Forum Replies Created
Yep Rob I certainly have my wrap is in a town about 3 hours away. I would and will do it again though. The biggest issue is screening and showing. A face to face is essential so that means you have to try and do these in block times for your sake. Apart from that it’s worth travelling a few times that far for $3000+/year.
Enjoy
AD [:0)]“Carpe diem, quam minimum credula postero.”
Lat., “Seize the day, put no trust in tomorrow.”
-Horace, OdesHey Willie,
Mate I reckon you are mad if you don’t come. The whole issue of lack of experience is perfect for you to come. Imagine….if you wanted to paint a picture which would you use, a pre-used and stained canvas or a fresh canvas. The beauty of being inexperienced is that your mind is fresh to opportunities. You can go to the smorgasboard of property options and have a feed on each type. I loved the ability to hear “experts” in the different areas. This year I am bringing my wife with me as last time I took a friend. I will look forward to seeing you people down there.Enjoy
AD [:0)]“Carpe diem, quam minimum credula postero.”
Lat., “Seize the day, put no trust in tomorrow.”
-Horace, OdesPersonally Robert I usually will not make an offer on a place unless I inspect it first. If I can’t get there but the agent says it is good I will through in a clause of Subject to an inspection to the complete satisfaction of the purchaser.
Hope this helps.
Enjoy
AD [:0)]“Carpe diem, quam minimum credula postero.”
Lat., “Seize the day, put no trust in tomorrow.”
-Horace, OdesHey there Goanna,
Welcome to the forum. Hope you enjoy your time here.
As to your question all I can say is that I am never one for a prepackaged deal. To me a lot of the fat is long gone by the marketers. I firmly believe that the only way to get a truly good deal that you will be happy with is to do it yourself. Get out there and pound the pavements and look at properties. Decide what you want from your investing. Do you want to pay money every week into a property just so it can sustain itself (-ve gearing) or would you rather have the property pay for itself or actually make a little money each year (+ve geared, cashflow). Both choices are valid and the decision is yours. I personally only like to do deals that make me money from the signing of the contract. If it don’t make me money then I don’t do it. And by making money I mean cashflow day 1. I will only buy if the property if it pays its way. The exception is I have done 1 (2 nearly done now…1.5 weeks to selling) renovations. They do not make me money instantly but do within a 3-6 month period.I guess my suggestion Goanna is not to run out and just buy what others say to buy. Read, learn, educate yourself and but the propreties that fit your agenda (no one elses). I think you may surprise yourself and end up with a few more than 3. I wouldn’t have believed that in 9 months I could have purchased 8 (and sold 2). I just want another 50 or so more and the market is getting tough.
If you want to know where to begin have a look at Steve’s Reources https://www.propertyinvesting.com/resources
and start investing in yourself.
I learnt heaps from the property secrets revealed and recently heard Fasttrack and wished I had heard it when I began.
For such a small outlay it is an investment in yourself and your financial future.Also there have been lists of books from time to time on the forum that are also worth reading. (go searching https://www.propertyinvesting.com/forum/search.asp )
Hope I have helped.
Enjoy
AD [:0)]“Carpe diem, quam minimum credula postero.”
Lat., “Seize the day, put no trust in tomorrow.”
-Horace, OdesHey Nick,
Why not ask the vendor why she needs a long settlement. If you can’t getto the vendor ask the agent. As far as I can see I would love to have people say they will sign up at todays prices but I don’t have to pay for 6 months. You can be working other deals in between with full knowledge that this one is locked away. I think you are very lucky I am usually trying to convince vendors that I need longer not the other way around.As to the deposit. I have never put more than $1000 down on a deal. That was the exception as most have been no more than $250. This 10% rubbish is just that. Don’t let the agent tell you otherwise. Tell them that you do a lot of deals and cannot afford to have 10% tied up in a deal for 6 months earning you nothing. That is a lot of money which isn’t working for you.
Another thougth on the vendor. Maybe she wants to stay. If you really want it now (I still would wait unless extenuating circumstances) maybe they want to rent back for a period. You choose the rent amount to cover your end. With a long settlement just make sure that you do a final inspection to ensure things haven’t changed that much. You don’t want to be out in the cold with a house that has been trashed.
Hear ends the ramblings….Hope this helps.Enjoy
AD [:0)]“Carpe diem, quam minimum credula postero.”
Lat., “Seize the day, put no trust in tomorrow.”
-Horace, OdesHey B man you out there ????? Your part of the world.
Enjoy
AD [:0)]“Carpe diem, quam minimum credula postero.”
Lat., “Seize the day, put no trust in tomorrow.”
-Horace, OdesHey Bianca…..welcome to the gang.
I have wrapped a property which is the same as selling it outright and I found that it is as easy as doing exactly what the RE agents do. Advertise, Signage and one excellent thought is to have an open house where you make all the parties come to the place in a very small period of time so they see the other parties and create a little urgency in their minds.
As to the process/documentation your solicitor should be able to help you with this. Just get a fixed price on the work and I think you will find that you will still be thousands of dollars ahead. Hope this helps..Enjoy
AD [:0)]“Carpe diem, quam minimum credula postero.”
Lat., “Seize the day, put no trust in tomorrow.”
-Horace, OdesHey Leigh,
I’ll be there with bells on. look forward to meeting you.Enjoy
AD [:0)]“Carpe diem, quam minimum credula postero.”
Lat., “Seize the day, put no trust in tomorrow.”
-Horace, OdesHey Grizzly,
Why do you say Brisbane seems to be the next hot spot ? It has already had phenomenal growth and yields are down to sydney/melbourne levels on the whole. Where you talking about specific areas or just generally ? Love to hear your thoughts being a Brisbanite.Enjoy
AD [:0)]“Carpe diem, quam minimum credula postero.”
Lat., “Seize the day, put no trust in tomorrow.”
-Horace, OdesHey Chad, Welcome to the forum. There is no easy answer to your question as it depends on what you want. Where do you want to be in ten yeas and how are you going to get there. Does this form part of the strategy ? If not enjoy the gain and funnel the gain into something that does what you want and gets you where you want to be. Realise though that if you sell you will cop CGT, that eats into the profit. Hope this helps Chad and try always benchmarking every decision with…..will this bring me closer to my goal or take me further away.
Enjoy
AD [:0)]“Carpe diem, quam minimum credula postero.”
Lat., “Seize the day, put no trust in tomorrow.”
-Horace, OdesHey YG,
I think the best definiition I have heard on this one is by Margaret Lomas. She divides it into three classes, as follows;
1. Negative geared – costs money from our pocket each week.
eg. rent + deductions – costs = -ve2. Positive cashflow – After deductions, etc the property puts money in your pocket (not before deductions though)
eg. rent + deductions – costs = +ve3. Positive geared – Before deductions,etc puts money in your pocket.
eg. Rent – costs = +ve (before all deduction, tax, etc).Hope it helps.
Enjoy
AD [:0)]“Carpe diem, quam minimum credula postero.”
Lat., “Seize the day, put no trust in tomorrow.”
-Horace, OdesHey Rachel,
That truly is awesome. Congratulations. With that drive I am sure you will get there. You make me rethink my stratgey by your boldness. Two question …..are you wrapping or renting the properties ??
Are you a fellow Brisbanite ??Enjoy
AD [:0)]“Carpe diem, quam minimum credula postero.”
Lat., “Seize the day, put no trust in tomorrow.”
-Horace, OdesHey Young Gun,
why only 6 weeks ? I usually try for a minimum of 60 days that allows me heaps of time to get in and do work on OPM (Other People’s Money). The only real hitch I can see apart from what Deanjp said is make sure you pull the deal off. I am sure if I was selling and someone had done work to my place and then asked for an extension I would give it but I know a lot of vendors who wouldn’t. All of a sudden they have a property worth a lot more and it has cost them zero….Enjoy
AD [:0)]“Carpe diem, quam minimum credula postero.”
Lat., “Seize the day, put no trust in tomorrow.”
-Horace, OdesHey Ziz,
Interesting thoughts on the baby boomers….want to share your thoughts ??Enjoy
AD [:0)]“Carpe diem, quam minimum credula postero.”
Lat., “Seize the day, put no trust in tomorrow.”
-Horace, OdesHey Sandi,
I have used a clause in my contracts that stipulates I have access to the property and can complete works to the property prior to settlement. You must be careful doing this though as you will want to ensure you can settle on the day or else the vendor gets a fix-up for free.
Just a matter of timing and comfort.Enjoy
AD [:0)]“Carpe diem, quam minimum credula postero.”
Lat., “Seize the day, put no trust in tomorrow.”
-Horace, OdesInteresting thoughts Key. I think it is a pretty safe bet to say that this year is going to be an interesting one. Between War and the stockmarket there should be some serious turmoil. As to what history has done I guess I always remember that “nothing is new” quite often we can see similar patterns occurring in the past and get some feel for what may come. I am not a navel gazer by any stretch but it is silly to close ones eyes to the possible futures. As to doing what every one else is doing……. There is no doubt that many people have enterred or are about to enter the property market in recent times. For me that says that I must be consistently sticking to my buying parameters so that I don’t get caught in the rush. If I can pick the gems out then I will do well. It is when I rush to everybody else’s approaches that I will come a cropper. If that means there are fewer houses to buy in the near future so be it. But when the3 market turns (and it will) I will be still applying my same rules and there will be many more properties to choose from.
Interesting thoughts……Enjoy
AD [:0)]“Carpe diem, quam minimum credula postero.”
Lat., “Seize the day, put no trust in tomorrow.”
-Horace, OdesHey Dave,
I’ll preempt Steve’s answer by saying that in this case his settlement was so long that the bank was prepared to agree that the value may have gone up in that period therefore their willingness to look at a valuation. On shorter settlements what you said is correct. They will always take the lower of Contract price or Valuation..
Hope this helps.Enjoy
AD [:0)]“Enjoy life. There’s plenty of time to be dead.”
-Anon.Hey all,
You certainly have picked some hot spots Marketmad and these areas have experienced significant growth over the past year. My thoughts are that most (nearly all) properties in this area are cashflow negative. They will cost you money to own every week. Also there has been good growth but past is no guarantee for immdeiate growth in the future. Please don’t think I am trying to stifle you but just be aware of the market as it is because it is very hard to get a realistic market snapshot from a distance. Some time spent roaming the streets up here would be worthwhile. Personally I like these parts of town but have not invested there as they cost me money to own and do not bring me closer to my goal.Hope this helps
Enjoy
AD [:0)]“Enjoy life. There’s plenty of time to be dead.”
-Anon.Is the vendor willing to carry some of the debt back as a second mortgage. Offer them above market rates to provide an incentive and see what happens.You never know till you ask.
Have you got a good Mortgage broker onto the case. They often can see solutions we can’t.Enjoy
AD [:0)]“Enjoy life. There’s plenty of time to be dead.”
-Anon.Hey Harryson,
I am currently exploring the same thing and I have talked to a few people and my first suggestion is to do the same. Check out the implications with your accountant and your solicitor. Be specific about your needs and aims and put it to the experts.
The options as I understand it are;1. Partnership.
2. Joint Venture.
3. Company.
4. Unit Trust.All of these have pro’s and cons and you need to find out all about them for your situation.
https://www.propertyinvesting.com/forum/topic.asp?TOPIC_ID=707
This link also has a little more.
Hope this helps.
Enjoy
AD [:0)]“Enjoy life. There’s plenty of time to be dead.”
-Anon.
