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quasimodo
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@quasimodo
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Post Count: 100
March 15, 2003 - 5:30 am
Hey there B
Yep! I’m currently staring out at a lake covered with snow on a balmy -2 degree day [xx(] (yes, others are commenting on how “warm” it is today.) The great thing up here is that being so close to the US there’s all sorts of financial products (like loans) and getting a 30 year fixed interest loan and a great rate is not hard. There’s still not much happening up here wrapping wise, probably because the government demands you pay a special extra juicy insurance if you put down less than 20% on a property. Still, prices are good (outside Toronto) and New York State is just across the lake. [8D] I’m looking forward to moving to Oz soon though! Sunshine! Warm weather! FHOG! []
Quasimodo
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Funny how action has a way of answering all of our fearful questions…
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quasimodo
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@quasimodo
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March 15, 2003 - 12:37 am
I have to agree with AD
I wouldn’t advocate lowballing as an automatic “do this and you’ll be right”. More a tool to be used selectively when other options aren’t appropriate. Myself, I’d much rather get in on great terms, an early find that hasn’t gotten major publicity yet, great rapport with the vendor first. If you are looking at a property where you don’t have many other options, this can be a way of getting some added “insurance”.
Quasimodo
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Funny how action has a way of answering all of our fearful questions…
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quasimodo
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@quasimodo
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March 14, 2003 - 10:27 pm
Thanks for the reccomendation!
I have a feeling Dale’s about to get a few more customers… []
Quasimodo
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Funny how action has a way of answering all of our fearful questions…
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quasimodo
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@quasimodo
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March 14, 2003 - 10:21 pm
quote:
You may want to send out a statement every 3 months, as the UCCC requires one atleast every 6 months. If you send one every 3 months and there is a problem with a statement then it gives you time to correct it within the 6 month period. If you send one only every 6 months there is no room for error.
Hey! Great tip Nathan!
That one’s definately going in the archive!
LOL! Good to see that I’m one of the few who didn’t realise this before! []
Quasimodo
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Funny how action has a way of answering all of our fearful questions…
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quasimodo
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@quasimodo
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March 14, 2003 - 6:48 am
To get really pedantic, whatever price a property is bought for is it’s market price, buuuuut…
(putting on a less pedantic hat) it means that it’s unlikely you were ripped off. Bank valuations are usually pretty conservative which in this rare case is a good thing []. As to whther it’s a good deal or not, only you can know, as the real answer to that question is to answer if buying it has brought you closer to your goals or not [?]
If yes, then congratulations, it’s a bona fide great deal!
Quasimodo
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Funny how action has a way of answering all of our fearful questions…
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quasimodo
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@quasimodo
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March 14, 2003 - 6:42 am
How about giving us some numbers/relevant facts to look at? Cap rates for the area? Median price per square foot in the area Vs your building, proportions tennanted. Etc. Etc.
Quasimodo
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quasimodo
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@quasimodo
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March 14, 2003 - 5:27 am
Sounds great!
So when are we going to hear more about this? Steve? Anyone? Inquiring minds need to know! []
Quasimodo
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Funny how action has a way of answering all of our fearful questions…
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quasimodo
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@quasimodo
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March 13, 2003 - 5:36 pm
Thanks B!
Or should that be thanks “The” B? [] Good to know it’s possible with negotiation (as almost all things seem to be!)
Quasimodo
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Funny how action has a way of answering all of our fearful questions…
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quasimodo
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@quasimodo
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March 13, 2003 - 5:25 pm
It is.
What you learn in the struggle, will be worth more, in more areas of your life than your first (second and third) million dollars. What’s more, whilst unplanned misfortunes of life can wipe out hard earned financial gains quickly, they can never take the lessons that helped you to create them in the first place. Like the story of the reporter who asked Henry Ford if he was afraid of losing his fortune. Fords reply: “Of course not. If I did, I’d have it all back within three to five years.”
Go for it!
Quasimodo
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Funny how action has a way of answering all of our fearful questions…
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quasimodo
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@quasimodo
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March 13, 2003 - 5:16 pm
I concur with AD
Many investors have been caught in the past, investing in properties that were only +ve geared *after* tax. The laws change and suddenly they’re caught paying losses instead of receiving income. Laws change daily much faster than property strategies often can, so the only strategies that make sense to me personally are the ones that make a (pre-tax) profit and “force” you to deal with it! *sigh* A good problem! []
Quasimodo
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Funny how action has a way of answering all of our fearful questions…
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quasimodo
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@quasimodo
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March 13, 2003 - 5:11 pm
Is that because he’s *that* good, because you only need to see him rarely or because you used to live in Melbourne?
Only asking because if it’s the first option, then sign me up! []
Quasimodo
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Funny how action has a way of answering all of our fearful questions…
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quasimodo
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March 13, 2003 - 5:08 pm
You want someone who is coming from the same mindset primarily, who also knows and loves “the game” (in this case actually doing accounting!). To check the mindset I’d casually enquire what they think of mainstream stalwarts such as negative gearing, mutual funds, dollar cost averaging. Then I’d try asking about areas relating to what you want to do EG positive cashflow property. I’d listen to their responses not so much for the data they can give you as which way emotionally they seem to lean. IE if you property that actually *makes* you money and they’re convinced that such a thing virtually doesn’t exist, then chances are they’re not going to know the best way of dealing with it when you hand it to them! If they go on to look worried and suggest you need to buy a negative geared property to balance out “all that extra tax you have to pay” for your +ve cashflow, then I humbly suggest running as fast as your legs will take you… []
Quasimodo
___________________________________________________________________________
Funny how action has a way of answering all of our fearful questions…
___________________________________________________________________________
quasimodo
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@quasimodo
Join Date: 2002
Post Count: 100
March 13, 2003 - 4:35 pm
If we were all as afraid of inaction as of being conned (ie making a mistake) our results would amaze us. []
Quasimodo
___________________________________________________________________________
Funny how action has a way of answering all of our fearful questions…
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quasimodo
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@quasimodo
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March 13, 2003 - 3:40 pm
All fixed!
It looks like it was a problem because I had my bookmark bringing me straight into the forum. If I log out and have my bookmark bring me to the login screen instead it works fine.
The moral of the story? Don’t bookmark straight to the actual forums and everything works fine! []
Quasimodo
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Funny how has a way of answering all of our fearful questions…
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quasimodo
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@quasimodo
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Post Count: 100
March 12, 2003 - 9:32 pm
Good point Steve.
It’s nice to hear that not everybody advocates mass lowballing which is a process I’ve long hated exactly because of the lose-lose nature you mentioned. I’m still looking for duplicatable methods of purchasing properties that will both help raise my ROI as well as provide win-win deals for all concerned. Most of what I *have* found has been in the form of finding “alchemic” value (to borrow a phrase from Paul Zane Pilzer), that is taking something worth more to one person and less to another and using that difference to make a deal that creates value out of thin air (almost!).
I suspect that there’s still huge potential in working with terms over price. I’ve seen vendor financing used to rase the ROI (by lowering deposits necessary) but I’m wondering what terms could be used to actually raise *cashflow* in a win-win way.
Any ideas?
Quasimodo
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Funny how has a way of answering all of our fearful questions…
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quasimodo
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@quasimodo
Join Date: 2002
Post Count: 100
March 12, 2003 - 9:08 pm
IMHO
99.99% of the time financial “advisor”=lemming herder
Be especially wary if they start chalking your losses up to “lack of diversification” or better yet start pulling out phrases like “dollar cost averaging” (based on the wise logic of “it’s plummetting, therefore it MUST be at a good price!”). John Burley, who was one of the leading financial “advisors” for years and knows the industry well, put it nicely when he explained that most “advisors” are merely mutual fund sales people. There are people working as financial advisors who despite the system taught manage to keep their clients best interest at heart, but you’ll have to work to find them. At the very least make sure to get them to disclose in writing the list of commissions and fees they personally stand to make from their possible recommendations and how much money *they personally* have in what they’re reccomending. This last one protects you from crooks, but won’t from people who are just ignorant to better ways.
Good luck!
Quasimodo
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Funny how has a way of answering all of our fearful questions…
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quasimodo
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@quasimodo
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Post Count: 100
March 12, 2003 - 8:55 pm
Let’s say Steve is even roughly right and the profit at the end of the day is around $6000. Why not just ask $6000 to up and leave the deal quietly on good terms? Less work. Less risk. Same profit. Faster. Everyone wins…
Even if your profit *could* have been higher, I’d be amazed if the profit:time ratio could come anywhere near this, especially after taxes.
Just a thought! []
Quasimodo
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Funny how has a way of answering all of our fearful questions…
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quasimodo
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@quasimodo
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Post Count: 100
March 12, 2003 - 5:40 pm
Seriously though, congratulations on taking what many *could* have taken as a reason to give up and using it as a reason to keep moving forward. Steve was right about one thing… you have shown that you *can* learn. A failure would have given up the moment they were told they weren’t there *yet*.
Quasimodo
___________________________________________________________________________
Funny how action has a way of answering all of our fearful questions…
___________________________________________________________________________
quasimodo
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@quasimodo
Join Date: 2002
Post Count: 100
March 12, 2003 - 5:33 pm
Do or do not – there is no try.
*sigh* Man Yoda kicks a$$!… Both “Yoda’s”! []
Quasimodo
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We are all but half formed images of our true potential.
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quasimodo
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@quasimodo
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Post Count: 100
March 12, 2003 - 5:31 pm
Areas like these are often more open to vendor finance, too as everyone in the area has the same “problem”. Why not try negotiating something along the lines of “I’ll give you full price if you hold 30% at 5%”. You get a lower rate than the banks will give you, fixed, 100% financed (with 70% from the bank) and the owner gets a higher rate than if they put their money in the bank…
Worth a try! []
Quasimodo
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We are all but half formed images of our true potential.
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