Forum Replies Created
hi – if you decide to go with timber flooring search out an auction centre. The trading post in your area will help you find the nearest auction. You will save about 50% especially if you don’t need a full bundle.
cheer
I Buy Property http://www.cashflowproperties.co.nz
I fervently want to believe that it is possible to succeed- if we keep our eyes open, ears open, and treat investing like we would any other employment opportunity. -ie.If we put nothing in, we get nothing out! Work hard – and get the rewards.well said – and good to see some positive comment.
I just wanted to add that it does get easier as you go.
cheers
I Buy Property http://www.cashflowproperties.co.nz
What’s the Reward DrX?
I Buy Property http://www.cashflowproperties.co.nz
In regards to respraying the roof, the roof is tile and not galvanised. Would you say costs/process would be similar to a galvanised roof?yeah – that’s different. Let the pros do it because you would probably break more tiles while you are up there unless you really know what you are doing – not sure of cost
I Buy Property http://www.cashflowproperties.co.nz
Ozi – Well done in creating this opportunity for yourself. ie getting out the and hitting the pavement.
I can help you with some of these
1) floor sanding 2-3k
2) Buy a steamer from bunnings at about $100 – make sure you don’t steam to much of the gyprock paper – you only want the wall paper off. Try not to get it too wet. steam and the pull it- hard to explain
3) roof paint by a pro 800 to 1200 – if you do it yourself STRAIN THE PAINT TO STOP BLOCKAGES AND WATER IT DOWN ABOUT 1 EXTRA LITRE OF WATER IN 10 LITRE PAINT – don’t do on a windy day. Make the first coat a galvanised roof primer – this will stop rust spots coming through and give you extra life – the modern primers are white not silver and you can get it tinted to half the colour of the top coat
4) Don’t knock down or erect anything before you get a builder to have a look at it ___ i would get about 4 or 5 sales agent through (after secured) to get ideas about this – builder should have some good ideas as well
Negotiation????? – this is where you will make most of your money – firstly secure the deal before you give out anymore details about the property – sound like a good one
If she does go with an agent that’s fine but make sure there is no exclusive. Make a record somewhere of the time and dates you viewed the property etc
Just one tip that is simple but often forgotten – follow up your offers if not accepted
If you get it and you a going to go hands on see if you can find some tradies or a builder that will work for an hourly rate to start with and see how things work out. If you think you can help then do.
Try and do a project plan for the renovation.
Dates
Times
Budget
Who
when
how
where
whatEXIT
cheers
I Buy Property http://www.cashflowproperties.co.nz
I habe not done a bathroom in oz for a couple of year but agree with the others that 20K is a bit step. Having said that bathroom is a very important area and it would pay to consult widely about what buyers in your price bracket expect.
I Buy Property http://www.cashflowproperties.co.nz
hi redwing, that preview function is pretty cool and does alot for the site.
I Buy Property http://www.cashflowproperties.co.nz
in order to do well out of property over the next 6 years or so it seems that investors are going to have to get off the back sides and make things happen for themselves.
Sitting back and riding waves of cyclical capital growth just won’t happen. Those that do well will be OPPORTUNITY hounds and information hounds. It won’t as much about fads, gurus, seminars as it will be about hard/smart graft. Hunting for opportunities and using tried and true methods to capitalize.
Make the most of it boys and girls.
cheers
I Buy Property http://www.cashflowproperties.co.nz
Both forums have different things to offer but i have a feeling that this thread started by geoff about somersofts opinion of PI won’t be that popular – or in other words noone really cares.
Forums are fantasic because they are places where new ideas are shared BUT their comes a time when you have to get out from in front of the computer and do some investing.
The posts i really enjoy are those like recent examples by DrX and Dazzling that show what they have done IN THE REAL WORLD over the last few months.
Not a being a computer wiz I don’t know how expensive it would be for PI to do but the photo galleries on somersoft tend to add to the sense of community and make the sharing of information easier.
Results?? The jury is stil out but over the long term my gut tells me that the layering of information and access according to payment will ultimately be the death of this forum unless there is somethimg done.
It is a difficult situation as it has been done now and I am not sure there is a solution.
I Buy Property http://www.cashflowproperties.co.nz
hi – Cross lease is less than half the cost of a standard fee simple title but there are other issues to consider!
I Buy Property http://www.cashflowproperties.co.nz
The biggest problem facing us is vendors that think their house is worth $1million when the average for that area is $300,000!Agreed but sometimes you can do in half an hour over a coffee what an agent would take three days to do. Plus its heaps more fun!!!
I Buy Property http://www.cashflowproperties.co.nz
hi all,
Exactly Cameron, and I personally would never buy in an area that a bank is “not willing” to finance.Very wise!
I Buy Property http://www.cashflowproperties.co.nz
good work on the reno DrX
I find people very interesting, particularly when you look at their backgrounds, finances and future goals and how it all totally relates to their mindset.me too
I have been doing a little bit of negotiating on deals privately of late with mixed results and I find going into people homes and speaking with them is facinating
Spoke to one seller the other day who was selling his house to buy a car. ???
I Buy Property http://www.cashflowproperties.co.nz
11k usd – wonder what that works out to be as a percentage of the new construction cost ie if this is 5% of the new construction cost ignoring land value (which seems like it is worth nothing or less than nothing when taxes are added in and holding costs and negative appreciation) then you have a property that has used up 95% of its usable life or is worth nothing. eg if a new dwelling cost 200k to building and you purchase your land and dwelling for 11k – what the?? What do people expect???
Where are the valuers in all these USA horror stories. Surely there is time in the DD process to engage a valuer at $300 to 500.
(funny i have heard this before from another client who was dealing with an Australia Investment outfit who promised the same)are we legally allowed to name this outfit to prevent others for falling pray or is it something well known in the OZ/USA investors network.
Mortgage brokers may help here – is the fact that people are buying with LOC or equity loans for the whole of the purchase price circumventing the natural Due Diligence process imposed by lending institutions ie even the most basic such as valuations, building reports etc seem to be left out of the house buying equation.
cheers
I Buy Property http://www.cashflowproperties.co.nz
far. I am not aware of any of their “qualifications”, but if I do my own checks (checking the numbers I’ve been given, getting the lease agreements, building inspections, council rates searches) are there any other things I should be wary of?hi – these services are designed to reduce the amount of due dilligence that you have to do BUT early on do as much due dilligence as you can and check and re check.
cheers
I Buy Property http://www.cashflowproperties.co.nz
yeah that’s what I meant but now that you say it not sure which is which. omcg’s are fairly nasty organisations – the bikes and leather are just about using force to gain market share – the rest is big business and these groups own many “legitmate” businesses and have fingers in many different pies.
I Buy Property http://www.cashflowproperties.co.nz
I reckon they’d be OK to deal with, but never had to as yet…..being an ex-Harley rider myself, alot of their principles I agree with.That’s a pretty interesting comment dazzling – suppose there are the teddy bear delivering type and the other type. ie organised criminal networks. You probably mean the teddy bear bunch?[blink]
I Buy Property http://www.cashflowproperties.co.nz
lets face it – as landlords we are offering a product to a client and they have the right to expect it to work and be in good order. The cost of that falls squarely with the landlord.
Managing agents have spend limits for non emergency work. Either set a low one and micro manage or find a good manager.
Even my nz tenants paying 10 to 14% gross like to live in functioning good homes. Frankly the standard of some homes that landlords expect to receive rent for makes me cringe.
Go in and see the manager. Have a quick chat face to face about what your expectations are. Remember property managers are the lowest paid persons in real estate. If they are not on your wave lenght just find a new one. rental roles are very important to agencies in slower markets.
When you get larger portfolios up and running you will find that over time certain properties seem to be problems. It might have alot more to do with the type of accomodation you have choosen as an investment than the tenant being sensitive.
I Buy Property http://www.cashflowproperties.co.nz
hi ritch, you need to talk to a broker – i have heaps of contacts if you are keen just pm or email and I will forward the details.
cheers
I Buy Property http://www.cashflowproperties.co.nz
hi Stephen,
auction clearance centres are fantastic for ktichen and bathroom fittings. If you have time to go back a few weekends in a row you can save 50% of the cost of both rooms.
try and get a fixed price for labour up front.
cheers
I Buy Property http://www.cashflowproperties.co.nz
