I’ve just asked Noel Whittaker to clarify this. He replied that he will respond in Sunday Week’s Sunday Mail. Should be interesting.
Jim

how bout getting your property depreciated? usually that offsets the +ve gain you are getting, however, that would depend on your property itself and how old it is…

#####################
Tomorrow, you might wish you started today.
#####################

Hi Vluu,

All ya need is a Year 10 Certificate for a wage job. I’m not in prop mgmnt, but had considered it many times as opposed to sales. 4 family members have been/are in the Real Estate game since the ’70s. Guess I have had influence from older brothers. Anyway, contact your REI office as a start. Courses are available to understand the law. e.g. A tenant is responsible for light globes; but a tenant also has more rights when it comes to vacating a lease. Licensing will sort the men from the boys if you choose to start up your own office, especially as there is in my opinion an over supply of agents. Commercial leasing operates differently somehow from residential. I’m not afeau’ (sic) with the conjunction/leasing/listing agreements here. This might be another specialised area for you to consider.
Failing that, just jump in. I considered offering my time free (on holidays from wage job) to learn prop mgmnt. If you’re keen, who would knock you back if you offered say a month of your time to them?
Keep thinking .. kind regards Phil

Thanks Lucky Phil for your reply,

What kind of qualifications do I need to have?

Are you in Property Manangement yourself?

I’m thinking of starting out in a Real Estate Agency in Property Management there.

Any comments would be much appreciated

Vluu

[/quote]

Hey, congrats on the job! I would like a new job too, however, I think that I am too comfortable where I am. I think that I could jump jobs and earn like 20k more, however, I think that I would actually have to start doing some work! here, I spend half my time on the net, and if I happen to find a nice IP while I am at it.. )…(I hope none of my employers see this)[]

I could earn much, much more than 20k, and I am doing way, way less.. (I found my last set of units while at ‘work’ and it has recently over doubled, plus giving me a small but passive income)..

so all in all, I think that I am better off earning less and doing less and finding IPs in the meantime…

#####################
Tomorrow, you might wish you started today.
#####################

Thanks VH. As I wrote above, I couldn’t find any mention of it in the ATO website. It should be clarified, as it could make a $30,000 difference to your capital gain.
Jim.

Hi Arty, I once used a smaller lender which was an unpleasant experience. They charged me an extra $900 for loan costs (I had to pay for their solicitor which was never mentioned in initial consultations) plus they had a little $700 sting in the tail if I refinanced within 3 years, plus their statments were an amateruish shambles, their website never agreed with the statements, and pre-paying interest was far too complex for them. I waited for 3 years and refinanced them and all my other loans into a single professional package with Westpac.
I’m very happy with them so far, although I haven’t tried to get finance for another property through them yet. I get 0.7% interest discount 5.97% from 6.67%), no ongoing fees, zero establishment fees for new loans (normally $600) and no annual fees (normally $199pa) for each account. The package costs me $300 pa however. I also get 100% offset accounts with each of my two loans. I’ve set them at 30 years P&I which is not too different to IO, but I can switch it easily if I wish.
Other banks offer professional packages I believe. I’m not sure how they compare. Qualification criteria may be different also.
Jim.

Hi Vluu,

Have you tried ‘Buyers Agents’?

These guys work to get the most value for the buyer rather than for the seller as RE Agents do.

Cheers,
Shell.

Hi Vluu,

To make money in property management, I believe the answer is in owning the rent roll. Wages are not good, so you need to own the risk. If you have time to spare, do both. An owner may move back to the house or change agents, but therein lays the value/risk. Rent rolls run at about $2-3,000 per house. Do the sums. Buy a 100 props management at $2000 each. Average rental say $200 a week. Standard management fees of 10%. That’s $100,000 a year self managed under a license. OR .. do a deal. Using an agents license, buy all or part of the rent roll. Go halves in the fees. Both win. Cash injection for the Licensee and a 25% return for the both of you before outgoings.I want one. Cons – maybe difficult to borrow against a rent roll without putting up another asset and risk of loss is based on the fickle choice of the vendors; Pros – great return and a base to build on.

Regards, Phil

quote:

---

Lawry,

Im in IT as well…Analyst Programmer….hate it with a passion

Wanna Change Career…
Wondering any property Managers out there..
Whats involved getting into the Real Estate Properety Management area.
Can someone tell me the Pros and Cons

Regards
vluu

---