Forum Replies Created
Well AD, I think 22 properties is plenty! It’s more than I’ll ever have- you’ve done so well
Are they all buy and hold AD?kay henry
markpatric
As for me, I’d just prefer to have inspections etc done before a contract is signed. I wasn’t referring to a deposit- i was discussing a contract. I guess I just feel that a contract is binding (in my mind- not legally) so I wouldn’t enter into it unless certain. I have also asked a RE about their attitude to gazumping. I think if a RE and vendor know a person is sincere, and wishes to buy, it wouldn’t be good for them either to mess around someone when it’s so close to a finalised sale.
kay henry
Thanks Risky :o)
My IP’d never get near CF+ anyhoo- I just take what I can get if i find a good place
I always think “investment” meaning one has to sew to reap.Risky, are purchasers satisfied with a low deposit from you? I always figure if someone puts in 10% they’re more unlikely to get cold feet and to move ahead with their commitments. If oyu decided to pull out of a purchase of say 200k and you only had $200 deposited, I would get your $200. But if someone deposited 10% and pulled out, i would get 10K of theirs.
Do you think that might get regulated? I guess people will put in really low deposits if they want a cheap “exit” clause. I think i’d always make a purchaser give me 10%. If a person pulls out on a sale just before settlement… that’s 6 weeks off the market- time for the place to go stale and be harder to sell.
kay henry
Jarmbie, I think it’s quite usual for there to be offer and acceptance but no contract signed. Often, inspections are done before a contract is signed now, and sometimes, because this time is given to the purchaser *before* signing a contract, the solicitor will ask you to waive the cooling off period once signed. So take your time and do what you have to beforehand. Also, you would never have to agree to a waiving of a cooling off period. In QLD, I don’t think they even have a cooling off period!
Jarmbie, being a hard negotiator is not everything. It depends on whether you want the house or not. $5000 off for discoloured tap water? You’re hoping for another 5k off after BIR? Depends on what you want to do. But if a vendor feels messed around by a purchaser, they might pull out too- that’s sometimes hte price of getting these reports- they come back unsatisfactory, and purchasers have to pull out of the deal. I know people who have lost a fortune on the price of the inspection reports- particularly when the sydney market was so heated.
It sounds like it could be a cat and mouse game with you and the vendor. If V wants to sell to you and you want to buy from V, then I am sure you both can negotiate it out. V wants to give you no discount, and you want a 5K discount… can you both live with a 2.5K discount? Build a relationship with the V. Then it’s easier to negotiate. But remember, noone wants to be told their place is a dump… so go gently
)kay henry
Mini- wow, you’ve hit the nail on the head!
For me, it’s:
‘Steve didn’t pick me for the MAP, so I hate them all’
‘What makes them think that they’re better than us?’
‘I don’t think it’s possible, because i haven’t managed to do it. So I want them to fail, to validate my own failure’
‘I haven’t been able to find a CF+ve property, and it’s Steve’s fault.’
‘the only way that can succeed is by trickery, because everyone successful is dishonest.’
Mini- before you mentioned these things, I didn’t know what I was feeling :o) But now you’ve named it, I can get therapy and heal!! hehe
And is there a book coming out? Yay. I haven’t had my life changed in a while- it’ll be timely
kay henry
Richmond,
This is- we’re always being told to buy more and more property… because one just can;t have the dream by owning 1 or 2 IP’s… so whilst a contingency plan (or exit plan) is one thing, most of us will probably want to keep buying regularly to build a portfolio. I remember a while ago, my ex said to me she wanted to buy 1 property per year, and at the time, I thought she was being delusional, but now I see people doing that all over the place- and not coming from a background of large capital to do so.
So, maybe I’m changing :o)) But i guess I realise more is possible than I thought before- despite rising interest rates, one just still has to increase the portfolio- just hope it doesn;t do my head in with stress
Richmond, you and I are of about the same vintage. One gets a sense of “workplace morbidity” after a while, I think, meaning that work lives don’t last forever.
I might have to be like some of your mates and get in over my head! But I am probably different to your mates- my thing is cheaper properties, so my risk is lower.
kay henry
yack, you said:
“Actually if there are any dropout, I would love to know why! What were there experiences?”
I doubt you’ll hear from those ones. I tend to think most of these programs are fairly well stage-managed, and that there’s probably secrecy/non-disclosure clauses the MAP participants had to sign in relation to the program. I do love democracy :o)
I wonder if there were any MAPpers who were opposed to any of the strategies to become millionaire-controllers! I wonder if they thought that wrapping wasn’t win/win, did they then become a lose/loser in the program.
Welcome back AD- i hear you’re a very nice guy
kay henry
Now if I were Steve, I would have offloaded dome of my spare properties onto the MAP people. It would be very “win/win”. The MAP people would get to control the properties, and Steve would get the money.
But as you all know, I’m not Steve
But think about it- it’s quite a strategy. You get a captive audience in the MAP people, all looking up to Steve and hanging on his every word. If Steve sold them his properties, it would be like having his own extensive buyers list right on hand! win-win is so cool!kay henry
richmond, re interest rates… my mortgage went up by about $50 a week when IR’s went up by 1%- that’s quite a hike in repayments, I reckon. That extra money comes out of my wage. To me, it doesn’t matter what rates were historically, it’s 2004, and I live in the present. No doubt in the Depression or in some cultures if high inflation, rates have been 30% or something, but still… in 2004, IR’s wouldn;t want to get too much higher, or my disposable income will be so much less, and my goose will be cooked!
Yeah, those melbourne prices are exxy at the top end for sure. I wonder if vendors are still “holding out” and setting their sale prices at the same level as before.
I reckon the older established eastern suburbs market will always maintain its value. The Melbourne establishment is not gonna let it all fall to pieces
kay henry
Elves, I have no intuition- guess I’m not much of a woman :o) I kind of prefer logic and reason
Mel- soooo pleased you are guru’ed out!! You’re such a strong person, you can make it on your own!
kay henry
Are they all buy and hold AD?
