Forum Replies Created
Hi Michael
I agree with richmond. Clear your mortgage first as it is costing you. You will find it much easier then to move on with your other plans when you PPOR is unencumbered.Hi Amanda
This book is put out by Ray White RE. It is a guide to selling property and is written by (Mrf Porter) the person who is responsible for establishing Ray Whites sales training system. I have not read it. Looked like a training manual for RE sales people. But, if you have been given the book, read it. You may get some gems. Then you can let us all know if it was worth reading. Have a look at the website. http://guidetoselling.raywhite.com/JustAllan
If it is an IP, and you claim the renovation, they will know.
Congrats Romina & Luca on your first PI. Hope all goes well.Depends on how much work you want to do yourself. The trading post can have some good deals. For bits and pieces, try fowles auction group.
Hi Blondie
Jan Somers books, (I think there is two, maybe three) are others. Jan was the one who got me thinking harder about what I was doing. I even convinced my mortgage broker to read it (and he is very staid). He now hands it out to all his customers.
Postitive cash flow books are great, but don’t forget to look at all sides to get the big picture. Peter Spann’s books are must reads, especially his second one. It is so full of information. The rich dad poor dad stuff is also good to read, although one of my sisters hated it. There are so many to read. If you go to an accountant, make sure they know about this positive cash flow stuff. There is possibly a book list on this site. I have never looked but if not, maybe there should be, as book questions seem to come up a lot. I read everything I can get my hands on because you can get something out of most books, even Anita Bells stuff (received some interesting comments not that long ago).
Steve’s buyer beware package has spreadsheets to help and are very good. Also Jaffa’s site has a great calculator. A lot of work has gone into it, and it is worth looking up.
CalderDon’t forget Pirates of the Caribbean.
Thank you Bryce
I ordered it after seeing your post. Received it within two days. Much appreciated.
CalderMattn
Still!! It was excellent 5 years ago. Did not think it would stay good for so long. Is it still cheap?How you could build a $10 million property portfolio in just 10 years.
Interesting question. Agree with both Geo and Yack. Really depends on what you want though. I assume you are putting all your profits into paying off your own mortgage, which will reduce it much quicker. If you can afford it though, have you considered keeping these going for as long as you can. Unless you feel the values may drop, it seems a waste to sell good property unless you can find equally good for better value, particularly if you are not struggling. You say kids are a few years away, so you still have time to look around and by waiting a little, you may find better value.
Hi
We bought an IP in Marsden about 5 years ago. Our property is now cash flow +ve, but the capital growth is almost non-existant. We get $170pw and paid $110k for a new house. Have not looked at the growth in the last 12 months, so it may have changed. When we last looked, the median price was around $130k. The property has never been untenanted though, and we have had the same tenant for the last 3 years.
At the time we bought, we were buying in that area for a personal reason. There was a lot of petty crime in the area and we did not buy more for that reason. Remember though, this was few years back. Others may have more current info.
CalderLife happens. Choose your path. It is your choice and no-one elses. Choose how you want it to be, if you want it to be.
Have been looking at the real estate pages of Clayfield. There looks to be a huge amount of properties for sale (and rent) at the moment. If you have an open agreement, you should be able to list with more than one agent at a time. Have you thought about writing your own advertisement – Peter Spann’s suggestion – to make the property more desirable. You can try all sorts of inventive stuff eg: see if the tentant wants to buy for a future investment. Do a leaflet drop. I’d come up with other suggestions, but when brainstorming, they become sillier & sillier, before they start to make sense. Have a brainstorming session with a group of friends over a beer or two. You never know what may come out of it. That’s what we do when we get stuck for solutions. Nothing ventured, nothing gained.
Bigben
In certain suburbs in Melb, a tree that size would definintely need council approval to remove. Information like this can often be obtained from council websites relatively easily. Talk to you neighbour before going much futher. They may LOVE the tree and you could be wasting your time if it not dangerous.Hi fewster
The property was cash flow +ve, the business had been there for years. 1st problem was getting the loan – 2nd hand business was considered risky. Even though we were buying the property, not the business, it made no difference. The 2nd problem was the insurance. Many insurance companies considered it a high risk business, and it is company policy that they do not insure these type of businesses, or properties in which these type of business are run. Would not give me reasons why not, just kept repeating, not company policy.Hi Cre8ive
Can you give us more details. What area is it in? (Is it a high risk area eg: if the tenent leaves, will it then be re-rentable easily.) Contract conditions? Is the property too good for the area you are trying to sell? Is it one of the contracts that have the rent guaranteed for 5 years, etc, etc. Would you buy it now if you were looking for an investment property. If not, why not. If so, why are you selling?
CalderHi
I am not a broker, and I know it is not relevant to your question, but just a note on buying commercial. Before you go ahead, make sure that you can get a loan for the property, and insurance. I leant the hard way (because of the type of business in the property I was buying). I was starting small, and found so many obstacles because the tenent was a second hand dealer. The property was/is cash flow +ve.Good luck. I haven’t given up on commercial. It was good training. I am just a lot more careful in my looking.
Peter Spann’s latest book is called ‘How you could build a $10m property portfolio in just 10 years.’ His first one is ‘Wealth magic’. Looks to be another one that I was unaware of called ‘Little pot of gold’. Must go off to the bookshops and find it. I have read the first and last, and they both are a really good read. Both contain snippets that should help in cosmetic fix ups. I have read others, but can’t think of them off the top of my head. (I pass them on to family members once I have read them in the hope that they will also get inspired, although I think they sit on shelves accumulating dust until I want to re-read them and get them back.) If I remember the others later I will pass them on.
Terry
I am in a similar situation to Alby, although have been working for myself as an investor since leaving work for a little longer than Alby. I never thought of needing an ABN which I suppose is logical when I think about it. Does having an ABN make it easy to get Low Doc Loans or Asset Lends? Working for myself has caused my current mortgage broker to say I can’t borrow any more until I have a couple of years income to show. I’m still trying to work my way around this. Also, can you please explain what you mean by Asset Lend.
Many thanks
CalderScott
Did not know you gave a discount to forum members. We did use depreciator when we had one of our properties assessed June/July. Thanks for the knowledge. We’ll mention this next time we arrange a schedule with you.
Calder
