Forum Replies Created
Hi Mabbot,
I started my journey in property investing earlier this year. My husband wasn’t sceptical, but I knew he felt fear. i researched myself, carried on and at the end of the year have 2 investment properties under my belt, with bigger ideas coming up for 2006. Within that year, I got hubbie excited about getting involved in an renovation job – the potential profits was the dangling carrot,(house has just been put on the market) my second property is a wrap, and again, eyes lit up when he saw the positive cashflow coming in. He’s still not passionate, but is supportive of what i’m doing. He did read one of Steve’s books, which helped alot. I think with each project, the fear factor will lessen, and at some point, I aim to have him aboard this exciting journey.
Get the wedding out of the way, enjoy being a married couple for a while, then go for it! Good Luck!
mccoz
Thanks for the tips Robo,
Great to hear you did it in a relatively short time. I will definitely pursue this further, but am a little bemused as to why it hasn’t already been done. perhaps someone has already tried, but unsuccessfully,
Thks again,
mccoz
Hi Ron,
I have faced a similar situation from husband, when I embarked on this journey earlier this year. It wasn’t until I picked up my first property (renovation property), and showed him around it, talked him through the plan, and the numbers that he started showing some excitement, and support. 8 months on, he’s keen to listen, but happy for me to do the hard slog, rather than get actively involved. That’s enough for me. I know that at some point, the numbers will eventually accumulate to a level at which he will “see the light” and understand my commitment to this. I just have to keep going and look forward to the day!
Good luck,
mccoz
Hi all,
I also agree that Buyers advocates can be a useful as part of a strategy for property investing. However, people need to be aware that having a BA doesn’t mean that the research is done for you. I believe you still need to carrry out your own due diligence. For example, I am on a few agents’ databases. One property came up recently on one of them. It was highly cashflow positive and looked like a great deal. I recognised it as a property I had signed on back in April, subject to due diligence. The due diligence received came back with a number of concerns on the property itself, and the land it was on, requiring initial repairs that didn’t make the deal look so good, hence I didn’t go ahead. I was surprised, that 4 months later, it turned up on a BA’s database. Perhaps it still could be a good deal for another investor with different skills. However, my point is, don’t assume that having a BA = good deal. The saying still goes, Buyer Beware.
mccoz
Thks powmow,
It wasn’t great science really. In hindsight, I just needed to realise the view from the Vendor’s side.
I had realised that I was letting the agent control the process and from their experience, they kept focusing on the importance of a licencing agreement to protect the Vendor, which sounded all too hard from the Vendor’s point of view.
The reply from myoung (thks!) prompted me to go and see the agent, and specifically ask her to reassure the Vendor that I was happy to put into the contract that buildings and public liability insurance would be taken out b4 access to the property would be granted, hence no risk to the Vendor.
The agent seemed suprised that she hadn’t thought of that earlier, called the Vendor, and hey presto, the Vendor’s happy.
That was it.Seems simple now……
Thks powmow,
It wasn’t great science really. In hindsight, I just needed to realise the view from the Vendor’s side.
I had realised that I was letting the agent control the process and from their experience, they kept focusing on the importance of a licencing agreement to protect the Vendor, which sounded all too hard from the Vendor’s point of view.
The reply from myoung (thks!) prompted me to go and see the agent, and specifically ask her to reassure the Vendor that I was happy to put into the contract that buildings and public liability insurance would be taken out b4 access to the property would be granted, hence no risk to the Vendor.
The agent seemed suprised that she hadn’t thought of that earlier, called the Vendor, and hey presto, the Vendor’s happy.
That was it.Seems simple now……
Hi guys,
Some progress on this property. Following advice from Steve’s PPP workshop and some of the replies above, I realised I needed to be in more control of this negotiation.
Have since got back to the agents and have managed to negotiate access without the rigmorole of the licencing agreement. The Vendor is happy, so am I,[biggrin] a win/win to be had and I’ve signed up on my first property.[party]
Thanks again to all who replied,
mccoz.
I’m on my way………………….!Thanks myoung,
I hoped to do the same too, ie without a licencing agreement.
Despite assuring i would 1) only carry out minor renovations, and 2) insurance would be taken out by me, they are still nervous. Doesn’t help as the estate agent in question is strongly advising the vendor to have one drawn up. Regardless.never mind, just means more solicitors fees…..
mccoz
Thks images30260
Yes I would really appreciate if you could you fax me a copy. 03 9885 8909.
My offer for this property is still under review with a keen buyer waiting patiently behind me. (My bid was just $401 above his….
The vendor is quite nervous about access prior to settlement despite them being minor cosmetic changes. I was going to contact my solicitor on Monday to draw up an agreement. Having a template will really assist me.
Thanks again, will advise of the outcome once i get it.
mccoz
Thanks for the tip Rick,
I can see now that they need some assurance (understandably as I haven’t communicated what renovations will occur).
Thanks again,
mccoz
Thanks for the reply hmackay,
Based on my research, I believe it’s reasonable to request 9 to 10 month contracts for students to take them from end of January to end of November. Hence they will not be subject to summer holidays, unless they want to stay for another year.
Does this sound reasonable to people?
meecheec
