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Hi Doogs,
Have you set up the agency yet? It'll be good if you can give us an update.
Cheers
I agree with Scott in regards to FHBG artificially pushing the house prices and don't forget foreign investments as well.
I sure hope house prices come down to a more reasonable level.
Thanks for the info Paul. The numbers really put things into perspective.
Ringwood (Victoria). 25km east of Melbourne.
I read and liked his first few books and help me towards wanting to learn more about financial inteliigence. They are good guidelines to start with. Nothing beats experience though and learning from OPM (Other People's Mistakes).
I had the Mark Rolton DVD set (sold it) but I personally think there are better materials out there. I like the Carly Crutchfield DVDs better once you get past the motivational stuff. I specially like the interviews with industry professionals and sample of actual deals.
I also found the books "An Intelligent Guide to Australian Property Development" and "Australian Residential Property Development" to be useful. Finding a good mentor would be a good idea as well.
We (as a group) have purchased and purchasing more properties in the Phils only because the developer/company that we are dealing provides quality for good value. They also have triple A credit rating (The only one in the country that I know of).
People there would rather buy new cars than buy property, there's a growing middle class and willing to pay good money for rent. They are also cashflow positive deals.
Good luck on your endeavours Jess and I applaud you for that.
A couple of years ago, I too have started to formulate a strategy using options because of my background trading share options. I talked to a few people about it including lawyers, spending money on an option contract where the owner changed his mind before signing the option agreement, then I realised that using this strategy alone can be limiting in a number of ways. One lawyer even asked me why use options when you can use terms contract as effective or probably even more effective.
One thing I'm finding is that there's a lot of hard work involved in property development and there's so many things to read and understand, however I find the process really enjoyable. It took me a while to put a team together and finding a lot deals that doesn't really work. I don't mind because I learn a lot more from the deals that doesn't work because it gets me closer to the deal that will work for me.
I'm finding that building relationships and finding a deal that works then strategising is more important than strategising using a single strategy. It's only my humble opinion of course.
Thanks for the links. I'll have a look at them.
I agree with duckster, if 888 develops an app or a computer game, he'll make a fortune on it. At the moment, I can only play a computer game as I don't have anybody to play boardgames with.
I'm currently involved with project marketing and getting more and more involved with property development. I'll be starting on small splitter block projects first before making a move on bigger developments. I'm enjoying the whole process which is the main thing.
Your comments are much appreciated here Matt007 and W4L. It seems like it will be a very interesting and busy 2010 to some and I wish everybody as prosperous new year.
ForeverStudent wrote:Hey guys,If you have an option on a property, ideally with DA, or you have a deal in mind and already have feaso I would love to have a chat with you. PM me or email [email protected].
My apologies. The option that I'm looking for would preferably be residential, in suburban Melbourne and one suitable for affordable housing and can fit 20-50 blocks. Retail per block would be $100k – $150k or house & land package of $250k – $400k.
It'll be nice if there's an area or site where people can trade deals… kinda like the stock market.
Hey guys,
If you have an option on a property, ideally with DA, or you have a deal in mind and already have feaso I would love to have a chat with you. PM me or email [email protected].
Terryw wrote:You could find the stamp duty requirements in the Duties Act, or Stamp Duties Act in Vic. Look on the State revenue office site and you should find something too, but it is probably similar to other states.I have used options down there and used McDonald & Associates.
Thanks for the heads up on McDonald & Associates Terry. I googled them and came up with McDonald partners, is it the same solicitor/lawyer? Thanks.
Sorry to be late for the party guys. I did the course around Nov last year and I have mixed results and reactions.
First, I'm glad I did the course not because of the content but because I need to 'take action' to move myself forward. I did experience the lack of support from the group not because they didn't want to but how do you cater for 100s of graduates with a handful of support people. I used to work in IT support and it just wouldn't work out. So much time wasted answering silly questions on the coaching sessions, then you they ran out of time before you can ask something meaningful. Knowing what I now know, I probably would have done it differently but would still do something that could have cost me less or more. I don't really know and wouldn't waste my time thinking about it.
But, some good things did come up and it's going to be a very busy 2010 for me. I am going to give it credit to 'taking action' and having the attitude of doing and learning whatever I can to increase the chances of success. Nobody can predict the future, you can only position yourself to take advantage of opportunities when it presents itself, only my opinion of course.
It took me a while to find a lawyer that can help me and it cost me a few dollars but it's worth it. Be aware that some lawyers charge you straight away, talks a lot and gives advise without you asking for it, then charge you hundreds or dollars for it. Makes you feel like there's a 'sucker' written on your forehead. I think this information alone would have saved most of you hundreds of dollars that I had to pay for. What did I get from it? I got my agent's rep, familiarising myself with legislation and contracts law, amongst other things and reading every single thing on a contract before I consider signing something.
In a perfect world the concept of property options is easy. In the real world when you include 'people' in the mix, that's when it becomes complicated. Cheers.
