Forum Replies Created
Steve and Daves reno of their Ringwood Flats is also a good video to watch on this site.
JB
Is it CF +ve or can it be made so with a solution or two applied?
Is there new infrastructure going in?
Can I afford to buy a “mums-and-dads” property in this area?
Where is the good/bad side of town?
Is it a property with a twist eg Flat out the back or underneath?HTH,
JBThx Brucemarg. Excellent advice and very practical.
JBI always thought Governments got bigger, not smaller, over time…..
JBCouldn’t agree more. Books provide all you will need to know. Seminars may give extra emotional support and sometimes friendships can build from there, but the raw facts are all in the books.
JBHi Eve,
I would recommend reading Steve McKnight’s two books which not only will give you an insight into buying a place to live, but also investing in Real Estate.JB
>>>>>From experience we were also told we were not to contact the owner. This is what happened;
we were about to settle on a property but found out too late that there was major structural damage (first building report was bogus). We then contacted the owner direct because we received no satisfaction from the (his) agent.
That conversation we had with the owner ultimately released us from the deal that would of cost us at least an extra $50,000 to rectify the damage that the owner was aware of and did not disclose to us. Sometimes you just have to look after your own interest because no one else will<<<<<<<
Hi Ros,
Very helpful reply.
Sorry to be so thick, but how did u contact the vendor? Did u just knock on their door? What was it about the agent that you didn’t like?
Secondly, why did u suspect that the first building report was bogus and so decide to get another one? How should those of us who can’t tell a hammer from a scredriver proceed in getting an understanding of things like building reports?Thx,
JBLots of helpful advice coming through here.
I would just add, that if you haven’t read Steve McKnight’s two books, then may I suggest you do so. They are goldmines in terms of setting goals, and realising that you can do whatever you want to do, (health and sound mind permitting).
The books are a cheap investment, but worth their weight in gold for the insights they offer in terms of our lifes’ journeys, including yours, I’m sure.
Start with 0 to 130 Properties, then $1,000,000 in Property in One Year.
HTH,
JBThere’s a heap of excellent free stuff on this site (Thx Steve). Also, remember your local library, which will have more on Investment. Margaret Lomas and Jan Somers are two authors worth reading as is Dolf De Roos (Their latest books)
But remember not to take everything they say without chewing it through. Some ideas will suit you and some won’t.Also you should start reading up on things like negotiation…..again check your library.
HTH,
JBFrom what I’ve read/listened to:
He’d spend $20K on each of five $100K properties, if he was a beginner. Or if more experienced, take a risk in puitting down 20% on a bigger deal (borrowing the rest). He only buys Commercial property these days (or so I heard on some tapes of his from 2003).
Seems like a genuine guy, with quite a bit of financial savvy.Like Steve, he only buys CFpositive deals.
JB
I can’t remember Steve in any of his books or articles ever saying to use more cash than is a minimum. Otherwise what is the pt of cash on Cash return?
Maybe others have a different perspective?JB
Is there maybe also an opportunity to turn them in to Commercial space in the future? Always something needed in CBD’s of most cities I know.
Just a thought…..JB
Hello,
I bought a DHA property at Holsworthy 3 years ago at, or near, the peak of the Sydney housing boom. Since then the peak has continued up for me. The house is now worth 120K more than what I bought it for (320K-440K). -vely geared at $8,000 per year. Ouch that hurts!!
But I didn’t know any better. I don’t have a penny of my own money in it. So I haven’t done too badly.
We had one interesting episode with the property. It was a real beauty!
One night there was a bad storm and the sewrage built up backwards in the pipes. So much so, that it literally EXPLODED inside the house. It went through 5 rooms! Ceilings, walls, floors, and tenants!! All were covered in the brown stuff! Everything had to be replaced. Kitchen, carpets, walls….u name it.
What did it cost me? One phone call 2 days after they told me.
I rang them up to ask them how things were!
Everthing was done for me, including getting my Insurance costs back from the Water Board!
I bought it for that reason. I am no landlord. It was a way to get in to property for me.
Having since read Steve’s books and listened to his tapes, I realise that there are other “DHA” property managers out there, in the form of some RE agents. I didn’t know that before.
And the -ve gearing does hurt a lot.
But DHA have been the perfect property managers in my books.
HTH,
JB
