Forum Replies Created
Watchya waitin’ for boy, run for them thar hills!!! [blink]
[grin]Sorry Luke (couldn’t resist) [blush2]
There is so much information in libraries, internet and virtually any RE type of publication that talks about property cycles, booms, busts (no not female anatomy!!!)[blush2] and such topics.
Any book by Jan Somers, Peter Spann, Steve McKnight and so on (the list is endless). Do a search on “books to read” and you will find many recommendations on what is good value in the way of investments.
As for not having any idea, heck man, do you think WE were all born with this knowledge; it was taught to us by parents, authors, speakers (at seminars), mentors, friends and family.
Don’t worry if you don’t know where to begin….YOU ALREADY HAVE…simply by visiting this forum and reading the posts, and if you keep it up you will find an array of wonderful people, with diverse opinions and great information sources.
Welcome and enjoy!!! [biggrin]
Jo
Originally posted by Nads73:Can someone please explain to me what they mean by “you need to get creative” to find a cash flow property. I am guessing this means to add value to a property and increase the amount of rent charged? Am I on the right track. I would appreciate if someone could assist.
Assist in what exactly?? It’s about using your imagination; doing what you think could help add value (as you correctly understood it). Examples like a repaint, updating tired/dated kitchen cupboards, cosmetic improvements that will appeal and attract potential tenants.Also, for all you accomplished investors out there. When looking for a cash flow positive property do you only look for properties that are currently tenanted out or do you go by the likely weekly rental income and look to find a tenant asap. I would appreciate your comments.
Not just cashflow positive chasers look for the criteria you have detailed. Investors on the whole tend to look for properties that will rent well and in which prospects are good, evidenced by researching the current rental market of the given area of same.I don’t think it really matters much whether an investment is currently tenanted or not, but if you want to make your repairs tax deductible it is best that the property is currently tenanted when works are conducted. Certainly if the property comes with tenants onboard great (provided they are agreeable to the investor) if not, you may need to ask why it is vacant and how long you anticipate it will stay that way; that is, is it in need of repair to make it tenantable?? what are vacancy rates like in the area (and/or for that type of property)?? and so on.
All of this has a bearing on your strategy. If you are predominantly ONLY focussed on cashflow then I guess you may well not be phased about anything else aside from rental yield, after all, that is your source of cashflow, but you will need to consider other expenses that will impact the net amount in your hand (ie. council/water rates, land taxes, insurances, loan repayments etc).
Hope this helps,
Jo
Zip!!!
Rule #1 NEVER EVER take verbal agreements as gospel, whether this be for a trade, service, or even a condition of employment. Unless it is in writing, it is purely and simply heresay!!!
The tradie could argue that he misheard the dimensions, you misunderstood him and 1001 other crappy excuses to get out of it, and there is absolutely NOTHING you can do short of taped recorded evidence, and even then that is not always permissable in a court of law.
Sorry Tim, it’s been an expensive lesson, and a mistake I’m sure you probably won’t make again.[blush2]
Cheers,
Jo
$30 + a bit of labour, really??? [blink]
Thanks Derek (trust you) [tongue]
Heck if that’s the case, LizardKing may I suggest you shake the vendors hand on settlement day, tell them it’s their shout for a counter meal at the local pub and take that as payment in full!!! [biggrin]
And as Derek said “don’t sweat the small stuff” [whistle]
Cheers,
Jo
Damian and Tam,
Derek is absolutely right, it is more difficult to find cashflow positive properties at this time, but certainly it is not impossible.
I guess it boils down to your level of creativity and determination. IMO a creative mind is never disillusioned, it is too busy thinking up new ways to do things and so has no time to feel down!!! [biggrin]
Cheers,
Jo
Hi LizardKing,
I guess it depends on what was in your contract. Don’t know about WA but in Victoria, unless specifically stipulated, you are buying “as is” and any repairs etc are done at the discretion of the vendor.
You can push for “I won’t settle unless this is repaired” and they may even accommodate by repairing same to THEIR satisfaction rather than yours. I’d be wary of hair-splitting because it can be seen as a ploy to delay settlement and you could be up for penalties for doing so.
However, a system which is SUPPOSED to operate automatically but that has to be manually started is a fair grievance.
Personally, I would approach your solicitor immediately (forget the REA he is a selling agent not a legal professional) and advise him/her of the problem in which he/she need to have addressed with the vendors BEFORE you settle. If there is insufficient time to repair the problem, you may be able to negotiate alternative arrangements including holding back some money.
Cheers,
Jo
Originally posted by foundation:
We’ve got to balance the 4 million odd babies born between 1946 + 1961 (I think)Oh you are SO close Foundation!!! As a borderline BB myself I can tell you that the cut off is in fact 1964 (the way I remember it is to simply reverse the 46).[biggrin] A few will argue that the cut off is 1961 (probably those who don’t wish to be known as one; and if it were I certainly would escape being classed as one) but alas most references document the BB era as 1946-64.[blush2]
Cheers,
Jo
Hi Brent,
I am not versed with student accommodation, however you could try chatting to Simon (Mortgage Hunter) or Derek; I believe they have such investments. You will see their names listed in yellow (moderators) and also Simon is a Mortgage Broker so may be able to advise on finance possibilities.
My 2c….from a quick glance, yes it would be +CF based on the estimated rental returns. My only concern would be that it seems relatively cheap from an 8 bedroom house (especially if it is near a university, I know you didn’t state whether it was, but if it isn’t you may need to reconsider).
Cheers,
Jo
Hi Padma,
Thanks you’re a sweetie, but you already knew that!!! [
] BTW….YOU HAVE MAIL….I sent you a messge re our discussion in a previous PM, my apologies for the delay in getting back to you.[blush2]I have to agree Derek is (as I always call him) “the voice of reason” painfully so at times!![tongue]
All in all, there are some pretty amazing people both in here and Somersoft, from whom we can all learn a great deal….heck I’m learning everyday (one day I will have it down pat) [winking]
Cheers,
Jo
[blush2] Awww shucks!!! [blush2]
Thank you so much, that’s really sweet of you both.[biggrin]I have to confess, after almost a year of being on property investment boards such as this and Somersoft, I am no less astounded by the means/lengths people will go to to try and make/save a dollar. I am convinced more than ever that albeit simplistic in nature, the money-making lessons drummed into me as a child have/will long continue to work regardless of anything written in a book or lectured at a seminar. (Please note: I am not advocating not reading books or attending seminars).
Don’t ever hesitate to ask questions of me, or anyone for that matter, as in doing so you not only have your questions answered but those of others as well, hence the learning experience is shared amongst many often including the person answering same. [thumbsupanim]
Cheers,
Jo
Check with US and/or Turkey tax authorities. [blink]
Sorry Maniyak,
I didn’t mean any disrespect.[blush2] I wasn’t meaning to pry. I only questioned you because, although it can be very worthwhile exercise depending on your long term goals, this can work against you (for various reasons). I guess I am like the myriad of investors who will tell you that one of the golden rules is “never buy in joint names” But hey, I didn’t mean to tell you your business.
Cheers,
Jo
Originally posted by Brad1m:Im thinking last minute rush to get in before interest rate rise ?
How so Brad??? [blink]
Hey Kerwyn,
I know what 2 shillings is (about 20c if memory serves correct) so you’re not that much older than me [blush2] but thanks for the kind words anyway.[biggrin]
Sure there may not be a lot of capital gain around for awhile, but there are plenty of other strategies that can be used to make money in property, you just have to be a bit creative.
Well said Kerwyn!!! [thumbsupanim] Herein lies the key for future prospects that all too often people overlook.
I do believe you have the right attitude to make a success of it Kerwyn; so who cares it you started a bit later than people such as myself, at least you started. Good for you!!![thumbsupanim]
Cheers,
Jo
Hey all,
Yes I agree there is much to ponder, and as the article states, the situation (and yes I do agree Kay, it’s not in fact all “doom and gloom” per se) will be an interesting one for baby boomers and the generations that follow. [blush2]
On the flip side though, I could be mean here and say oh (beep) the next lot let them fend for themselves, come on BB’s let’s party; spend, spend, spend till there ain’t no more!!! [tongue]
Cheers,
Jo
Maniyak,
Why bother??? [blink]
If you are only basically cutting your wife into the picture by a measley 1% you may be creating more problems for yourself than you need to further down the track; not to mention the costs associated with this transaction (especially now that transferral of title from spouses is no longer exempt of Stamp Duty fees).
If you are doing it for the sake of asset protection in a property settlement in the event of a relationship break up, you will probably be shocked to learn the it won’t make much difference in the divisiion of same (which is normally done on a 50/50 split, all things considered equal of course).
I personally wouldn’t do it, but then ultimately the choice is yours.
Cheers,
Jo
Hey Landt,
Thanks for the kind words. I don’t mind sharing any information FWIW (for what it’s worth) but I have to add that I learn equally as much from what people have to say, and by asking questions, I get to find out what different perspectives people have; so you see it’s a mutual thing (give and take).[biggrin]
I started investing when I was (just 2 weeks shy) of my 18th birthday. Real estate was something that my parents bottle fed us kids so I guess we didn’t really have much choice, well we did, but lucky for me I inherited their passion for “bricks and mortar.” I remember Saturday mornings when most kids were watching the cartoons I was being carted off to OFIs (open for inspections) and I learnt to recognise things like rising damp and white ant infestations from the tender age of 8!!![blush2]
I don’t consider myself a full time investor, although I do buy and sell periodically. Most of my life was spent studying, working (sometimes more than one job) working full time up until 2002 at which point I sold off my part of a successful practice and retired to a quieter lifestyle and living off a substantial passive income.
I don’t buy for the sake of cashflow, I am a CG chaser; if a property/business is not going to blossom financially I won’t touch it. I don’t believe in quick fixes; I perserve when people tell me I’m insane for holding on, and I follow my instinct (so far, so good). People are so obsessessed with making money, that they forget the fundamental reasons they are trying to make it; to be happy. The best strategies in the world won’t guarantee wealth or success; common sense and hard work will work wonders; it’s passion and commitment that will!!!
Can the average Joe (with or without the “e”) [grin] with a young family, a mortgage, a cat, a dog and a budgie do it??? Absolutely, if you are driven enough; anything is possible. Although there have been many variables that have influenced my wealth creation, I truly believe that most crucial element is DETERMINATION; never give up, don’t be afraid to make mistakes and if you do make them (and you will at times) learn from them and move on.
I believe that everyone (especially in this and SS forums) has it in them to succeed in securing financial independence (if they haven’t already) and for many, they are more than capable of superseding any modest wealth I may have achieved.
Will you be one of them??? I hope so!!! [biggrin]
Cheers,
Jo
PPOR = Primary place of residence [biggrin]
Here are a couple of other abbreviation/acronym links that might help:
https://www.propertyinvesting.com/forum/topic/5561.html?SearchTerms=abbreviations
https://www.propertyinvesting.com/forum/topic/2233.html?SearchTerms=abbreviations
Cheers,
Jo
Hi Lobboroz,
Basically it is up to the vendor’s discretion. You could approach the selling agent and ask him/her to discuss it with the vendor to see if they would do something about it prior to settlement, but ultimately if they say “no” then it will be yours to deal with.
The other possibility may be to say something at the final inspection just prior to settlement, whereby at this time, you can try arguing that the fence was upright at the time of signing the contract of sale (and who knows if it was prior to those big storms we had, you may just get away with it).
It’s worth a try, but at the end of the day, unless stipulated specifically in the contract of sale, you are generally buying “as is.” [blush2]
Cheers,
Jo
Fair enough Brad,
At least you did do some research, although a bit more would have been good. But why the rush??? [blink]
Cheers,
Jo <— FYI please note, no “e” (yes my full name is Josephine, commonly referred to as Josie, but for the sake of brevity in here I use “Jo” [biggrin] As my gender is female “Joe” is not applicable as it is the male derivative of Joseph) [blush2]
] BTW….YOU HAVE MAIL….I sent you a messge re our discussion in a previous PM, my apologies for the delay in getting back to you.[blush2]
