Forum Replies Created
jacy_m,
i completly agree with these other comments – get into it now. Start finding out what you need to buy your first place.
Your situation is better than mine – go for it!
Hey Gavalynn.
It’s a tough thing to know who is trustworthy and who is not and even where to begin the search.
While this may not help to give you a run down of my first purchase may.I knew I could not afford to pay for the place each week which lead me to the gold coast about a year ago. Being from melb I didnt know what the real values were. Just over the net I got an idea of prices for similar things to what was offered to me. The returns seemed to cover my costs, I got a local real estate agent (an unrelated one) to verify the approx rent. Building inspection confirmed all was good.
Without being an expert I felt confident enough to go ahead.
– I knew it was good value compared to those around (pay for an independent valuation if necessary).
– building inspection prooved it would still there in a few years.
– the current tenant was going to pay all my costs.If it didnt grow in value – at least it wasnt going to cost me any money. My first one wont be the my most profitable but the knowledge and confidence gained from it is priceless.
Hope its of some help – all the best to you.
Phil.
Well done Felicity.
One year down the track I plan to say the same.
I’m 25, live in doncaster vic and have 1 prop in qld. In the process now of refinancing to buy another to hang on to.
Up until a few months ago, I was heading overseas in nov for a year or two. I wanted to have 3 prop before I left. I will definatly have 3 b4 nov, but I cant happily leave oz. All my mates are going and it would be crazy times, but all these investing ideas wont leave me alone.
I decided to stay in oz and make the most of my opportunities while i’m pumped. I could not be happy sitting on the beach in Spain right now – sick, I know!
This is my future and I’m gonna have a good crack at it.
I took my older sis to the AMPI seminar and we decided to combine forces and do this wrap thing together. Saturday morning we’re off to go house shopping with our first client.
We’re going to do 12 over the next year.
Everything seems to be coming together right now and I’m feeling very good about it. It would be fair to say that this forum, Steve and all of YOU have been a huge contribution to that.
My sincere thanks.
Phil Hooper.Hey Leigh.
Robert Musgrove and Associates.
5174 1999
0427 575 742I was going to use this guy last week but the property was taken off the market, so I cant tell you what he’s like.
He’s based in Traralgon and does all surrounding areas.
I also heard the area is prone to termites. If you want a pest inspection, try:
A&C Pest Services
5176 6860
again, havent used but were quite helpful.All the best
Phil.
Howdy folks.
I’m going to take the other side of this discussion. I have no benefit in sticking up for the investors club, but i’ll tell you about my experiences with them.
It’s true they have been to court about the ‘No Tenant, No Problem’ program which is a form of insurance in case your property is vacant. That program is no longer allowed to run although the judge did say there was not one complaint about it while running.
I bought a property through them about a year ago. It was my first property purchase and did not have much idea. I had done some research – at least enough to know I did’nt want to -ve gear. I live in vic and bought in qld, home of two tierd marketing, but also the place they were reporting big growth.
1 year on, the property has increased about 25% and had 2 rental increases. I have no complaints.
They do make money from this, although I beleive they attempt to negotiate a lower price and then commission, rather than inflating the price above it’s value.
I do agree with all other comments that DIY can be a much better way to go, hence the reason I’m here not IC website. But for my first purchase it worked well. Those folks were EXTREMLY helpful and I honestly beleive they are a cause helping themselves while they help many others.
To have your hand held in the begining is a great thing, but once the confidence and knowledge increase, have a go yourself and the profits will to.
Of course it’s just another opinion and something for you to consider, but dont rule them out because of all the dodgy operators out there.
All the best and keep searching,
Phil.
I agree.
Not just from the point of renting again, but as you said yourself, your property will provide a good stepping stone.
From everyone I’ve spoken to along my way they always say the first property is the hardest one to get. I only have one myself (so far) and it does seem to get easier. By the end of the year I plan to have several more.
You could either use the equity to get into other deals to create a profit.
or
Sell, take profit, rent and some day come up with that deposit again, by which time it will require more.
I’m sure you remember the hassels of trying to save the deposit. Let it be your stepping stone.Phil.
Hi all.
Steve thanks for taking the time yesterday.
Quasi and Leigh thanks for your thoughts. It’s good to know others have gone through what I’m struggling with at the moment. You’re right, it is going to be challenging – but it must be for a good reason.
I appreciate your comments, it gives me an extra confidence boost!
Thanks, Phil.
