Hi Steve,

“POSITIVE PROPERTIES”
Accelerate 0-130 properties in 3 years
By Steve McKnight

Best Selling Author!!!!!

Goodluck
Lisa[:0)]

quote:

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Dear All,

Wow – what a response. I was expecting only a couple of messeges. Thank you very much for your advice, your experience and suggestions.

I like the suggestions about detailing all my fears about each investment decision. Would people mind if i posted back some questions i may have on overcoming some of the risks? I guess i can only answer my fears within my own mindframe and may need someone elses perspective on these to add to what i dont know.

I guess starting with a simply buy and hold strategy or buy/reno/sell or rent out are the areas i should start to introduce myself to the property investment world rather than start with a wrap. This would give me experience with property and start in wraps after a few deals.

I am keeping in mind the whole positive cashflow mindset and have had some luck recently with some properties that provide positive cashflow but they do not provide a large surplus ie $50 month over loan repayments, rates, insurances etc. I guess this is better than having to pay $50 a month to keep a property.

Have been asking property managers about rent buy deals with tenants, lease-options, etc. These seem like the way to go. If anyone else here is a beginner and wants someone to share ides with drop me a line.

Hope to see you all at the top of your mountain soon.

Northy
[email protected]

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Hi All & scotty
In my small experience 3 renovation properties. I try to buy them structurally sound, good area, but run down so I can get a better price. The bank will only give me 80% of my negotiated purchase price.
I then renovate them to living standard and then pay for a valuer to revalue. After renovations but before the tennant moves in. The improved valuation I then present back to the bank and they adjust the loan to 80% of this new valuation that I hold ( i.e valuation remains my property not the banks). Hopefully there is enough equity increase that it helps to buy the next property etc etc.

Cheers Isagold

Hi all
Well I find that when I am in a book store now I tend to steer away from all the books about secrets, 10 steps, fast quick easy money with long titles! etc etc.

So to take a real estate pun! ( From position!)

Positive!
Positive!
Positive!
0 – 130 Properties in 3 years
Cheers Isagold

Try

http://www.somersoft.com/forums/sho…p?threadid=7265

and

http://www.somersoft.com/forums/sho…p?threadid=6458

[8D]

Hi Sandi,

As a former real estate salesperson your post brings to my attention a couple of points. These points relate to how I operated in NSW and may not apply to SA but here goes.

1. Your written offer by law should have been submitted to the vendor regardless of how busy the agent was. This admission alone on his behalf could see him in trouble if you decided to persue the issue if you felt that you were disadvantaged by him not submitting it.

2. If your offer is the first one recieved on a property and a higher offer is said to be recieved, you have first right to refusal on the new offer and subsequent higher offers. The agent is obliged to tell you the new price and if you can match it you get to buy it. This is assuming that the vendor has agreed to the higher of the 2 offers initially and the second party do not put in another offer (they are not entitled to know that you matched it, only that another offer was accepted and they are welcome to make a new offer).

Of course not all agents work in this way as they do get into a bidding war on a property offered for private treaty instead of an auction. But I guess there is no way to stop it from happening.

Cheers,

Matt.

I agree that if you have gotten benefit out of what the site says and if you are more careful in future then that is great.

What I said was merely my personal opinion and for me if I had not read Rich Dad Poor Dad I would still be running around the ratrace with no plans to get out. I may still be in the ratrace, but I now have a plan to get out, thanks to RK.

In regards to the watchdog comment, is he a self proclaimed watchdog or appointed by a governing body as the ACC and ASIC are?

Cheers,

Matt.

Hi all,

In my opinion I would not purchase a property with out both Pest, electrical and building inspections . I would prefer them seperate as the inspectors specialise in their different areas.
RE: 2 br brick/tile unit built in the last 20 years?

I have personally seen white ants go straight up a brick wall to get to wood. In the hidden corners of a brick wall heading up to the ceiling and more.

RE: tile floor> My scary story: I have personally experienced white ants comming up through a crack in the foundation eating out the grout of the tiles getting to wood. They also ate all the underlay of the lino, when all the outside was treated and sealed off the termites created new queens and built new nests within the walls of the house> IT WAS A NIGHTMARE! It has taken nearly 2 years to get rid of them and still we are not sure if they have totally gone. At least $10,000 later in pest control bills. The rennovations will be scary! and the trees garden etc demolished. ( the frightening thing is we had always done pest control each year on the buildings.I feel climate and drought had an influence as well as the chemicals of today NOT doing their job!)

I don’t think the age of a building has anything to do with whether white ants will be around or not. There are quite a few new Brick houses where I live. 2 years old with major white ant problems. The chemicals used only hunt the termites away from the barrier of the treated house, the ants will re enter the treated house if they can find a path under or around the barrier. There is a new product out now called Termidor and it is meant to kill the queen and her nest.
The inspections fees might cost all up $600 , it could be the best (insurance) use of $600 you ever spent.

Cheers Isagold