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Looks really good to me.
I suppose this is a bit of an excuse but I wish I lived a little closer (assuming its not a realestate agents gotcha – already sold).
DerekOne other thing. Single people generally don’t mow. We try and get families for any houses. They look after the yard because they have kids that want to play in it.
Derek
One thing we have found. Be extremely wary of young couples. As you can expect often it doesn’t work out and one is left that cant pay the rent or has a big fight and puts holes in the walls etc.
I can’t say don’t rent to them as we have one excellent young couple but check very closely.Derek
I agree with the previous 2 comments.
I have purchased the renovation toolkit. The spreadsheet is detailed and usefull. The rest was overpackaged and of general interest only. I however have done quite a few renos and are a bit set in my ways. I would recommend it to a new investor. To an old hand it was realatively cheap and so probably worth the money. You don’t have to improve much to make back a few hundred dollars.
Derek
I think that you will find that even in the mining towns that real positive cashflow is very hard to buy in the current market. You would need to renovate, subdivide, develop something to get real positive cashflow in the current market. Bu a problem sell or rent back to the market a solution.
Forsaken – That’s a bit rough.
Reading Steve’s first book gave me the incentive to take action. I believer that I already knew most of what he was saying but hadn’t taken action. I am now a full time investor and have made more money through property in the last few years than I could have dreamed of working for an employer or even owning my own small business. I don’t think that there is anything to be scared of in Steve’s books or anything all that extreme. He obviously pushed the Mappers in the second book however they did it of there own will and were very successful.
I am now in Steve’s results program homestudy program and although I don’t think I have learnt anything startling it has been good all the same. For a beginer I think the results program would be fantastic.The way I do it is that I use the equity tied up in the deal to calculate my cash on cash return. If you didn’t have your equity in this deal you could use it somewhere else. It gives you a method of comparing 2 deals that have different cash / equity requirements.
Stuart,
Thank’s for your options. I did look at the vodaphone option. $1200 at 60c per minute is 30 hours per month of phone and internet. I would use more than this. All the mobile options I look at are very expensive. I think I will go with the landline conection at each place and maybe the capped plan just for mobile. The problem is just you need to pay landline rental and connection and surfing the net in a house renovation is not ideal. summary. Still not sure what I will eventually doThank you very much for your comments and suggestions.
I move every couple of months when each renovation is finished so the neighbours might be hard to try but a good lateral thinking idea. The current location is faily close to MacDonalds but more like 500m.
I have opened an Engin account on my slow broadband connection (256/64) to see how it works. It is usable but not great. The minimax modem wireless modem might actually be better – it is about 100kb/s both directions. My handset is most of the problem I think. I will upgrade it and try again on my broadband before getting the wireless.
The problem with the wireless is that it is a 2 year contract at about $100 per month so if it doesn’t work for phone then it is very expensive internet access.
I will let you know what I end up with. It might just be mobile and internet cafe.
