Replies Created | Forums | Amit Thaker

Forum Replies Created

Viewing 20 posts - 1 through 20 (of 40 total)

1 2 »

Amit Thaker
Participant
@amit-thaker
Join Date: 2009
Post Count: 46
June 21, 2012 - 7:45 am
Catalyst, Ok cool. Sounds like you have got everything worked out, buying undermarket selling it for profit after the reno. Nice one.
I am keen to you know you story. Can I PM you?
Amit Thaker
Participant
@amit-thaker
Join Date: 2009
Post Count: 46
June 21, 2012 - 2:03 am
Thank you All.
Amit Thaker
Participant
@amit-thaker
Join Date: 2009
Post Count: 46
June 21, 2012 - 2:00 am
Catalyst wrote:
In my experience they just do a desk top eval.
The value is that- the value of a typical house like yours. The low one would be if your house needs work.
Makes sense
Catalyst wrote:
The high one if it has extra features.
Some comes to my mind, A/C, good floor – Tiles or Wooden, painting. Is there a rule of thumb to maximise this?
Catalyst wrote:
If you need a better value I think they need to go in and actually look at it.
We bought a place for $218K We totally renovated it with new kitchen, bath etc. According to the agent it would easily sell for $295K. The bank gave us a val of $250K. You couldn't even get a standard 3 bed for that. They didn't acknowledge that there had been a huge extension (brick) on the back of the house making it a 4 bedroom and 2 living room house. They just did the val on what was listed on the net -3 bedroom.
How did you challenged it? Did the bank ended up physically inspecting the house?
BTW, what do you do Catalyst?
Amit Thaker
Participant
@amit-thaker
Join Date: 2009
Post Count: 46
June 21, 2012 - 1:50 am
Jamie M wrote:
If a valuer didn't physically inspect the property then it was either a desktop (RP data, etc) or a kerbside.
I know lot of organisation as well government relies on RP Data but should we take RP Data on face value. Looking at your signature I would like to ask, how can I value my property like a bank?
Jamie M wrote:
It all comes down to the security type, location and LVR – for some purchases, a contract of sale will suffice.
That sounds too lenient given tight lending criteria followed by banks at the moment.
Your thoughts appreciated.
Amit Thaker
Participant
@amit-thaker
Join Date: 2009
Post Count: 46
June 18, 2012 - 2:34 am
check your PM . It worked, so whatever you did is all good.
Amit Thaker
Participant
@amit-thaker
Join Date: 2009
Post Count: 46
June 18, 2012 - 1:40 am
Yvette4611 wrote:
Hi Amit,
I may be interested but how will I know that I will get all the home study course?
Hi Yvette, I will PM you the details. Can you please enable to receive email on this forum. By default receiving emails is disabled. This needs to be changed under your profile.
Regards
A
Amit Thaker
Participant
@amit-thaker
Join Date: 2009
Post Count: 46
June 14, 2012 - 1:10 pm
Jamie, Thanks for the info.
Amit Thaker
Participant
@amit-thaker
Join Date: 2009
Post Count: 46
June 14, 2012 - 12:49 pm
lila77 wrote:
Amit Thaker wrote:
Hi Lila, never heard of Nathan Birch's. I checked out his website as he suggest in the video and its seems alright. Have you done one of his Education program?
No I have never done one of Nathan's seminars he just acts as a buyers agent for me when I buy in NSW or Queensland. He is very knowledgeable, helpful and gives great advice. However I still make sure that I understand as much about property investing as possible. Its very important to have a great team to help you out, so my mentor is Nathan, I have an accountant in Adelaide who specialises in property investing who also gives me invaluable advice and also very knowledgeable solicitors that I use depending on which state I'm buying in. I also have a mortgage broker that is located in Adelaide and knows my strategy (and also all my financials) like the back of his hand. It is imperative to get your team and financials in order (ie. pre-approval) and THEN start hunting for a property. You don't have to know it all but you have to beable to sort <moderator: delete language> the right advice for you. Good luck.
Lila, Surely could not agree more. I you have summed up great advise in simple words. Thank you.
Amit Thaker
Participant
@amit-thaker
Join Date: 2009
Post Count: 46
June 14, 2012 - 12:07 pm
zmagen wrote:
Obviously, it’s highly recommendable to educate one’s self before investing in any country or area (DD etc) – but as a rule, I’d think that a buyer’s agent/proxy like ourselves, who has no vested interests other than yours in mind, makes the actual experience required far more manageable (considering the same now for our US investment – I know nothing save what I read here and in similar places, so a buyers’ agent seems like the logical choice).
Yes, feel free to contact me via PM (or through our website, below – I receive a copy of all enquiries off it and will respond personally).
Ziv, I checked out your website. It looks interesting concept for sure.
KeyStratagies wrote:
Amit – I shared a part of that journey in my 3 Workshops that I presented in Melbourne at Steve McKnight’s MegaConference a couple of weeks ago – I actually had one workshop recorded and I am just reviewing it before sending it off for production. We can talk about it at the Parramatta meeting next Monday.
Michael, Sound good to me.
Amit Thaker
Participant
@amit-thaker
Join Date: 2009
Post Count: 46
June 14, 2012 - 3:06 am
Key Strategies wrote:
Amit
There is a regular monthly meeting of Property Investors at Parramatta every 3rd Monday – I am speaking there next week 18th June on achieving Success from Subdivisions – which is based around the workshop I did at the Mega Conference in Melbourne.
Location Parramatta RSL – Hunter Room, cnr Macquarie and O’Connell Sts, Parramatta. Free parking opposite the club in covered car park.
ate Time 7:30pm – 9:30pm Cost $10 Entry Fee
Hi Michael, Parramatta RSL sounds good to me. I will come and see you before or after your speech. 3rd Monday of this month could mean Monday 18th June (depends how you calculate it). BTW, what company is running this or Are you THE company?
See you then.
lila wrote:
You just missed Nathan Birch’s seminar in Sydney last thursday. Although he does run a business he doesn’t promote it to the extend that others do. Have a look a binvest.com.au. There is also a you tube video of a seminar he did a while back plus others on some of his investments.
Hi Lila, never heard of Nathan Birch’s. I checked out his website as he suggest in the video and its seems alright. Have you done one of his Education program?
Amit Thaker
Participant
@amit-thaker
Join Date: 2009
Post Count: 46
June 14, 2012 - 1:02 am
KeyStrategies wrote:
My creative Project was a couple of years ago. I purchased a large corner block with a DA for 2 x 3 bedroom houses on it. I knew I could better and put 2 x 4 bedroom Houses on it as the previous owner had not really used the best designs for the project.
The twist came when I really sat down and figured out that I could put a 4 bedroom house and a Duplex on the site – it was a slightly longer process but the extra profit was worth it. So I ended up doing a 2 lot subdivision, building a 4 Bedroom house on one lot and a Duplex on the other being 2 and 3 Bedroom – I tried for 2 x 3 bedrooms but could not quite fit it on.
That and the former School site I purchased and did as a JV which we turned into 5 individual lots and then had 10 townhouses approved over 4 lots in 2 stages of 4 units on 2 lots and 6 units on the other 2 lots would rate as my most creative to date. The 5th lot was sold to another developer that put 3 townhouses on it. It took 18 months from acquisition to getting the final approvals but a nice project.
KeyStrategies, What you are doing in something I aspire to do in near future. I would love to know your journey.
Amit Thaker
Participant
@amit-thaker
Join Date: 2009
Post Count: 46
June 14, 2012 - 12:57 am
zmagen wrote:
Amit Thaker wrote:
… Investing in Japan sounds interesting, what sort of return do you get? I am keen to know what other countries you invest in?…
The returns we aim for (both personally and for clients) are 11-15% – up to 12% can usually be secured in a few days, higher takes a bit longer. This is all pre-tax of course, but other out of pockets are very rare compared to other countries (i.e. vacancies, unexpected maintenance expense etc, almost non-existent due to the nature of Japanese tenants, the size of the units, cost of living in Japan, and the structure of condo fees – all of this takes a bit more explaining, <edit>. I'll also be writing an article about it for another website in a month or so, and will publish a link here when it's done, as quite a few people off this forum have been asking about this in private correspondence).
As for myself, I have properties in both Australia and Japan – will be liquidating Aus to move to Japan by the end of this year, as returns, diversity and unexpected costs are horrible compared to Japan, and capital gain is a bit of a mystery if the last four years are anything to go by – in any case the cashflow more than covers for any "standard" cap gain trends (if such a thing even exists these days).
My partner is currently looking into the USA as well (she has USD left over from better days and doesn't want to lose on the back-exchange), and so will probably be purchasing a small investment there in the near future too.
<edit> (I could carry on blabbering here, but it's a bit offtopic
Regards,
Ziv, Sounds like a interesting concept and I am not sure how much experience one would need to invest in Japan as a individual. 12% before tax is still pretty good. From few contacts I have with Japanese and Korean community unexpected maintenance and vacancies are rare things – I do agree. Keen to know more. Best to talk on PM?
Amit Thaker
Participant
@amit-thaker
Join Date: 2009
Post Count: 46
June 13, 2012 - 3:51 am
Podgey, I think you have nailed it, thanks for sharing. Where did you got the info from?
Amit Thaker
Participant
@amit-thaker
Join Date: 2009
Post Count: 46
June 13, 2012 - 12:27 am
zmagen, thanks for clarifying that. I did look at ur signature but did wanted to make any assumptions
Investing in Japan sounds interesting, what sort of return do you get? I am keen to know what other countries you invest in?
Regards
A
Amit Thaker
Participant
@amit-thaker
Join Date: 2009
Post Count: 46
June 12, 2012 - 9:54 pm
zmagen wrote:
We’d be advertising mainly to Chinese and Koreans, so wholly different channels.
I’d try to get in hotels.com and booking.com- both have b&b listings, I know they come up in my searches even if I don’t ask for them lol
Advertise to Chinese and Korean within Aus?
Amit Thaker
Participant
@amit-thaker
Join Date: 2009
Post Count: 46
June 12, 2012 - 9:53 pm
zmagen wrote:
Also planning to experiment with holiday/student rentals with my next Japanese purchase.
Trend?
zmagen, You lost me when you said “my next Japanese purchase”
Amit Thaker
Participant
@amit-thaker
Join Date: 2009
Post Count: 46
June 12, 2012 - 11:33 am
Hi matttsta, Have you invested in west?
I have read Kiyosaki’s books but never read Steve McKnight’s one.
Amit Thaker
Participant
@amit-thaker
Join Date: 2009
Post Count: 46
June 12, 2012 - 2:41 am
Nick.Moriconi wrote:
Hey Amit,
my name is Nick, I am a property investor also, I do find RP data extremely useful, because I can find out how much vendors have paid for their properties, and also has a lot of useful report and valuations tools. I am part of a group that gets RP Data in NSW, QLD, VIC for 120$ per Month,can cancel anytime, we are always looking for new members for getting a better RP Data subscription.
Contact me if you want to join up!
Cheers
Nick
Hi Nick, Thanks for the info. Do you mean $120 per month for all 3 states or just one state? Paid monthly?
By the way where are you guys located. I am in Sydney.
Amit Thaker
Participant
@amit-thaker
Join Date: 2009
Post Count: 46
June 12, 2012 - 12:58 am
fishmeet wrote:
I haven’t done any courses but my solicitor will draw up the options contract. I just want a few ideas on the best approach to first contact with the owner that will get a face to face meeting.
Hi fishmeet,
I googled and few links came up:
http://ask.metafilter.com/60468/How-to-approach-someone-about-selling-their-house
Another way would be approach real estate in the area you are interested in and tell them what you are after and to contact you once something is in market. That way you don’t to have pay any commission to the agent.
Sorry mate not sure on the wording for letter as a initial contact.
fishmeet wrote:
I would be looking to pay for the DA if my planner feels it is a sure bet for council approval.
Are you using ex council planner? I guess this could be possible after years of experience. Are you based in Sydney?
Amit Thaker
Participant
@amit-thaker
Join Date: 2009
Post Count: 46
June 12, 2012 - 12:45 am
Qlds007 wrote:
Hi Amit
I dont want to appear negative but your opening title concerns me a little "How to Excel in the Property Game".
I hate to say Property investment is not a game but a business and must be treated as such.
No you don’t appear negative at all. Property investing is surely a business but its too serious of a name for something you love so much. So I decided to make a little more relaxing but by maintaining the focus and discipline required. But thanks for point it out, it just goes to show how it could come across to others and I appreciate it.
Qlds007 wrote:
You need to have the same mental state and attitude as you would do if you were sitting an exam, learning a foreign language etc. You need to be focused, educated and learn from others along the way.
I could not agree more. And I plan do exactly that.
Qlds007 wrote:
In regards to your comment regarding how you access equity this is a question i get asked often.
Obviously without having any hard data to hand it is difficult to provide much of summary but in essence you would want to establish an equity line or line of credit sitting behind your current PPOR loan and then utilise this for the deposit, acqusition costs and any ongoing expenses i.e subdivision costs etc.
That makes sense.
Qlds007 wrote:
As i say i am not sure of your income details or indeed you current value / loan or lender so i would need this to answer the question fully.
Thanks for that. You sound like a guy who know what you are talking about. If you are willing I am happy to give the details required to get a proper answer. Please let me know.
Qlds007 wrote:
Just remember set up the foundations from day 1, structure the loans correctly and the rest will flow.
I would assume structures would fit different people differently. Any advise on where I could find types of structure and will make up my mind from there.
Cheers
A