Forum Replies Created
Hi MarkyMark,
In answer to your questions:
Monthly statement detailing all financial aspects of the property?
Yes, including original copies of invoices/receipts of repairs carried out by tradespeople on the relevant IP.Do any of you guys acquire a copy of the “Residential Tenancy agreement” for each property?
Absolutely!!! As a landlord it is your legal right to this information. It basically just details the name(s) of your tenant(s), the length/term of the lease and how much they will be paying you.Hope this helps.
Jo
Hi Geo,
Thanks for your vote of confidence!!! Many of the properties in these areas will not stack up against the 11 second rule, and as such may not be in effect be +CF. However, there are still a few that can be classed as +CF if you look hard enough. But prodominantly I did not nominate them for that reason, moreso because they are still good value.
If you specifically seek +CF (which was not what I thought Marisa was asking) I would thus add Frankston North (which I excluded originally from my list) as there are still some great buys there if that is what appeals.
Marisa, sorry I didn’t mention any in my first post, but as for interstate properties, I would estimate that growth will be experienced in regional pockets of WA, Tassie and certain parts of Qld.
Cheers,
Jo
I am not disputing that in the slightest JetD; no question about it.
I have no fear of being “tracked”; although I do go to great lengths to protect the women I work with; but that has nothing to do with whether the IP can be identified. As I said; I have no objections if people wish to question my IP address, or if they take it upon themselves to investigate; the only person it will lead back to is ME and I will be the only one who has any explaining to do if there is anything amiss!!!
Cheers,
Jo
Reservoir
Heidelberg West
Whittlesea
Frankston (excl. Nth)
Carrum DownsAll these areas (in Melbourne) are/have been undervalued for some time, however (according to my crystall ball) should experience good growth in the next decade.
Why would I buy there….still very affordable, why else???
Jo
Hey why stop at movie tickets???
Why not dinner and dancing???
I can just read the rental agreement, landlords sign here:
“you wine and dine, and I’ll pay on time”!!!! [laugh4][laugh4][laugh4]
Fair comment Desk Top,
Guess I read your post as being adamantly “sold” on the idea. If nothing else, posting your question may have forced you to look closer at your venture, and in so doing has alerted you to possible dangers in such purchases.
Good luck on your decision.
Cheers,
Jo
Hi Desk Top,
Sounds to me like your mind is made up, and you are sold on these apartments already, and if that is so, why are you asking our opinion???
Generally if I am that confident about a purchase, I don’t need anyone else’s view on it. Maybe you still have doubts???
Jo
Hi Luckyone,
Sadly NO [glum2]…it was my first property purchase, and I was self-managing, probably because I was still young and niave; and believed that people generally will do the right thing. Which in many cases, they do, but one should never “assume” such, and therefore landlords insurance is a MUST HAVE!!!
I have it now, and have done so ever since that experience; would not be without it (or a PM) today!!!
Cheers,
Jo
Hi Piper,
Firstly, welcome to the forum!!!
As a fellow Victorian, I can tell you that the PM fees vary from suburb to suburb, and I would imagine differ greatly between regional and rural areas.
Nonetheless, my IPs are Melbourne (suburbia based) and generally the fees in these areas range from 5-7% but you can negotiate less (say 6%) or if (like me) you offer more than one property they may agree to 5% (plus GST).
As for selling…..I generally pay the REAs 1.5% commission, however it varies on the area and the market value of the property. Obviously, the less valuable the property, the less the agent will make, and as such the less likely they are to negotiate a lesser commission. The most I have ever paid was 2% but that was on an 900K+ property and I got the advertising thrown in.
Can’t help with commercial properties,sorry not my area.
I guess the bottom line is NEGOTIATION. There is no harm in asking, and who knows??? they might even say “yes”!!!
Good luck,
Jo
Jet/Kay,
The IP address is a good thing to identify users, and if you check mine (which you are more than welcome to do so; I have no objection whatsoever) you will find it pops up everywhere, on this site and others.
Do I have a mutliple personality disorder; on the contrary!!! There are other users who share my IP but they are not me, and/or vice-versa.
I will leave it there I think…but please feel free to PM me if you want to know more; I will not discuss it publicly!!!
Jo
Wow….slow down boy!!!
Website??? With pictures??? [shocked] Ummmm…definitely not possible!!! Confidentiality is a BIG issue, not only from my perspective, but for them too, even the women are not allowed to tell their “friends or families” where they are staying, as there are many women (and their children) in hiding from their abusive spouses!!!
As for how many come to the refuge, it varies some weeks there will be more than others; I am not certain of EXACT numbers, as (up till now) have not been there everyday.
My work at the refuge has always been voluntary, I don’t get paid; my choice. I still see people at home, that I do get paid for, but as for the refuge, seeing these women recover is payment enough!!! Heavens, I’m starting to sound like Mother T [lmao]….better stop there me thinks before people start worshipping!!!! [lmao]
Jo
Thanks Geo,[blush2]
I can tell you one thing for sure, facing these women is very humbling; when you see their battered faces/bodies you soon come to realise that what you have is sooooo much more, and (if you’re not religious) you at least come to a better place within your soul.
It is definitely the most “rewarding” work I have EVER done, and if it means sacrificing my time, then it is a small price!!!
Only real sadness though, is that many of them go back to their abusers, thinking all will be better “this time” only to return to us in a few months, worse than before!!! That part is sooooo FRUSTRATING!!!
Oh well, today is another story…….
Jo
How many hours do I “actually” work???
Hmmmmmm….well it used to be about 10-15 hours (from home) but now I’ve taken on a more active role in the Women’s Refuge and that means anything up to 30 hours (sometimes more, but certainly nowhere near 50 hours; I don’t think I could survive that these days)!!!
Normally, most would say an increase in hours is a bad thing, but I am quite happy about it, and enjoy giving my time to these women who desparately need support to get them back on their feet. I am “on call” 7 days a week too for when they get new arrivals, and although getting a phone call at 2am can be tough, when you are face-to-face with these women, you see their suffering, you forget the time, how tired you are or that your hair is sticking upright like a parrot’s!!!
So yes, as many have said before, work can have its “rewards” and the transformation of these women makes it all worth it!!!
Jo
Hi Mark,
I only have three words for you…FORGET PROPERTY INVESTING!!!
Obviously, you don’t like the idea of wrapping, you don’t want to be “bogged down” with a mortgage or sit around waiting for the next boom; so am I correct in thinking you want a “get rich quick” scheme??? If the answer is yes, then maybe you should look at other vehicles.
Either way, all the best in your decisions.
Jo
Hi Sooshie,
Firstly, hope you mum is well.
Secondly, if it is the backpackers hostel I am thinking of (inner city suburb Melb) this block has been on the market for yonks!!! Seems the price is too steep. Good returns but big outlay.
Cheers,
Jo
Hi Ko_starr,
Firstly, welcome to the forum!!!
Positive cashflow (geared) = income minus expenses equals money left over (surplus)
Negative cashflow (geared) = income minus expenses (insufficient therefore) + money needs to be added to cover expenses
Equally, a neutrally geared property is one where the income and expenses balance each other out, and there is no profit or loss made.
A negative geared property can become positively geared, and vice-versa, over time.
Hope this simplifies it enough for you.
Cheers,
Jo
Originally posted by Greg F:My wife and I’ve enjoyed almost 100% occupancy on our numerous IP’s over the past 20 years or so because we follow a couple of simple rules:
1. Charge market rent whenever you can (“make hay while the sun shines”) BUT…
2. DROP THE RENT $20 BELOW MARKET PRICE WHENEVER TENANTS ARE HARD TO FIND. (We find 15% reduction is usually enough to get a tenant)As long as you’ve geared your IP’s to be able to comfortably drop rents in the short term, there is no long term pain.
[medieval]
NOW WHO’S THE WISE ONE????? [blink] Too true Greg!!!!Fantastic strategic planning there Greg (smarty pants)!!! [rolleyesanim] No wonder your vacancy rate is NIL!!! [thumbsupanim] Sadly though, not too many investors factor in vacancy rates when they are crunching the numbers (to purchase). I usually allow for 25% vacancy throughout the year, and thankfully (to date) this has never been reached, having (like you) had a 100% occupancy rate in over 23 years!!! Homework pays off; anticipate the worst and make the appropriate allowances for trouble times!!
Jo
Welcome Back Geo,
I remember you briefly from when I first joined, and it’s nice to see your name pop up again after so long; especially seeing as you’re a fellow Victorian!!! [medieval]
Cheers,
Jo
Yes Robo,
I believe so. That is, you can move out of your PPOR, choose to rent it out, not buy another PPOR (but pay rent from someone else instead) for up to 6 years, provided you do not purchase another PPOR in that timeframe.
Cheers,
Jo
Yes Ricksters,
It is possible!!! When you pay enough of what is owed on the property (principal) that any of its associated costs (insurances, rates etc) become less than the income (rental) it generates.
Cheers,
Jo
