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james_2
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February 20, 2004 - 9:10 am
Originally posted by everdine:
we were only intending on buying +ve cashflow props, but have come across a unit in an area where there is huge rental demand and excellent employment and tourism related industry. Expected to sell for $160 & that’s also what the rent will be approx/week.
Any wisdom in buying it – condn is great – and selling it after 12 months?? we are in a position to make up the difference in payments even with interest rises. Currently, no other units in area under $200,000.
This is part of an estate going for good price.
Or are we being very naughty even considering this??
Opinions sought,
Thanks, Tony and Diane
If you don’t want it, I’ll take it.
james_2
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February 19, 2004 - 6:52 am
Originally posted by melbear:
Sorry James, I’m not interested in justifying myself to you, or explaining what I do or don’t do.
You have your opinion, and you’re welcome to do it. Having never ‘been there, done that’ I refuse to accept your opinion, but I am not going to try to convince you otherwise.
Cheers
Mel
I wonder if you’re doing your own personalised little movement that you learnt from Anthony Robbins while you posted that?
james_2
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February 19, 2004 - 1:28 am
Originally posted by MiniMogul:
James, explain what you mean by rah-rah merchant.
Then maybe I can get my head around what you are against exactly. I went to Steve’s seminar (twice – like I said, I wanted to take my Dad-) and I wouldn’t call him a rah-rah merchant. But I want to see what your definition is.
I’m not calling Steve a rah-rah merchant – because he’s not. But Anthony Robbins is. I didn’t mean to offend anyone who thinks Anthoiny Robbins is money well spent, but he has a lot of literature out there that is much more cost effective that galavanting around the country to see him. Robbins is very american styled – lots of shouting, chanting, and fakeness. I think people who are spending thousands and thousands on seeing him are wasting their money.
My problem with Steve’s seminar is this:
For $1200 you pay to see him stand up and say the same stuff that is in his books/tapes/other literature. He’s not going to tell anyone anything different or some little secret that will make a difference. It’s all well and good that people learn better by actually physically watching someone, but at $1200 (not taking into account travel costs) i’d have to question if it’s a cost effective decision.
james_2
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February 18, 2004 - 3:25 pm
Originally posted by melbear:
So, yeah, of course it’s inside my head, and that’s been my greatest breakthrough from attending Tony’s events. WHAT I think.[/b]
I haven’t said there’s anything wrong with getting you head to think correctly, I’m just saying that spending thousands of dollars flying around to his seminars isn’t cost effective. After all, he is just a rah-rah merchant.
Why do you think he has set up ‘Mastery University’
money and ego first, helping of others second.
Let’s get out of this mentality that you are so perfect.
Have never alluded that I am perfect. However, I don’t need to spend thousands on a rah-rah merchant to teach me how to think positively and achieve every goal that I set.
I guess that’s all I can expect from you then isn’t it?
I don’t go to raves as I don’t need an artificial atmosphere to make me feel positive.
Can I ask if you have your own personalised motion/movement thing that Mr Robbins teaches?
james_2
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February 17, 2004 - 4:18 pm
Originally posted by KewlDude:
it makes claiming depreciation easier.
I’ve been led to believe that ATO requires you to have a report from a proper QS if you are to claim depreciation on anything other than the building (ie fixtures and fittings). You should check this out.
btw I also use Deppro (about $440) and have been happy with them.
james_2
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February 17, 2004 - 4:09 pm
Originally posted by melbear:
Some people are not good at reading books. Some people need to learn by listening, and talking. It took me 8 years part time to do my Uni degree. Give me 5 18 hour days to learn the same stuff anytime!!
What degree did you do? I don’t even think you can do an arts degree in 90 hours.
How do you know these people haven’t implemented. Do you know the thoughts running through their heads all day? That’s where a heck of a lot of the change comes from.
They haven’t implemented anything external. Everything is inside their heads. This is all well and good, but if you need to fly around and have a rah rah guru make you feel good, then I feel sorry for you.
Oh, and yes, I have ‘flown around’ to Tony’s seminars, and got a great deal from it. It is an awesome atmosphere. []
I think if you go to one of his seminars and then need to fly somewhere to go see another one, then you are wasting your money. These people often do it because they like the atmosphere – which is missing the point of what he is trying to teach you.
If you want atmosphere, go to a rave.
james_2
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February 17, 2004 - 6:38 am
If Steve charges $1200 and people are willing to pay, then I have no problem with him doing it.
In saying that, I must say I think people have rocks in the head if they think this is a good investment no matter how limited their experience. Money is better spent on real estate investment books, including many products on this site (of which I am happy with). By reading a heap of books and listening to a heap of tapes you pretty much have enough to make a good educated start. The rest of the knowledge can only be gained from experience.
If you’ve read all the books and you’re still nervous enough to think you need to spend 41200 on a seminar, then maybe 5.25% at Citibank is for you. I can almost guarantee if I went to the seminar that I would have read everything Steve says in one book or another.
Like someone said, their will always be desciples – people who get that warm fuzzy feeling when people tell them a heap of positive things. I know people who fly around to Anthony Robbins seminars and think they are growing as people and getting value for money – of course they have never implemented anything he says, just merely listening to him improves their life.
james_2
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February 16, 2004 - 4:44 am
Originally posted by Pisces:
>>Surrounded by docks and heavy industry. Not known for terraced housing. Close to crap suburbs like matraville, Chifley, and HMP Long Bay. No cafe strips close buy. Airport noise. Working class.<<
James,you would have said similar things about Paddington and Balmain not so many years ago.
>>you do need to know there are almost no comparisons between these two suburbs.<<
Yeh, just as there are almost no comparisons between the Paddingtons, Glebes and Balmains of today compared with these very same suburbs say 30 or 40 years ago.
And I notice that you call suburbs like Matraville, Chifley, and Long Bay crap.
James, when is the last time you looked at the prices houses in those areas are selling for ?
Pisces
good luck.
james_2
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February 16, 2004 - 4:32 am
Originally posted by daaj10242:
Yack,
Purchase price $130,000, residential,large town 30,000 i think,rent $310 per week ,or $155 each side (Duplex).I believe i have worked out rental yield by previous posts on the Topic (deposit and costs paid by me)
Dom []
Was that in Geraldton?
james_2
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February 15, 2004 - 2:56 pm
Originally posted by Pisces:
There is a suburb called Bank’s Meadow which is also very close to Sydney which I wouldn’t be surprised about if that is going to be the next Paddington.
In a word – NO!
Paddington – 2 mins from CBD. Terraced housing. Trendy cafe strips. Leafy. Surrounded by expensive desirable suburbs. Blue chip.
Banksmeadow – d) none of the above.
15 mins from CBD. Surrounded by docks and heavy industry. Not known for terraced housing. Close to crap suburbs like matraville, Chifley, and HMP Long Bay. No cafe strips close buy. Airport noise. Working class.
Let me guess – someone recommended you buy off the plan apartments there? I’m not saying it won’t grow, but you do need to know there are almost no comparisons between these two suburbs.
james_2
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February 11, 2004 - 3:43 pm
just lost everything I wrote because I forgot to enter my user details.
To summarise: markpatrick, you have no idea
james_2
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February 11, 2004 - 3:40 pm
Originally posted by markpatric:
I think this would be the case quite often.
This is a worry for everyone rich and poor.
I think society will pay if the gap gets too wide between the rich and poor.
Charging too much or ripping off tenants only makes matters worse .
All you can do is be fairminded with tenants which means not buying so many houses that you are under pressure in order to become the next property tychoon.[V]
I think keeping rents a little lower than average and looking after your tenants to your best ability is really a benefit all around.[^]
If someday you are in a position to help someone out who deserves helping, why not lower the rent or help them out.[]
james_2
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January 29, 2004 - 2:03 pm
Note:
Residex reports don’t take into account improvements or renovations.
james_2
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January 27, 2004 - 10:24 am
Originally posted by Shushar:
I think you’ve given us some good advice and food for thought, however I don’t agree with your “don’t auction” statement.
Why you shouldn’t auction:
1. Agents often over quote the vendor and under quote the buyers. What often happens is a heap of people come to the auction who can’t afford it.
2. If this happens and you aren’t happy with the highest bid, you don’t have to sell – but you do have to pay all the fees. Agents will also try to pressure you into selling with comments like, “This is what the market is telling you it’s worth, you won’t get a better price”
3. You sell the property at a fraction over what the 2nd highest bidder bids. Often the highest bidder would have paid more through private treaty.
These three reasons make auctions a bad percentage play. Yes, of course sometimes they work to advantage, but intelligent people play the percentages.
james_2
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January 27, 2004 - 6:04 am
Cool, that’s the one I was looking for. Will have to wait until it’s available.
james_2
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January 27, 2004 - 4:20 am
Tip 1:
Don’t pay for marketing. They are not marketing your property, but marketing themselves. This is a running joke between a lot of real estate agencies – how much of other people’s money they can use to market themselves.
The fact is that if someone wants to buy a townhouse in Surry Hills, they will a) Go to every real estate agent in the area, and b) will drive around the area and take note of the For Sale signs. Every house I have bought was not advertised as part of a big double page splash advertisement with the agents name taking up most of the room and individual pics of their agents.
Tip 2:
The agent who quotes you the highest sale price won’t necessarily get the highest sale price. Agents tend to exagerate just to get the listing
Tip 3:
The agency that charges the lowest price doesn’t necessarily save you the most money. One agent may charge 1% and sell it for 400k, leaving you with $396k. Another agent might charge you 4% but sell it for $440k leaving you with $422k
Tip 4:
Research the area for comparable sales on similar townhouses. Have a very good idea what it will sell for and how quickly it will sell.
Tip 5:
Don’t multi list and don’t auction
Tip 6:
Don’t go with a company who charges you if they don’t sell. This means cross any company that charges for advertising off the list. Apart from a strategy to get clients to pay for their advertising, it is also a strategy to get a commission even if they don’t sell.
Tip 7:
Sydney City Residential Real Estate in Kingsford. I’ve heard they’re ok, but make sure you do your own diligence.
james_2
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January 26, 2004 - 12:03 pm
Originally posted by MiniMogul:
[br
which bit? You still didn’t answer.
First this:
it doesn’t make sense
Then this:
Yes. A lot.
Then this:
Cooling off period, huh? – I don’t get what you mean. If you are not sure whether you want to enter into a legal contract for purchase of a property, don’t sign the contract….
james_2
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January 26, 2004 - 11:11 am
Take it as you will, but you were being patronising.
Makes no difference if I’m a newbie to property investment or not, you will rub people up the wrong way if you talk down to them. I’m also not wasting people’s time. I’m asking questions about stuff that I don’t yet know (I believe that’s the primary point of the forum). Over time there will be times when I will provide other with valuable information.
You seem to have gotten upset. Best way to avoid this is not to treat others as you would like yourself.
james_2
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January 26, 2004 - 10:32 am
When I asked if there was anything else I should know I was referring to if there was anything that about buying in NZ that is a stand-out difference to Australia and is there anything that may catch me by surprise. For what it’s worth I could have worded it better, but is there anything that springs to anyone’s mind?
james_2
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January 26, 2004 - 9:48 am
Originally posted by MiniMogul:
Yes. A lot.
You might want to keep your ego in check. I’m a reasonably experienced property investor and have over $1m in equity. I do though understand the importance of learning from others’ experiences rather than reinventing the wheel. I’m picking up a patronising vibe from you and I’d prefer if you lost it.
I would suggest taking a trip over there to check out properties. I think it will answer thousands of questions for you,
Excuse my ignorance but I would have thought doing as much due diligence from this country would be nothing more than simple common sense.
Cooling off period, huh? – I don’t get what you mean. If you are not sure whether you want to enter into a legal contract for purchase of a property, don’t sign the contract…..
It’s quite simple really – some places have a cooling off period. Just making a simple inquiry to confirm they don’t have one in NZ. I don’t know about others, but I like to be prepared and know how an area’s real estate system work before I start meeting people in that area.
Other than that, thankyou for your advice – I have learnt a lot from it.