Forum Replies Created
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 save you heaps of time, money and stress
Michael Yardney
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FREE subscription http://www.metropole.com.auHi 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
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FREE subscription http://www.metropole.com.auI 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 [email protected] and I will give you some names
Michael Yardney
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FREE subscription http://www.metropole.com.auThanks Louise
That first link is great
Michael Yardney
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FREE subscription http://www.metropole.com.auI 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 [email protected] and I will give you his details.
Michael Yardney
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FREE subscription http://www.metropole.com.auDespite 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 report:-
http://www.rentingmelbourne.com.au/html/s02_article/article_view.asp?art_id=109Michael Yardney
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FREE subscription http://www.metropole.com.auWhich state are you in?
Interestingly management fees differ considerably from one state to another.
Michael Yardney
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FREE subscription http://www.metropole.com.auYou 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 development project manager. Check out http://www.metropoleprojects.com.au
Our job is to assist you with all the answers, but I cna’t really do it on a forum like this.
Michael Yardney
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FREE subscription http://www.metropole.com.auOriginally 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 agents one day.
So I recon if you sit at home all day and have nothing better to do, then by all means manage your own property.
I agree with you, but I still stick to my comment that a good PM will add value.
Now I am biased because we own a property management company (www.rentingmelbourne.com.au) I am not an agent but Pam my wife is and runs the company with a team of 6 others. While our company is a licensed estate agency it does sell property. It only lease and manage them.
All property managers are experienced, and come from a real estate family background or have investments so they know how investors think.
It does make a difference.
But we are not the only ones. There are some great property managers out there.
Michael Yardney
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FREE subscription http://www.metropole.com.auPIA 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
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FREE subscription http://www.metropole.com.auYes 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 report:-
http://www.rentingmelbourne.com.au/html/s02_article/article_view.asp?art_id=109
Michael Yardney
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FREE subscription http://www.metropole.com.auWe 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 price differntial.
I would steer clear of Frankston Nth – there are areas in Frankston with better growth potential.
Michael Yardney
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FREE subscription http://www.metropole.com.auOriginally 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 own property.
Again I’m not trying to be smart – I am trying to be helpful. – You don’t know what you don’t know.
Part of my group of companies is one of Melbourne’s leading property management companies (www.rentingmelbourne.com.au) and I regularly see property managers who have had 2 or 3 years experience ask Pam, my wife and the director of that company,for help or advice over matters that occur daily.
Look for a good property and don’t be afraid to pay them 6-7% management fees . It’s tax deductible and a good property manager will add value to your property.
How do you find a good property manager. That’s not easy but have a look at this report. I hope it helps.
http://www.rentingmelbourne.com.au/html/s02_article/article_view.asp?art_id=109
Michael Yardney
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FREE subscription http://www.metropole.com.auED 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
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FREE subscription http://www.metropole.com.auOriginally 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 up in the next 18 months given current valuations of the new dwellings, but beyond that are much better. Is this a fair comment?
I agree with you. The numbers do not stack up well in Frankston for immediate development. BUilding costs are relativley high
But its a great area to “land bank” in -buy a house at close to land value and hold with a good return (better than most areas – $220 – $230 per week for a proeprty bought at $250K) The land will increase in value as should the end value of units we develop down the track – see current issue of Australian Property Investor.
Michael Yardney
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FREE subscription http://www.metropole.com.auWe 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 streets too.
There is a write up on Frankston in teh Feb API magazine
Michael Yardney
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FREE subscription http://www.metropole.com.auNora
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 [email protected] I would be happy to pass on his name
Michael Yardney
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FREE subscription http://www.metropole.com.auWe 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 insurance can price these jobs.
If you reuest a price in a less “formal” way than a tender, but still with tight specifications, you may find you get a better response
Michael Yardney
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FREE subscription http://www.metropole.com.auOriginally 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 contract that is good for both parties/or all parties involved.[blink] Any help would be appreciated as well as any directionIn which state do you live?
We provide a development project management service for clients just like you who want to become developers.
have a look at http://www.metropoleprojects.com.auMichael Yardney
METROPOLE PROPERTIES
Author of Australia’s leading property e-magazine.
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FREE subscription http://www.metropole.com.auI have placed some resources for beginning developers on one of our web sites.
One is a checklist we use when assessing a site for development potential.
Check it out at http://www.metropoleprojects.com.au
Go to Investors Learing Centre- site assessment checklist
Michael Yardney
METROPOLE PROPERTIES
Author of Australia’s leading property e-magazine.
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