Forum Replies Created
I was at a friends house last night who has skype and also uses engin.com . I’m going to have to get my act together and get setup with a router and headphones .
Amazing . I remember not that many years ago you had to be rich indeed to call Europe…When I was young I used to call my folks collect and you could feel them shudder down the phone !
How much did you pay for your accountant last time Nat ?
Did you ask for a costing at the initial interview ?
These are the first questions that come to my mind . If your affairs are relatively straight forward then the damage may not be too bad eh ! Whats involved ?
About five years ago I was getting ready to sell a property in a Vic regional centre . I had two appraisals done by different agencies and from memory they were both about 215-220k. Both agents had a good look around and sent me written reports bla bla..
I was pretty disapointed at the time and decided against selling . A few days later I decided to leverage my equity and the bank organised a valuation , as they do .
It came in at 260k !
Now here is the interesting bit . The valuer works out of the same office as one of the agents who had appraised my property .
BS like this goes on all the time in realestate of that I,m sure .
Anyone who hasn’t read Terry Ryders books on realestate scams needs their head read I say. And as crusher says you should make an effort to be there when the valuer turns up if possible .
Thanks for the tips . I think I’m reasonably aware of my options .
Some of these properties are in pretty handy locations and have doubled and some in the last few years but the problem remains that some maintenance must be done .
I find if there are quite a few things that are getting buggered like roofs, gutters , HW service ,cladding etc then it is best to see to them kind of one at a time rather than defer everything and find eventually that you are hit with a double wammy of expense all at once. Actually I can tell you from bitter experience , don’t put it all off !
I’m only talking essential maintenance.
So , my options are
a) Sell these high maintenance propertys and do something else .
b) Put up the rents
c) Do something I havn’t thought of yet ?
Thanks Crusher . Anyone have any more ideas ?
In todays local paper I read an article by Bill Harcourt ( whoever he is ) who basically claims that NZ is now leading the world down .
NZ is the nearest country to the International Date Line and I well remember the 87 sharemarket crash where the NZ market was the first to feel the rezults .
Perhaps it is not faceious to claim that NZ is the worlds canary….
I don’t know the area too well . All I know is I wouldn’t mind living there [biggrin]
My niece has bought 30 acres of rainforest on the side of a hill which has amazing views out over the Coolum area . I think it was the Yandina area . She paid about 600k for the land and had bugger all left for a dwelling and has built one of those shed homes on the cheap for now . We stayed one night with her and then moved off to do our thing…
Her and her husdand build swimming pools full time !
I just love that area in the hinterland with no close neighbours [biggrin][biggrin][biggrin]
Firstly mate it’s Warragul . Get the spelling right .
So OK , we might live forever..
So what happens with ‘retirement and your SMSF’ . Sort of becomes a joke then . [blink]
Great post chefman
Where abouts is this pub that you have put up with for 20 months ?
Great reply Dazzling as always . I read this thread yesterday and I logged on to see what your reply would be [biggrin]
Knew I’d be jealous before I even opened this one [biggrin]
Hmmm…. some very good points mentioned . I really don’t get why business should think for a minute they should be following any US trend however .
Yes to me it would seem a marvellous opportunity for a company to grow further , after all realestate is so useful when chasing finance to fund expansion etc .
I can relate to my own experience as a framer over the years I have been able to buy my neighbours out and continually grow my asset base to leverage and diversify in residential and now industrial etc . Sort of like a gold mine really [biggrin]
Don’t think I’d make much of a tenant somehow [comp]
Yes I think it comes down to your definition.
I have friends who own small farms on the outskirts of Geelong and Werribee . They are very business minded and run these holdings at reasonable profits where all the while the urban sprall continues getting closer every decade . Some of them bought decades ago and they’re laughing now .
There’s no more land getting made but lots more people . What do you think is going to happen ? [wink2]
.Well ……… some great advice there on bee management .
I initially wasn’t all that fazed about them being there untill I was out the back looking at all the mess I have to clean up and one stung me in my hair [angry2] . I’m really more concerned about them being in the back of the meterboard with all the wires and fuses in there .
I,ve bought the building with vacant posession after some stressful negotiating with some very unsophisticated and coarse vendors , up close and personal [biggrin]. Settlement was last Friday and I spent the weekend picking up broken glass , bags of domestic rubbish pulled apart by roaming dogs and organising a crane truck to pick up some old car bodies and some damaged concrete pipes which are useless . Hope the previous owners don’t turn up again wanting any of it [fear]
When i think about it , it’s probably not a bad thing having the bees there as the grafitti is not too bad at the back [biggrin]
Perhaps having another hive at the front might be a good security idea [crying] . Anyway I don’t mind cleaning up the mess as I can see what I’ii have at the end of it . Have already had some inquiry
about a lease but that can all wait untill I get some more of the problems under control….Hello Mum
I have a triangular shaped block which is a battle axe block at the back of an IP that I own in a Vic regional town .
It’s not that big but I looked at building a small unit on it a few years ago after I bought it and took a builder friend around for a look and did some sums and decided against it for the time being .
Do you know a good builder that could look at the block and give some good practical advise before you go and spend a heap on an architect?
Not sure what you mean about the outside wall….
Yes I’m a bit like you DL . If we bought every book or magazine going we would spend more than we do on the actual investing .
On average I read around a book a month . Also I find I buy books more when on holiday [biggrin] . Actually , I find it hard to go out of a good book store without anything….
Where do you source all your audio stuff DL ?
Gross you are completely correct . Making a success of a business is no easy way to wealth . However , with the right attitude and approach the results can be worth it . I should know . At Phill’s age I was in a similar position and there is no way known we would be where we are now without our business .
Yep it takes a lot of energy and it can disapear in a ‘New York minute’ as Daz says .
Really, when it gets down to it ,investing in property is running a business. If you don’t approach it properly it can easily become an expensive hobby I reckon.
Steve McKnight writes about taking the path of least resistance.
Property investing is only one way …How is the sale going Phil ?
Yes Gross , the percentages are against you when going into business and yes good financial control is required for success . No doubt about it . Nothing new here .
The rich people in my tree don’t mind if you shake it [biggrin]
Hello Phil
Generally I think Dazzling is on the right track . You have to do something different. Remember success comes from doing things differently .
The options you have outlined for yourself seem too sterile to me .
That’s what I think .
Now what about instead of going the industial path after you have secured the renovators delight down in Drossville you look seriously at starting or buying a business.
I note that you are 27 and list your occupation as a tiler. Give the tiling away mate . [winking] Pick the right business and when the profits come , stump them up as deposits on property .
I don’t know why anyone would work for 250k a year when you could start your own business ! Some businesses make so much money so quickly it is staggering . It’s called alchemy[/b] [biggrin]
My thoughts
Yes , 1990 was a hell of a year .
1995 for me was also an interesting year ( migrated to Aus with 600k from cashed up property sales and small business sale )
Shortly after that I lost about half of it…… arrrrrrggg… but that is another story [fear]
