"The Week That Was: 13-19/10, 1999"

From: Mike .

Hi Everyone,

Forum growth down slightly from last week with 5 new posts and 16 in total.

Topics included: Serviced Apartments, Building IPs, Ralph Report and Depreciation.

Straight into the Quotable Quotes:

From Les: "I can't see anyone seriously putting into Law that a carpet has a lifetime of 15 years..."

Me: There are more ridiculous laws than that, Les, so nothing would surprise. BTW, anybody on the forum with 15yr old carpet?

Les, again: "Bear in mind I know NOTHING..."

Me: OOPS! Sorry, Les. I didn't do the cut & paste properly. It should read:

Les, again: "Bear in mind I know NOTHING of Melbourne..."

Me again: This is how Les started one of his posts, which was so informative, I had to shortlist it for Classic Post. Not bad for someone that knows nothing!

My favourite is from someone who replied to a post nearly 3 months late, then had the hide to ask for a reply! What about it, Gee Cee? Unbelievably, he got one...another 5 months later! Did you see that, Gee Cee? Here's Gee Cee's quote:

From Gee Cee: "I don't want to seem too nosey but would love to know if you used a private builder or had a project builder build your 1st investment home. What it cost roughly & what rental you should obtain."

Me: Gee Cee, we're ALL nosey on this forum. If we weren't this forum wouldn't exist! BTW, thanks for sharing your investment strategy:

"This fact has led me to now have a development section for cashflow and a investment section for tax losses & ultimately future value growth."

Me: One of tough things about checking out these old posts is seeing many go unanswered, for example:

G'day EAB,

I'm intrigued - I just reread your "Am I the first" article, and in it you mentioned holding a rental property vacant for NINE YEARS?

Would you give us the low-down on that - it sounds like a horror story, but ... maybe it isn't. Anyway, I would love to hear about THAT one as long as it has a happy ending ;^)

Regards, Les

Me again: If you're out there, EAB, please, PLEASE reply!

It's Classic Post time again, and I found 3 to shortlist. I always use Les' posts as a yardstick so I hope Les agrees with my choice this week. It was by Bill on the subject of Serviced Apartments. It was a 2 month late reply. Bill posted reasonably frequently till the 25th of June, 2000. Is Bill still with us? See Bill's reply in the attached file. This is Mitch's question:

"I am looking to purchase a rental property in South Yarra (Melbourne). I've been looking at the usual types of properties, however I've just been shown a unit that is in a serviced apartment complex. There are about 50 1 bed units in the complex. 1 third are owned out-right by the service provider company, another third by a similar associated company, and the last third are owned by individuals. The properties are leased to the service company who guarantee 6.8% return 'till end 2001 (contract re-negotiated past that point). The properties are well located, and should attract good long term capital growth. There are no maintenance charges, and no agents fees for managing the property, so that looked pretty good (PIA shows IRR of 43% after tax).

However, because I've never looked at this type of set-up, I'm not sure of all the risks. I'd appreciate any comments/suggestions on this sort of structure, and suggestions of anything I've overlooked that could bite me later."
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Reply: 1
From: Les .


Another classic TWTW (love your sense of humour) - but, you know what I would REALLY love to see now?

I'd love to see EAB reply to that post!!! That would put them in first place for the "longest time to reply" and set a record that will NEVER be broken ;^)

Keep up the good work, mate


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Reply: 1.1
From: The Wife

*cough*...err..Michael...I would be interested in that one...?...buddy..pal..:eek:)
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Reply: 1.1.1
From: The Wife

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From: The Wife

oh all right....but this is the last time!
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"RE: The Week That Was: 13-19/10, 1999"

From: Dave :)

umm, should the rest of us leave the room for a while??

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"RE: The Week That Was: 13-19/10, 1999"

From: Gee Cee Cee

Was it only that small amount of time back that I was lured & trapped into this Forum. Feels like decades.

Imagine where I would be if I devoted that time to investing & developments instead of drinking wine @ the puter & emailing people like The Wife???

Ha Ha

Gee Cee
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