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kay henry
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January 10, 2004 - 8:31 am
You and me are going sis- a motley crew to be sure [] It’ll be fun
kay henry
kay henry
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January 10, 2004 - 7:42 am
thanks wayne for the conversion- i wasn’t too far off- just a bit- hehe
I’m with karan on the predictions oh home prices. Sounds like a gimmick so they can send you advertising for ever and ever afterwards- I hate giving any of these URL’s my email address- I just end up unsubscribing anyway.
Predicting CG is like predicting interest rates for the next 5 years- you gonna invest on the info of some unheard of company making wild predictions? It’s like a prospectus- even they can be dodgy.
kay henry
kay henry
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January 10, 2004 - 7:33 am
Elysium,
No need to worry about being a wet blanket. sometimes it’s good to get a reality check on here.
I can imagine there would be all manner of problems with spotters. They tell you what a great house it is- because they want your commission- and then it ends up a lemon? What does one do then? sue the spotter?
I thought spotting was merely an informal thing someone could do for as couple of hundred bucks- check out a place for someone because the buyer was time poor.
Personally, I couldn’t imagine paying a stranger with no background in RE 2k to spot for me. It seems kind of a dependent thing to do. I could however, imgina “spotting” someone on here that I felt was decent, 50 bucks to check a place out for me if it was in their local ‘hood. Like the car towing industry would do when there was a crash- have someone report the accident to the car towing place and be spotted 50 bucks for their services.
kay henry
kay henry
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January 10, 2004 - 3:03 am
Pisces,
As well as checking body corp minutes, a purchaser I know of got an “independent body corporate inspection” done. I don’t know who did it for her, but I think it was like some company doing it and checking out how the body corporate was run. First time I had heard of such a check. The check found out there wasn’t enough money in the sinking/admin funds, that work should have been done on the units etc.
kay henry
kay henry
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January 10, 2004 - 2:57 am
Leigh,
I think suggesting people move forward with caution is sensible.
I think the thread about this group went something like this:
(A) Anyone know anything about Country House and Land Sales?
( nope
hehe. I don’t think these folks have a website. Their ads don’t mention one- maybe they’re a bit old-fashioned.
I reckon the only thing to fear is making a decision that you didn’t mean to make. But the good thing about something like this tour seems to be that if, for example, someone did want to purchase one of the properties they saw… there’s be a heap of other property investors on the tour to discuss it with- check out the numbers etc. What could be safer?
I was telling my mum and gf about this tour and they were telling me to be safe and careful etc. But I think if one isn’t prepared to buy, then one just needs to keep one’s head.
And for those who think buying sight unseen is a bad thing, this is one way to check out areas you may not have visited before and know what kind of places they are.
Leigh, I’ll do a reportback when i get back from it. Really though, why I’m sounding so positive is because I think that if anyone gives me a free weekend to view their properties- with no obligations- they can’t be that bad :o)
No doubt others might come back from it and slag the organisers off- my gut feeling is I won’t be- the properties might not be suitable for my purposes- but one can’t complain too much about a free weekend.
Except for the 7am thing! [:0]
kay henry
kay henry
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January 10, 2004 - 2:49 am
Yeah, I’m going sis :o))
WTB- thanks for posting the corrections
Pisces- yeah, 7am is hell. But it’s only two days to see 10 towns- need a wakeup call? hehe.
kay henry
kay henry
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January 10, 2004 - 2:17 am
Pisces,
I think what you’ve said is really important.
For me, the checking process might be:
* checking body corporate papers
* doing a building and pest inspection
* finding every piece of RE in the town on the net to compare prices, and ringing up RE agents in the town
* finding out every piece of info i can about the town – including employment, population- including in the suburb I am buying in. Checking out the reputation of the place is essential.
I think you should buy AFTER you’ve done all your checking. Auctions aren’t my thing anyway- I do think your friend took a risk buying a property sight unseen without any knowledgeof it at an auction… but having said that, property investing is about risk. And perhaps his risk will work out, and perhaps it won’t.
I think there is *so* much info on the net- median prices, every news article about towns etc… that one can pretty much do “due diligence” remotely these days.
I felt I had done so much checking on the properties I bought online that when I saw themafter purchase- I knew them inside and out anyway.
kay henry
kay henry
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January 10, 2004 - 2:04 am
Thanks Simon
It’s good to have a ballpark figure that you’ve provided anyway- just to know what’s out there.
kay henry
kay henry
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January 10, 2004 - 1:53 am
Steve- finally you and I agree- I knew we would sooner or later [:p]
Propertymagnet, I am pretty old-fashioned- I see making an offer and receiving an acceptance as something of a verbal “contract”. If you were a vendor and receiving offers and accepting them, but the buyer had no real intention of carrying through with that offer, you’d be pretty upset.
In the RE game, we usually sit on both sides of the fence- mostly we buy but sometimes we sell. Only make offers if you’re serious about buying the property, I think. Building relationships is pretty important in RE. Sincerity counts and will win you respect.
kay henry
kay henry
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January 10, 2004 - 1:43 am
Dear all,
Spoke to the chap who is organising the tour this morning. You go to ten towns- first stop wagga- then you stay at parkes- their shout. I asked if one had to give bankcard details etc and the guy said no. He basically said that they make quite a few sales throughout the year from the tours. He said he’s aware of the trips people givew that require bankcard (presumably from the old days of tewo-tired marketing) but that they aren’t into that.
Seemed like a nice guy. I figure he and his friends have thought up a way to make some business and the bus tour (5-star coach), accommodation, and presumably food is their way to show people their real estate and so the organisers wear the cost.
The numbers you can phone are:
0243420085
0402226685
0402226659
They send you out a package of info. Then you come to parramatta at 7am and go on the tour!
kay henry
kay henry
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January 9, 2004 - 2:18 pm
hehe Cel- too funny! []
kay henry
kay henry
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January 9, 2004 - 1:30 pm
sis,
We’re discussing the difference between “square metres” and “squares”, and how to convert one to the other.
kay henry
kay henry
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January 9, 2004 - 1:24 pm
*poke poke*
And how much was it Simon? [:X]
hehe
kay henry
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January 9, 2004 - 1:15 pm
I tend to think yack might have been a tad joking with his reply. I think the ppoint he was making was that one can’t just look up stuff on the websites we all know and then charge 2k on properties hoping that others haven’t already seen them.
For example, the other day I got the Trading Post just to check out the RE page (it only has one page). I might presume that the whole of propertyinvesting.com does *not* buy the TP (you can access it online anyway, I think). Am I then to charge a spotting fee for a property advertised in the Trading Post?
Perhaps it might bea good idea for folks to discuss if they did use a spotter, what they might expect.
If you are already a spotter, what services do you provide? How do you source your properties?
kay henry
kay henry
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January 9, 2004 - 12:58 pm
Monkeybam,
I live in sydney, and I can’t afford to buy in my local market :o) Hence, I have to look a bit further afield.
kay henry
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January 9, 2004 - 12:00 pm
Cel,
I *think* that 230 sqm = 23 squares… Now, I’m just guessing on this, but my mum always talks about squares, and now, i just divide the sqm by 10 or multiply the squares my 10. I just made this up and am probaby wrong, but at least it gives me a guesstimate when i see squares advertised.
80sqm unit = 8 squares etc…
Does anyone wanna correct me on this?
kay henry
kay henry
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January 9, 2004 - 11:36 am
7,
I just borrow 100% of the costs- purchase price plus all that you have mentioned (all up, about 105%). I use equity from other IP’s I have. But even if you are buying your first place, just bite down hard and pay the extra costs. They either become tax deductible throughout the peroid of the loan, or claimable against CGT when you sell.
I pay those costs and try not to think about them afterwards- hehe- saves me stress.
kay henry
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January 9, 2004 - 11:32 am
Rob,
I think Elwood is a good choice. It’s a more “established” area, whereas richmond is considered inner-city and has a large amount of units built there- too many. Having said that, richmond is certainly charming
Sunshine is certainly in a different “league” to richmond and dandening- if ya know what I mean. Depends on whether you want possible CG (elwood) or cashflow (sunshine)
kay henry
kay henry
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January 9, 2004 - 6:35 am
Gawd Mini- you addict- couldn’t keep away huh? :+P
kay henry
kay henry
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January 9, 2004 - 4:53 am
Ausprop,
I am discussing rental returns. And yes, i work on the purchase price paid to calculate return, not on current valuation. The current valuation is only of concern when i resell. So if my property is bought for 100k and recieves 200 rent, then it is a 10% return (on price, not price plus expenses). If the property is at a future date worth 200k and still rented at 200 bucks a week, the return is 5% for the new owner- but for me, the return is still 10% until I sell.
kay henry