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ChrisA1
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@chrisa1
Join Date: 2011
Post Count: 172
April 7, 2014 - 7:35 am
I changed agents and didn't have to wait the 30 day period as it was in between tenants (similar situation to yours). How long have you been with that agent? If it has been a little while, then you may be ok.
You could try it now and say that you are wanting to change agents and see if they bring up anything. At the very least, it may cause them to ask why and you can raise your concerns.
ChrisA1
Persistence is 'to keep on keeping on, no matter how hard the going may be'
ChrisA1
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@chrisa1
Join Date: 2011
Post Count: 172
April 6, 2014 - 9:58 am
Hi Bacchu
I was in a similar situation where it took around 5 weeks to rent my apartment (Capital city near to major amenities – just an oversuply of available accom). I lowered the rent by $40/week and offered 2 weeks free rent. I also hounded the RE agent to make sure they were doing all they could. I also made sure the ad was updated during this time and looked professional so it looked like a new ad.
It maybe the time to interview agents to make sure you have the best agent for your needs.
Cheers,
ChrisA1
Persistence is 'to keep on keeping on, no matter how hard the going may be'
ChrisA1
Participant
@chrisa1
Join Date: 2011
Post Count: 172
March 19, 2014 - 9:49 am
Hi,
Propertymeeting.com.au is very active in organising property investor meetings. Looking at the website, I found http://www.propertymeeting.com.au/archives/category/devonport
I realise Devonport is across the other side of the island but you may be able to contact Tracey Bell for something mroe local to Hobart. I understand Tracey has created quite a portfolio and she was very helpful answering some of my questions a few years ago.
There is also http://www.meetup.com/Hobart-Property-Investors-Group/
Cheers,
ChrisA1
Persistence is 'to keep on keeping on, no matter how hard the going may be'
ChrisA1
Participant
@chrisa1
Join Date: 2011
Post Count: 172
March 19, 2014 - 8:39 am
Catalyst wrote:
When I'm a millionaire I'll travel more (my husband thinks I travel too much already) and in doing so use my time to help others. Building houses, schooling children, helping people help themselves to achieve a better life etc. And also increase my donations (both of time and money).
Money makes the world go round. The more you spend, the more it comes back.
Absolutely!! Can't agree more Catalyst. Just having the time to volunteer more and help others less fortunate than us get their step up. I also agree with Richard's comment about having choices.
ChrisA1
Persistence is 'to keep on keeping on, no matter how hard the going may be'
ChrisA1
Participant
@chrisa1
Join Date: 2011
Post Count: 172
February 16, 2014 - 3:44 am
Catalyst wrote:
Granny flats are all the buzz in western Sydney at the moment. It seems everyone is trying to put a granny flat in their backyard to increase yields. Sometimes it's good, sometimes not. It depends on privacy of the 2 tenants. Sometimes the house rent will drop considerably and be difficult to rent.
If there is privacy for both tenants this is not an issue. As mentioned the price of the granny flat isn't added to the value of the property so you need to take that into account.
Parts of Mt Druitt for example are being gentrified but I think too many granny flats in a small area will have negative affects. To many people together is not a good recipe for increasing a suburbs desirability.
My opinion anyway. .
Great points.
I am also thinking about resale value. I would dare say that the resale market may be smaller than for the 'regular' property. The only buyers I could see wanting a GF would be investors, those with teenage/older children or older parents, or those looking to let out the GF for some cash on the side. There are many who just want one building on the property (i.e. they are a family and want the big backyard rather than another swelling).
ChrisA1
Persistence is 'to keep on keeping on, no matter how hard the going may be'
ChrisA1
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@chrisa1
Join Date: 2011
Post Count: 172
January 4, 2014 - 12:46 am
It appears this system is a common theme – I also have a simple spreadsheet that records rental income and expenses per month (is good to see which months are high and low for future budgeting). My accountant gives me (for each property) a folder with sleeves in it for the hardcopies of rental statements, rates, strata, repairs, 'other', bank statements etc. This keeps all the property expenses 'evidence' organised for EoFY, and allows me to keep a hanger in the file for all the 'other stuff' related to each property.
On each spreadsheet, I also record what type of lease is in place (fixed or periodic), when the fixed lease will expire, when the last inspection took place, and any other notes the might be relevant (so I don't have to reply on memory what's happening when, where).
ChrisA1
Persistence is 'to keep on keeping on, no matter how hard the going may be'
ChrisA1
Participant
@chrisa1
Join Date: 2011
Post Count: 172
December 28, 2013 - 2:23 am
Since I haven't been able to keep New Year resolutions, I don't have any per se, but an investing goal is to acquire 2 properties per year until I reach my overall goal of $3 million of property (my financially free figure).
Last year I unfortunately didn't purchase the said 2 properties, but it was still a year of learning. I couldn't purchase the two properties as I have my funds otherwise tied…. due to poor initial advice, I bought before I structured correctly (to enable ongoing access to funds). So in response to the question, what did I accomplish, I didn't accomplish the 2 (or more) additional properties, but I did learn the value of setting the foundations correctly and keeping one's eyes open to continual learning (and questioning).
Now, time to get out of that rut…..
ChrisA1
Persistence is 'to keep on keeping on, no matter how hard the going may be'
ChrisA1
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@chrisa1
Join Date: 2011
Post Count: 172
November 24, 2013 - 7:34 am
Yes great link, thanks.
It's good to see when it all starts coming together (offsets, structuring)
ChrisA1
Persistence is 'to keep on keeping on, no matter how hard the going may be'
ChrisA1
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@chrisa1
Join Date: 2011
Post Count: 172
November 24, 2013 - 7:30 am
You could use any of the brokers who post regularly on this forum. They give a lot of knowledge for the good of all the forum users.
ChrisA1
Persistence is 'to keep on keeping on, no matter how hard the going may be'
ChrisA1
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@chrisa1
Join Date: 2011
Post Count: 172
November 18, 2013 - 9:51 am
Jamie makes some good points. To add, make sure you understand the holding costs in the area you are interested in. I have found that holding costs seem to be more expensive in country areas than city areas.
ChrisA1
Persistence is 'to keep on keeping on, no matter how hard the going may be'
ChrisA1
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@chrisa1
Join Date: 2011
Post Count: 172
November 16, 2013 - 5:59 am
Good thing about buying an IP is that you don't have to buy the IP where you live, but where you'll get the return you're after (be it CG, yield or mix).
Or, you could buy in Canberra while the prices are down and rent it out until you move back.
ChrisA1
Persistence is 'to keep on keeping on, no matter how hard the going may be'
ChrisA1
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@chrisa1
Join Date: 2011
Post Count: 172
November 16, 2013 - 5:49 am
Care to elaborate James??
ChrisA1
Persistence is 'to keep on keeping on, no matter how hard the going may be'
ChrisA1
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@chrisa1
Join Date: 2011
Post Count: 172
November 16, 2013 - 5:46 am
It also comes down to knowing the area. Why did you first buy in this area, and is that still a valid reason to buy again in this area. Can you see any economic drivers that would help increase rents or resale value in the coming years.
On a side note, I'm not a fan of studio apartments as you cut out most of the market, unless the area really caters for studio living (eg inner city, close to amenities etc etc).
ChrisA1
Persistence is 'to keep on keeping on, no matter how hard the going may be'
ChrisA1
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@chrisa1
Join Date: 2011
Post Count: 172
November 16, 2013 - 5:39 am
There are many great buyers agents on this website – http://rebaa.com.au/. Talk to as many buyers agents in your area to get a feel for what they do. Do you know what you are looking for, or it sounds as though you will be approaching them with a blank canvas.
ChrisA1
Persistence is 'to keep on keeping on, no matter how hard the going may be'
ChrisA1
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@chrisa1
Join Date: 2011
Post Count: 172
November 10, 2013 - 7:26 am
Thanks Richard,
Clarifies or confuses the situation as I read that if you did under 5(?) transactions a year, then it wasn't regarded a business and therefore you didn't need to hold a credit licence as such. Possibly the rules have tightened.
ChrisA1
Persistence is 'to keep on keeping on, no matter how hard the going may be'
ChrisA1
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@chrisa1
Join Date: 2011
Post Count: 172
November 10, 2013 - 6:48 am
Hi Richard
Since Ritchie isn't looking to make VF his main business, but rather looking to use it to sell one underperforming property, would he need a credit licence himself, or could the JV partner hold the credit licence??
ChrisA1
Persistence is 'to keep on keeping on, no matter how hard the going may be'
ChrisA1
Participant
@chrisa1
Join Date: 2011
Post Count: 172
November 5, 2013 - 9:08 am
Catalyst wrote:
I think in your case (personal attachment) I would not do it. What if they lose their job, can't afford the rent one week? Will they ring you up and try to take advantage of the situation?
I would have to agree here, while it all appears good now, the personal attachment may make it very sticky and unhappy should something happen, and you will lose an acquaintance/friendship.
ChrisA1
Persistence is 'to keep on keeping on, no matter how hard the going may be'
ChrisA1
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@chrisa1
Join Date: 2011
Post Count: 172
November 5, 2013 - 9:03 am
Persistence, especially when the market is strong and there are many others in the game, who bid the prices up to ridiculous prices! When the market is strong, I need more hours to go through more deals!
ChrisA1
Persistence is 'to keep on keeping on, no matter how hard the going may be'
ChrisA1
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@chrisa1
Join Date: 2011
Post Count: 172
November 3, 2013 - 12:30 am
In addition to what Catalyst said, have you looked at where the easements and servicees are, especially if you don't want to demolish the existing house
ChrisA1
Persistence is 'to keep on keeping on, no matter how hard the going may be'
ChrisA1
Participant
@chrisa1
Join Date: 2011
Post Count: 172
October 30, 2013 - 11:06 pm
Great result! I assume this price is supply only?? I would be interested in how you go installing the kitchen.
Sounds like there's a few votes for Sydney Kitchen and Bathrooms (I was just about to ask if they did bathrooms but their name answered that one for me!).
ChrisA1
Persistence is 'to keep on keeping on, no matter how hard the going may be'