Hi Rubbachook and Sue,

I’m sure it’s Fatboy (Paul, where are ya?) who gives a week’s free rent to his brother. Yeah, good for families, saves buying presents for us lazy buggers.

Don’t forget to load the rent by 2%+ to pay for the feel good Christmas present of a week’s “free rent”. The initial idea of course is as a thank you to a tenant who continually pays on time and looks after the place.

I like starting a new tenant with a token thought too. I left a bottle of wine with a note telling them things about the property, services etc.

Kind regards, Phil

Hi Redwing,

Ah so !! .. we all want to be Landlords, but only when it suits us right? It’s a two way street. Your tenant has ended a 6 month lease. That is the end of his commitment, else he would have been signed up for longer. Your tenant would also want security of tenure, it has served his purpose. It is normal practice to follow on month by month. I’m with your partner, relax will ya, it’s all part of the game.

Old Chinese Proverb .. “Another tenant will arrive when the property is ready”.

Kind regards, Phil

Matt,

Shoot an e-mail [email protected]

Phil

>>Talk to Small Business Victoria if it is property development or the like you want to get into and you need money partners for this.<<

I would think that bureaucracy is only good to tell one what licences one may need and what department to go to in order to apply for a licence or where to check something out.

There isn’t any way they will be in a position to supply one with a list of people lined up with bated breath to hand out money to partners in need of a money partner.

Dell mentioned that ‘At Steve’s seminar on the weekend, Steve asked if there anyone looking for money partners etc..so that people could network.’

That is about the one place where one may possibly find people with money who haven’t got a clue as to how to go about things and who therefore may be interested in teaming up with someone in a deal.

Looking say in the Sydney Morning Herald on Saturdays under ‘Money Stock and Shares’ one will find every now and then an advertisement where someone is offering 20% or more return trying to find people with spare cash. It may be worth it to advertise there trying to find the right kind of person ?

One could also talk casually (but enthusiastically) to all of one’s friends about a particular project but ……….. without asking them whether this could be of interest to them (as they may get frightened or they may be suspicious.

If they are at all interested they will soon enough ask you how they could participate (in which case participation will be THEIR idea, not yours)!!

What about one’s parents ?

And, if all else fails, what about a sugar daddy Enjo ? []
No, not me, I am a diabetic so all sugar is banned within 50 yards of me. []

Pisces133

>>I myself have an investment/development company which finances relatively large real estate projects in Australasia<<

I don’t know what exactly you are saying in the above paragraph Michael.

Are you lending money or borrowing money ? If it is the first then please let us (me) have your email address.

Pisces133

Hi Kenshin, [] I sure misread your post. I thought the post said that you had dug up some course on the internet. On re-reading your post I see now that isn’t the case at all.

I am sure Tafe is fine.

I am sure however that many would find it interesting to see the figures you used.

(That is, your salary income, deposit and loan amount in each instance, the envisaged rent on a property worth $ 550,000 and the interest rate used for calculations.)

Also, the bank appears to think that you can only comfortably service a $ 260,000 loan.
If you now, instead, buy a $ 550,000 house and it will not produce any rental income (as you will go and live in it) and your salary remains the same it appears as if you may have problems servicing the higher loan !?

BTW BIll, I NEVER have a bad day. []

Cheers,

Pisces133

Mastermind, a profit of $ 30k per dwelling isn’t all that good considering that many things can (and do) go wrong.

Perhaps you have paid too much for the blocks to start off with ?

Can you detail the costs involved (purchase price of the land, building costs, landscaping including driveways, supervision by a builder or architect, selling expenses, holding charges until sold, legal expenses – including perusing the building contract etc, etc.) ?

You definitely need someone to check the construction as it is happening as many builders aren’t beyond taking shortcuts or making mistakes (for which you may have to pay the price later).

Has the builder given you a fixed price or is there a possibility of additional expenses you may not expect at this stage ?

Pisces133

Hi James,

It’s a wrap in disguise.

Not dumb at all. You should see some of myquestions !!

Shared equity describes something that I thought of some time ago. I wondered why the lending institutions had not thought of it earlier. If they lend so readily, then why not get two bites at the cherry with direct ownership in capital growth, particularly over the past four years.

I guess they see it as the same as wrapping a client. Politics have most likely averted their creativity.

Kind regards, Phil

Hi Kenshin,

Please explain why the bank would only lend
$ 260,000 as a house ofr your personal use and lend $ 480,000 as an investment.

You mention the words : “to start my life/career in the property industry.”

If you are thinking of a career in real estate (as a valuer or whatever) why would you study (presumably) obscure course instead of doing so at the regular places (like for example – if you live in Sydney – The university of Western Sydney ?

I don’t think anyone would give a fig if you were to change your mind about the property and decided to live in what originally was meant to be an investment property PROVIDED the payments are made as they fall due.

Pisces133