Forum Replies Created
Nice one crusty. That’s what I’m talking about!
As a general rule I won’t cut out the real estate agent because I find it’s always good to have them on side to refer you more deals as they come across it. However I don’t mind getting a REA to miss out on commission / work especially when he is not doing his job and failing the vendors interest.
Qlds007 wrote:Oh well i guess another poster who will get to 3 posts and then disppear back under ther rock they crawled from without contributing anything to the general property community who post here.KeyStrategies wrote:TC62 wrote:Gee Property Investor1, if I didn't know any better i'd think you were PennyBaker's brother. Again, pretty over-the-top with 'glowing praises' considering this is your first post. Like Penny, most people will read your post with a grain of salt.… but based on the number of glowing single post recommendations it appears that self promotion is seriously at work
Think the same can be said about the single posts that seem to just dump and go… I read the negatives with a grain of salt too like TC62 said.
From a relative newbie too, thanks for having me!
Hi bell,
agree with all other posters. get an options solicitor to do this. Ive heard of nasty mistakes of people drawing uo their own agrreements, copying and pasting from others that are not relevant to their deal and even doing agreements on napkins (crazy!). Sounds like you’re wanting a call option with a right to occupy and on sell to third party.
Also what is the purpose you are wanting to do the option? Are you improving the premises during the option period or…..? If you are simply renting and wanting to sub let you don’t need to option a property to do this. Firstly you’d be 5k in front. So just wasn’t sure….?
Also 5k sounds like your option fee, not the deposit right as you are not buying the property yourself? Hopefully have provided some food for thought.
Thanks Paul for providing the details of a solicitor you’ve used for options before.
Hey fellow posters.
I’ve been in property development before and since my last post here have been in contact with Luke Gilford Workshops to see what else I could learn. I strongly believe in constantly being open to learning new things and never being comfortable just sitting on your laurels.
Fair enough he’s quite a straight forward guy and initially difficult to swallow having someone younger than me mentoring me but suffice to say I find it very valuable having access to his coaching on things that I thought I knew all about. He may not be everyone’s cup of tea as his coaching is straight and direct and he doesn’t tolerate BS. I can see how some people may not thrive under that because it’s not what they want to hear. For me, I love it that the coaching is that way. No pussy footing around just get straight to the point. I’m here to learn and expand, not to be coddled, so really appreciate the mentoring.
I’ve since learnt about finance structures and sacking my previous broker and getting one on board who is a property developer himself. I’ve saved a minty just by changing my finance structure so that alone I am very pleased about.
I’m open to doing some deals with other like minded grads (GarthAdams, PennyBaker, knowurstuff, Hassassin, Property_Investor1) — pls PM me if you’re interested!
Btw, Property_Investor1 I think I know who you are. I remember a few of the coaches sharing about the Christmas day phone call from a grad that wanted some coaching prior to the property settling. Nice work, good to know they actually do answer the phone!
PS. Just rang for some coaching on a deal, expected to leave a voice message and my call returned tomorrow as it’s now almost 9pm. They answered and provided some direction as to my next steps.
Hey Chris,
What an anti climax! Though I am glad you were able to get stuff off your chest and I’m sure you’ve gotten something from the postings here for next time you meet an unhelpful REA. Unfortunately, in my experience I have come across way more than I would like!
On another note, the vendors may simply be playing the negotiation game. Rather than walk away I would ask them what their counter offer is and then go from there. I always expect some counter offer because if they accept on first go I’ve probably offered too much!
At the end of the day, if they are not really motivated to sell you’re then wasting time and move on to the next. Good luck!
Hey Matt,
You’re doing really well! You own your own business and also have 3 IP is a feat when most people at your age are still in denial that they’ve left their university/teenage years behind!
Definitely DO NOT cross collateralise your mortgages….. Even though bank managers and even some seminars will tell you that’s it’s good and saves you on fees like previous posts this is the bank tightening the noose!!!
Took me ages to find a good accountant but have finally done so and he’s got a portfolio of over 160 properties himself so he speaks and advises me from experience himself.
Dealing with the banks is frustrating as most of the employees know a lot about banking and loans but little to nothing about how it applies to property sitting on the customer side of the table!!!
By the way, Jamie M, awesome you switched to an offset. With CBA? I thought they didn’t have a 100% offset and had minimum withdrawals and also transaction fees!!! I have facilities with other banks that are 100% offset and fully transactional. Curtesy of a finance broker who is in property investing too.
I find that there are so many courses and theories and approaches of doing investing. What finally has started to work really well for me is sticking to one mentor. Otherwise I can see it can get really confusing with all these different opinions flying around.
Good luck with this. If you get only one thing from this, it is don’t let some bank schmuck stop you from your goal!
Hey Chris,this is very unfortunate however even more so unfortunate is it happens more often than it should!
In my experience, given you have taken lengths to speak to the agent, his colleague and the principal, what I would do next is go to the vendor directly.
If I was a vendor selling my property through an agent or agency, I would want to know whether he was working for me and doing his job properly! I would hate to be sitting there wondering why my property was sitting there for sale then to find out the agency was not assisting potential buyers.
So the opportunity now is to let the vendor know about it and you may even be able to deal directly with them!
Good luck with that! And yes don’t let this stop you!Haha he must have a brilliant accountant and solicitor to have him set up this way deliberately! Good on him.
Shewolf, just because you haven’t been able to find anything on ASIC doesn’t mean someone is or is not a property developer. One has got nothing to do with the other. I am involved in property development myself and I deliberately have myself set up in structures and entities designed to protect myself from potential predators.
If at all I would suggest that the money you spent to get your solicitor to do directors search you actually go and make something of yourself in property rather than investing in slander and defamation.
Australia, the land of tall poppy syndrome.
