Nathan,

First thing I’d establish by reading the lease is exactly what the lease says the rent shall be.

Normally the standard REI lease has three different blank spots. The PM fills in one and scratches out the other two. One for weekly rent, one for fortnightly and one for monthly.

Before you go in there all guns blazing, just double check…[Read more]

Matt,

If this is your first lease and first CIP, I’d recommend you pay for some assistance.

As Terry pointed out, you don’t want to stuff it up. The document will govern your relationship with the Lessee, and you want to make sure you cover yourself, and receive everything that you are entitled to.

On your first go around, I’d suggest it was…[Read more]

Good morning hiflo.

My suggestions would be the following ;

Property Presentation

1. Make sure it’s clean / clear and neat.
2. Make sure it’s secure (Lessee can lock it up).
3. Make sure water cannot get in and damage their goods.
4. Lease is written up and ready to fire off to prospective Lessee’s.
5. You know the property backwards. NLA…[Read more]

I certainly don’t think that the reporters who write this stuff are as good at property investing and finding a deal that shines as they are at making stories shine.

Agreed. I wonder what level of knowledge and experience ol’ Darren has. He starts off by saying 4,000 families in NSW, then later in the story downgrades it to 4,000 people.…[Read more]

Yep,

Just went to one on Monday night at the East Perth Railway Station. A reasonably good night for free.

I’ve changed my opinion of this club somewhat of late. (See earlier associated threads for my previous views).

Don’t be under any illusion, money is being made on all fronts.

But it ain’t a big conspiracy – very ordinary folk doing some…[Read more]

Santa came early for us on Xmas eve.

Excellent work Amanda….your timing of Xmas eve reminded me of what we were doing at the same time. 8pm Xmas eve standing outside a factory with a hired locksmith, picking locks to gain access and change out all the locks and start the physical eviction process…..after 3 months of useless lawyers sending…[Read more]

If you have a problem with the quotes from the newspaper clones, my only suggestion is to write to the REIWA president and ask him to clarify his statements because you don’t believe him. He may respond or he may not. Either way, I personally have no comment. I gather you wouldn’t listen to the logic or written facts being lodged at the Govt…[Read more]

That is just the real estate industry trying to talk it up.

Not so sure about that ecatt….all except number 3 are statements of historical fact. It’s what has actually transpired, not what they hope is going to happen. It’s difficult to ‘talk up’ history. It either happened or it didn’t.

The fact there is ~ 4,000 less properties on the…[Read more]

With the oil price going nuts last year, the company dolled out 3 big fat pay rises….all USD and all tax free.

That quickly brought me back from a PAW to a AAW….but then, not too unhappy.

Oh, and not to be too pedantic, the good Dr revised his formula a tad in later editions. Instead of dividing by 10, try multiplying by 0.112. A small…[Read more]

Yep,

Spoke with the accountant this afternoon. Going in tomorrow morning to sign all of the paperwork. That’ll be company # 4…the hardest thing is choosing a name that hasn’t been picked before.

It’s all good.

Any thoughts?

Just reading page 84 in this Saturday’s edition of the Real Estate section of the West Australian, I noted in Kelly Girdlestone’s article some quotes from the REIWA president ;

1. “All listings from spring were sold out in Nov and Dec”.

2. “There is low supply, strong demand and prices are going up. Buyers are paying the full…[Read more]

I’ll save you some time, the 11 second rule is not applicable anymore and if you find any property that fits is because it is in a crappy place or in the middle of nowhere (no tenants).

You do the young 18 yr old “Sweet” a great dis-service with this ‘advice’. What positive advice do you have for the young chap to get his first deal under his belt ??

Commercial property…..is very risky for people without any knowlegde about it.

I’d go so far as to say that any business venture, no matter what it is, property / shares / fine arts / options / you name it, is very risky for absolutely anyone with no knowledge in the area in which they are investing.

If you are putting your money into a deal…[Read more]

……”and/or nominee” the vendor and see how you go.

I wouldn’t accept this as an acceptable Purchasers name if I was a Vendor, but I know many people who would. Keeps it anon. until the deal is done.

Chaps,

The agent called me tonight to say that he has been flooded with calls for the place. I had no idea everyone was so keen….these deals are everywhere if you look around. Apparently the Vendor hasn’t accepted any offer as yet, so good luck to all.

Please cease PMing me…my inbox has gone nuts.

End of bird dogging session….now I know…[Read more]

One of my eight agents keeping an eye out for me just sent me two properties – both shops – both 11km from the Perth CBD in a good suburb…..how do I know the area is good…..hell it was the one I grew up in 20 years ago.

They are too small for our group so happy to pass on the details to anyone that asks nicely.

One is 190K….rents for $ 307…[Read more]

Emotion is a funny thing – it can push you over the edge and clinch the deal or get you completely frustrated as the dollar people drive you nuts with the “it’s just a deal, there are plenty more there”….that sort of makes sense, but then when you’re holding a thick manilla folder in your lap with about 40 bits of paper and research on a…[Read more]

That reminds me of the time I helped a mate last year demolish his next door neighbours place. His next door neighbour wanted to build a quadruplex on the land and simply wanted the old 2 bdrm 1940’s brick and tile house gone. The neighbour gave him permission to get rid of it, but only gave him 30 days to do it in.

My mate wanted to salvage…[Read more]

Fantastic tips there from people who have obviously done it all before and know exactly what they are talking about.

A great read guys.

Why would anyone in there right mind rent a $500K property for $1000 a week in todays market.
NO-ONE.

Oh I don’t know – lots of reasons I suppose….although I can’t tackle the “today’s market” comment, it’s far too broad and generalised to even make any sense whatsoever.

Some of the reasons why someone would pay $ 1,000 p.w. for a 500K prop,…[Read more]