Forum Replies Created
Robbie to put it simply- you engage a buyers agent to look for a property for you. You usually pay a small fee up front and the agent will discuss what you are looking for, price range etc.
Then they start looking. When they find something that suits you, you look at it (maybe) and if you want it you follow the same process as you would any other purchase. ie sign a contract.
Buyers agents have good relations (in a helpful way
) with sellers agents and often have info that you wouldn't have. Pick an area and get an agent that knows the area very well. I have used an agent a couple of times when I've been too flat out to look myself. I keep my name on the list but still look myself now also. If they come up with something I like I buy it. They know my criteria so ring me if something suits. They know I can move fast so if something great (way under market) comes up but you need to run there and sign now in order to secure it they know I can do that.
Last year I ran out of work in my lunch hour to buy as place. Great villa, under market, no work to do, great tenant. Put the rent up. It's CF neutral and it's gained 20% on my purchase price. NICE!!Catalyst wrote:jonesy06 wrote:MichaelI'm looking to find someone who can look at my financials and give me some good solid advice on how to create wealth for my family for the future.
A few years ago I had another investment property but it was eating all of my cash flow and I had no money, so I had to sell it.
I finally own my own home and I have one investment which I have nearly paid off and is positive geared.I just want some advice or real life stories on how people can buy multiple properties without eating the cash flow??
A financial adviser will not necessarily give you the solid advice you want. I did the run around with financial advisers and gave up. They all pushed share funds or the like. Even when I specifically said I was interested in property.
You need to decide what strategy suits you.
Do you want to buy property? If so do you want buy and hold? if so will you renovate to increase equity and yield?There are MANY ways to make money in real estate.
There are lots of books, magazines out there with hundreds of real life stories about how people made their money.
Go to the library and borrow some Australian property investor or Your Property investor magazines. Lots of real life stories in them.Post here again if you have an idea of how you want to precede. It's difficult with so little info on where you want to go. You can get properties that aren't so negatively geared so your lifestyle doesn't take a hit.
What is your end goal?I myself buy, renovate and hold. This gives me increased equity (so I can refinance and buy again). It also gives me increased yield so I'm only slightly (if anything) out of pocket (on 105% lend). My next one will give me $50K increased equity with $60 a week CF+.
Love it. It works for me but it's not for everyone. I love doing the renos. As I said. Find what you love. It's so much easier if you really love it rather than just "have" to do it to maker money.Keep asking questions.
)jonesy06 wrote:MichaelI'm looking to find someone who can look at my financials and give me some good solid advice on how to create wealth for my family for the future.
A few years ago I had another investment property but it was eating all of my cash flow and I had no money, so I had to sell it.
I finally own my own home and I have one investment which I have nearly paid off and is positive geared.I just want some advice or real life stories on how people can buy multiple properties without eating the cash flow??
A financial adviser will not necessarily give you the solid advice you want. I did the run around with financial advisers and gave up. They all pushed share funds or the like. Even when I specifically said I was interested in property.
You need to decide what strategy suits you.
Do you want to buy property? If so do you want buy and hold? if so will you renovate to increase equity and yield?There are MANY ways to make money in real estate.
There are lots of books, magazines out there with hundreds of real life stories about how people made their money.
Go to the library and borrow some Australian property investor or Your Property investor magazines. Lots of real life stories in them.Post here again if you have an idea of how you want to precede. It's difficult with so little info on where you want to go. You can get properties that aren't so negatively geared so your lifestyle doesn't take a hit.
What is your end goal?I myself buy, renovate and hold. This gives me increased equity (so I can refinance and buy again). It also gives me increased yield so I'm only slightly (if anything) out of pocket (on 105% lend). My next one will give me $50K increased equity with $60 a week CF+.
Love it.Keep asking questions.
)
) with sellers agents and often have info that you wouldn't have. Pick an area and get an agent that knows the area very well. I have used an agent a couple of times when I've been too flat out to look myself. I keep my name on the list but still look myself now also. If they come up with something I like I buy it. They know my criteria so ring me if something suits. They know I can move fast so if something great (way under market) comes up but you need to run there and sign now in order to secure it they know I can do that. 
