Forum Replies Created
G’day Bear….
When I saw Pinky’s .19….I gave up.
I’ll go looking for one I can win at, and post.
Bill
Hello Carmen…
That is a BIG question.
You must take into account the following:
Age, health,job security, income, retired or when?
debts..if any, comfort zone, interest rates, has the market peaked? How would a 20% decline in prices effect you? What if rates went to 8%?Carmen the list can go on and on…
If you like, I will post you a (PFA) Personal Financial Assessment and you can complete your own self analysis. I could also assist you by email if you choose to share your situation with me.
email : [email protected]
Cheers..
Billfromoz
Bill O’MaraG’day Pinky…
(.19) …you said ya was blonde.
Anyway,I’m not playin it anymore, it’s all yours.
Bill
XYZZY…
What bets have you made ?Trust us we’ll tell you later..
In the meantime go long the SPI and S&P500 on either Friday 17th or Friday 31st Oct.
Bill
G’day…
Hope you had a bit of fun….me .33
Then it got worse
Bill
G’day Ozzpom…
A bit of both in my opinion.
To achieve that you need to structure your loan(s) in such a way that they are tax effective.
To advise you further would require a detailed analysis of your: income, assets and liabilities.
Yes, there are fors and against, so you set up your portfolio to accommodate both. I have done it successfully for 10 years.
If interested to know more please email me :and I will forward you a PFA for self analysis.
Personal Financial Analysis….Cheers for now
Bill
G’day all you punters…
Wayne…are you sure we can trust you to hold the stakes? I was going to suggest comdom… that m&n are too close together on my keyboard. My worry with him though is that he’d end up putting the booty on a slow horse… So I trust ya Wayne.
Now to be serious…forget all the crap about Gann, elliot wave and even the fundamentals.
Look at what IS happening. The S/M has moved up over the past 12 months…the smart money. They have already limited their exposure to Real Estate
just as I have… of course not all.It was easy when the S/M crashed in ’87 for the money to go straight into R/E…most folks feel comfortable with R/E.
What we have now is, in my opinion, the Reverse.
It will be difficult for most to accept that the R/E game is over… by comparison to the past 3-4 years…. for another couple/three years. They will find it difficult to make the necessary switch nto the Stock Market. As the S/M inches up and the R/E slips away the “crowd” will eventually, after trying to weather the storm… get into the S/M because by then it will be the talk of the town…just as R/E has been and still is today.The transition for most will be slower ..from R/E to S/M…but it will happen. As history repeats itself the crowd that just got into R/E in recent times…will then think that the S/M is the answer…..just before…maybe a year …before the cycle switches back to Real Estate.
Cycles is the name of the game…
Bill
Hi Rita…
Apologies for the bum steer on the “Bonus”…different rules in different states.
And, as Richard has said…the contracts are differet…sudden death. However I am sure that you can simply extend the offer of settlement on or before a certain date…When Richard gets back on line I feel sure that he will set this straight for you.
Wishing you well
Bill
G’day Steve…
Good on you!
Why not approach a Real Estate Ageny in your home town and explore the possibilities of working for them in the Property Mgt.division.
If there are no large Agencies in your area be prepared to move permanently after a trial period.
The income won’t be that flash, but if you consider it as a stepping stone it will pay dividends in the long term. Get in touch with the Licensing Authorities in your state and undertake what ever courses required to eventually get your License and of course your own Agency.
A good property manager can manage 130 properties,
so set your sites on a Rent Roll of 250-350 to make it pay. You would need a staff of 3.You will quickly learn that you must “Systemize” each component of the Management System to make it a smooth operation…if you don’t you will soon flounder.
We always spent 30 odd minutes with a potential tenant with a coffee and chat on what they could expect from us and in turn what we expected of them. Bit like a fireside chat…that was in fact an interview.
With Property owners I spent an hour or more with them before committing ourself to manage their property…same thing… you can expect from us and what we expect from you.
We systemised everything, right down to the order that e property was to be inspected. For example..Entry : ceiling, left wall, front wall, right wall door, floor, lightfittings. Then each room in the same sequence.From memory a 260 point check list.
Each property was video’d inside and out at the commencement and end of each tenancy.
That’s more than enough for you to digest.
Cheers
Bill
G’day Richard…
Thanks for setting the record straight re the 2 points you mentioned…appreciate it and I’m sure that Middler will read your comments.
I have found that “cabbies” advice, so true.
Thanks again
Bill
G’day Middler…
You could also give the salesperson an added incentive…say, $1000 Bonus if sold, with unconditional exchange of contracts, within 30 days, and AT the listed price.
Be specific..by 3:30pm on the 13th Nopvember’03.
I guarantee you it works. Suggest you run it by the Principle of the Agency…and ask him/her to not water it down by taking a cut for himself.
Keep me posted,love to know how it pans outfor you
Best of luck
Bill
G’day…
Night owl??? It’s bloody daylight.
If you give buyers a reason to buy your unit as opposed to others and Buy it NOW…this will work for you.
Give the buyer an extended settlement…
up to 6 months. Don’t freak out…….They, of course MUST exchange unconditional contracts with you NOW.
That is …a firm settlement on or before a certain date…unconditional, no out clauses.You will not only get a buyer,but also, without being greedy, a far better price. The reason for this is that you attract those that are not game to sell their own home until they find what they want to buy. So, off they go and tell the Bank they gotta good deal and want a loan… “but we’ll sell anyway” In doing this you create a plus for you both. If they are unrealistic with their own asking price…as it gets closer to settlement time with you, the Bank will put pressure on them to “meet the market”
Example, I was told by two agents my property would sell for high 4’s to low 5’s.
Incompetence at it’s worst…. I sold iy my self within 6 hours of hitting the market and “at” the aking price $585,000…same marketing plan I am suggesting for you. There is no reason why you can’t replicate it. Alternative is to let them move in on unconditional contract and pay u rent if they need…but only on an unconditional ,exchxnge of contracts
Letme know when it’s sold…
Billfromoz
Bill O’Mara
G’day Milen…
It is common practice for R/E Agents to do a “conjunction” sale. They split the commission 50/50. The problem with that is, that in a round about way you are really dealing with the vendors agent.
Agents:
A good agent has exclusive listings at the right price and doesn’t need another agent to help him sell his clients property.An agent that is incompetant/dishonest usually has overpriced listings and uses other incompetant agents to help him “crunch” a sale.
Give some thought to employing a competant agent (trust your gut feeling) to source properties for you at 2-3% of the purchase price. This is a fair amount for the right agent that is looking after your best interests. Especially when he/she sees you as a long term client.
In addition, if they have an excellent property manager, you will be well looked after… expect to pay 6% for good property mgt. Even 1% is too much for bad service.
Regarding a building inspection report…get an independent firm to do it…in case you need to sue them one day. Don’t cut corners here.
Wasting your time getting your own valuer because the bank won’t accept it…they will only use a valuer on their own panel.Go searching for a good agent… more grey hairs the better.
Billfromoz
G’day Middler…
I tthought I had another nightowl for company, but as your in the UK, I guess I don’t.
Don’t want to spoil your day…but
The problem is not Units but wher and who you are dealing with on the GC.
Some units will give a healthy return and moderate CG. But personally I have usually prefered a house/land. Then again I have done well out of units.
The problem as I see it is that the GC is notorious for getting ripped off. I had some good advice from a cab driver on the GC years ago..and I quote: ” There is plenty of money here on the GC but let me tell you, that they didn’t make it here…this is where they lose it”.
Good solid correct advice. As a mortgage consultant I have seen a lot of disasters regarding GC purchasers…usually paid too much…seems to be 3 prices (1)…Locals
(2) Southerners (3) O’seas BuyersI feel you have another issue…the person that is managing your unit in the complex had to pay for the Management Rights and I’m not talking peanuts either ( several hundred thousand $$ in other words he/she bought a job and also, probably paid too much. To recover from their situation fees etc are always on the up. Plus another little trick they use…see end message.
I can think of one client in particular…that has waited 7 years for his investment to recover his losses and he’s still waiting. If he had sold out 3 years ago when we first spoke, he could have copped his loss and doubled his money elsewhere since then.
Maybe you need to consider cutting your losses and investing in the real world..cause the GC ain’t.
A few final thoughts…How do you “really know” when your unit is let or vacant”. I have known of onsite managers to advise clients that their unit is vacant when in fact it’s not.
This is of course a double whammy…you cop the fair wear and tear they /mate gets your income on his vacant unit.Personally I think that you will get more if you sell today than in 2-3 years.
I wish I could help in a more positive way.
Cheers
Billfromoz
G’day Ben…
The first thing I would do is to see the ATO and take advantage of 221D application…this will enhance your cashflow.
Then I would just sit tight on the properties.
I would not consider a wrap deal in the current market…you have to sleep at night, as do the wrapees.
Cheers
Billfromoz
G’day..
In the example you give…that is different again.
You are only being offered the biz. NOT the land
It maybe a 10 year lease on the biz. and at the end of that period..you hopefully renegotiate another lease term.
But…you are NOT buying R/E just the right to occupy
Bill
G’day…
Check out the title thoroughly !
Leasehold is Not Freehold, and as such will have restrictions and conditions attached.
Above all check into the “term” of the lease..it may be foor 30 yrs, 50 yrs …not to be confused with “99 yr” lease in ACT. The 99yrs in Canberra was simply used to STOP land speculation..ie. You must build within acertain period 2 years.
Even a 30 year lease may have only 10 years to run
Billfromoz
G’day Lister..
Maybe cheaper but I have heard figures of $18,000 mentioned. Then you have to erect on your site..I dunno Stumps maybe…
Billfromoz
Good on you Jay..
Now ya talkin mate…
Best of luck… do your homework and if you come back empty handed… so be it… another place another time.
Billfromoz
G’day…
You may end up owning a white elephant or a pig in a poke. Some would consider this a fulltime job for it to be successful….and it sure is.
Take all the people in the Real Estate Industry that are “part timers”…an absolute disaster.
Not only for them but the rest of the Industry as they knock off 5-6 properties a year…usually at the wrong price…someone gets hurt.The income and opportunities for those giving it 110% effort is reduced by the sheer number of half commited so called part time R/E Agents.
You must protect your interests/investments… you may very well end up buying a property from someone who has stolen anoters identity..worse you may end up with something that doesn’t exist.
Either your IN or your OUT.
Go for a drive as many times as it takes…won’t be near the cost of a huge mistake…110% or zip
Billfromoz
