.. What more is there to say??

oops! being naughty now!

Cheers Jude :0)

 

[WebBoard]

Sim

Reply: 1.1.1.1.1.1.1.1.1.1.1.1.1
From: Mike .


Re: I havn't told hubby yet......
From: Sim'
Date: 27 Feb 2001
Time: 18:16:14

Touche !

;-)

Sim'

 

[WebBoard]

Robert

Reply: 1.1.1.1.1.1.1.1.1.1.1.1.1.1
From: Mike .


Ooucchh!!!!
From: Another Male (Robert) (nt)
Date: 27 Feb 2001
Time: 11:07:50

 

[WebBoard]

Jude

Reply: 1.1.1.1.1.1.1.1.1.1.1.1.1.1.1
From: Mike .


Les ring 000 hubby's...
From: Jude
Date: 28 Feb 2001
Time: 18:47:58

Les ring 000 hubby's...told me to go and buy another house!!!

I did the figures after the last buys, came up with extra $$ (nice) gave 3 options of what we could do with it and he chose to buy another house.

TW- now it becomes fun :0)

Anyone know of a house going cheap?

Cheers to all - Jude

 

[WebBoard]

Les

Reply: 1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1
From: Mike .


Pleased hubby is feeling so much better ;^)
From: Les
Date: 01 Mar 2001
Time: 04:46:31

Way to go, Jude

Sounds like hubby's heart is in much better shape already. Well done,

Les

 

[WebBoard]

Robert

Reply: 1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1
From: Mike .


Re: Les ring 000 hubby's...
From: Robert
Date: 28 Feb 2001
Time: 19:44:47

Yep I do....

Cheers, Robert

 

[WebBoard]

DaveT

Reply: 1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1
From: Mike .


Re: Les ring 000 hubby's...
From: davet
Date: 28 Feb 2001
Time: 19:37:52

wOOHOOO

watch out !!!

here she comes ;-)

good luck to ya... ya over 1/2 way there......

go girl.