Forum Replies Created
eviebear
A great place to start is here! You can do searches here on the forum for specific topics like FHOG, trust, loans, renos…etc, etc. Look under Furums for the Search topic…
So do a search and see if there have been threads in the past that answer your current questions. If you can’t find the answers, then start a focussed thread on your topic.
There is alot of knowledge here and the people on this forum are so generous to share experiences and ideas- so take advantage of it!
Good luck, [exhappy]
Achieve the Dream!
Hello to all,
I have really enjoyed reading this post. I originally cut back on work 2 months ago to give more time to PI and am now going down to casual so that I can pick and choose my work and have as much time as I want for our investing.
I am inspired by the other posts and feel that we are making the right step forward. My husband and I are both deeply involved with PI and bring different strengths to our new business. We love having a common goal that we directly control, and we love the excitment of learning new things all of the time.
Thank you for your positive stories and encouraging words…[biggrin]
Cheers,
Achieve the Dream!
Housemender,
We had some really good advice along the way…Keep things quiet when it comes to your investing.
We tend to keep things to ourselves for the most part to avoid the negative reactions of others. We understand what we are doing and why we are doing it…We have our goals and stick to a plan that will help us achieve them….We keep positive and focussed and excited about our investing. And that is all that matters!
Sometimes people do not understand (and have no intention of every understanding) what we are doing….So we only give them the amount of information we are comfortable with and we share our successes with the positive supportive people in our lives.
It is VERY [weird] irritating to be given unsolicited advice about your investment plans from people with little knowledge in the area…but just remember that there are heaps of people here on the forum that commend you for your efforts and love hearing about your journey along the way!
Good luck,
Mapleleaf
Achieve the Dream!
Dazzling
Good to hear that you have had some time to have a bit of fun!
I was in Jeddah for a year and left after Sept 11th. It all got too political and I was not about to stay just for the sake of money. I did leave with $10K USD in hand and paid off over $25K in debt…So it was all good.
And now, here I am…4 years later still in Oz after meeting my husband on one of my travels!
Anyway, back to business….
Take care! [smiling]
Mapleleaf
Achieve the Dream!
Dazzling
I spent a year in Saudi Arabia and let me tell you, there wasn’t a sign of any of our traditional holidays! So I know how lonely it can be, especially when you can clearly imagine the quantity of Eggs that loved ones in Australia must be consuming![puke]
My husband and I were in Turkey last year (a little more interesting than our Monopoly games this year…)and neither of us can remember Easter at all…once again being in a Muslim country the typical signs are just not there!
Hope you have a safe trip back soon!
Mapleleaf….[xmas]
Achieve the Dream!
joshknack
We prefer clients to find the house they want and then we take a preliminary look at it before involve Building and Pest Inspections. We look at the overall location of the property, the neighboring homes, proximity to schools, shops, transport, health care and child care services.
If we think the overall location of the place is good and that there are no obvious structural issues, then we go ahead with a Building and Pest. The client pays for this, so we make it clear from the beginning that it will be a cost along the way.
We are not keen to buy sight unseen at this stage, but I know many people do. It all depends on how much risk you are willing to take and how much experience / knowledge you have.
Good luck,
mapleleaf
Achieve the Dream!
Hi joshknack
Vendor Finance is viable not due to location, but as a result of clients being unable to obtain finance.
So, if you are wanting to provide such a service you must be sure your client can afford the repayments to you and that they are a quality applicant.
We prefer to work with clients in regional areas because property prices are more affordable and the risk is less for us. But you could do Vendor Finance in a city if you had a client that qualified.
It can be a difficult market, so we encourage our clients to get Pre-Approval and then start looking for a home in the designated price range. This helps to prevent a mix match of expectations where a client falls in love with a house only to find out they can not afford it.
Vendor Finance is possible in today’s market. It just takes alot of adverticing and patience in screening your applicants.
Good luck,
mapleleaf
Achieve the Dream!
momofthree,
I think some of the best advice we have been given in our PI adventure is to keep your plans to yourself. I guess there are alot of people who do not understand what you are trying to do and perhaps are a bit intimidated by your efforts to do something different!
We have learned that discussing PI with like minded people (our mentor, people on the forum) is the best way to stay motivated and on track. We have had people that have been negative or sceptical and we have learned to keep it light when we chat to them now!
So good luck, make your own sound decisions based on your due diligence and have fun![rolleyesanim]
All the best,
mapleleaf
Achieve the Dream!
I totally agree! (Maybe I am a bit biased…[inlove])
I think this forum is a great resource and that many of the long standing members put hours of their OWN time into helping others. In fact, for some of the seasoned contributors, they probably do not gain much from the forum except the satisfaction in helping others.
I know first hand that Steve has the philosophy to do something good for someone each day…I was the recipient of his random kindness during a Webinar and I think his example runs through this wonderful forum. Thank you Steve for setting an example of kindness to fellow investors, not intimidation!
So a BIG thanks to all of you members that offer help, stories, and encouragement to all of us that have alot to learn from you!!
mapleleaf
Achieve the Dream!
Hi happyjack 72
I also looked into this a while back. I would suggest starting off with the local council. They should be able to walk you through the process step by step. They should also be able to give you ideas for costs of the application, the headworks, the parks contribution etc. Speaking to council will give you an idea of what else you need to do, it is a good starting point.
I found the removal companies very nice to deal with and they were able to answer loads of my questions as well.
Good luck!
Mapleleaf
Achieve the Dream!
Basil
When my husband and I were starting out in PI we went to a financial planner at ANZ in Brissie. The guy was really nice and gave us some reassurance that our plans were reasonable. The first consultation was free so you would have to investigate the costs for any services beyond that, but it is a good place to start.
Give your bank that you deal with a ring- they may be able to give you a starting point.
Good luck,
Mapleleaf
Achieve the Dream!
Basil
Good luck with your Property Investing efforts. I hope this reply gives you some ideas of things to work on now so that you are ready when that first deal comes along!
A few things to start working on include:
Set up a Structure. Find an accountant that has experience in Property Investing and set up a structure to protect you. You will want this in place sooner than later. The accountant will also be able to provide you with your resulting ABN.
Register as a Business. This also costs a couple of hundred dollars for a 3 year registration (you can pay on a yearly basis as well) and can be organized through the Office of Fair Trading. This allows you to call yourself a business and enables you to use a business name!
Set up a business email account. This will keep Property Investing separate from your private life. It also gives you credibility.
Get business cards. People will need to get in touch with you and it makes you look professional. Do this AFTER you have registered as a business to ensure you get the business name you are after. A good place to get affordable cards is on the website http://www.vistaprint.com.au.
Get Organized. You will need to keep track of the transactions you make with people including contact details, dates and details of the interaction. We do this with a spread sheet and my husband has done a brillant job at creating a system that we update with every phone call etc. Avoid writing everything on scraps of paper – get organized now to make it easier later.
Start networking. It has been said over and over on this forum that you just need to get out there and start talking to people. The REAs in your target area are a great place to start. Tell them what you are after, send follow up emails and focus on the REAs that are open to you. Put out some advertising about what you do or the investments you are seeking.
It is impossible to know how to do everything in the beginning so enjoy the learning curve! It is exciting, enjoy the challenge ahead!
I hope this helps give another spin on how to get started…
Mapleleaf
Achieve the Dream!
Wealth Angel,
I think your example proves yet again (as described by Dazzling etc) that you most likely will NOT find +CF properties sitting around. They are created!
Well done on your hard work and for putting in the effort required to make this a real gem for you!
Good Luck,
Mapleleaf
Achieve the Dream!
Pepsi,
I agree with The Wizzard.
You have to look at what your priorities are and what your goals are in relation to Property Investing.
I work 4 days per week as an RN and my husband works full time. We spend most time in the evenings going over new developments and updating one another. We go out most Saturdays talking to REAs and learning more and more about our targeted area. We are involved with Steve’s online program at the moment which also takes up an evening per week. We meet our Mentor once a month, and have contact with him on a weekly and sometimes daily basis.
So what I am saying is that we work at this non-stop because we feel that it is the way to reach our financial goals. Start with having a look at what you hope to achieve. It is not easy spending every spare moment doing this. But I am prepared to give up my time now and buy it back later when we are a success!
Good luck,
Mapleleaf
Achieve the Dream!
Hi vito,
You could try going along to a local Investing Group to network and to find some new ideas and support. You may find that after attending these types of meetings a few times that there is someone willing to take you under their wing! Or you may find the support from one of those groups enough to give you the encouragement and resources you need.
Good luck,
Mapleleaf
Achieve the Dream!
basil,
I think you are absolutely right. As investors, my husband and I try to create a positve outcome for all parties involved…the real estate agent, the client, us etc. We feel it is extremely important to be ethical in order to move forward in Property Investing. We work in a professional manner and in return are treated with respect from the people we deal with.
Your reputaion can be reuined with only one dodgy deal. And as we all know, word of mouth is one of the best forms of advetising! So if people are talking about you, it is imprtant that it is on a positive note.
So stay positve and be fair to all the people you deal with and you will surely be rewarded with happy outcomes for everyone. [smiling]
Good luck,
Mapleleaf
Achieve the Dream!
Another quick read is “the Weathly Barber”. It really gives an overview and is told like a story, so it is a quick easy read.
Good luck and Welcome to the forum!
Mapleleaf
Achieve the Dream!
Just to add to my previous post and to clarify…they do not have to write an offer contract but they DO have to at least verbally pass on any offer to the vendor.
Sorry for being unclear above!
Achieve the Dream!
Our Australian Property Investing magazine arrived toady and in the Editor’s note there is reference to that article you mentioned. They suggest contacting ATO (www.ato.gov.au) regarding the tax rules.
The magazine states ” As a general principle, the ATO’s ruling allows a taxpayer who is building an investment property to claim the interest on the borrowings as a deduction against the property (and therefore its availability for rent), provided that they can demonstrate that the property under construction is intended for income prodcuing (not private) activities.”
Hope this helps!
Mapleleaf
Achieve the Dream!
There were several mentions in this thread that the agents are required to pass along offers to vendors…Unfortunately this is not the case (in QLD) and it is frustrating if you are dealing with agents lacking customer service skills!
Good luck with this one!
Mapleleaf
Achieve the Dream!
