From: Mike .
Hi All,
Your favourable comments regarding The Week That Was caught me by surprise. I'm glad one of my hairbrained ideas has passed muster. Since the first weeks of the forum had few posts I should be able to get through them and still have some time left for a social life. However, if you don't see me at the Phillips Foote luncheon later this month then you'll know why.
The second week of the forum had little traffic, once again, and so a comment by EAB took me by surprise. So I offer it to you as this weeks Quotable Quote: "It's great to see some other hardy soles on this great property forum at long last...."
Me again: "GREAT property forum", EAB? We hear that remark quite regularly now and after going strong now for over a year and a half, we tend to take it for granted. But calling it "great" after just two days... c'mon. You either had Nostrodamus as a mentor or that was the biggest "talk-up" job of all-time. Anyway, it worked. Thanks for kick-starting this forum and seeing it through its infancy. Pity you're no longer active on the forum.
Stats-wise, only 3 new posts this week with the longest thread having just 2 replies, the second of which came after 17 days. This thread was the first of the classic Buy v Rent debate. EAB's view was, "If I had the chance to start again I would never live in a property that I owned to start. We moved to Darlinghurst after living in the Southern suburbs of Sydney for 20 odd years and only now realise we should have done it years ago."
However, the late reply by Sue (later known as Sue1) gets my gong for the Classic Post award, this week. See the attached file for her reply. Sue went on to become quite a prolific poster for a long time, but does anyone know if she is still active or has she gone into mothballs?
Apart from Sue's first post, this week was also notable for Mark Noonan's last post after only 2 weeks! Obviously, he didn't share EAB or Sue's enthusiasm. Pity, after a great post last week. Also notable was the first URL posted by EAB. Pioneering stuff! (C'mon, Mike, settle down.) Anyway, here it is: For Legal Advice, go to:
http://www.lawsocnsw.asn.au/legalhelp/answers/master_index.html
Just to give me some more incentive to wade through these old posts I've decided to vote someone into the Forum Hall of Fame every 6 months. They will be someone who kept the momentum of the forum going by being a prolific poster but also the quality of their advice and views was constructive. I've already noted that, in the first 6 months, some of the names that appeared often were Sue, Les and EAB. Will the first Hall of Famer be one of this trio? Time will tell? Anyway, to the Classic Post...here is the question:
"Hi,
I've currenlty got one investment property using a P&I loan, which I now have equity of $50,000.00 in. This is what I would like to do, and wonder if it makes sense!
Change the loan to an interest only loan, on my outstanding balance, this should actually give me a positive cash flow from rent-interest alone. Then use the equity to buy another property, and use the positive cash flow to pay for the next property.
Am I going down the right track? I'm renting myself, and this is the only way I can see to finance the next one.
See ya, Mark"
Hi All,
Your favourable comments regarding The Week That Was caught me by surprise. I'm glad one of my hairbrained ideas has passed muster. Since the first weeks of the forum had few posts I should be able to get through them and still have some time left for a social life. However, if you don't see me at the Phillips Foote luncheon later this month then you'll know why.
The second week of the forum had little traffic, once again, and so a comment by EAB took me by surprise. So I offer it to you as this weeks Quotable Quote: "It's great to see some other hardy soles on this great property forum at long last...."
Me again: "GREAT property forum", EAB? We hear that remark quite regularly now and after going strong now for over a year and a half, we tend to take it for granted. But calling it "great" after just two days... c'mon. You either had Nostrodamus as a mentor or that was the biggest "talk-up" job of all-time. Anyway, it worked. Thanks for kick-starting this forum and seeing it through its infancy. Pity you're no longer active on the forum.
Stats-wise, only 3 new posts this week with the longest thread having just 2 replies, the second of which came after 17 days. This thread was the first of the classic Buy v Rent debate. EAB's view was, "If I had the chance to start again I would never live in a property that I owned to start. We moved to Darlinghurst after living in the Southern suburbs of Sydney for 20 odd years and only now realise we should have done it years ago."
However, the late reply by Sue (later known as Sue1) gets my gong for the Classic Post award, this week. See the attached file for her reply. Sue went on to become quite a prolific poster for a long time, but does anyone know if she is still active or has she gone into mothballs?
Apart from Sue's first post, this week was also notable for Mark Noonan's last post after only 2 weeks! Obviously, he didn't share EAB or Sue's enthusiasm. Pity, after a great post last week. Also notable was the first URL posted by EAB. Pioneering stuff! (C'mon, Mike, settle down.) Anyway, here it is: For Legal Advice, go to:
http://www.lawsocnsw.asn.au/legalhelp/answers/master_index.html
Just to give me some more incentive to wade through these old posts I've decided to vote someone into the Forum Hall of Fame every 6 months. They will be someone who kept the momentum of the forum going by being a prolific poster but also the quality of their advice and views was constructive. I've already noted that, in the first 6 months, some of the names that appeared often were Sue, Les and EAB. Will the first Hall of Famer be one of this trio? Time will tell? Anyway, to the Classic Post...here is the question:
"Hi,
I've currenlty got one investment property using a P&I loan, which I now have equity of $50,000.00 in. This is what I would like to do, and wonder if it makes sense!
Change the loan to an interest only loan, on my outstanding balance, this should actually give me a positive cash flow from rent-interest alone. Then use the equity to buy another property, and use the positive cash flow to pay for the next property.
Am I going down the right track? I'm renting myself, and this is the only way I can see to finance the next one.
See ya, Mark"
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