Forum Replies Created
Hmmmmmm….5 posts ..your approach being to ‘spam’ the same question on every single topic category. Well, it doesn’t make me 5 times more likely to reply, that’s for sure.
” im currently reading steves book 1 to 103 properties in 3.5 years, “
honey, that’s 130, not 103.
Lesson number 1: You need to pay attention to detail. If you just swapped a couple of digits by accident or through carelessness on a property deal, it just potentially cost you 27k.
” im currently reading steves book ….but i think i need some more info”
um, yeah, ‘the rest of the book’ would be a good start.
just keep on turning the page…Once you finish the book then you may even find the ‘info’ you need was already there. There’s a second book, too, which is well worth reading as well.
Also if you finish the book you will be a lot closer to being on the same page or at least a bit closer to knowing what questions to ask, and more specifically what ‘info’ you require. If you feel that you are generally a bit lacking, then I would recommend attending a seminar, not only for the live info but for the chance to network with investors who are already doing it.
Lesson Number Two: Do your homework
“so if any of you guys and girls could email me some info to (email address)”
sheesh, don’t give out your email address like that because worms or whatever that trawl sites will spam you and it will not be pretty. if you must, then use the word ‘at’ rather than the @ symbol. This site has an automatic function where people are able to email or PM you anyway, so it’s not really even necessary. don’t they teach you guys that stuff, like internet protocol, at school?
Lesson number three: Be careful what info you give out over the net, especially when you’re new
Anyway, this is a forum and people reply here, they don’t email you ‘info’.
“it will be very much appiciated.”
Ahm, so you can’t spell good and you accidentally mix numbers up now and then. But luckily, there’s calculators and spell-checkers these days, so there’s no excuse really. You would do yourself a big favour if you learn to communicate a bit better.Lesson number four:
There’s no rule that you have to spell and communicate well or be good with numbers to invest in property, or be a certain age, but there are some things you can’t do anything about and others you can. You could definitely lift your game a little in those areas if you want people to take you more seriously.joy to the world
yack, good point,
never thought about the tax thing…pete bell, you nailed it though,
“I have never paid any interest on the card anyway.”if you are that good with credit cards then yeh it’s probably worth paying $200 a year cardholder fee or whatever it is, for 30,000 worth of points – though you’d have to spend 50k on the card to get 30,000 points. $1 for 1 point up to 10k and then $2 for 1 point.
Then as you said Pete, even 70,ooo points are only worth $580 – the bank said so.
Recently I was flying a friend over from NZ. It cost me $99 each way. So I reckon points (30k points being worth a 489 airfare ) aren’t worth it unless you particularly want to fly Qantas not Virgin. Also it seems like whenever you want to use your points like school holidays or Christmas, there’s either a points black-out (like over Xmas) when the airlines charge as much as they want (800-1000) or else the handful of frequent flyer tickets they may available are already gone. So you save them up and then you can’t even necessarily use them when you want. So basically I haven’t missed collecting points off my credit card – I already have so many just from flying around on tour etc
joy to the world
” higher interest rate would have bought the same amount of air travel anyway. I would rather have the cash instead of points.”
yes indeed!!! Pete Bell. My partner and I sat down one night and calculated how much you have to spend on the card to make the 30,000 points that gets you a free return trip to NZ worth 489 Qantas. The points are honestly not worth it and you are paying for them whether you know it or not.
Credit cards are great but 8.99 percent, 10.99 percent minus the points, or 17 percent with, and I know which I’d choose because I’ve done the numbers!! Check the yearly account fees too and deduct that from your ‘free’ airfare too – the points cards cost loads more per year than the non points cards.
cheers-
Barbjoy to the world
Ooh….go the gossip train….
gossip confirmed!
You heard it here first!
joy to the world
Oops! Really! well best I immediately cancel the late-night tv advertising campaign then…hehe
joy to the world
Hi there!!!
Of course you don’t need a licence to get a ‘spotter’s fee’ – provided you are not breaking the law.(and whatever ‘spotter’s fee’ might ‘legally’ mean is probably anyone’s guess!)
This means you might not be able to operate as a buyer’s agent, or do anything as agent – but you may be able to ….
a) get, and onsell, an option on a property
b) charge a client for research
c) charge a client for ‘property consultation’
d) charge the client for the contact information of a vendor, so that they may directly sign up the deal in their name – i.e. you verbally or theoretically negotiate the deal. Of course you need a vendor you can trust!
e) flip
f) flick
g) start a dating agency, where lonely vendors can meet their true loves – a purchaser – and charge for your ‘dating service’ok starting to kid around, but you get the picture. And BTW, feel free to put Fair Trading NSW on to me!
cheers-
Minijoy to the world
Oh yeah, I have this other story. OK this bigtime Aussie ‘household name’ promoter was putting on this big show in NZ which ran for months.
I was on the production team and – this was on the first day of casting – there were Yanks over from the US, and this whole big dealio thing was going on which I was amongst – anyway so at one point this big Household Name promoter (“H”) was asking me if I knew anyone he should audition for the lead role as they still didn’t have their lead role and needed someone with a great deal of personal power – ‘Mana’. So I told him of someone I knew who was amazing and had the right qualities. “what does he look like?” “well, he’s imposing, 6 foot 4, Maori…”
“I’m not casting a f*(*(*(*(* Maori”, said ‘H’.!!!!!!! So guess what I said!!!
I said: “If I went to the papers with what you just said, you totally wouldn’t have a show in NZ, people would just boycott it, and you would so never be able to do anything in this country ever again.”
(which was completely true – the NZ media would have had a field day : “racist Aussie promoter booed at airport”.!!!…..)
ha! He was really really mad!! and I nearly got arsed off the show!!! but then this genius person who was also on the creative team (who hired me) went to bat for me. (I wouldn’t have cared anyway, I was so fired up with righteous indignation.)
So anyway they didn’t end up casting a Maori as the lead, but they did cast a Samoan as the second lead, who was brilliant, and altogether they did end up with a really great and diverse cast that had the right sort of ‘visual contrasts’. OK it was still a bit dodgy cause all the good characters were white and all the baddies were black, but hey, I can’t change the world on my own.
And I stayed on the show, and actually noticed that ‘H’ had an unspoken respect for me after that. He’s actually not bad company, if you like that sort of thing. (an acquired taste!) I even got invited to dinner at his house once, then ended up coming to Aus and working for him here for a few months even. So it all worked out plus I felt reallllllly good that I stood up for my beliefs.
joy to the world
the short answer is ‘yes’, they are shockers, and it’s worse in Q’land.
BUT I don’t know if the answer would be ‘yes’ if I grew up here. Then it would be like, “huh? Compared to what?” And if I grew up in the US or South Africa, then it might be ‘no’ (though that’s debatable) – by comparison. But, compared to what? The United Nations?
Guess what, there’s no country in the world that’s not racist or bigoted in some way. Even saying a country is racist is.. ‘country’ bashing, which is bigoted…so that’s therefore hypocrytical.
OK, let me try that again…. I have heard some shocking racism here which I have never heard anything like in NZ. Against aboriginals, and also other ‘races’. First week here overheard: get off the road you f^^*&^*&^ &(*&(*&(*&.
etc etc.In regards to racism against other ‘races’ – I blame the media for the hideously biased ‘press-releases’ passed off as ‘news’, meant to divide the world and create “baddies” – so that any person of the same race as that week’s world news baddie is the victim of mistrust and racist judgement on a mass scale. Sheesh, I feel so bad for them!
I’ve heard shocking racism here against the aboriginals. OK, you only have 1 percent indigenous people, and the country is vast and they have a zillion different languages ( learned this when I wanted to learn how to say ‘hello’ in Aboriginal!!) and so because of the language thing and the geographic separation thing it’s harder for them to vote/act/decide as ‘one people’ I guess, and they don’t seem to be integrated so much into every strata of society as the Maori are in NZ for example, and historically people haven’t been so kind to them, and there was no treaty and no ‘sorry’, BUT, here’s the hopeful part, that really could change extremely quickly if the country put their mind to it and made it a priority. I find it hard to comprehend the aboriginals here – what it means to be one, the culture, what they want, what should really happen ideally, etc, simply because I have hardly ever met any. Maybe only 3 or 4 during the entire 9 years I’ve lived in Aus. Like, where are they all?
Ok, they’re sitting under a tree in Adelaide at the park, and they’re at Gove hanging out at the airport, and they’re doing a cultural show at Byron Bay, and they’re blocking off the street in redfern the other night when I was driving with a friend, but where are my aboriginal friends and neighbours? I wish they would come out and play so I could get to know them better.
joy to the world
hi woodend!
>1) Am I better to use an existing Oz a/c for >rents or open an NZ bank a/c in respect of fees >etc?
I reckon open a NZ account with a hole in the wall card. Then you can get $$$ out when you need to in local currency. Or leave it there in the bank in local currency for rates, etc.
Don’t know how easy it is to open a NZ bank account from here, as I did it over there, but perhaps there is some package deal you can get with your mortgage, i.e. credit card, that would work as well>2)How do you pay tax on NZ income?
Really a question for a NZ accountant who will assess your taxable income in NZ. There will be tax profits at a non-resident rate, which I think is 30 percent. However even without a depreciation schedule there are write-offs you can do so your assessed taxable income may not be the amount you actually received in rents. Anyway after all of that, you bring that ‘income’ in on your Aus tax return as tax-paid dollars, i.e. you will not have to pay tax on it twice as NZ and Aus have a reciprocal arrangement. OK I am talking unqualified hearsay disclaimer disclaimer disclaimer etc but this is what i reckon is what you do. my Dad is my accountant and he does my tax return in this way.Then he sends that to my aus one. NZ tax year is one month sooner than Aus one, so nice and easy.
>3)Is there a cooling off period on contracts of >sale?
kinda not, but then NZ contracts are generally signed up with one or more conditions. i.e. subject to this that and the other (Lim, builder’s, tenancy, due diligence, partner’s approval, solicitor’s approval, valuation, etc etc) with a deadline to satisfy the conditions (get 2 weeks at least if you can.) So you use a condition to ‘get out’ of a property you don’t want to go ahead with for any reason not satisfied in the clauses.cheers-
Minijoy to the world
“how to do due diligence”
Ooh, I’m pretty good at that. So my method is…for the town, use the internet to find stats on growth, business, etc or buy the data you need – you can even buy an analysis of a postcode, or prices of recent sales in the same street, etc.
know what prices are doing now, what they did recently, for the last 1, 5, 10 years, then you can make your predictions on what you might think they might do in the future. for example you might find out a big factory is going in down the road and creating 1400 jobs. so… just find out all that kind of stuff. or conversely if a major employer is laying off or closing or just closed etc. get a good picture of the place’s prospects for the future.next the tenant, rental demand in the area, rentability and appeal of the property etc – spend the day on the phone and ring up every rental manager in the area and suss them out. how many do they manage, what’s the street like, how many vacant, prices, demand, just get them talking and ask lots of questions and keep thanking them loads. etc.
numbers- not so bad. use a calculator…it;s basically just how much does it earn per year minus how much does it cost per year. steve’s product buyer beware has detailed worksheets you can fill in with a calculator so you don’t miss anything and can analyse each deal. honestly if you do it the slow painful way for a few times you’ll soon be able to do it in your head!
Do the numbers on the best case and the worst, and the difference between the two numbers is what you’d have to pay in if things went horribly wrong.
analyse a few different deals, i.e. different deals all over Aus. the more you analyse the more you’ll get the hang of it.
can’t think of anything else right now other than GET A BUILDER’s report about the structure, which will fill in a whole load of gaps.
joy to the world
Hi yack, I actually watched some of those kinds of deals that people like steve and westan bought in os for 26k and sold for 90k. have they gone down in value since then? No, they’ve held. Now, in those markets where 26k used to be the bottom of the market, the new bottom of the market is 90. I’ve observed that there is ALWAYS demand at the bottom of the market, even when the median and tops come off the boil. That demand comes not just from CF+ve investors (that’s where the deals seem to be) but also from first home owners.) Basically every up and coming area zooming up in value today was yesterday’s bottom of the market area.
The reno kings spoke of it, and sammy davis jnr’s advice was ‘buy on the edge of town’. It’s my theory in different words – the cheapest stuff is the stuff that’s going to go up in value the most, not the (overcapitalised) brand new stuff built in today’s dollars.
In some towns in NZ where I bought for around 20 the bottom of the market is now 50. Agents tell me that anything under 50 or even around 50 is just being snapped up – that’s the deal that everyone wants – that price-range. So there are more people who want a house or a deal for 50, and less that want a deal for 60, still less at 70, and so on.
Interesting eh. So I reckon that the bottom of the market out-performs the market. Even in Sydney you can compare what the highest priced properties and suburbs doing with what the lowest priced properties in those suburbs are doing, and you’ll see it there.
yes, CG can fast-track your wealth but CF is the way you can afford to buy in the first place. And I believe that buying a CF+ve property priced below the median price (not necessarily saying buy the absolute cheapest thing on the market, but something in that ‘layer’) – is always going to be a good investment because that’s where most of the demand is always going to be.
Unfortunately, until we have more wealthy people than ‘poor’ or average, that’s the way it’s going to be for the next while.
I would totally be open to partnering with a bird-dog on the ground that could find, photograph, inspect, and research great deals for us, even if that was in Australia (we currently specialise in NZ CF+ve deals.) hey, a deal is a deal – if it is a good deal, and you can authoritatively explain why with data to back it up and photos, i.e. find deals for us here with all that entails, then I am sure we can create a method of bird-dogging that is compliant with the laws here just as we have in NZ. And i KNOW from the amount of posts asking ‘where are the CF+ve properties?’ that there is demand.
Of course CF+ve properties are not the only sort of good deals, but it’s the +ve geared ones that are rare so we’ve proven that investors are prepared to pay to have good deals bought to them.
email me if you want to chat further.
cheers-
Minijoy to the world
“how i can make money easily and happily with no stress”
Oh! i know the answer to this one!
Do something you love!
Yeah!
Then….the passion for it means you put in the necessary ‘work’ (though it’s not work cause you love it!) – and then the money is as you say easy and happy with no stress.If you are not sure what you are interested in or what you love, then first read the book by Barbara Sher ‘I Could Do Anything If I Only Knew What It Was’ – I have referred many people to it that it has helped.
For example even if ‘wealth creation’ is your passion there is property, shares, and building businesses and many many variations even within those asset classes. if you were passionate about shares for example why not paper trade online for 6 months, and if you are making money and can show someone records of the ‘virtual’ money you made, I am sure you will be able to get an adult to partner you and assist you with legalities and maybe a small amount of capital – to start doing it for real. That’s only one idea but you get the picture.
Just pick something you are interested in.
joy to the world
Hi Tim,
yeah I think weatherboard has a higher appeal than fibro. Aussies should remember that there are no termites in NZ. There is borer but they are no problem really as they eat very slowly and you can borer bomb the house for $25 from the local hardware store. Having said that, though, I have a fibro house which is a brilliant rental, my best performing investment actually. worst house in a good street. I had a builder’s report done. My one is dated around 1965. The builder’s report came back asbestos. Eek, I said, but the builder said ‘absolutely nothing to worry about unless I want to change the stucture, asbestos lasts for ‘donkey’s’ and he reckons it would last another 20 years no probs. You can even paint it no probs it’s just that you wouldn’t want to drill it, saw it, etc or otherwise disturb it.
Only a builder’s report will be able to tell you what you want to know about your particular property though. Spend the money and sleep easy.cheers-
Minijoy to the world
Hi there,
we used to have frequent flyer credit cards 15-17 percent interest) but we canned them in favour of
10.99 percent mastercards. Basically, you’re paying for the points in another way.
I would imagine the mortgage scheme would be the same. the half percent or whatever extra basically is the cost of them doing the points thing, passed on to you. Maybe you can work out how many points you’d make and what that’s worth.cheers-
Minijoy to the world
hi there,
>1. How do you price yourselves…set fee,hourly >rate etc.?
all inclusive set fee. Including helping the client through the entire due diligence process to unconditional, as well as finding, inspecting, negotiating, and tying up the deal in the first place, which we do on spec.
>2. How do you find your customers?
Clients found me – for the last 18 months when everyone was wingeing ‘where are the CF+ve deals?’ I was trying to yell from the mountain tops ‘IN NZ!!! I’ve just bought three properties with 20 percent yields!!’ So then some people approached me privately and said ‘can you find me some of those?’ Ironically now there are more people than ever wanting deals and great deals are much harder to find (though if anyone can find them we can! -) because NZ is so popular now and there is much more competition for deals than there was 18 months ago.> do you only find property deals
at this stage, only NZ property deals. It’s my area of expertise and interest.
>or do you also find wrap clients? or both?
No, I have neither an interest or experience in wraps.>In my profession I come accross potential >wrapees, but dont have the ability to wrap them >myself at the moment.
>Anyone with suggestions on how to turn this into >a deal?Yes, find a money partner, as in, a joint venture. 50 percent to the person who does all the work and 50 percent to the person who provides the finance is a way you could do it.
cheers-
Minijoy to the world
yippeeee, good for you. Yeah I should have probably had minimogul on my name tag not my real name. hehee
joy to the world
My insights:
yeah, accountability – finding someone to be accountable to. That’s what the mappers had in Steve, but that you can create that yourself.
Without the accountability it’s too easy to say you’re going to do something and then not do it, forget, get lazy, get scared, get distractedmaking a goal.
I realised I have been investing away never having made one, and that because i haven’t made one, I don’t have any kind of ‘this much by this time’ benchmark so therefore have been dribbling along more slowly. really must do that…the venn diagram about the three things that when they intersect mean you are ‘in the zone’ with your investing. won’t be a spoiler for those who have yet to go.
I loved meeting some of the people off the forums too.
Steve was in great form and you really felt like you got to know the person behind the info, especially in the afternoon session.
cheers-
Minijoy to the world
Yeah, Aussie rocks. I am even picking up the twang (so the Kiwis tell me) after 9 years living here.
my holiday plans? Well the 13 year old skiing star in our midst is off to Europe to compete in his first international ski-racing competitions (slalom!!!) with the Queenstown Alpine Ski-racing team, for the winter season. Unaccompanied by us to boot. So the need to take a long and action-packed summer holiday is somewhat diminished. So instead this year my partner and I think we will probably only take a week or so off for Christmas – I’ll come back to rock out in Lorne for NY eve and then get back into work cause I have a big project to complete by the end of Jan.
I’ll miss the usual month in NZ though, last year we hired a villa on the beach with 11 friends which was a blast.joy to the world
I agree, but every property I have ever bought or bird-dogged has been a property someone didn’t want, for whatever reason…..
joy to the world
