Forum Replies Created
It's all about motivation. Find out how long the property has been for sale for and how much they paid for it. I have offered $260K on a place that was bought for $280K two years ago, but the vendors have done all the paperwork to sub divide the block and all I have to do is the sewer and electrics within the next three years and I have a free (or very cheap) block of land.
If you let the agent know you have no emotional attachment to the deal (even if you have) and that this one of a dozen offers you will be making this week, then see how fast the agent puts pressure on the vendor to sell.
I sympathise with those who have lost money over the last couple of years, but it's not my fault and if they had been more cautious or done more reasearch themselves they might not be in the position that they are.
Howardcm sounds like he has a great deal, but if too many of those go through then it will drive the median for the suburb down, and that's what the bank look at when you want to revalue and pull the cash out.
Best wishes to all for 2009.
Could you get together with other owners of the big blocks and petition the council to allow rezoning to a higher density?
Matt you have to be one of the sanest people on here. I wouldn't call myself a seminar junkie, but I will go to a free info evening and watch a free DVD and it's amazing what can be picked up for nothing.
There are only so many legal ways to make money out of property in Australia and everything else is in the packaging. What I have learnt at no cost to myself is that I can use Google Earth, a zoning map and RP Data to find potential development sites. I then negotiate an option on these, add value and on sell it. No problem, so why not develop it myself?
Of course the access to finance is the key. Most potential seminar candidates are looking for the golden egg that will make them a million dollars with "no money down" If you have been in the property market for a few years and have access to equity then it becomes much, much easier.
Wealth4life, good on you for doing what you are doing. It's good to hear the other side of any argument..
I watched the DVD that came with the last issue of Wealth Creator. All very inspiring, so I responded to the website and was called the very next day by a nice chap wanting to sign me up for the Gold Coast or Sydney seminars. I told him I was in WA and he assured me that there were graduates doing million dollar deals over here. 'Great', I said, 'before I sign up, put me in touch with a couple as I would love to talk to them and I'm sure they wouldn't mind as it could benefit everyone'
I'm still waiting…………..
I just love the free taster evening which ends with the plug for the whole course. Some of the stuff I have picked up at those have made me heaps. It's also a good chance to bump into other investors that I only see at those events, and they all provide coffee and bikkies.
Go to a few of those and read as many property investing books as you can lay your hands on and you are well on your way.
There are only so many legal ways that you can make money out of property in Australia. The only advantage I can see to forking out for a whole seminar is the chance to meet up with cashed up investors to get some JVs going.
Wasn't Scamp telling us earlier in the year to get prepared for interest rates over 10% ??
I did 19 days once on a unit from acceptance of offer to being cleaned up and having tenants in. It can be done if you get everybody to pull their fingers out.
Start at http://www.iaspire.com.au They are local and have all sorts of materials, mentoring programs etc.
$900,000 in equity doesn't sound like you have been doing it all wrong. How long would it have taken you to earn that? Are any of the properties in need of refurbishment that could bring the rents up?.
If the cost of holding such a portfolio is uncomfortable could you just sell one or two to make you sleep easier.?
Have you thought about a LOC to act as a buffer and buy you time to ride out the dips?
I suggest you put your post over at http://www.somersoft.com as over there you will find different opinions than you would get here.
Good Luck. There are many out there that ould be glad to have your problem.
You have a few replies to this over at Somersoft.
There you go Tony.
Best offer in 2 days is $50. That's what the market is telling you it's worth at this time.
I would be happier to hear that comment if I knew that Aquarius had absolutely no relationship with Premium Finance other than as satisfied customer who has not been encouraged in any way to endorse them.
Paint $500
Floating floor $1500
Blinds $1000
Kitchen tops $1500
New appliances $1500
Lights $500
New sliding door and window $2000
Bits and bobs $500So for $10k I did a unit reno and then had it valued at $40k more. I did it all myself, but I have found unit renos to give more return on the $$. Just remember if it is a rental keep it cheap and cheerful.
I worked there for a while and can tell you it's definatly wet
I put Granite Transformation tops into a unit. Twice the price of laminate, but half the price of a granite top. Three years on I couldn't be happier. Still looks great and well worth the price.
I have 2 loans fixed at 6.65% until 2009 when they will revert to the prevailing rate. In the last few years the rents have risen to a point where these properties will still be cash neutral. This is more a case of luck than astute financial planning.
If we do see a big drop in values (prices), it will be as many more houses are on the market due to investors having to get out as they over borrowed. The ones who have access to funds will clean up as all the people who are not then homeowners will still need to rent.
Well done Scamp. Some of the most sensible advice I have heard in a long time.
LLCW, I sympathise with your situation, I wish you well.
I think that what you will find when you move to WA is that lots of the guys working out at the mines already have investment properties and they will be happy to share their experiences with you. Also there are always free seminars coming up. These are usually held over one evening and are often just a taster for a more expensive course. However, they can give you lots of ideas and you meet many like minded people.
Craig Turnball at Aspire (iaspire.com.au) runs all sorts of courses and is a mine of local knowledge. His one evening market updates have been a real money maker for me.
If you are single and working at the mines, then saving for a deposit should not take long if you are committed enough
Basically I would hold off spending anything until you arrive in our wonderful state. You will find us all friendly and approachable.
Good Luck
i had one for a few years as at the time I was away a lot and the "hands off" approach suited my style. They can be restricting as the rent is controlled and there is no way you can nip in and do a quick renovation. I sold it for not much more than I bought it for and put the money into a unit that I renovated for a nice capital gain as I was spending more time at home.
Some people love them, some avoid them at all costs. Just be aware that there will not be a great capital gain, but the yield can be good and regular. Some come with discounts for the hotel, or free nights, which might suit you.
Hope this helps.
I paid to see Ed Chan and Micheal Yardney at a seminar last year. I paid $75 for it and also bought books by Ed and Micheal, costing another $50.
The new ideas and perspectives I gained would have netted me $100K so far, which is a pretty good return on investment. I have no issue in paying for advice as at the end of the day it is up to me whether I act on it or not.
I have also paid for seminars from which I learned nothing, but on the other hand I learned what not to do.
I love the opportunity that is available in Australia. There are so many books and seminars out there, all of which may work for some and not for others. once you have decided on a path then stick to it.
Ed and Micheal should be commended for sharing their knowledge as they obviously have made millions out of the strategies that they teach.
Whenever I pay someone for advice I first like to make sure they drive a better car than I do.
