Forum Replies Created
Thanks Marc,
Sorry about the "too", I realised after I'd shut off my computer :S
I'll be copying down those clauses you mentioned and taking that to the REA shortly. I feel much more protected with the added details.
Much appreciated.Hi Elka,
I actually found out that the owners family are currently living in the property. So I don't know what to problem was about keys being available. I've decided to make a written offer on the property tomorrow including the following clauses:
Subject too building and pest inspections. Subject too finance. Subject too inspection of the property being satisfactory to the purhcaser and subject too signed faxed copies of documents being accepted as contract.
I'll also be including an end date of 5pm on Thursday 17th May 2007. I'm hoping this will get the agents doing everything they can (incease they haven't been up until this point) to make contact with the owner. I'll also be ensuring that the agents have spoken to the family members currrently living in the property, incase they are in contact with the owner.We'll see how it goes
L.A Aussie, what other questions would you suggest asking when buying sight unseen?
Cjay, as the others have mentioned it may be a good idea clearly establish the reasons why your buying. Capital Growth/Cashflow? If it's cashflow then you might want to make sure the area has low vacancy rates. Ask what the property could rent for as is. What could be done to gain an extra $10 – $15 per week. I'm no expert but these are just a few things I've come across to help with my own entry into the market. L.A Aussie offers a great list to get you started.
Good luck
I'll answer my own question (thanks to alot of help on another site), just incase anyone was curious…
YES it is possible. The vendor may appoint a Power of Attorney to act on their behalf. Alternatively, I may add a clause in the contract stating "signed faxed copies of documents are accepted as conctract".I'm with Wylie on this one. Offer a longer settlement and deduct the rent they would be paying from the purchase price. This could be a great advantage to you as it means you benefit from any capital gains during that time, without any cost to you.
I wouldn’t feel right to comment on the price of the property your looking for as I’m still in the process of purchasing my first IP. However, I do live in Altona Meadows which is a suburb very close to Point Cook. I can tell you that within point cook, there will be another supermarket built as well as a cinema in the same complex.
Also, plans for a large Marina (Wyndham Cove) are on the cards in Werribee South (a few mintues drive towards to the bay) although this does not yet have final approval and so would not begin construction until at least late 2007. I imagine if this were to go ahead it would increase land value significantly. Atleast I’m hoping thats the case as I’m looking in the Laverton area for my first IP.
Apart from all that, there is still plenty of undeveloped land to the West between Point Cook and Werribee/Hoppers Crossing which I guess may stunt growth…..?Wow usi.
If the quick calculations I did on the 2 properties you mentioned were correct, you had an approx 13% Gross yield on both IP’s. I don’t own any investment property as yet and I’m still very much just a beginner but that sounds great to me.
When were these properties purchased if you don’t mind me asking?Aaaha yes. Embarressingly easy answer, but one I had to ask! Thanks 3056
Dazling could I ask you a quick question, or anyone else who could answer this for me. I was trying to follow your calculations to fnd the Net Yield of Sarahs potantial prop. I couldn’t figure out how you came to get 3.8%. I understood all the rest, just the part to get from $3,260 net yeild to the 3.8% figure. My maths isen’t so good.
Net yield………..6,760 – 3,500 = 3260 = 3.8%
Thanks
I just stumbled across this page doing the daily check.
Josh – Your msg was a great little bit of knowledge. I’ve also been wondering if the LMI percentage increases with a higher LVR and if so, how much. So thanks for sharing.
Great messages guys, thanks for replying. I fully agree that planning its a vital aspect of success.
When I think of entering the investment world without first having a plan, it reminds me of a saying from one of Robert Kiyosaki’s books. Something along the lines of “trying to invest without first establishing your goals, is like trying to pack for a holiday without first knowing the destination. You know you’ll need clothes but how much? Shorts or pants? Jumpers or shirts?”. You get my point…
Hey guys,
This is my first post on the site. A young investors club sounds great. I’m eager to find other people in Melbourne that I can discuss property and investing with. Without talking about what I read or hear, it makes it harder to stay in my mind. meeting up with others like myself would be a great step forward.
I’m in!
My email is [email protected] if your reading this and in Melbourne.
