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Hi all
When I was 22 years old I had a mortgage, a job and a future all mapped out. Three months later I had a mortgage, no job and was enrolled full time at uni. Shortly after this my clothing began to wear out and I was 22 years and four months old with a mortgage, no job, wearing my gandfathers hand me down coats and trousers ( I had my own underwear)and a schedule for the lectures I had to attend at uni. The thing that struck me at this time ( like an A Ha moment) was that I was no happier or sadder being broke, wearing hand me down clothing and being a full time uni student than I was when I was employed, had money, wearing three piece suits and working in an accounting firm. I learnt that money does not buy happiness. What it can give you is time and choice. How much money do you need, enough to have the time to make the choices you want to make.Hi all
One thing that I have learnt over the years is that people in a professional group talk to one and other about the clients they deal with. The good, the bad and even the ugly. It does not matter that they work for a different firm they still talk to each other. The last thing that you want to do is bite the hand that feeds you, particularly in a small market. You do not want to get known as that @#*^head they did business with and don’t want to see again. You want to be known as that fair and reasonable person who I may have had a dissagreement with but we left on good terms. I would have said to the agent that the deal was done on agreed terms but that I was looking for more properties in the area and I would be happy to not only pay his commission but also a reasonable spotters fee if he could bring in other deals that I was interested in to me. Looking for a win win outcome for all.Hi Byron Sam. I’m new to this forum and admitted freely that I do not know all the jargon. Would please explain what is a “risk downside of over 40%”.
Regards BofclarkI also went to the MasterClass in Brisbane. Thought the day was great for people starting out and also had information that was new to me and that I will benefit from. I would just say that education is important but can be a comfort zone. You have to get into the game to make it pay. All the best to you and your future investing
Only one way to find out; ask a lender such as a Mortgage Broker or bank. I was 18 years old when I got my first mortage with my brother for our first home. Age should not stop you if the bank accrpts the risk of the deal.
Hi Yesterday I attended MasterClass in Brisbane. I had a brief chat with Mark Unwin. Mark is a chartered accountant in Victoria and presenter at the MasterClass. I would have no problem having an accountant in Victoria. Today we have the internet and all you need to do is talk with your accountant. I value the professional services of someone who understands the business I’m in, not just someone who crunches numbers. I have Mark’s business card and will happily pass on his contact details to you if you contact me.
Hi ridi,
I think that your idea has legs. One of the ways to make a loss from property is to have it stand vacant. Vacancy is death. I have always tried to look after the tenant. Be prompt in dealing with their requests for repairs and adding small items such as sensor activated door lights. One of my properties I have had for ten years. In those ten years the property has been vacant for one week only. Not all tenants will do the right thing by you but it should never be because you did the wrong thing by them.Hi Kid
Best thing I ever did was find a bank manager who seemed to have confidence in what I said I wanted to do. This bank manager helped me be creative when seeking money to finance yet another property. Talk to the bank manager ask them what they want to see from you in order to loan you money. I think it is more important to find the right person who works for a bank, any bank. After all what you want is finance at terms you can live with. Does it matter which bank you get that from
I am currently renovating a house to accommodate students in order to rent it by the room. I have a friend/business partner who has his place up and running and is very happy with the returns. Much better than the rent he was getting when it was rented as a house to students. The best advice is to manage your property. Interview and select the students, inspect your property while showing other students / new tenants available rooms,inform them of the house rules and have the student sign a lease and pay a bond. Importantly focus on the potential returns when it does work. Like attracts like. Regards Bofclark
Sounds to good to be true. Why not offer the tenant $50.00 to show you his recent rental receipts to confirm the rent. You could also ask them if they are happy to stay and how long they have been renting the property. If the figures are correct buy both.
Happy investing regards Bofclark
