Forum Replies Created
I agree that Nick Moustacas from http://www.strategicwealth.com.au is good and knows all about property.
You could also consider Ed Chan http://www.chan-naylor.com.au
there have been a few posts about him lately
Michael Yardney
METROPOLE PROPERTIES
Author of Australia’s leading property e-magazine.
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FREE subscription http://www.metropole.com.auOriginally posted by Dobby:Why not go for a simple family trust?
I skimmed the letter from Michael Yardney and all it basically said was that there were different trusts for different purposes. The majority of people on this site will be going for positively geared property therefore a simple family/discretionary trust would do the job.
I think it’s just a case of trying to patent something that they’ve done so that people think it is different.
Talk to any competent accountant and they will set you up with a quite valid family trust which will achieve the purpose of 99.9% of investors on this site.
Life is like a box of chocolates – you never know what you’re going to get!
Dobby what you say makes sense, but could I please make a suggestion?
You must “begin with the end in mind”
If you are going to be a long term investor, what will your property portfoilio look like in 10 or 15 years time?
Your positive cashflow proeprty may not be that in a few years after you renovate it or add value or develop it. Your negative cash flow property may turn positive.
What suits you today may not be the type of investment you look for tommorrow.
You may divorce, you hopefully will have 10 properties.
Look at Steve McKninght. He started with positive cashflow and then changed his investment strategies a few times. Thats what makes him a good investor.
You need to set up structures today that have the flexibility to suit your future as well as your current needs.
Michael Yardney
METROPOLE PROPERTIES
Author of Australia’s leading property e-magazine.
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FREE subscription http://www.metropole.com.auIn which state are you searching?
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.auThe PM will charge you the normal management fees.
When a proeprty becomes vacant and the find a tenant, they will then chareg an additional letting fee.
Being OS means you have to find a reliable proeprty manager – one you can trust.
Where is you property?
Aslo the body corporate does NOT cove landlords insurance. Your PM should help you with this.
Michael Yardney
METROPOLE PROPERTIES
Author of Australia’s leading property e-magazine.
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FREE subscription http://www.metropole.com.auOriginally posted by joshandboff:I am a south african, recently moved to aus to be with my partner. I have 2 properties at home (south af) and am thinking of buying another.
I would like to do some courses here in aus to learn the systems etc, that will allow me to invest here. Any advice, links or numbers would be much appreciated!
Any ideas about the hans jakobi course?
Hi and welcome to Australia
While I am a great advocate for seminars having been a keynote speaker at 15 this year, I would suggest you begin with some reading. This will give you the grounding you require.
I am going to recommend some old books but great ones that give sensible advice that have stood the test of time.
1. How to build a $10 million dollar property portfolio in just 10 years – by Peter Spann
2. Streets Ahead by Richard Wakelin
3. Jan Somers’ series of books
If you don’t currently subscribe to my monthly e-magazine I would suggest you subscribe to it. It is Australia’s leading property emagazine with over 10,000 readers each month.
I must also recommend my book “How to grow a multi million dollar property portfolio in your spare time” is currently with the publishers and will be out in March next year
Michael Yardney
METROPOLE PROPERTIES
Author of Australia’s leading property e-magazine.
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FREE subscription http://www.metropole.com.auOriginally posted by Pete&Jackie:Hi Everyone,
Does anyone have a property manager they can reccommend who deals with Moranbah or Dysart? Also an idea of the fees they are charging would be great.
Whilst on the subject of Dysart, has anyone much experience with the market there? What are people’s thoughts?
Cheers,
PeteWhile I can’t give you any names, I can give you a list of questions to ask when you interview them.
http://www.rentingmelbourne.com.au/html/s02_article/article_view.asp?art_id=109
Don’t choose a property manager on fees alone.
Michael Yardney
METROPOLE PROPERTIES
Author of Australia’s leading property e-magazine.
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FREE subscription http://www.metropole.com.auSome would suggest that buying properties in such small communities is very risky because you need demand to increase your rnetals and capital values.
What happens if you have to sell – who will buy it? Why would they want to?
Also any stats you do would probably be meaningless. You can’t really pick a trend on a few sales prices. Its not statistically significant.
Michael Yardney
METROPOLE PROPERTIES
Author of Australia’s leading property e-magazine.
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FREE subscription http://www.metropole.com.auOriginally posted by andymitchell:Hi,
If an off the plan development is selling 10 units at, say, 100K (theoretically).
Person 1 buys a unit at 100k.
6 months later, tough market, the developer drops the remaining 9 unit prices to 80k.
Can person 1 do anything to get any sort of refund? Or is it tough luck?
You are right….It is tough luck and nothing they can do about it.
Currently lots of people who have bought off the plan a few years ago are finding that as they are coming up to settlement time the values don’t stack up when the banks send a valuer around, even though lots of others paid similar prices a few years ago.
Nothing they can do.
It gets even worse…
Some are trying to sell their apartments rather than settle and we are in a slump – a buyer’s market so they discount, they reduce their prices just to sell and get out. This of course devalues every one else’s units.
The lesson… in today’s market you can’t count on a property boom to cover up your buying mistakes.
Do your due dilligence carefully.
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.auThere is an online service which allows you to estimate your depreciation allowance at
http://www.taxestimate.com.au/
I have no idea how accurate this is (I guess that’s why its an estimate.)
When you eventually buy your property you will need it to be done properly and that’s where Scott (DEPRECIATOR) will be able to help.
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.auOriginally posted by redwing:I’d disagree with Michael (and I repect him immensely) about it being the best book, as it gives an overveiw but no specifics…
however, thats just me..
I liked the book and would say its worth buying..but so are both of Dale’s books and Ed Burtons.
Michael
Any chance of getting Ed to comment?
REDWING
“Money is a currency, like electricity and it requires momentum to make it Effective”
Count The Currency With This Online Positive Cashflow CalculatorYou are correct it was a bold statement to say its the best book. I must admit I forgot about Dale GG’s 2 books which go into much more detail.
Ed’s give a good overview.
With regards to getting Ed to comment, I know he is busy and does not contribute to this or other forums.
I will make him aware of this thread.
Michael Yardney
METROPOLE PROPERTIES
Author of Australia’s leading property e-magazine.
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FREE subscription http://www.metropole.com.auOriginally posted by katfrat:Thanks everyone for your replies.
Very informative. Thanks Michael that report is fantasticYou are welcome
Michael Yardney
METROPOLE PROPERTIES
Author of Australia’s leading property e-magazine.
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FREE subscription http://www.metropole.com.auWHich State are you in?
I can recommend some engineers in Melbourne
Michael Yardney
METROPOLE PROPERTIES
Author of Australia’s leading property e-magazine.
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FREE subscription http://www.metropole.com.auOriginally posted by vernon:Hi,
I am looking for recommendations for a good property manager in WA. Especially one that can get good tenants for rental of a house.
Thanks [biggrin]
Don’t choose your property manager on fees alone.
Herer are some other questions you can ask – just click on the link
http://www.rentingmelbourne.com.au/html/s02_article/article_view.asp?art_id=109
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.auOriginally posted by katfrat:About to lease our 1st house.
What questions should i be asking PM’s when interviewing them for the job.
Thanks in advance!!Don’t choose a PM on fees there are mnay important factors to consider.
Ivé discussed many of them in this report.
http://www.rentingmelbourne.com.au/html/s02_article/article_view.asp?art_id=109
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.auYou will find that your lease will stipulate that the tenant must recify any damage they have caused and do so at latest when they move out at the end of the lease.
I think you should get this rectified NOW. Of course if they don’t rectify the damage they have caused, you may be able to take them to the tenancy tribunal.
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.auOriginally posted by redwing:So is your initial post then Michael as you mention the Investing Course???
We are foundation members of the PIAA – Property Investment Advisors Association whcih is hoping to be the self regulating body.
It also has also launched the first proeprty investment course
http://www.theage.com.au/news/business/property-investment-course-a-first/2005/11/14/1131951100063.htmlHopefully things are changing for the better.
Michael Yardney
Anyhow…
I think the PIAA is a step in the right direction at least, keep us posted.
REDWING
“Money is a currency, like electricity and it requires momentum to make it Effective”
Count The Currency With This Online Positive Cashflow CalculatorThe most inetersting think about my post was how many typos there were.
I shouldn’t be on the computer so late at
noghtnoughtnight[biggrin]Michael Yardney
METROPOLE PROPERTIES
Author of Australia’s leading property e-magazine.
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FREE subscription http://www.metropole.com.auOriginally posted by Dr.X:Hi Mike,
Maybe someone should step in and regulate real estate agents giving investment advice, they are the ones that cause the most trouble?
Most of them wouldn’t know what an investment is if one jumped up and bit them.
We buy properties in Adelaide. Immediate Cash Settlements, No Agent Fees.
[email protected]
phone 0412 437 582You are right – most don’t know any thing about investment properties, don’t own one and never will. Yet they give advice and predictions on future values.
They will be caught under the proposed new goovernment regulation and will need much more than a real estate agents’license to give proeprty investment advice.
Michael Yardney
METROPOLE PROPERTIES
Author of Australia’s leading property e-magazine.
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FREE subscription http://www.metropole.com.auRedwing,
NO the article is mis leading – it is for property investment advisers
Michael Yardney
METROPOLE PROPERTIES
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FREE subscription http://www.metropole.com.auOriginally posted by Dazzling:Hi Mike,
First off I respect your knowledge and experience in the property field. I believe I could learn alot from you. Please don’t take my comments as disrespecting you personally.
I’ve seen some self regulated, registered, licensed examples and the amount of shonks would probably be greater. I’m certainly not convinced it’s a good thing.
Self regulated commissions / associations / committees / foundations and any other big words ending in “ions” are usually just a little harder to scrutinise as the club or pack mentality gets going. The ones with vested interests who like controlling which way the rules are bent to their advantage are ALWAYS the ones who jump on board the bandwagon first and try and stand out as being squeaky clean.
No implications intended, but I’ve come across quite a few dodgy REA’s and Fin. advisers in my time who were all highly educated / decorated / qualified / licensed / authorised and approved. The walls were covered with self congratulatory certificates, which are absolutely fantastic to prove how wonderful and non-dodgy they really were, despite their appalling practices.
Grumpy 70 and 80 year old men with 60 years experience in property, with not a certificate in sight, would generally run rings around these younger pups dressed up in suits and ties with stamped and signed bits of paper coming out their wazoo.
Govt departments being what they are, cannot operate without flimsy bits of paper, and hence the proposed up and coming association will probably flourish.
Red tape and compliance fees will go thru the roof.
What’s my alternative you ask ?? How about consumers of these current property advisers actually stand on their own two feet, grab a bit of “I’m fully responsible for my own actions and decisions” and scrutinize everything they are told…no “trust me – I know” type stuff.
Most importantly, don’t keep running to consumer protection depts and lawyers when their complete lack of due diligence results in them taking a bath on some deal that was either totally inappropriate for their needs or way out of their league to start with (eg risk profile / scale).
Would you agree with any of the above points ??
Simple answer…
YES -I agree with everything you say
More regualtion or more paper work is not the answer, the shonks will always find a way around it.
WHat it may do is stop some of the get rich quiclk seminars.
I fully agree that people should take responsibility for the decisions in life including their investment decisons.
But people will be people and they keep getting sucked in my fancy marketing. They get greedy – but we all do at times, don’t we?
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.auOriginally posted by redwing:Hi Michael,
TAFE in Perth and Adelaide have been running a property Investors course for a while now as well as a Real Estate Agents Course (REA Course would be in competetion to REIWA).
However, In saying that I wish you all the best..keep us up to date with the PIAA – Property Investment Advisors Association; is it going to be Australia wide?
REDWING
This course is not for investors – it’s for advisers.
Thanks for the good wishes, but I am not running or organising anything – the PIAA needed funds and names to form a cohesive indutry body and we gave it our support.
Other members include Becton, Mirvac, legal firms, financiers estate agents and proeprty marketers.
I’ll keep you up to date.
there web site is http://ww.piaa.org.au/
if you go to http://www.piaa.net.au you get the pet industry association
I’m not sure which one I should belong to [biggrin]
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
