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Aceyducey
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@aceyducey
Join Date: 2003
Post Count: 651
April 26, 2004 - 4:09 pm
Originally posted by Samwise:
I agree that any amount for deposit is ok if seller agrees. The purchaser is still liable for the full 10% if he reneges on contract. – Usually states this in the contract.
Change the contract!
Think outside the square.
We NEVER pay 10% deposit.
Cheers,
Aceyducey
Aceyducey
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@aceyducey
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Post Count: 651
April 26, 2004 - 4:03 pm
Good luck sorting it out lifexperience!
Cheers,
Aceyducey
Aceyducey
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@aceyducey
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Post Count: 651
April 26, 2004 - 3:59 pm
Brettso,
My comment was around how long you are spending thinking about the deal. If it’s a good deal put in an offer fast, worry about the amount of cash you’re putting in while you’re going through the price negotiations.
As you’re in this for the long haul it’s generally better to buy as many properties as possible when starting out…the leverage is better. At the same time you’ll be learning from each so spread out the purchases a little
BTW – long haul is really 20-30 years….5-10 is not long enough…you barely get through a single property cycle!
Cheers,
Aceyducey
Aceyducey
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@aceyducey
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Post Count: 651
April 26, 2004 - 3:48 pm
We have two kids on public – at the birth centre in the really big tub.
Private rooms & no obnoxious doctors, just experienced midwifes & nurses.
The only thing they didn’t provide was the baby.
Cost us nothing (and has been amply covered by the amount we pay to medicare)
Private health care is about profit, not necessarily a better experience!
Cheers,
Aceyducey
Aceyducey
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@aceyducey
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Post Count: 651
April 25, 2004 - 1:42 pm
Monopoly,
ditto Derek.
Nowhere in Australia is there a legally mandated level of deposit that must be paid.
We never offer 10% as a deposit.
Cheers,
Aceyducey
Aceyducey
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@aceyducey
Join Date: 2003
Post Count: 651
April 25, 2004 - 1:30 pm
Originally posted by kay henry:
Noone here asks the mortgage brokers how many properties they have, and yet, they are hugely respected. If they had zero or ten, I would still find their advice and information excellent!
I ask the mortgage brokers I listen to whether they invest in property…and a bit of a discussion with them clears up very quickly whether they know their stuff or not….
I hope people do this with the people they choose to work with – brokers, accountants, solicitors, buyers’ agents, etc…
Generally in my experience, people who are active property investors (and I don’t mean someone who’s currently looking for their first investment) have a deeper understanding and appreciation of the service and support investors need.
Cheers,
Aceyducey
Aceyducey
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@aceyducey
Join Date: 2003
Post Count: 651
April 25, 2004 - 1:23 pm
Right now rental returns are so low that you can get a nicer house through renting then you can get through mortgage repayments.
Also why tie up your equity in a PPOR when you can leverage it into IPS.
Frankly there are plenty of good points on both sides of the fence of this discussion – and you can get there following either a PPOR or rental approach.
For myself, we used to own our PPOR, now we rent one of our own properties (held in a Trust).
I have a great landlord!
Cheers,
Aceyducey
Aceyducey
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@aceyducey
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Post Count: 651
April 25, 2004 - 1:16 pm
Rolf Latham
http://www.asapfinancial.com.au
02 9808 2080
He’s fantastic!
Being in Sydney is incidental – I use him & I’m not in Sydney.
Cheers,
Aceyducey
Aceyducey
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@aceyducey
Join Date: 2003
Post Count: 651
April 25, 2004 - 1:06 pm
Originally posted by Jaffasoft:
About the economy…it makes you wander where it’s heading.
The economy is a roller coaster, it goes up, it goes down…
Experienced investors sell the tickets, they don’t buy into the ride.
Cheers,
Aceyducey
Aceyducey
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@aceyducey
Join Date: 2003
Post Count: 651
April 25, 2004 - 12:56 pm
Originally posted by Julia:
Considering the bouyancy of the Aust$ I have sudenly become interested in these so by replying to your post hope to bring it up to the top again to get any extra input by possible current investors.
I AM a current investor
Cheers,
Aceyducey
Aceyducey
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@aceyducey
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Post Count: 651
April 25, 2004 - 12:52 pm
Michelle_G,
Consider some form of Unit Trust. It makes it less painless to sell out of the project & easier to distribute profits effectively.
2nd option would be a company – but have to pay taxes in the company & distributed franked dividends to get profits out effectively – more work, not quite as effective in many cases.
Avoid partnerships – they leave you liable to the other partners to an unlimited extent. There are forms of limited partnerships around, but generally have a lower effectiveness in holding assets…more useful in trading situations.
And speak to a professional about this stuff – it’s quite complex.
Cheers,
Aceyducey
Aceyducey
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@aceyducey
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April 25, 2004 - 12:43 pm
Calron,
Insufficient information to even interest me in contacting you…
How much are you looking for?
Where is the development (Country/State)?
What’s the possible return level?
What’s the timeframe?
How is the investment structured?
Why have you waited until there’s only a month left to look for the money you need?
Cheers,
Aceyducey
Aceyducey
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@aceyducey
Join Date: 2003
Post Count: 651
April 24, 2004 - 4:59 pm
Shar, get a second opinion! From a property investing savvy accountant.
Yes it’s not worth getting a Trust in place if you’re buying one investment property….but don’t you intend to buy many more than one over time?
Get the structure right at the beginning & it will save you a motzah (plus time and stress) down the track.
Cheers,
Aceyducey
Aceyducey
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@aceyducey
Join Date: 2003
Post Count: 651
April 24, 2004 - 4:55 pm
Originally posted by WallFlower:
What does one property investor say to another property investor?
How about..”I’m looking in an area i won’t disclose, for a property priced between $10.00 – $300,000, my figures (which i can’t show you) say i should make X amount of profit, that’s why MY bank will lend me so much. Now stop staring at my breasts…”[ohno]
Actually we have very deep and meaningful discussions about different property strategies, the state of the economy, current trends in interest rates, the potential influences of political change on the property market and other property matters.
Then after about 5 minutes we get down to the serious business of socialising – chatting about movies, kids, etc, etc
Wallflower – it’s a social event where you can be amongst other people who don’t scoff and say that you’re crazy for investing in property & share a few laughs & drinks with some interesting people.
BTW – roughly half the attendees don’t have breasts
Cheers,
Aceyducey
Aceyducey
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@aceyducey
Join Date: 2003
Post Count: 651
April 24, 2004 - 4:31 pm
Try this thread from Somersoft – it’s an FAQ of investment terms: http://www.somersoft.com/forums/showthread.php?t=9382
(thanks for permission to link to it Jas)
Cheers,
Aceyducey
Aceyducey
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@aceyducey
Join Date: 2003
Post Count: 651
April 24, 2004 - 4:23 pm
Brettso,
There’s a card in Cashflow 202, to paraphrase it says…’Fantastic property deal – while you think about it, the player on your right snatches the deal from between your fingers – pass this card to the person on your right’.
I suggest you consider this deal in the same light.
Grab it or lose it
Cheers,
Aceyducey
Aceyducey
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@aceyducey
Join Date: 2003
Post Count: 651
April 24, 2004 - 4:20 pm
GEo,
To start with,
How is the partnership structured?
Is it actually a partnership (bad idea – unlimited liability jointly & severally), a company (private or unlisted public), a trust?
I’d advise that you seek professional advice on this too – it’s a complex and delicate situation.
Cheers,
Aceyducey
Aceyducey
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@aceyducey
Join Date: 2003
Post Count: 651
April 24, 2004 - 4:17 pm
Getahead – in the top right corner of the window is an icon of a rectangle (right next to the red cross). Click on this to maximise the window to the screen.
The page may not extend all the way across – as the forum has been designed to support a certain screen resolution (800×600) so that people with smaller screens can view it correctly. It’s also left-justified (the norm for sites is centre justified as you’ve probably noticed) which is why the entire site appears to the left of the screen.
The solution is to REDUCE the screen resolution to 800×600, but frankly I wouldn’t suggest you do this for the ramifications on the ability to effectively use the screen within other software you use.
Cheers,
Aceyducey
Aceyducey
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@aceyducey
Join Date: 2003
Post Count: 651
April 24, 2004 - 7:20 am
To act as a buyer’s agent you must be a registered Real Estate agent in all Austalian legislations to my knowledge.
Calling yourself a ‘spotter’ instead of a Buyers’ Agent provides no legal protection to my knowledge.
Why do people want to be spotters?
Better to be investors.
Cheers,
Aceyducey
Aceyducey
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@aceyducey
Join Date: 2003
Post Count: 651
April 24, 2004 - 7:13 am
Some people do – some people teach.
You can learn from both types of people.
Cheers,
Aceyducey