Forum Replies Created
That’s a really good question about where to save for your deposit. My suggestion would be that you need to decide whether you want the safe option or the risky option.
For your first home, my suggestion would be to go with the safe option. Just open a high interest savings account at a bank and just save hard. Whatever extra you might squeeze out of higher yielding investments you can save each week by sacrificing that extra pasta meal and couple of drinks out with friends. Yes there are some great shares being traded (oil, other resources – you can look into those if you like and go for them if you are prepared to take the time to read up on them you can make a ‘killing’ as they say).
So just listen to your gut feeling. If you think that you the focus on higher yielding investments will work for you then go for them – just find out all you can before you start – and remember that most are long term investments.
Or alternatively if your gut feeling tells you that higher yields sound great but are more of a dream than a reality for you then just go with the easy savings in the bank. I know factory workers in their early thirties who are wealthy now just because they started saving early and bought property early paid it off and just bought the next one – no rocket science behind it.
That’s the problem with degrees sometimes (I have one too) sometimes we can just overanalyse. Time is your greatest asset. Think about using that even more wisely than your money and I believe you will be better off for it.
As for the FHOG – I say this, buy the house, get the grant, move in and get some mates you trust to share on a low rental with you. Not quite right – but either way just save – negotiate really hard in this market and buy the house.
Once you have the house sorted, then look at other investment opportunities. Keep reading etc.
I think the trick right now is just to negotiate really hard when you buy the house – make lots of offers, look at lots of houses, get the building inspection before you buy the house etc.
That’s my opinion. Get lots of opinions, then follow your gut feeling.
Blinkau,
whilst no-one on this site can give you advice, I think you may be looking for opinions. ie. what we would do if we were in your shoes right now.So for what it is worth, this is what I would do if I was you right now.
I would firstly save to buy a home to live in that is really affordable and has three or more bedrooms.
If it is really affordable you can still ‘have a life’ and be able to make other choices later if need be – or invest further. And whilst it has at least three bedrooms you can rent out the other bedrooms for extra income if you want later.
If homes are too dear around you go out a suburb or two.
There may be better opportunities in the stock market or elsewhere, but unless you are really driven to extract every dollar out of any investment venture you take on, buying a house now, taking adantage of the First Hoe Buyers grant and ensuring you have ‘forced savings’ in your home is a really good start and I think better than doing nothing for a couple of years whilst you decide what to do.
Just negotiate really hard and buy something.
That’s what I would suggest. Think about it together with other suggestions.
I would look at getting out asap and establishing a happy home life for yourselves in a place you want to be in. Whether that is renting or buying will depend on your finances.
Once you are haooy and settled in your home then you can really go for the investments. Being miserable at home is a huge distraction, and if you are always feeling you need to watch out for your kids and if you are not happy in the schools they are in then you might find yourself dealing with situation after situation that you could do without.
Plus if you are not comfortable in your local home area and you have children growing up there then you may not be happy with the repercussion to them.
I say put the house on the market. You never know you may cover all your costs and be able to move to another area. Try and see – you may be pleasantly suprised with the price you will receive. Try an agent that does not charge advertising unless the house is sold.
let us know how you go.
Great post Techno.
Stargazer, sounds like a higher earning account (or term depost) is a great start.
I’s also suggest you visit a large book store and look through the investment section. Even though you say she would not sit and read there are books written specifically for women and have been printed with ‘hip’ looking covers which may attract her attention.
just a thought.
Great post Techno.
Stargazer, sounds like a higher earning account (or term depost) is a great start.
I’s also suggest you visit a large book store and look through the investment section. Even though you say she would not sit and read there are books written specifically for women and have been printed with ‘hip’ looking covers which may attract her attention.
just a thought.
if you lift the old vynal floor and find it is glued to the floor, try pulling off as much as you can and then use a wallpaper removing steaming machine (hire for approx $35) to remove the glue from the floor boards.
Worked for me!
Thanks for Web sites provided – they are a great reference.
Hustla, thanks for offering to assist with specific information to an address. I don’t have one I’m looking at specifically right now – but appreciate the offer.
I was just getting frustrated with the lack of historical specific information available generally – hence the post.
Whilst Private sales information in Vic is protected (house number) – the web sites given offer enough good information to be able to piece together the sales for specific houses over time with a little effort.
Thanks for responses.
I think if you are local to Geelong and you seem to feel comfortable there, then I would suggest you really focus there. Better to get a really good deal in Geelong then ‘nearly’ get a really great deal anywhere else.
Get on the phone/internet/ground and get to know the Geelong market like the back of your hand. Find out all the numbers on the houses, flats and units.
Then try and get a feel for the potential demand in the area. Get onto the relevant internet web pages – ie Geelong local Government etc. Speak to local business groups to find out if there is potential new businesses opening up locally and see if that gives you any direction for potential housing demand.
And most of all start viewing the properties and speaking to the agents.
It seems to me that there are opportunities everywere – and if you are in Geelong (and you seem to be gravitating the the local market) then maybe you should just become a key investor in Geelong. There are plenty of other people making money in Geelong property I’m sure – so why not you.
Good luck. Let us know how you go.
Thanks for responses everyone.
Seems as though unless the stats are obtained from a REA they are not available. Ball park figures on current values from Resisex seem to be best option.Looks like offers will have to be put forward erring on side of caution – bu then I guess that should be done anyway.
Thanks again.
Also if you have the battery one you should consider writing into the next rental agreement that the tenants are not to take out the battery (has been known to happen.
There should be agreement as to who checks and replaces the battery and when I guess. Does anyone know of any legilation about this? Is it the responsibility of the landlord or tenant to ensure battery replaced anually for example?
You can negotiate anything you want with the REA. I know of people who have paid the agent to find the tenant and then they take it over once the tenant is in the property.
I know of others who have the tenant but want the agent just to collect the rental for them and handle that side of it.
You can negotiate the actual commission that you pay the agent.
My advice is to book an appointment with every property manager in the area and meet them personally one at a time. Ask as many questions as you want and can. They should provide helpful advice freely. And I believe that once you speak to a few property managers you will soon be able to separate the good ones from the bad.
When talking to them – ask lots and lots of ‘stupid’ questions. They should answer them fully. If they do not then walk out and try someone else.
If you do decide to appoint an agent and you find they are not helpful or not working out, then go to another agent and sign an authority for the new agent to take over the property. They will chase up all info from original agent. (That’s what I did when I had an agent who repeatedly did not return my calls – easy)
Pasandbec
Over the last couple of days I was in the same boat as you – considering extra job. I was looking into doing additional qualifications to enable me to teach in my field (not property inv).
I found out it would cost me $900 and six months of one night a week schooling plus extra study hours to get the ‘qualification’ to teach and then next year or the one after I’d have to upskill myself further with additional cost to me.Basically I thought to myself, I will spend those hours upskilling myself in property investing instead! From now on, if I’m going to acquire money earning related skills they will be in property.
I decided that I would have a structured approach to the business of property investing.
No more working for hours. Just the bare minimum to survive and the rest of the time on investing.
Good luck with your choice.
Small things can make a BIG difference.
My first property took a really long time to buy. Just could never quite get over that first hurdle.
I was renting a great fully renovated place
at the time. I had been in it only 3 weeks when I discovered the carpets (only 12 months old) infested with fleas.When I rang the agent to request the place be treated for the problem she promptly told me that I walked them in! I was that furious with her that the next morning (Saturday) I bought the newpaper, scoured the Auction section, saw a place that was suitable, knew the market since I had been looking for a while, attended the Auction at 11.00 that morning and bought the place. (it was a good price $90K at the time but worth 250K now)
We joke today that it took something the size of a flea to get me over the line – but I guess everyone gets a push from someone or something![biggrin]
Thanks for great replies.
I think the lady who waited until the ‘kids grew up’ and then wished she started earlier hits the nail fair and square on the head.
Keep the ideas coming if you have them. Its amazing what people have been able to accomplish.
How about if you look upon those people who are asking you what you do for a living as an opportunity to ‘get the word out’ about your business?
Next time someone asks you what you do for a living, think about how it is you help people in what you do and focus on that in your answer eg. “I help people sell their homes without using any realestate agents. They save some money, have no stress, and they can settle and receive their money when it suits them.’
If you are asked how you do this then just tell them and give them your business card and tell them to contact you anytime obligation free. You never know when this card will be used to call you or if it will passed on to someone else.
See it as an opportunity to grow your business. If you only tell people about it if they ask you first then they cannot complain that you are being pushy.
Make the business card professional and if they come up with negative comments tell them of a couple of stories from your own experiences of how you have helped people and that its only by helping others that you can really help yourself.
Then they can put that in their pipe and smoke it or they can call you when they have a house for you to look at!
Allan,
If you are in Victoria, the Law Institute Vctoria (phone 9607 9461) can give you a list of local member accredited specialists.They offer the first 30 minutes free with up to 3 local lawyers. If you go see 3 local lawyers for 30 minutes each then that would be a really good starting point. If you choose to use one after the first 30 minutes will be up to you. They are expected to provide some advise in those first 30 minutes – not just talk about themselves. And the good ones will because they want to keep you as a client.
You have to take the liv referal letter with you (available on the web or by phoning) when you go to the appointment.
If you are not in Vic then your state law institute may have something similar. Or try Legal Aid. Either way, the more people you speak to the better you will know which direction to take.
If these people have been trying to keep your inheritance (and it sounds like they are) then they will be prepared already and probably have been for a while. So you might need all your strength to fight this. Make sure all your conversations, if you have any conversations at all with relevant parties, are in writing so as to be provable and be selective in what you say.
I think if you want to present any evidence in court you will need to make sure it is provable – in writing and not disputable.
Ring around lots and lots of help lines. Spend the next couple of days on the phone with lots of people so as to get as much relevant information as possible and then take it from there. (Mens referal service 1800 065 973 Legal Aid 1800 677 402) Keep asking these people who else you can talk to and keep asking questions.
Try and trip up the other side to somehow admit part of their wrong doing. Lots of these small admitances over time in writing build your case and assist to settle prior to court. You might need a friend with a devious mind for this.
Make peace with your father so as to make peace with yourself.
The wife and her son will never be happy – that seems obvious to me – so fight for your entitlements and then let it go which ever way it goes.
Your family will also be fine which ever way it goes. They and you may become stronger for it – you never know.
All the best.
Contact people who are time poor but earn a high income. Doctors, lawyers, other specialists etc.
If the opportunity is strong you will eventually find people.
But better to build database of investors anyway before next opportunity. If they say no this time and you advise later of success they will take you more seriously next time.
Ofcourse you know you may receive interest on this forum. It’s one place of many to look….
Real Estate Agents obtain this information by paying a fee to a provider. If they give it out to anyone for free then it is because they may know you as a keen investor who might buy from them in the future and want to ‘keep on your good side’ by giving you something that does not cost them any more to give to you and they know you could go and buy the information anyway.
As to where you get the information – I think Residex provides them – but ask around any Agent should be able to tell you, or internet search should help or maybe the Real Estate Institute in your state would know.
I am not aware of any place you can get all the sales of an area for free.
For some sales – reasestate.com has a sold section which gives the prices of Agents that want to disclose the prices when the price is good and to promote themselves.
Jenny,
thanks for great reply. It was just the boost I needed right now. Life really is a ‘great balancing act’.
I appreciate you sharing your experiences and yes we are one one income too and quite a shock to adjust to. But others ( like you) have shown they can do it so no reason why I cannot as well! All the best with your next 10 purchases – no point thinking small!If you do decide to go with using an Agent ask them what they beleive is the minimum they would expect to sell the property for. If this is still a reasonable price for you then get them to put it in writing that if they do not sell for a price more than this by a certain date that you will not pay for any of their costs – eg advertising costs, board, internet listing etc.
A friend recently agreed to use an Agent to sell her home. When the friend old the agent ‘I really need to sell this for $450,000 or we will not consider selling it’ the Agent ofcourse said ‘ yes we can achieve that no worries’. Unfortunately when the offers came in below $450K she had not had that put in writing for her and she was up for $3000 in propotion costs even though the property did not sell.
