Hi dammit,

Congrats on the great savings you’ve accumulated! Have you had a chance to read the Young Investors thread in the Tell A Tale section? It’d be great to hear a little bit more about how you got into investing…

Best of luck with your endeavours!

Cheers

erin x

Hi Jarrod,

I enjoyed your post[], best of luck with the business and future property ventures…

Cheers, e x

Hi DJKM,

sounds like you need to write out some goals with your dad and then work out the best way to acheive them.

Renovating for a living is viable but how much you need to turn over in profit to put food on the table is something you need to sit down and work out.

The age old (and overused) quote, failing to plan is planning to fail. You and your father are the people who will effect the eventual success or failure of your venture. What personal qualities / skills do you need to pocess in order to run a profitable enterprise? What will be your target market? What tools / contacts will you need to make in order to find and source the best deals.

Absolutely, try reading up on people like the Reno Kings.

Begin by educating yourself to the market. Read books and talk to people who are successful within the industry you hope to break into. Speak to a good accountant before you make any decisions reguarding the structure of your business.

Refer back to your goals. Whether you sell or hold will depend on where you want to be in five years time.

Best of luck,

E x

Hi I’m 20 turning 21 this Dec (bring on the party!),

I finished school and went straight into uni (Biomedical Science) hated living on two minute noodles so decided to get a job.

Had no qualifications (was lucky enough to have not had to work through year 11 and 12) so took a job with Optus selling door to door. Had a knack for it and saved $15k in 6 months. I was desperate to buy my first property (anything really) and found a unit in Annerley for $170k returning $230 per week.

Applied for a loan but unfortunately my parents refused to go garuntors on it as they were concerned about my job (comm only). I was 18 at the time and completely flattened by their refusal.

Used the sales skills I learnt with Optus to get onto the future champs programme with LJH, and to learn some of the finer workings of the property game.

Took me another two years to re-save for a deposit (being an REA is expensive!) and settle on my first IP in three weeks time.

The biggest lesson, don’t let other people get in the way of your dreams.

Cheers. E x

Hi Nikhil,
my two cents….introduce yourself to some people in the RE business who have access to systems like RP data (qld).From these sites you can access past sales in an area with specific indicators such as price, land size, type of property etc.
Speak to REA’s you’ll soon work out who’s worth working with, they’ll may pass on details of properties they have listed and sold and similar comparable properties you may be interested in looking at.
Check the local paper every weekend for auctions and attend if you can, follow up in the paper for clearance rates and prices.
Drive the area you’re interested in, make a note of ‘for sale’ signs and follow them up on the net or with the agent.
As for the market value, we use the ‘comparable past sale’ method, we look at what has sold within the past three months that is of a simialr size, structure and area and give advice based on that. I guess in essense that ‘market value’ is whatever the buyer is willing to pay in the end.

hope that helps….e x

“we’re currently sorting out our finances and haven’t got an exact figure”

“it depends on the property”

“what sort of prices are owners getting for x bedroom, x bathroom houses?”

“what do you think i need to spend to purchase an x bedroom, x sized block in x condition?”

are some questions you could use to deflect the agent…

e x

mini dachshund – Dashfiegle or Dashy

Riddle no.10

A woman finished work for the night, had a shower, got changed and went out to a party. As she left she made sure she locked up and turned off the lights. The next morning she read that hundreds of people had been killed and she knew it was her fault. Why?

Hi Richcog,

In the current market (a much slower one) we have found vendors to more likely to consider a contract with a ‘subject to sale clause’. To protect the vendor we would also insert a sunset clause. This basically means if another buyer comes along with an offer at the right money, the original buyers have 24 hours in which to make their offer unconditional before the other party had a chance to purchase it.

I think Oshen’s suggestion was an excellent one, make an offer with an extended settlement date.

e x

Hi francisw,

you mean the stones corner in south brisbane? I work in inner south brisbane, what would you like to know?

e x