Hey Melbear,

So it is feasible then? I was looking at a property that doesn’t have a carport, and wondering if you can say in the contract “Subject to being allowed to build a carport…”

I asked one R/E agent and he said you can’t get access to a property before settlement.. (Don’t worry — I didn’t really believe it!!)

Ta

Lozza

Hi there rolonation,

Don’t worry.. we all started off as Newbies!! (In fact, I’m really only new to the forum myself..)

My advice to you is to learn as much as you can – cheaply if you can! Look on the forums; there are lots of posts about books to read. Check out the investment section in the library or bookshop.

Also try going to some of the cheaper (or free) seminars. I can recommend Dolf De Roos, Robert Kiyosaki, Steve McKnight, John Burley, Peter Flanagan for starters. If you are specifically interested in wraps, Rick Otton is good too. Start with the cheapie events though!! Some of these guys have websites you can check out.

Also try powwowevents.com for upcoming seminars.

Keep reading the forum, there’s lots to learn on here too!

Hope some of these suggestions help..

Knowledge is power!! Have fun! [] []

Lozza

Thanks Mel,

Couldn’t think of its silly name!!
Thanks for the review.

It’s a real pain trying to find some of these good books in Australia… I often end up ordering them from Amazon. It’s not cheap once you convert to Aussie dollars, but it’s reasonably fast at least.

Lozza

Hi everyone []

In regard to property books, has anyone read a book called “No Money Down”? And was it any good?

Lozza

A simple Russian proverb, from my desk calendar:–

“He who doesn’t risk, never gets to drink champagne.”

Lozza

Hey First Timer, []

Welcome on board!! I am only a semi-newbie myself, but I shall have a go at answering some of your questions….

I believe that setting up a trust can be rather expensive, and you also might need to get it audited. It might depend how many properties you are planning on buying as to whether it’s worth the effort… Myself, I’m planning on putting our first property just in our names to start with. But you should check with an accountant in relation to your own situation.

Your question on “buying and renovating” — I don’t think you explained exactly what your ultimate goal actually was, other than setting up a portfolio. Nothing wrong with buying, renovating to increase value, and then renting out. It just depends if that’s your area of expertise. My hubby and I are NOT handy-people, so renovating would not be suitable for us… it would just take too long!! But some people know exactly what to do and how to do it cheap.

I don’t know how many other property books you’ve read, but check out Margaret Lomas’ books on positive cashflow property if you haven’t already. They are quite good.

Steve has a seminar on next month which may also be worth your while. There are also other property “gurus” who do seminars on renovations, etc. Do a search on the forum and I’m sure you’ll find something that appeals.

Good luck!! And keep on reading and asking questions!! [][]

Lozza

Onyx is a black gem-stone.
(I liked Topaz, but Onyx is good for a black rat!!)

Lozza

As they said on the radio yesterday morning, “You can just imagine babies at an auction… making dummy bids!!”

Lozza

Hey Neo

I was just asking a real estate agent about this the other day… He told me you could possibly alter the settlement clause, but you need to tell them this before the auction. Eg – you might want a 60-day settlement instead of 30 days.

Anyway, apparently they will tell the seller before the auction what your conditions are. The seller has to know that if YOU win the auction, they will be accepting those settlement terms instead.

All sounds a bit difficult to me, and definitely sounds better to make an offer before the day!!
[]

Just a little suggestion that might help….. My hubby is not into reading investment books either. He’s also not into talking about financial stuff all the time…

But I find that getting him to listen to a tape in the car (or a CD at home) has a much greater impact on him, and it sinks in a lot better than me trying to explain the concepts. I have also dragged him along to some seminars with Dolf de Roos and Rick Otton. He normally comes out pretty inspired. Maybe it’s just a guy thing (liking audio-visual stuff better), but he would rather have something demonstrated to him than have to read the manual!!

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