So Dazz
- Thread starter boomtown
- Start date
Boomtown....
I've never had cause or reason to lie on this forum previously, so I am a bit confused as to your "in all honesty" preamble.
The answer to your question is a resounding no. The Banks would not have given me the time of day. At the time....don't know about now though, they preferred residential equity over cash even, which surprised me. They've probably changed their tune of late.
I didn't prefer it at the time, I still don't prefer it. However, as we all know, the Lenders dictate everything when you are just starting out.
However, as I've found over the past 5 years, just because you start your journey out on a 50cc PeeWee, as we did, doesn't mean you can't / shouldn't upgrade to a variety of vehicles like a sedan or station wagon, or a fleet of them, to get you to your destination quicker and more safely.
My preferred vehicles are now what I'd like to describe as a convoy of road trains. Hard to turn around if the road disappears altogether I'll grant you, but they are reasonably robust, with long range tanks and plenty of momentum to get through the boggy patches, and aren't affected by either small road bumps or roadkill along the way.
Can you buy road trains first up. No. Do you need to buy a PeeWee first up. Probably - yes. But don't think because you have the fastest and niftiest PeeWee around that that is where the vehicle story starts and ends. There may be better (safer / quicker / more robust) vehicles on the road if you bothered to have a squizz around.
You could have PM'd me to get the same answer, but I gather there is a secondary question / statement which is coming down the pipeline no doubt, which you would prefer to be on the open forum.
What was your real question ??
I've never had cause or reason to lie on this forum previously, so I am a bit confused as to your "in all honesty" preamble.
The answer to your question is a resounding no. The Banks would not have given me the time of day. At the time....don't know about now though, they preferred residential equity over cash even, which surprised me. They've probably changed their tune of late.
I didn't prefer it at the time, I still don't prefer it. However, as we all know, the Lenders dictate everything when you are just starting out.
However, as I've found over the past 5 years, just because you start your journey out on a 50cc PeeWee, as we did, doesn't mean you can't / shouldn't upgrade to a variety of vehicles like a sedan or station wagon, or a fleet of them, to get you to your destination quicker and more safely.
My preferred vehicles are now what I'd like to describe as a convoy of road trains. Hard to turn around if the road disappears altogether I'll grant you, but they are reasonably robust, with long range tanks and plenty of momentum to get through the boggy patches, and aren't affected by either small road bumps or roadkill along the way.
Can you buy road trains first up. No. Do you need to buy a PeeWee first up. Probably - yes. But don't think because you have the fastest and niftiest PeeWee around that that is where the vehicle story starts and ends. There may be better (safer / quicker / more robust) vehicles on the road if you bothered to have a squizz around.
You could have PM'd me to get the same answer, but I gather there is a secondary question / statement which is coming down the pipeline no doubt, which you would prefer to be on the open forum.
What was your real question ??
First up I did not mean to cast aspersions on your integrity and apologise for it coming across that way.
Its more a function that I am feeling a tad frustrated at replacing an $400 insinkerator at the PM's insistence when I know that the damn thing is just going to break again in 4 years time. And you can't charge more rent just because the place comes with an insinkerator. Ill figure out how to replace it with a bit of straight pipe next time around and no one will be the wiser.
I have a couple postie bikes and they will have to do for now. I will be happier knowing that there are no (obvious) shortcuts.
But seeing as you asked for more questions
Whats your take on raw dirt (gravel?) versus hardstand versus hardstand plus shed. Im thinking the lesson of the insinkerator is the fewer improvements you can get away with the better (unless of course the lessee wants to do them itself at its own expense in which case it can knock itself out).
Its more a function that I am feeling a tad frustrated at replacing an $400 insinkerator at the PM's insistence when I know that the damn thing is just going to break again in 4 years time. And you can't charge more rent just because the place comes with an insinkerator. Ill figure out how to replace it with a bit of straight pipe next time around and no one will be the wiser.
I have a couple postie bikes and they will have to do for now. I will be happier knowing that there are no (obvious) shortcuts.
But seeing as you asked for more questions
Whats your take on raw dirt (gravel?) versus hardstand versus hardstand plus shed. Im thinking the lesson of the insinkerator is the fewer improvements you can get away with the better (unless of course the lessee wants to do them itself at its own expense in which case it can knock itself out).
You can get an insert to make the big hole smaller. We have done it ourselves when we got sick of the insinkerator getting blocked. I really don't like insinkerators, and think they are a great way of attracting vermin so we ditched ours, had the piece inserted to make the hole smaller. Nobody can mistake it for anything other than a normal waste once the insert is in there.
To the best of my knowledge there are no shortcuts....just good techniques and wise selections. Trouble is, when buying, you cannot guarantee they are wise until about 5 or 7 years have past.
That would describe my business philosophy quite well. I try to purchase robust improvements, ones that a 50 tonne truck can roll over and not hurt. No moving parts is my motto.
If it's primarily made of plastic / glass / ceramic / wood / fibreglass / leather / stainless steel / chrome / tiles / thin metal / rubber then I don't buy it.
I only like three things : dirt / concrete / chunky steel. The vast majority of the property must be made of these three immobile robust materials that the tenant cannot destroy easily, and hence I am not asked to repair or replace.
I've chosen to invest in these things because I wish for 100% of the rent the tenant pays me to go towards the loan repayment. I don't like money being syphoned off to pay for repairs / improvements / outgoings on a property.
I know I am in the minority and most people think I'm pretty oddball for having such a philosophy.....and that's cool....it just suits my personality / wallet and temperament to own such chunky things.
I'm aware most folk aren't interested in the type of properties I invest in...and that's cool too.
I'm also aware that the vast majority on **start of quote
** the forum (including even mods) are utterly fed up with me bangin' on about the differences ** end of quote **. For that I apologise. You must admit however, there is a never ending stream of complainants on the boards, from both experienced and newbies alike about repairs and maintenance that is driving the Owners to despair, and they don't seem to know a way out of the maze.Hi Boomtown
You can get plug and washers to suit the larger hole, no big deal
Hope this helps
Pete
I, too, have a philosophy and stategy that suits my personality, risk profile, objectives and lifestyle. It works for me.
The problem, as I see it, is that too many people spend too much time trying to do what others are doing. Instead, they would be better off trying to find their own "thing".
You are a prime example of how well it can work when you truly know yourself and implement a strategy that resonates with you.
I find it interesting that after attaining such vast experience a simple concept like gross occupancy cost escapes you.
BTW how are those irrelevant cap rates going ?
Well well....look who's dragged himself out of the woodwork...
March 2007 since your last substantial post saucy, which incidentally was to attack me.
You must be worth at least a billion by now with your vast sideline knowledge saucy. Pray tell - have you bought any property yet ??
Astound me with your theories saucy. I do so enjoy a good yarn.
March 2007 since your last substantial post saucy, which incidentally was to attack me.
You must be worth at least a billion by now with your vast sideline knowledge saucy. Pray tell - have you bought any property yet ??
Astound me with your theories saucy. I do so enjoy a good yarn.
I'm also aware that the vast majority on **start of quote
That puts me in the minority then. “The forum” has been much more lively and interesting since your return.
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hi all
interesting questions but not alot of answers
the answer to your question is relatively simple and I won't answer it for dazzling as not sure if he still comes here.
but comm does not require resi its the other way around resi needs comm. a comm deal is judged on its merit were as a resi requires an income or a way of showing an income
a comm deal is usually done on a lease or a potential of a lease and depending on the deal depends on the lender
where as a resi requires the borrower to show the ability to pay the loan this is not the case with a comm. with a comm its a requirement to show that the tennant is strong enough for the borrowing.
so a comm does not require resi at all.
and unlike resi you can still do comm deals with 1 day old abn and 1 day old companies and this is alot harder for resi as they require pay slips etc
I like comm and I like comm deals because they are easier and even when doing resi deals will do them as a comm deal as its alot simplier to organise and get thru.
also a lot of comm brokers have gone out the back door at the moment so you can get thru to credit a bit easier.
I have not been here for a while been a bit busy and you will find taht with comm its about to get alot busier.
but in my simple way of saying you can get into comm first before resi as long as you know what you are doing.
and it easier to get into comm then it is to resi.
and don't come back with but comm is at 60% lvr
because read the bit above
if you know what you are doing.
you do the same dealing as resi in comm and the same game plans apply
just do what you think is right.
si ya all
interesting questions but not alot of answers
the answer to your question is relatively simple and I won't answer it for dazzling as not sure if he still comes here.
but comm does not require resi its the other way around resi needs comm. a comm deal is judged on its merit were as a resi requires an income or a way of showing an income
a comm deal is usually done on a lease or a potential of a lease and depending on the deal depends on the lender
where as a resi requires the borrower to show the ability to pay the loan this is not the case with a comm. with a comm its a requirement to show that the tennant is strong enough for the borrowing.
so a comm does not require resi at all.
and unlike resi you can still do comm deals with 1 day old abn and 1 day old companies and this is alot harder for resi as they require pay slips etc
I like comm and I like comm deals because they are easier and even when doing resi deals will do them as a comm deal as its alot simplier to organise and get thru.
also a lot of comm brokers have gone out the back door at the moment so you can get thru to credit a bit easier.
I have not been here for a while been a bit busy and you will find taht with comm its about to get alot busier.
but in my simple way of saying you can get into comm first before resi as long as you know what you are doing.
and it easier to get into comm then it is to resi.
and don't come back with but comm is at 60% lvr
because read the bit above
if you know what you are doing.
you do the same dealing as resi in comm and the same game plans apply
just do what you think is right.
si ya all
Maybe he means with vendor finance??
You paint a vivid picture TPFKAD
I could almost imagine the Daz express thundering through, big solid and chunky
whereas we are still at this stage
I for one enjoy your posts TPFKAD and am amazed at what you've done to date its certainly food for thought, congratulations, hope your semi-retirement kicks in soon as well
I could almost imagine the Daz express thundering through, big solid and chunky
whereas we are still at this stage
I for one enjoy your posts TPFKAD and am amazed at what you've done to date its certainly food for thought, congratulations, hope your semi-retirement kicks in soon as well
