Awesome stuff. Thanks guys.

With this particular agent I have found it difficult to get any information about the vendor out of him, ie why they’re selling (mind you I haven’t had any personal contact with him yet). He also said he can’t give me any information on other offers or even how much other properties have sold for in the area.
The…[Read more]

EnjoLady, when you made the “official offer” did you put it in a letter? What did you specifically say?

After you made the offer did the Agent then send you the contract, which you reviewed with your solicitor before going to see the property?
Is it a necessary thing to get the solicitor involved at this early stage before even viewing the…[Read more]

I’m not a wrapper so you can except or reject this.

“I invest in Real Estate to create win-win situations. I get capital gains and an income while helping others, who may have a trouble getting a loan, into their own home.”

Lizzie

Thats awesome! Well done!
I’m glad you shared this with us all.
I too am a newbie and very much feel the need to inspect the properties and the area before I buy. Maybe one day we’ll be like Steve & Dave and be able to put in offers without necessarily seeing the property itself but safe in the knowledge that we know exactly what a bargain is in…[Read more]

Thanks for your replies, most helpful.

Do you think that, being my first property, I should attempt to do initial repairs myself? EnjoLady, would you do this or would you hire someone to do it for you, keeping in mind that this is my first property but also that it’s 4 hours drive away?

This is a bit of a general question that will perhaps be…[Read more]

Thank you guys. That info has really helped.
I guess it really pays to round up when number crunching so you can be aware of the worst-case-scenario.
Thanks again.
Lizzie

Dale Gatherum-Goss is your man. He owns property and has heaps of knowledge about trusts, investing, tax etc. He’s located in Kilsyth, Melbourne.

Hi Kate,
I too recommend Dale Gatherum-Goss as a switched on accountant to add to your team. I went to see him for the first time last week and was very impressed. He has a wealth of information regarding Trusts and has written a book called “Trust Magic” which is incredibly easy to read and full of great info. He also owns properties, which is…[Read more]

Hi,
It’s all fine and dandy to say “buy some positive cashflow properties”, but I still don’t quite understand how you can stop from reaching a limit or plato with the amount you can buy & borrow.
Is Steve’s idea of dividing the property income into thirds the answer?
– 1/3 back into property
– 1/3 into lifestyle
– 1/3 into capital gains…[Read more]

Hi,

I take everything you guys have said on board and I’ll tell you the reasons why I decided this would not be such a good deal.

Although the agent could have a motive for telling me all this I still think it was valuable information. The property’s located on the edge of town in a housing commission area with a 5 min drive to get a litre of…[Read more]

Hi,
I finally got onto the local rental manager who was, as Cookie says, a pleasure. I have established that this particular property would not be a good one to purchase as a rental for various reasons. However I discovered that there are properties closer to the town centre that are much more desirable for tenants yet still at a great…[Read more]

Thanks Michael. Rental waiting list, another good idea.

This might sound stupid but where would you start at this point, to source potential tenants – keeping in mind that I’m a newbie (with no idea).
Would you get information from the local agent about who’s on the waiting list and contact them?

Lizzie

Thank you so much for such a helpful & prompt response Brent.

When you said to ask for a rental listing I thought to myself “of course, how could I have not thought of that?” Sometimes it just helps to hear these things from others before it really sinks in.
The obvious way is to ask the agent but you can’t be sure that you’re going to get a…[Read more]

I have my first appointment with Dale GG next monday. I found out that he is quite a busy man so I suggest you get in quick as the word is out on this “gun-accountant”.

Great tips Michael & Kaye. Thank you.
Again, it’s all about people. After all, we do need the tenant to keep this whole ball rolling. How much smoother does everything seem to run when you try and make it a win-win situation? It’s a shame that Landlords have received such a bad rap in the past.
On the “hot-water thing”, could you say to the…[Read more]

Buying a “property with a twist”, as the Renovation Kings would say, is the way to go no matter where you are buying.
If you can find a property that’s perhaps a bit run down, in need of a coat of paint, then you may be able to get it for a lower price. Not only that but a reno could, if done correctly, can increase the overall value which intern…[Read more]

Hi Steve,
I think you have hit the nail on the head when you said you didn’t have enough time to properly debrief us about the game and it’s objective.
I do feel better after reading that we were meant to start with a plan as that is what we tried to do. In the chaos we decided that because we didn’t understand exactly what we were doing we’d go…[Read more]

Soooo glad to hear that I was not the only lost soul during “the game”. I too have a suggestion like Jae. Perhaps a dialogue/role play between people who knew what they were doing, (ie Steve & Dave) could have been more beneficial.
I did manage to match the correct tenants to the right strategy but didn’t get much further than that.
Thanks,
Lizzie

Hi,
Like Nessie I’ve been busy on the phone today too, inspired by the weekend. I’m off to look at a property this afternoon on auction this weekend, not quite on Nessie’s scale but you’ve got to start somewhere.
It feels good to actually be doing something and just giving it a red-hot-go.

Hi All,
I’m a forum Newbie, so be gentle with me.
A large portion of my family attended the APIM on the weekend. We found it a great source of information, however taking action is entirely your responsibility. I have not yet bought a property but I picked up on serveral tips that will be invaluable when I actually do. No one can do this for…[Read more]