Terry,

Six months ago, on the recommendation of my accountant after much researching, I sold a proportion of an IP (our former PPOR) that was in my name only to my wife for the main purpose of reducing my exposure and increasing our asset protection measures. Large stamp duty impost on title transfer was incurred.

It just so happened that,…[Read more]

Not sure I’d agree that the property game is a ‘volume’ business….more accurately I’d describe it as a ‘big $ value game’.

Give me just one prop worth $ 10 MM, renting at $ 1 MM p.a. nett, [biggrin]- nice…..as opposed to one hundred little houses or flats at $ 100K each, renting @ $ 120 / week gross, producing one hundred and one little…[Read more]

sis,

Seems a bit dramatic over a couple of FF points.

I lost over 80,000 of ’em when Ansett went belly up, I think the Administrators said they were worth about 8c in their eyes….

I quite enjoy saying to the Coles check out chick every week that I most definitely do not have any fly buys.

Lotsa grief for very little reward…from where I’m…[Read more]

Thanks Jenny,

Yes you are right…these things don’t just land in your lap…it’s the culmination of many hours sacrificed researching, preparing and working instead of being with the family – along with patiently waiting for the equity to grow over the years…you can’t just jump into these deals.

We’ll have to sit down with a cup of tea and…[Read more]

I’ve had a great run with the CBA and still do to this day.

Service is outstanding for our group and their rates for what we are doing are the best of anyone.

Cheers,

Dazzling

“No point having a cake if you can’t eat it.”

John,

Surely it depends on the size of the numbers.

The last agent I dealt with just recently when we bought our latest acquisition did it for 0.88%. Vendor showed me the cheque split from the funds I paid him and we had a chat about the fee as we literally did the deal without the agent – he was in hospital at the time and when he got out, was…[Read more]

Good afternoon Scissors,

Congrats on your detailed post. You seem to be headed down the right track. It sounds as if you are looking for some reassurance as this is your first non-res prop, so if I may pose a few comments to help you on your way ;

1. Go to the VGO and buy a tax map of the area where the prop is located and find out when and…[Read more]

Saul,

I’ve just picked up a crusty, wily ol’ Industrial and Commercial Property developer as my mentor for the next phase of growth here in Perth.

They are worth their weight in gold.

As a tip, make sure your mentor is someone who is about 2 or 3 steps in front of you, both in terms of size and property experience.

If you get someone who is…[Read more]

Fellas,

No thanks – have no interest in posting actual documents…blanked out or not.

No need for a broker any more, we have reached the level we wished to attain and now want to simply bed down the acquisitions and get our overall LVR down into a more comfortable region.

I suppose there is two sides to the broker aspect, obtaining the money…[Read more]

Cheers guys,

Our plate is well and truly full at the moment.

The bank has rightfully placed a “Don’t ask for any more” sign on our folder.

Happy to oblige them really until we bed down all of the acquisitions and let the equity grow a bit more. We’ve now got the scale up to where we wanted it, to a point where just a few % points of growth is…[Read more]

Hi kid,

I use the CBA directly and find they are able to deliver loan products at an interest rate that all broker sourced products are not able to compete with.

With banks….scale helps.

I’ve also been told by my Mentor that the NAB is also good, although they stiff him a bit on the ‘line fee’ they charge, which he is actively rectifying now…[Read more]

Rob,

I’ve read quite a few…and I can guarantee you that’s exactly how they work.

Cheers,

Dazzling

“No point having a cake if you can’t eat it.”

If you are paying around $ 68.8 K p.a. in rent for a place up for sale at $ 625 K, that’s a pretty sweet deal – over 11% yield.

I’d seriously look at negotiating the price down hard and have a crack at it yourself.

Of course, having 1ROR, you have the luxurious position of sitting back – doing no work whatsoever – waiting for a chump buyer to…[Read more]

Marisa,

Received my copy yesterday and had a jolly good read. I’ve had personal dealings with the author, and as such my view is somewhat clouded due to those very negative experiences.

Be careful about the ‘free’ info on the big A3 map that shows the different industrial areas around Perth with historical land rates for only 2,000m2 and…[Read more]

Best – the deal we settled on yesterday – 2 acres in Perth for less than land value and +CF to boot.

Worst – our first residential IP which was bought for the good area and the “feel” of the suburb…wanted to get CBA shares instead at $ 7-00 each instead, but went down the house route and lost massively in comparison because of it.

Advice -…[Read more]

Well….the big day came and went.

Settlement on the 2 acres went through yesterday without a hitch and some of the national tenants have already paid their rents.

Bank got cold feet in the end and backed off from a 5 yr fixed rate loan and offered a 1 yr fixed rate instead. Said we had to prove ourselves and sign up national tenants under a 10…[Read more]

Martin,

As stated privately, the return is too low – the Sellers are asking way too much at 1.5 MM. Try more like $ 800 K. Else, move on to the next one.

Cheers,

Dazzling

“No point having a cake if you can’t eat it.”

Yes Redwing – just a tad.

No paperwork at all, lots of cash under the counter, beer jobs, bartering and verbal agreements.

A few of the smarter ones are just starting to realise that because nothing is written down they can’t prove anything and are now having trouble with me as their Landlord and the ATO with their returns.

The few who flat…[Read more]

I’ve just finished watching the “Grumpy old men” series on the ABC and funnily enough I agreed with almost everything they said.

Good to laugh at yourself though – keeps the Fun Gestapo – read lawyers and social engineers – on their toes.

Cheers,

Dazzling

“No point having a cake if you can’t eat it.”

Jeff,

As with everything else on the property – it is either dodgy as all hell or old and clapped out. Building inspector found many faults, with many structures erected with no council approval and as usual, a bit of a wink and a nod from the owner, a carton of beer passed for the favour and a “she’ll be right attitude” overall.

A new…[Read more]