Forum Replies Created
Deanna,
As I said, 6000 people is a small population but depending on WHERE it is, it needn’t be an issue. I live in a suburb which has a population of just under this number and being 20km for Melbourne’s CBD (direct line) makes it a very worthwhile place to invest.
Kay Henry wrote:
On the kind of detail you’ve provided, I would risk 50k- it’s not so much to lose, but I wouldn’t spend 100k.
I am sorry but I WOULD NOT RISK ANY AMOUNT OF MONEY without doing my due diligence FIRST!!! To a seasoned investor EVERY CENT lost is felt, and as such would never make such a suggestion based on the limited information you have provided!!! 50k may not be a lot of money to some, but it is certainly a lot of money to lose!!!PM me directly if you like and I’ll be more than happy to see what information I can come up with, especially on smaller population towns in Melbourne worthwhile investing in.
Cheers,
Jo
CONGRATULATIONS ROSE
[thumbsupanim] I’m sure everyone is as thrilled for you as I am!!!
Well done….go girl!!![medieval]Hi Fromna,
On quick observation, one of two things may be hindering your property sale. Either your asking price is too high and/or the property isn’t being marketed properly (or both). Quick solutions, review your reserve, see out the contract with current RE and when it expires get a new one and/or multi-list.
Bear in mind, the market has cooled. It is a time of “uncertainty” and as such people are reluctant to spend with the possibility of rate hikes looming.
Cheers,
Jo
Hi Deanna,
With the limited amount of info provided, I really am unable to advise either way. 6000 residents isn’t a huge issue (I personally live in a very rapidly expanding suburb, full of new homes which has a population of about the same) however the employment opportunities are greater due to it being only 20K from CBD and surrounded by broad range of industrial/commerical buildings.
Do your homework; search the net for this area and depending on the state your in, try http://www.reports.rpdata.com.au (as long as your not in Vic as it’s not available to us here any longer).
All in all, you need to research it thoroughly before deciding whether to invest your money.
Best of luck,
Jo
Hey Sonja,
That’s cool; if you don’t ask, well then you don’t learn hey???
I didn’t know about him before either, until you brought it up, thus I went in and had a “sticky” at his site!!
So you see, even seasoned property investors can learn from young guns like yourself!! [thumbsupanim]
Many thanks,
Jo
Originally posted by Aceyducey:Remember the price you pay is the market price, if they accept it the price cannot by definition be ‘ridiculously low’
I couldn’t agree more Acey!!!
Pepper, the market is made up of people and as such YOU are that market!!! If the vendors accept your offer, then it cannot be considered “too…” anything!!! Furthermore, I believe, as Acey and others have suggested, that if you were to sweeten the deal by offering a shorter settlement, your offer would be even more appealling particularly if they are wanting to get away sooner.
All the best with it; keep us posted on how you fare.
Jo
Celivia,
Don’t know what you mean by “conspiring” nor “ridiculing”. If expressing one’s opinion is considered so to you, then that is a shame, nevertheless you are as entitled to your opinion as much as the next person.
As for investing for many years, I am not absolutely certain to whom you are referring, but (for me) it is not an issue of time but of knowledge, experience and common-sense that is of value and importance.
And if you are referring to my PM comment; you have no idea what transpired between the authors, hence your assumption that anything untoward is being implied is purely speculative.
There was no ONE guiltier party in this debate than the other; there was IMHO an equal distribution, and if your judgement is biased, it is because of your own personal views, nothing more.
Cheers,
Jo
Personally, I couldn’t reduce my taxable income to 20K if I tried, and even if I could, don’t know that I’d really want to!!!
Sadly, 20K is just not going to keep me in the lifestyle to which I have so fondly grown accustom to!!! [blink]
[winking] Love Ya Supa Freak !!!! [winking] [thumbsupanim]
Don’t imagine so, but I am not a legal eagle so who am I to say for sure.
The taxation dept is not that trusting, and CGT is not calculated simply on guessimated profit, but takes into consideration “market value”. Hence as a vendor you have to prove what “similar” homes in the area were sold for. For example if you declare that you sold a house for 200K but similar ones (size, style, age etc etc) in the area are selling for 300K the ATO is going to become suspicious. Besides you will be required to produce an INDEPENDENT VALUATION for CGT purposes. Heresay is fine between you and me, but the taxman won’t be so easily appeased.
Nice try!!!
Bennido,
As Myydral suggested, start with the local council of the area in which you wish to purchase.
http://www.ica.com.au/corpaffairs/mediareleases.nsf/0/d824aec12883dc004a2569f800166b59?OpenDocument
(Media release advising people of Insurance Councils production of a Flood Brochure)As provided here:
http://www.ica.com.au/publications/ICA_flood.pdf
Failing that, don’t forget to keep your swimmers close by!! [laugh4][laugh4]
Jo
The Good:
Bought first home (later becoming first IP) just before my 18th birthday.The Bad:
Landed the “tenants from hell” who vandalised and then torched my first property to the ground!!The Ugly:
Had to learn to become hard virtually overnight!! Learning other RE lessons along the way, a challenging (and at times ugly) reality check.Back to The GOOD:
Own all my properties outright, have great tenants, and am sitting back comfortably, enjoying a very full and happy life!!RE can run in similar cycles!!
Never give up…..it’s worth the headaches. But as with any investment, property investing is/should be a long term project, and is definitely not for the faint hearted!! Keep at it, and eventually you will realise your dreams!!
Cheers,
Jo
Hi Rose,
I have replied to your PM; and supplied the info you requested. Let me know how you get on.
Cheers,
Jo
Hi Ray,
The removal of report access for Victorians on rpdata appears to be a recent thing, as I had no problem in looking up suburbs in Victoria only as far back as last week!!
Don’t forget your general search engines; they can be useful as well!!
Cheers,
Jo
Hi Learay,
Sadly, as a fellow Victorian, I can tell you that rpdata reports are no longer available to those of us here (that includes the paid reports as well)!! [glum2]
You might want to try: http://www.domain.com.au/UserServices/searchAPM.aspx?mode=subsell instead (not a fav of mine, but hey, better than nothing)!!
Jo
Marc,
Originally I wasn’t going to give my opinion, because I felt this was a decision which Bennido needs to make for himself; however I realised that that was not necessarily the right approach to take, as he had asked for people to do just what I wasn’t doing; hence I obliged!!
My suggestion was to raise the rent, but not dramatically, for several reasons, but mainly because of the fact that the tenant was a “long term loyal tenant” of some 12 years!!! Which in my books, is worthy of holding onto, even if it means forsaking a few dollars!! Over the course of a year or two, the rent could be raised periodically hence eventually bringing rental return back into line with the rest of the market!! Too much, too quickly can be a loose-loose situation for all.
If on the otherhand Bennido, were to increase it somewhat inconjunction with putting something back into the IP, it becomes a win-win (in a manner of sorts)….He is keeping his long term loyal tenant, is increasing the rent, and he adds substantial value to the property’s overall capital!!
Jo
I’m with you Supa Freak, moron or not [tongue] he is soooooo cute !!! [winking] Lucky I’m married, or I’d be dribbling, babbling mess at his seminar!!![blush2]
Ditto Yack/Del – healthy addiction, except for those annoying ….. !!!!!! ??????
I just get soooooo carried away; simply can’t help myself from getting heavy handed with the little beggers…much to the dismay of some in here!!!! [lmao][laugh4][lmao][laugh4]Why some people get so peeved at the excessive use of exclamation/question marks is beyond me ???? !!!!! [rolleyes3][rolleyes4][rolleyes5] [tongue] Oops there I go again…!!!! ???? !!! [tongue]
Oh Bennido,
So many “if’s” and “could’s” but what you really need to ask yourself is “why”??
Why do you want the IP?? Because it “could” be cashflow positive based on what you have read in another’s book?? Remember Steve is a primarily a businessman, and although a nice guy, emotion is not what got him to where he is today!!
Have you fully researched the area, it’s CG potential, your finances, your reasons for wanting to purchase it?? You seem to be in a quandary about several property ventures, and I think you need to slow down, and tackle one project at a time, otherwise you will burn out!!
You said you were “suckered” by the crowds before, now you are turning to them again (albeit a different one) for what?? Moral support, guidance, financial advice, what?? At the end of the day Bennido, you have to do what is right for YOU!!
I think you need to do some serious homework, due diligence and maybe a little soul searching thrown in for good measure.
Good luck,
Jo
P.S. For what it’s worth…I’d raise the rent within reason (in accordance to what is acceptable by tenancy guidelines) and compensate some of the hurt with an additional something to the IP (i.e. heating, air-con, new carpet, fresh paint etc). You don’t have to be a “bad” or “good” guy; just be FAIR !!!
Originally posted by bennido:Talking about bad agents, if we have a personal experience, can we name the bad agent and explain why they are bad in this forum ?
Guess the same goes for tradies, lawyers, banks, etc …
Bennido,
Publicizing names of bad business associations is not permitted here however you may wish to do so on:
http://www.notgoodenough.com.au
It’s a great way to express your opinions, give personal accounts, air out grievances and alert others to poor/shonky businesses and/or such related individuals, as well as keep up-to-date of which companies are lapsing in providing good customer service!!
Elinitha,
Sorry to hear about your dealings with that charming character, but there are good and bad people like that everywhere and in every profession. I do agree he was “out of line” but unfortunately I also appreciate that they are operating on behalf of the vendor, and bottom-line, in it for himself (ie. his commission)!!
I think the suggestions offered to you here are worth consideration, and maybe you may also wish to click on the provided link and have your say on his behaviour!!! And if you do, remember to fax him a copy of your posting, then see who has the last laugh!!![lmao]
Cheers,
Jo
