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What's your favourite Somersoft thread?; Somersoft Property Investment Forums mass delusions
Topic Started: 18 Mar 2011, 10:48 AM (30,739 Views)
Strindberg
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Shadow
1 Jun 2011, 12:04 PM
Can't open it... says I need to register an account. Can you post a summary...
Here's the first bit. What follows is a long load of bleating about how it wasn't his fault that he got it wrong and how great he is at share picking. He gets well and truly slated by the other posters for being a "sore loser" and having no integrity.

Quote:
 
Iron Trader

hobo-jo's Avatar

Join Date: Nov 2005
Location: Adelaide(5048) Words ->
Posts: 6,459

Default I was hopelessly wrong on house prices!
So early last year another user (trojan) and I made a bet. The bet was whether house prices would rise or fall in 2010 (eg. close - or + YOY using ABS figures).

Link to original thread.

The payout on the bet for the loser was to:
- Create a thread admitting they were wrong (which you're reading now)
- Link to thread in signature with wrong on house price wording (adding shortly)
- Avatar of choice from opposition (in place now)
- $100 donation to charity of choice (will post details later this week)

So this is me trojan, admitting I was hopelessly wrong on house prices!

The weighted average change of the index was +5.8%, but that's likely to see revision over the next two quarters releases. You can see the ABS figures here:
http://www.abs.gov.au/ausstats/abs@.nsf/mf/6416.0

I thought I would also give OCAU readers the opportunity to vote on how wrong I was given the circumstances...

Early in 2010 (January) I was expecting the first quarter to be the peak and said as much a couple of times on the forum.


Nelson was quite right when he wrote:
Quote:
 
Hobo sore 'cus he sold his house to rent two years ago. It's gone up in price. HA-HA!



Housing costs to Income broadly unchanged since 1994 - re-ratified here
The People of Australia have the highest median wealth in the World
2002-2012 10 year house price growth the SLOWEST since 1952-1962
"There are two kinds of people in this world: ones that fiddle around wondering whether a thing's right or wrong and guys like us." (Hugo to Gagin in Ride the Pink Horse)
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Mahamed
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Morbidly Obese

I'm disgusted , I can't believe what I just read ! A somersoft parasite is bragging about raiding cash from her daughters money box and using it to prop up her property empire.......................

http://www.somersoft.com/forums/showthread.php?t=72179

Quote:
 
Just cracked open my 8 year old daughters money box and took it in for counting. $3500 bucks
Stuck in straight into my offset account against my Home loan which will save me 7% interest.


How low can these people stoop ? :rant:
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matthew_50
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Mahamed
24 Jun 2011, 08:07 PM
I'm disgusted , I can't believe what I just read ! A somersoft parasite is bragging about raiding cash from her daughters money box and using it to prop up her property empire.......................

http://www.somersoft.com/forums/showthread.php?t=72179




How low can these people stoop ? :rant:
assuming that this hasn't influenced his decision to invest more in property.


this is a no brainer. and absolutely recommended to everyone I meet. people put cash in transaction accounts, even the high interest online accounts... term deposits... all the while, by far the best choice is putting it in an your offset facility (if you have one). people get scared of just chucking all their cash into it because they like to have seperate accounts for seperate purposes and goals.

but it is relatively easy to manage these different things while having all your money in one physical account.


as for putting your children's savings in it, great idea! I started out putting my savings in my parent's offset account.

it is VERY very easy to calculate exactly how much interest is saved, or 'earned' all you need to do it keep track of their transactions, and when interest rates change. then at any time you can simply run it through a 'simulator' where exact compounding is done, to figure out the exact amount of total interest accumulated to that time.

Edit:
of course, kids don't pay tax, so I assume a little account in their name would not be subject to tax.

as such, there would be little benefit it rolling it into your mortgage.
Edited by matthew_50, 24 Jun 2011, 11:13 PM.
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Trojan
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matthew_50
24 Jun 2011, 09:36 PM
Edit:
of course, kids don't pay tax, so I assume a little account in their name would not be subject to tax.

as such, there would be little benefit it rolling it into your mortgage.
Kids do pay tax ...
http://www.ato.gov.au/individuals/content.aspx?menuid=0&doc=/content/20046.htm&page=5&H5

"Other income
Tax rates
$0 - $416
Nil
$417 - $1,307
Nil + 66% of the excess over $416
Over $1,307
45% of the total amount of income that is not excepted income"
I put trolls and time wasters on my ignore list so if I don't respond to you, you are probably on it ....
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Bandi
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matthew_50
24 Jun 2011, 09:36 PM
assuming that this hasn't influenced his decision to invest more in property.


this is a no brainer. and absolutely recommended to everyone I meet. people put cash in transaction accounts, even the high interest online accounts... term deposits... all the while, by far the best choice is putting it in an your offset facility (if you have one). people get scared of just chucking all their cash into it because they like to have seperate accounts for seperate purposes and goals.
true - but hardly the point. she should be embarrassed, not gloating.
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zaph
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This one's interesting http://www.somersoft.com/forums/showthread.php?t=43629

if you don't want to read through pages and pages of posts just read rixters posts.

'living off equity' where you really do treat the house as an ATM.

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Mahamed
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Morbidly Obese

OMG get a load of Nathan.........

http://www.somersoft.com/forums/showthread.php?t=72478

Quote:
 
So it is the hump of the year and we have passed the half way point.

We always have goals at the start of the year, and for myself I like to reflect on these along the way to see how I am tracking and if not on track I give myself an upper cut and if I am on track I put a rocket up my A** to do better.

From an investment POV, I have added 14 properties thus far and sold two. (Selling is out of character for me but occasionally I will sell 1 or 2).

This is my own personal run sheet so far -

< snip , annoying bragging and boasting cut >


14 speculative "investments"in a falling market ...... this guy is sooooo screwed , love to see him get taken down a notch or two as this house price free fall accelerates ! The dumb sonmersofties are patting him on the back about his great "achievements" , lol, well done, mate your a debt slave for life ! :popcorn:
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zaph
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i quite like this idea -
Quote:
 
Assuming we're not breaking the law and disturbing the neighbour, why is that some people says it is illegal to maximize Cashflow by renting out all rooms into more than 6 people in a house ?

eg:

1 people living in the sunny room
2 or 4 people living in the living room with double bunk bed
4 people living in the master bedroom
1 people living in the garage which ahs been renovated to be like a bedroom

it is a win-win solution for both tenant and land lord :-)
Cash flow positive and cash in hand one month in advance.

of course th tax is declared honestly to avoid problem with ATO.


to be fair to the site he does cop a sledging from other posters.
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Frank Castle
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Business As Usual

Mahamed
10 Jul 2011, 10:49 AM
OMG get a load of Nathan.........

mate your a debt slave for life !
Care to explain how?

he seems to be buying places that cost him around 50% of rent
Ignore posts by The Whole Truth · View Post · End Ignoring
The forum fuckwit goes RRRAAARRRGGHHhhh - But not a fuck was given..................by anyone.
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Deleted User
Deleted User

SS will die a sudden death and I notice that many are now there questioning the myths that surround the property bubble.
Kick them out, so they join here and get some real data.....
Rude is your finger you gave to the bears that just wanted to participate.
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