I have done quite a few ( 20+) commercial developments over the years.

It is definately not for the beginner and the fact that you are asking the type of questions that you are asking suggest that maybe you should start with a simpler type of development.

In many ways building a commercial property is easier than building a house but the…[Read more]

Brett

You get what you pay for.

$1,000 doesn’t get you much advice nowadays.

Check that these people are licensed estate agents. I would be very surprised if they are charging those fees.

Most buyers advocates (such as http://www.buyingmelbourne.com.au – one of our companies) charge 2% -2.5%of teh purchase price.

But the right buyers advocate can…[Read more]

Hi Grechs

You won’t have to go past Steve’s suggestion.

Dale Gatherum-Goss is great and a property specialist. he probably loooks after the accounts of about 25% of our clients and they all think he’s fabulous.

He’s also a really nice guy

Michael Yardney
METROPOLE PROPERTIES
Author of Australia’s leading property e-magazine.
Join over 10,000…[Read more]

I have a few valuers we use on a regular basis that will do it for you, buts there’s only a few days left of this week, so that won’t be possible.

email me at myardney@metropole.com.au and I will give you some names

Michael Yardney
METROPOLE PROPERTIES
Author of Australia’s leading property e-magazine.
Join over 10,000 readers each month.
FREE…[Read more]

Thanks Louise

That first link is great

Michael Yardney
METROPOLE PROPERTIES
Author of Australia’s leading property e-magazine.
Join over 10,000 readers each month.
FREE subscription http://www.metropole.com.au

I can recommend a great property solicitor who understands trusts and property accounting.

He is not in the western suburbs but in town. I won’t post his name on an open forum, but send me an email to myardney@metropole.com.au and I will give you his details.

Michael Yardney
METROPOLE PROPERTIES
Author of Australia’s leading property…[Read more]

Despite what many agreements with PM’s say, they cannot hold you to an agreement that is longer than 60 days.

If you are unhappy, choose a new PM and they will do it all for you. they will contact your currnet PM and do the transfer.

As Sharon says, ask lots of questions.

If you want to know some questions to ask have a look at this…[Read more]

Which state are you in?

Interestingly management fees differ considerably from one state to another.

Michael Yardney
METROPOLE PROPERTIES
Author of Australia’s leading property e-magazine.
Join over 10,000 readers each month.
FREE subscription http://www.metropole.com.au

You say just a few questions but then you ask for a complete list of expenses and is it worth it.

It depend….

What will the land cost.

Can you get 3 or 4 units on.

May I suggest you need to know all the answers before you go to auction, otherwise how do you know how much it is worth.

Sorry for the plug, but it sounds like you need a…[Read more]

Originally posted by beacher:
In regards to “a good property manager will add value to your property” – I’ve had four highly qualified property managers over the last 7 years and NEVER did one offer advice to add value to my properties…

I actually find property managers in real estate agentencies tend to be juniors who want to be realestate…[Read more]

PIA is a great program to analyse the perfomance of your IP and it exells in comparing the performance of one potential IP against another, but it does not assist with the ongoing management of your property.

Its well worth buying

Michael Yardney
METROPOLE PROPERTIES
Author of Australia’s leading property e-magazine.
Join over 10,000 readers…[Read more]

Yes you can sack them.

First find a new property manager you are happy with. Then transfer management across to them and they will do everything for you.

You don’t even have to speak with the old agents.

If you want to know how to find a top property manager have a look at this…[Read more]

We just spent the weekend away on the Mornington Peninsula (Cape Shank) and as I drove through Frankston I remebered this post.

What struck me again is how Frankston is surrounded by more expensive suburbs to the north (city side) and to the south Mt Eliza all the way to Portsea. Frankston has been bypassed and values should rise becuase of the…[Read more]

Originally posted by noelsy:
i would like to manage my ip,s but i am unshore of how to organize rent payments,lease agreements and bond payments.Could someone explain the process of setting these things up.

noelsy

Noelsy

I’m not meaning to be rude or condesending, but the nature of your question suggests that you should not be manageing your…[Read more]

ED Chan of Chan and Naylor is a great property accountant. http://www.chan-naylor.com.au

I met him last year when we both spoke at the World Property Summit. I had a good opprotunity to get to know him as a person and he is a great guy but more importantly for you, he really knows his stuff

Michael Yardney
METROPOLE PROPERTIES
Author of Australia’s…[Read more]

Originally posted by woodsman:
Michael,

These sites in Frankston are they for development within the next 12-18 months? Or are they intended for a longer hold period before development?

Have heard some commentary that whilst good size blocks are available in Frankston in the price range you mention, the numbers re development do not quite stack…[Read more]

We have bought 4 development sites in Frankston for clients in the last year.

It has lots of potential as others have said. We were able to by fiar properties on 1,000 sq mt of land for $240K- $250K We will get development approval for 3 units on these sites.

Its a great area but you must pick which areas in Frankston you select and which…[Read more]

Nora
I have a great property solicitor in Melbourne. He understands property investment and development and helps a lot of our clients.

There are a number of reasons why I won’t post his details on an open forum, but if you email me at myardney@metropole.com.au I would be happy to pass on his name

Michael Yardney
METROPOLE PROPERTIES
Author of…[Read more]

We are obtaining builder’s quotes all teh time- we have 5 medium density developments out with buildrrs for pricing at present.

You price seems very expensive.

We DO NOT go to formal tender. Builder’s hate pricing tenders and charge considerably more for them.

If the tender is requested by an architect, then only certain builders with special…[Read more]

Originally posted by sansue6:
Hi I am just starting to get into a new project. I am in the process of buying some land to then develp some unit on it and sell.
However I am very new at this and need help in how do we come up with a profit margin and how do I know if the contractor/arch is giving me numbers that are fair as well as making a…[Read more]