Forum Replies Created
What a great little rhyme
I just wish I had the time
to sit down and pen a note
or a thoughtful anecdote..Well done Wayne….throw that key away you don’t want to go back through that door.
Enjoy
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(Andrew)“Character cannot be developed in ease and quiet. Only through experience of trial and suffering can the soul be strengthened, ambition inspired, and success achieved.”
Hey all,
When I talk about using a valuer I am talking about using them to get a price reduction.The are merely another tool. I personally do not do this but know where people have used this approach and sought further discount on values given.In answer to your question Alex, yes.
It ain’t over till it’s over.
The negotiation goes on until the contract sees the property pass from them to you.
In reality your time to seek reduction is during the conditional period. Yes you can ask for a discount and this is where a good solicitor is worth there weight in gold. Mine has often paid for himself many times over by getting the reductions I want.Remember to do you final inspection prior to accepting the property. A day or so before settlement go back through the property and inspect that it is what you expected. If it isn’t then call that solicitor and sought it out prior to settlement as once you own it…it is to late.
Hope this helps……
Enjoy
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(Andrew)“Character cannot be developed in ease and quiet. Only through experience of trial and suffering can the soul be strengthened, ambition inspired, and success achieved.”
I think what Steve is talking abut is using that money to live on. There are many people out there who suggest pulling equity out to quite literally eat it. Once you draw down this equity it is no longer legally tax deductible (unless you use cash bonds….yada yada …..too deep for now). Some people think they can legally do this draw down and when audited or pulled up they get a nasty surprise.
Using your LOC to invest is a great tool. Why leave equity sitting there not working for you.
You may have 500K in equity when borrowed out equals 2.5million in borowing capacity……..That is the what the game is all about.
Enjoy
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(Andrew)“Character cannot be developed in ease and quiet. Only through experience of trial and suffering can the soul be strengthened, ambition inspired, and success achieved.”
Hey Sushi,
I think the valuer is a valid option. I know people who put “subject to valuation” on their contracts. If the valuer comes under the asking price it gives you a bargaining chip to further negotiate a price.I think taking a builder is an important step. As Betty said though either on the day or once contracted “Subject to a building inspection to the complete satisfaction of the purchaser”.
The main thing is if you think the property works on numbers negotiate the price then ensure you have adequate clauses such as Finance, Building, Pest (sometimes plumbing), Subject to a solicitor reviewing the contract to the purchasers satisfaction or whatever you want.
In a market that is moving it is neccessary to buy on price (do your numbers) then ensure have profesionals ensure it is fine under contract conditional period.
One thing to remember though Alex is that you are in the drivers seat. The negotiation is not over until settlement. You can walk from the contract prior to uncocditional on any of your clauses. Do not be afraid to walk if things worry you but don’t let fear make you walk. If adverse things come up establish reparation costs and seek a further price reduction.
Hope this helps
Enjoy
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(Andrew)“Character cannot be developed in ease and quiet. Only through experience of trial and suffering can the soul be strengthened, ambition inspired, and success achieved.”
Hey Stu,
How about “How to apply for finance and come out with a smile.”Enjoy
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(Andrew)“Character cannot be developed in ease and quiet. Only through experience of trial and suffering can the soul be strengthened, ambition inspired, and success achieved.”
Tricky question Silverfox.
That is like asking if four cylinders are better than six cylinders.
It really depends. In my portfolio I only have 1 brick duplex as the area I deal in is full of character homes. Also very timber based. I personally have found that the timber homes are better for me as I go for character that I can improve upon. I deliberately choose houses that have been “let go” so I can add that sparkle back.
As to capital growth ….. In my area I think the timber restored homes sell for far more than the brick and this year have had much more significant growth.
Hope this helps.
Enjoy
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(Andrew)“Character cannot be developed in ease and quiet. Only through experience of trial and suffering can the soul be strengthened, ambition inspired, and success achieved.”
High cap groeth over the last years. Very hilly area. Close to town on the western side. Proably very negative in gearing……What did you want to know ???
Enjoy
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(Andrew)“Character cannot be developed in ease and quiet. Only through experience of trial and suffering can the soul be strengthened, ambition inspired, and success achieved.”
Hey Brent,
Well done on the Red Star….I really think though you should be given three…you can have one of mine if you want.
Another thought ….does another star mean a pay rise ???Enjoy
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(Andrew)“Character cannot be developed in ease and quiet. Only through experience of trial and suffering can the soul be strengthened, ambition inspired, and success achieved.”
Hi Kooringal,
The duplex wasn’t on Shaw Road was it by chance??Enjoy
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(Andrew)“Character cannot be developed in ease and quiet. Only through experience of trial and suffering can the soul be strengthened, ambition inspired, and success achieved.”
Hey Stu …you’re now on record…end of July was it ?? We will be watching.
Thanks for all your help and advice on the forum.
And all you others as well….too many to mention.Enjoy
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(Andrew)“Character cannot be developed in ease and quiet. Only through experience of trial and suffering can the soul be strengthened, ambition inspired, and success achieved.”
Hey Rie,
If you ever want to chat feel free to call.Enjoy
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(Andrew)“Character cannot be developed in ease and quiet. Only through experience of trial and suffering can the soul be strengthened, ambition inspired, and success achieved.”
Keep on asking those questions Lizzie. Remember there are no silly questions. People like Stu are a valuable resource to utilise.
Enjoy
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(Andrew)“Character cannot be developed in ease and quiet. Only through experience of trial and suffering can the soul be strengthened, ambition inspired, and success achieved.”
Hey Ado I think you did good by putting up the sums on the forum. Nobody is perfect but the more you do the numbers the better you get at them. I am looking forward to seeing the next case study for us to crunch.
Good luck…..
Enjoy
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(Andrew)“Character cannot be developed in ease and quiet. Only through experience of trial and suffering can the soul be strengthened, ambition inspired, and success achieved.”
Well done Ish. Here’s to the next one……
Enjoy
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(Andrew)“Character cannot be developed in ease and quiet. Only through experience of trial and suffering can the soul be strengthened, ambition inspired, and success achieved.”
Hey Lizzie,
Your number guessing in the second half of your question is farily accurate. As to rates call the council of a Real Estate agent to ask what rates are like in the area you are looking at. Some areas have water rates etc on top of the council rates.As to letting fees, advertising, usually the agent charges 1 weeks rent to tenant the property nd around $10/week advertising.
Legal Fees again depend on where you are and who you use. My buys cost me around $800-$1000 in legals and searches. I could get cheaper but the solicitor I use is good at getting me further discounts prior to settlement.
Things like intial repairs are very subjective. Check this out with tradesman or the building Inspector to get a rough idea. Factor these costs in when you buy and make sure you are happy with the numbers.
Hope this Helps
Enjoy
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(Andrew)“Character cannot be developed in ease and quiet. Only through experience of trial and suffering can the soul be strengthened, ambition inspired, and success achieved.”
Kate,
Try Dale Gatherum-Goss. http://www.gatherumgoss.com.au He is a good
man. Another fellow I have talked to who seems good also is John Fillipo, I could get you his number if you wanted it . I use Dale at present and he is very good.Hope this helps.
Enjoy
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(Andrew)“Character cannot be developed in ease and quiet. Only through experience of trial and suffering can the soul be strengthened, ambition inspired, and success achieved.”
You can Scott and you are right…..anybody with the determination can do it. Go for it.
Enjoy
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(Andrew)“Character cannot be developed in ease and quiet. Only through experience of trial and suffering can the soul be strengthened, ambition inspired, and success achieved.”
Hey Richo,
Once again no AFL comments from me.
Mate I use a guy who really is excellent. His name is David Barlow Ph. 07 32290494. Tell him I suggested him and he will take care of you. At least he will know roughly where you are coming from.Hope this helps.
Enjoy
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(Andrew)“Character cannot be developed in ease and quiet. Only through experience of trial and suffering can the soul be strengthened, ambition inspired, and success achieved.”
Hey Banner. To be honest things have moved. There are still deals out there but your 100-120K is probably difiicult in Brisbane City but achiveable in the satellite areas. You need to look at areas north ,west and south of Brisbane. Have a look at a map and see what yuo think. If you get really stuck email me. [email protected]
I won’t talk to you though unless you can name me five areas that have properties in this bracket…..some homework.There are still properties out there just move fast.
Enjoy
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(Andrew)“Character cannot be developed in ease and quiet. Only through experience of trial and suffering can the soul be strengthened, ambition inspired, and success achieved.”
This is bigger than Ben Hur. It is a real treat to to hear about all of you people. Next Seminar I will be asking Steve to have a lunch session in the corner for introductions of regular seminar users……next time.
Anyway the name is Andrew. Married to a lovely (and patient as you can see by the time) lady(Fiona) and I have two little girls that are the centre of my universe. (Emily-Jane – 5 in 9 days and Annabelle – 2 in august) They are why I am doing this property thing. We have been actively involved in property for the last year and have been busy……We have reno’d 4 houses and sold 2, flipped one house and have 7 rental properties and 1 under contract (we worked out the other day we did 13 transactions this last year). We are looking for an even bigger year this year and I know we will get it. We aim to have 20 rentals by the end of the next financial year but my stretch goal is 27. We’ll see how we go. Check with me next June if I am still above water.
I absolutely love property and people and I am aiming to have the choice to leave work in 4.5 years. Fiona should finish up early next year.
I love reading your comments and hope that my irregular interjections help others. My aim is to instil others with the confidence to do what I (and many others) have done. I am no one special and believe everybody has it within themselves to achieve amazing things. MAP or no MAP each of us can have an awesome year.Enjoy
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(Andrew)“Character cannot be developed in ease and quiet. Only through experience of trial and suffering can the soul be strengthened, ambition inspired, and success achieved.”
