Forum Replies Created
I present properties to people and give them access to services such as building and pest reports and solicitors at discounted prices.
They decide on what suits them and I always suggest to do further research on the area and property details.
I act as a buyers agent for property and show my Financial Planning certification only to be clear to my clients that I have completed the training and assesment required. I do not act as a financial advisor when dealing with property deals as without a full fact find and hours of face to face discussions on several occasions, it would be a breach of the ASIC guidelines for me to offer a full financial advice service.
Be careful of free advice from anyone as it usually means someone else is paying them to market products and services to you.
Just be cautious and all will be well.
Now go out and buy more houses [cool3]
DD
Buyers Agent (Dip Financial Services(FP)
Don’t sweat the small stuff,and it’s all small stuff!!Please tell me its north of the highway and not in the southern part of Dinmore?? That is really run down and you need to be careful. When that market was $70k for a 3 bedroom we looked at 2 of them in Joseph street.
Wife wouldnt let me get out of the car!!!! Houses were boarded up some had been torched and car wrecks aplenty were there too, some mowed around so they had been there a while.
I would suggest maybe getting the cashflow positive one first, and not the negative one would help with servicability for the next one.
However, having said this, anything in the area will get cap gains due to the job creation in the area, and the influx of warm bodies at a rate of 1200 a week into SEQ.
So if you need the equity generater first and can cover the cash shortfall this may still be ok. Just not my first option.
DD
Buyers Agent (Dip Financial Services(FP)
Don’t sweat the small stuff,and it’s all small stuff!!API,great article in there too about a couple in Coffs on page 48……..dum de dum de dum.
DD
oh yeah the 50 top tips has 4 renos listed too. And a really nice picture[biggrin]
Buyers Agent (Dip Financial Services(FP)
Don’t sweat the small stuff,and it’s all small stuff!!Well it is a valid theory in my book. With a changing portfolio and trying to stick to our goal of buy 4 sell one each year, it would be great to be able to hit the loan for a redraw or additional funds should(and this is vital) the new borrowings can still be serviced by rent recieved.
Say rent was $150/wk and services $100k loan, rent goes to $250/wk then an extra $30-40k can be serviced from the same property. In this case, should the new equity level support it a loan extension would be easily possible.
As this, due to its nature and price would be an entry level property, with all the benifits of lower vacancy rates and usually no downside in prices as the top of the market experiences whenever there is a slight downturn, would be the best vehicle to use for the example Terry is putting forward.
Again the usual questions based on not all property goes up uniformly, vacancies in a specific area may be worth noticing, and even if the IP’s need the odd paintjob to access the equity, this is quite a feasable possibility.
Why should a ‘reverse mortgage’ ever be only available to feeble old farts on their last legs. If managed properly these loans coupled with a well thought out and researched plan could work like a dream.
Good on ya Terry, keep em thinking.
DD
Buyers Agent (Dip Financial Services(FP)
Don’t sweat the small stuff,and it’s all small stuff!!Off the plan is a great way you can make income. Sometimes more,sometimes less.
One of my clients bought in stage 1 of a brizzy developement for $305k still not finished they are now selling stage 3 for $389k. There are options where having bought three, you may advertise and sell 2, and with the profit, kick this into the first and wolllllaaaaaaa!!!!! Cashflow neutral or slightly positive.
Then buy some really good cashflow properties in Cairns or tassie and you should have a balanced portfolio of income and growth. Due to its diversity too you reduce your risk profile as well.
DD
Buyers Agent (Dip Financial Services(FP)
Don’t sweat the small stuff,and it’s all small stuff!!Now a parent my self, I feel that the lack of encouragement you are feeling at the moment is valid and needs addressing. Sadly, 25 or so years ago when I was a teen, all I got was a sit down with dad to lecture me on improving this or that aspect of the report. The fact that apart from this I was basically allowed to be slack, watch too much telly, read science fiction instead of science text books, led me to be a bit creative and not think too well in mainstream arenas.
To critique the results you now show, to me, is like my parents a bit one sided. As without a positive and excouraging input throughout the term, helping with homework, discussing study and social schedules, and basically being there for you throughout the journey, maybe they dont have the right to be critical.
If they bag you, encourage them to help, if they priase you, praise their help with fees, excursion cash, feeding a bottomless pit of a teenage stomach. Simple things that go both ways. The main thing is to communicate with each other.
The best approach is the letter to start with and great suggestions from the other posters too.
Dont be afraid to chat, they currently are reactive not proactive so maybe you can be to get things sorted.
Good luck and keep reaching for those stars.
DD
Buyers Agent (Dip Financial Services(FP)
Don’t sweat the small stuff,and it’s all small stuff!!how are you going Gatsby? Did you end up buying an IP from that trip to Brizzy for yourself. Havent heard from you so I thought Id ask.
DD
Buyers Agent (Dip Financial Services(FP)
Don’t sweat the small stuff,and it’s all small stuff!!Sorry Red, why do you think I did the big haul to BIG. Coz I may not get anotherr chance again to see Peter for free.
DD
Buyers Agent (Dip Financial Services(FP)
Don’t sweat the small stuff,and it’s all small stuff!!SIS I missed saying hello to you as the networking was cut short. Was a shame to get al that way and miss you. Maybe next time.
Oh yeah wife wants shares and CPT and diversity now too.
Here we go!!!!
DD
Buyers Agent (Dip Financial Services(FP)
Don’t sweat the small stuff,and it’s all small stuff!!Redhaven, how far would you have to go to get to the meeting. I made it from Coffs Harbour NSW 4 1/2 hours away.
Well worth the trip, great speaker and a chance to put faces on forum names too. Awesome!!!
Special thanks to Foston for a nice afternoon with his wife chatting property before and to Patriza and her hubby Tony for putting me up, or putting up with me. I never get that one right????
Cheers guys, will do again when possible.
DD( Dave)
Buyers Agent (Dip Financial Services(FP)
Don’t sweat the small stuff,and it’s all small stuff!!gREAT STUFF GUYS LETS SEE ABOUT A DATE IN 2 WEEKS, THAT SHOULD GIVE YOU ALL TIME TO GET OTHERS INTERESTED INVOLVED.
oops had caps on sorry sorry sorry.
I went to the BIG meeting in brizzy last night and Peter Spann was the speaker. He was supposed to speak for 1 hour and ended up speaking three. A great talk about diversifying to avert risk and differing asset classes. The toys he has now including a helicopter and speedboat got a mention too, highly motivating.
Our first meeting will just be a chat and to see what numbers we generate. Lets say 7pm at the Annuka Bay Resort Bar(down facing the beach) 2 weeks from today. Today is Wednesday the 27th April.So thats Wednesday the 11th May as our first meeting.
Sounds great to me, lets confirm details via email regarding numbers that will attend by mid next week.
DD
Buyers Agent (Dip Financial Services(FP)
Don’t sweat the small stuff,and it’s all small stuff!!Thanks Foston, you and Sue have a great break. Yes it would be great to catch up at the meeting. What would you recommend as somewhere to stay?? Basic is fine as its only me this time.
Call me on mobile if you still have it to chat.
DD
Buyers Agent (Dip Financial Services(FP)
Don’t sweat the small stuff,and it’s all small stuff!!the only right call is your call. Whatever you choose to do is right for you. Make sure thought that you dont regret missing deals later.
Make the decision and move on, you will feel better in yourself if you do.
Good Luck
DD
Buyers Agent (Dip Financial Services(FP)
Don’t sweat the small stuff,and it’s all small stuff!!For me and all of those I assist, its small deposit balance on settlement. Never actually 10% excpetion for me was my PPOR in Coffs.
NSW no 10% at cotract time, no deal. All other states it is different. 10% forget it.!!!!
DD
Buyers Agent (Dip Financial Services(FP)
Don’t sweat the small stuff,and it’s all small stuff!!Wow, good post foundation, nice to see the positive coming out.
Yeah debt is also relative. When I was making $35k a year a debt of $100k was daunting. Now over $2mil in debt and very cumfy with that.
Depends where you are at mentally too.
If you think you can or think you cant, you are right!!!!
DD
Buyers Agent (Dip Financial Services(FP)
Don’t sweat the small stuff,and it’s all small stuff!!$25k is the recommendation I suggest as for $100k property you need $20k for deposit and $5k for costs. Not too many under that these days so yeah, not too far to go.
Stay renting. To own the same house would be about $500/wk probably so stay put. The difference can then be allocated to servicability of IP loan which is 100% tax deductable for interest.
Not sure where you got that your rent would be a tax deduction. Never heard that.
DD
Buyers Agent (Dip Financial Services(FP)
Don’t sweat the small stuff,and it’s all small stuff!!Terry, higher stamp duty and tax to pay for parents too. Cover this for them and they would have no reason to up the sell price.
DD
Buyers Agent (Dip Financial Services(FP)
Don’t sweat the small stuff,and it’s all small stuff!!Qlds007
Now I see why you bagged me for finding cashflow properties for people in SEQ. Its your vested interest in wraps. Love your work
DD
Buyers Agent (Dip Financial Services(FP)
Don’t sweat the small stuff,and it’s all small stuff!!Sunstone its DD here just wondering if you could give me your phone number so I can have a quick chat about the meeting.
I would like to attend but its a 4 hour drive and timing etc, somewhere to stay near venue, logistics basically.
Im in Coffs dont forget.
DD
Buyers Agent (Dip Financial Services(FP)
Don’t sweat the small stuff,and it’s all small stuff!!Guys I did a deal for someone not so long ago for a 1 bedroom unit in Cairns for $80k getting $120/wk owner renting back.
That means $16k deposit and $4k for costs. $20k is plenty as long as the investment suits.
Another was a house in Tassie for $102k for a young lady with a $150-160 return settling soon. That is just over $20k deposit and all you need to find are costs. So all of you ney sayers, maybe you need to have an open mind about what options there are out there.
DD
Buyers Agent (Dip Financial Services(FP)
Don’t sweat the small stuff,and it’s all small stuff!!
