Forum Replies Created
Hey Kylie – I've sent you a pm – not sure if it worked though… you can email me at [email protected] – would love to catch up!
Cheers,
JessThanks Richard & Harry for your feedback.
Richard – I might give you a call I think!
Cheers,
JessHi dbliss – I am going on the 12th & 13th June – so less than 2 weeks now! Pity its not the same workshop as you… we could've introduced ourselves! However, after you've attended the workshop in July, if you are interested in catching up to discuss ideas etc, please PM me and let me know. Always good to have likeminded people to chat to!
Cheers
JessHi guys – I'm off to the workshop in Melbourne in a couple of weeks… so I will certainly leave some feedback for you all then!
tinkara – I'm in a similar situation to you – young kids at home and a very busy life. But sometimes you need to do something for yourself! So I basically just told my husband what I was doing and he'd have to be home to look after the kids!! $5000 is a lot of money, so I really hope it's worth it. I have just purchased a property that I am looking at sub-dividing, and possibly developing if the funds can stretch that far. Plus I have another property I will be renovating later this year, so it is very timely for me to go out and gain this education now.
I've made the decision to invest in property, and hopefully make it my full-time job (other than being mum!), so I feel it is important to gain as much education and information off people in the know. With any luck Stephen Tolle and Cherie Barber will be a wealth of information for me…. albeit an expensive one!
Anyhow, I'll let you all know how it goes…..
Cheers
Jess
Hi everyone…. wow what a day! I put an offer in on the house I was looking at, with a 5% deposit payable now, 5% upon signing , 90 day settlement (which is what I was after), along with early access! I've negotiated to access the property for the last month of settlement period to do some minor improvements.
Asking price was $220,000 to $235,000. I offered $225,000 to begin with, and went up to $228,000 – which was what I was happy to pay. So I feel I did a great job!
This is IP #2 for me, and it has all happened very quickly…. exciting!!
Cheers everyone for your feedback,
Jess
Hi all – thanks for your responses. Looks like I have a couple of options. The house I'm looking at will be empty, and I would like to gain early access – even begin some reno's if possible. I'll also be looking into subdividing the block so I could get the ball rolling for that.
I think I'll try the pay 5% on exchange of contracts, and pay the other 5% at settlement with the other funds as Terryw has suggested.
Ok… time to make an offer!!! Wish me luck….
Thanks guys,
Cheers
Jesssonyasal wrote:I know different people have different investing strategies, i have just signed contracts on a 2x2bed units with carport for $180K returning a total of $260/week. Could easily be $280/week, vendor has kept rent lower because they are good tenants.Hi Sonya – would love to know where you purchased these units? Sounds like a great deal…
Cheers
JessHi geoffandcassie – the 2 hour dvd is the one you receive when you subscribe to their newsletter…. there's an icon on their homepage "Free DVD when you register"…..
It's worthwhile having a look at for sure.
Cheers,
JessHi Mav86 – I have just registered to attend the Melbourne workshop in June…. I sure hope it's going to be worth it as $5000 is a lot of money! I have watched their 2 hour DVD which was great, and I learnt heaps just from that. They seem to have a wealth of info to share. I also thought the Trade Card sounds great, which offers discounts from various places i.e Harvey Norman Commercial, and ofcourse the templates etc that you mentioned.
I am really excited about attending the workshop – it is a heap of money, but hopefully the knowledge I learn will set me up for my investing career! I have just purchased my first IP – which I will be renovating in October when the current tenants lease expires.
Is it the Melbourne one you are thinking of attending? If so, and if you decide to go, let me know and we'll catch up there!
Cheers,
Jess
sounds great kate – I'll have a good look over your website and get back to you.
Cheers,
JessHi KateMelb – I'm still certainly interested in self-managing in the future – I'll check out your website – wish I had of looked at it before I made the decision to go with the PM!!! I was struggling to find easy to understand, straightforward info about self-managing…..
Cheers,
Jessmilliondollarmaniac wrote:Hey Jess,Just wondering is your RE a national company or just a local company?
Hey – it's First National Real Estate – I purchased the property through them also, so ended up with a discount on the Property Management – normally 8% + GST, I got it for 7% + GST. So probably quite a good deal really.
Thanks Danno – glad I'm helping you with a good night's sleep!
Yep – def a good decision. I think I need to learn the ropes a bit more before I tackle property management.
Cheers
JessOk – It's decided! I'm going to stick with the PM. It's only a small price to pay for peace of mind. Decision made – thank goodness for that!!!
Thank you so much to everyone who has replied and given me their experiences and opinions. That's what I love so much about this forum is that everyone is so generous with their time and feedback.
Thanks again
JessThe RE that currently manages the property do have a good reputation – I wouldn't have an qualms about them as PM. So hopefully what happened to 'thirsty' – as described above, wouldn't happen! (but of course you never do know!).
Dan – I was thinking the same thing, of course the tenants seem great now, but it could all go pear-shaped if something goes wrong in the future….
I am so totally undecided! I've just received all the paperwork from the agent for me to sign if I wish to continue using them, so I've had a good read of that, and honestly after reading it all I think it may possibly be easier to just stick with them and pay my 7% etc.
My IP is in Bendigo, where I live, so the proximity isn't a problem at all. It's those stories like shahabr tells that scares me a little. But, going from my gut instinct, these tenants are great and I don't think they'd be any problem at all….
decisions, decisions….
Thanks guys for replying – much appreciated! Hmmm…. some for and some against
I do plan on purchasing more properties, so I can see that it would become very time consuming once I had a few properties to worry about. But seeing as it was my first, I thought maybe it would be a good learning experience, and a good money saver, to go it alone. I know it's only saving $15 a week, but that's about how much I have to put in out of my own pocket to make the payments.
But, as Noel suggested, $720 a year isn't much when you compare it to the property's capital growth, and I could be putting my time into researching my next investment instead of worrying about tenants….
Thanks everyone for your feedback – I need to keep mulling over this one…..
Cheers
JessHi to all – thank you so much for your feedback and ideas. I'm glad that I asked as I had an uneasy feeling that I was going about this the wrong way…. now, my only problem is that I have already filled out an application form etc with the Bendigo for the loan. However it is not set in stone yet. But I do only have until the 23rd of this month to get finance sorted!
Richard – I'd love to chat to with you about all this (asap obviously!), I will email you directly.
Thanks to Sonya, Laurent and Heather also for your great feedback – this forum is wonderful!
Cheers
JessThanks Sonya – appreciate your reply. I will take your advice and speak to a mortgage broker in detail – do you (or anyone else out there) have a broker you would recommend? I kind of got the idea that the bank manager didn't invest in property himself as he really didn't seem to know why I was even asking such a thing!
I am able to easily obtain the finance, with or without CC. Perhaps I could set up a Line of Credit on existing mortgage to pay for 20% and costs, then have separate loan for IP? Would that work?
Thanks again for your reply.
Cheers
JessDave Edwards – Ray White
