Forum Replies Created
Hi Lab,
I suggest that you use the search button (top left) under the forum button.
Search for ‘spotter’ ‘spotting’ or ‘bird dog’ – there is wealth of information provided.
The key issues are your experience and capacity to find the right property, your experience as an investor, your client base and your license.
Derek
derekjones1@bigpond.comProperty Investment Support Available.
Hi Jack,
Thanks for clearing that up – however in the interests of netiquette the source of the ‘story’ should have also been explicitly detailed.
This allows others who are interested in checking sources etc can do so. Having seen some carefully missed bits over the years people tend to get a little sceptical and placing all information clearly upfront makes it much easier for all.
By the way there was a thread on Robert Allen some time ago that may also be of interest to you.
https://www.propertyinvesting.com/forum/topic/10391.html?SearchTerms=robert,allen
Derek
derekjones1@bigpond.comProperty Investment Support Available.
Hi folks,
There is certainly nothing wrong with being 22 the key point is that Jack’s posts have thrown up a couple of inconsistencies that need some explanation on his part.
Failing this they will be deleted – sorry Aussie that is the best we, as moderators can do – we don’t have capacity to ban people. That gets referred up to the umpires.
Derek
derekjones1@bigpond.comProperty Investment Support Available.
Hi Aussie,
You’re right.
‘Jack’ has some real inconsistencies in his story. In an early post he was looking for a mentor and claimed to be 22.
https://www.propertyinvesting.com/forum/topic.asp?TOPIC_ID=14666
And now he is 42 and made mega bucks from property.
Of course if could just be someone who is pretending to be Jack, or someone from Jack’s place of work has logged on as him or…………
Derek
derekjones1@bigpond.comProperty Investment Support Available.
Hi Robyn,
Not sure if this is what you are chasing but;
Derek
derekjones1@bigpond.comProperty Investment Support Available.
Hi Rob,
You’re not pumping and dumping are you?[biggrin]
Derek
derekjones1@bigpond.comProperty Investment Support Available.
Hi Dazzling,
Noticed last night that Mark Rosen (sp?) REIWA President believes much like you that the prima growth areas now have reverted towards the prime areas of Churchlands, Dalkieth and Nedlands which are classic ‘blue chip’ suburbs.
I am sure the ripple effect of the growth has largely broken on the outlying suburbs and is now reforming in the central areas. Obviously access to major infrastruture and localised developments can distort this simplistic statement.
Derek
derekjones1@bigpond.comProperty Investment Support Available.
Hi Lambsie,
Have a look at this thread.
https://www.propertyinvesting.com/forum/topic/15017.html
Derek
derekjones1@bigpond.comProperty Investment Support Available.
Hi Mcdirt,
Hopefully you will see this before you go.
Your agent should/would have asked you to sign an agreement to manage your property. They generally use the standard REIWA document and in it there is a requirement for the agent to forward through to you the balance of rental monies due to you.
The clause also provides you with an immediate penalty free ‘out’ if they fail to substantially perform their duties.
Either way you can get out – they have failed to perform or you don’t have an agreement.
Having said all of that they will probably try to pull the ‘you have signed and agreement (if you have)’ or ‘you will owe us half of fees due’ to us.
Don’t be awayed by this – explain that you would be happy for REIWA/RIBA to hear of your concerns and that they should rule in your favour based on comments made by yourself.
Finally – I would make a point of ringing the PM before you depart to make sure they are in and also inform them that you will require, when you leave, a statement of total rental and a cheque (or direct deposit made in your presence) for the balance due to you.
Derek
derekjones1@bigpond.comProperty Investment Support Available.
Hi Ibglen,
While I have a ‘plan’ I don’t use a planner as such. I did attend Steve Navra’s seminar in Perth a couple of years ago and am using the essence of what he was discussing as the guts of what I am doing.
In many respects it was the same as many people here who have attended a seminar and then are using the essence of what they learn’t under their own steam.
Derek
derekjones1@bigpond.comProperty Investment Support Available.
Originally posted by kchin:I am fairly new to the investment property scene and was just wondering when you purchase property do you go through and see everyone. There are quite a few theories on the best way of investing ie. Steve McKnight, Margaret Lomas etc and was wondering what most of you did.
Hi Kchin,
From a personal perspective I don’t go through the properties I purchase and look at an investors summary of the properties first.
The ‘figures’ and the research information provided enable me to make a decision about the suitability of the property for my purposes. I have access to other resources that do some of the final checks and balances for me.
For me I prefer to focus on growth as the main decider in my property selection and then use the increasing equity either for other properties or other investments. My circumstances and plans allow me to focus primarily on the likely growth in a property.
Derek
derekjones1@bigpond.comProperty Investment Support Available.
Hi Rip,
We initially ‘linked’ two properties some time ago to kick start things a little.
Since then everything has been stand alone as there is greater flexibility and it is easier for you, rather than the bank, to control your properties.
Derek
derekjones1@bigpond.comProperty Investment Support Available.
Hi Chan,
Another option may be to check out Steve Navra at http://www.navra.com.au – while Steve is based in Sydney he does from time to time have one day workshops in Melbourne. I believe he also has an office in Melbourne.
On the otherhand the cost of a return airfare Melb – Syd return is pretty cheap too.
Be aware that Steve has growth focussed property investor at the heart of his investments and then uses spare equity to leverage into share funds as an income stream.
Derek
derekjones1@bigpond.comProperty Investment Support Available.
Hi Mcdirt,
You need to get stronger and ‘heavier’ with this PM as you may have a theft matter on your hands – they are obliged to forward the rent to you (usually monthly) and a statement – this is outlined in condition 4 of your standard agreement.
If they haven’t done this they are in breach of their obligations and you are entitled to cease their management agreement immediately.
I would ring the PM and indicate that you expect a statement to be faxed through to you by lunchtime and due payment to be deposited via internet into your account by lunchtime. Follow this up with faxed written notifiaction of the same highlighting the issues you raised in the post.
Failure to do this will result in your taking the matter directly to the Real Estate and Business Agents Supervisory Board, Real Estate Institute of WA and/or WA Department of Consumer Protection.
<Inserted after original response>
As an aside – have you specifically approved the short term rentals or were these break leases?Short term rentals do incur additional letting fees which can eat into your cashflow. If they were all breakleases then the previous tenants are required to pay rent until a new tenant is found and any advertising costs incurred in locating a new tenant.
If you need any further guidance do not hesitate to get in touch.
Derek
derekjones1@bigpond.comProperty Investment Support Available.
Hi Linden,
The key factor is what is the common property. In various parts of Australia they do differ and in WA, for instance there is/was more than one strata pplan which, depending upon which plan you bought delineated the ‘common property’ as different things.
In some plans the walls are included as common property, in other instances it may only be the driveway – the extremes are significant and only a search of the titles and documents relating to that development/complex can clarify things for you.
In WA all strata property contract of sales should be accompanied by a form (27?) from memory which stipulates the common property thereby avoiding any conflicting points of view.
Derek
derekjones1@bigpond.comProperty Investment Support Available.
Hi all,
As a follow up to the previous post here is a satellite image of the area today.
Derek
derekjones1@bigpond.comProperty Investment Support Available.
Hi Malcolm,
You can post the locality of the property now that the deal has been done – there may be others here that have property in the local area too.
Derek
derekjones1@bigpond.comProperty Investment Support Available.
Hi Rod,
I see the notion of an ‘exit strategy’ has two aspects.
Initially I look at how I am going to use the property to sustain me in my post ‘working life’. For some people it is a choice to use pure rental income, whereas others will sell all/some of their properties and use the growth component and yet others may choose to use the increased equity to borrow additional sums of money for an income.
This aspect of your decision making will determine what sort of property you need to buy and hence, for me, has relevance as the exit strategy at the end of the investment period – whenever that may be.
Another aspect of an exit strategy is what do you do when ‘times get tough’. Obviously selling is a possibility and if times ever got that tough then that is an option for consideration.
I also prefer to build a buffer up in case times do get tough – these I tend to call ‘protection strategies’. In my case I have sufficient equity available in a redraw/equity loan and line of credits to sustain my repayment for some length of time.
Derek
derekjones1@bigpond.comProperty Investment Support Available.
Hi Ray,
I don’t see a problem – so what if you are being taxed more – doesn’t that also mean you are earning more?
Having said that I prefer to buy growth focussed properties in good, proven areas and then use any depreciation benefits to improve the cashflow and enables me to hold quality properties in quality locations for their long term growth benefits.
Derek
derekjones1@bigpond.comProperty Investment Support Available.
