Forum Replies Created
HI Cjay11,
if it helps ive found a Ebook that covers a few areas on different aspects of Realestate investing and i have packaged it up for downloading. Its called Buying a Home When You Have Bad Credit:
12 Ways to Purchase a House When You Can't Get a Home Loan.Its based on American investing but its got a few good ideas in it and not to big to read, so if you or anyone would like a free copy just go to http://www.goneshoppingsites.com/package.exe and a download box will appear instantly.
Cheers Shaun
Like it was said earlier its not a set and forget, i also had a tennant paying the rent through centrelink payments but then he informed centrelink he didnt want to pay the rent out of his centrelink payment anymore so they cancelled it and they dont even bother to let you the landlord know. As i had 6 properties on the go at the same time it was 2 months later that i realized the payments had stopped, so i rang up centrelink and they were like oh he cancelled that months ago. I know i know i should have kept a closer eye on it but when its government i thought since i was getting paid first and the tennant second it was pretty safe. Live and learn.
Hopefully your tennant will keep up there payments for you ,but check your account every month for when that check should go in.Cheers
Riskyhttp://www.goneshoppingsites.com
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http://www.freeinternetmarketingcourses.com/go.php?offer=vendking&pid=1Hi Peachy ,
Imho its not so straight forward as a set rule of thumb , for instance ,
Your normal 15-20 % or more under asking price offer depending on how thick skined you are ,or you could have already arranged your loan so you can offer a cash offer which is your best chance of offering well below asking price, or you could offer a long settlement if that suited you in which you are more likely to offer the full asking price , or maybe even a short settlement for a lower offer if you had your finances in place. Basically there is plenty of ways to make offers and its up to you to find the one that best suits you and the seller so its a win win situation. If its a buyers market you have most of the cards but if its a sellers market you stand a good chance of loosing out on the deal if you haggle to much over to little.Hope this gives you some options to throw around.
Cheers
Shaunhttp://www.goneshoppingsites.com
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http://www.freeinternetmarketingcourses.com/go.php?offer=vendking&pid=1Hi Daniel,
Firstly you have overcome the biggest hurdle and thats taking the first step. Alot of people want to invest but only talk about it , you have actually started to put it to action even if its only aking a question here it is still a positive step in starting.
As for the question its a hard one, theres multiple ways you could go but i think start by spending weeks just reading posts here will be of a huge benfeit to you.
The home home owners grant is probably your best ammo and the ability to be able to save 8k while not working makes me think you shall do very nicely in your chosen path.
Just my opinion ,but dont be scared to look at regional towns as the dearer it gets in the city people will move to the country which will cause a moderate price rise to hopefully get you some capital gain to get started closer to the City.
While on the subject of books , i found the book ” Think and Grow Rich ” by Nepoleon Hill to be a good read and if you like you can download a Free copy here .www.goneshoppingsites.com/tgr/package.exe
Good luck and dont give up but tread carefully.
Cheers Shaun
http://www.goneshoppingsites.com
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http://www.freeinternetmarketingcourses.com/go.php?offer=vendking&pid=1I agree Perth has gone nuts the last year and is still going up. Im fortunate enough to have a couple of ips in Mandurah which has really gone nuts, not that im complaining [biggrin][jerry]
Cheers
Shaunhttp://www.goneshoppingsites.com
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http://www.freeinternetmarketingcourses.com/go.php?offer=vendking&pid=1You might want to look at Karratha WA , this town is booming and there is so much work coming up with the extra train and talk aready of another. Companies such as Woodside ,Monadelphos are employing on a fly in fly out basis as theres a lack of rental properties.
A freind of mine is getting $850 a week rent there for a average 4×2 that he paid $220,000 for 2 years ago. The average rent there is app $650 for 3×1 /4×1 and around $400-$550 for a unit.http://www.goneshoppingsites.com
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http://www.freeinternetmarketingcourses.com/go.php?offer=vendking&pid=1Hi, here is a contact for a someone who is experienced in wrapping , I believe he is a lawyer and has done a lot of work for Rick Otton who is another wrap guru . Its been 2 years since i made this contact but hopefully he will still be on this number.
He would defianetly be able to help you with contracts as well as credit license.Jeremy Malcolm on 08 92130800
Hope this helps
regards ShaunIf you want the rainbow youve got to put up with the rain!
I had the opposite problem with my tennant asking me not to put new carpet in or not to paint the place as he is happy with bringing his friends back and having a jam session (as he plays in a popular band) . He doesnt want the burden of having to tread carefully, suits me as i brought the place with the idea of doing a total makeover. However now i will just wait until he moves out . Pays on time and have only had one phone call from him wanting to sign for another years lease . Unfortunetly i have had your problem with other ips but thats another story .
regards
ShaunIf you want the rainbow youve got to put up with the rain!
Make your profit when you buy not when you sell .In other words you need to buy under what the market is asking.
If you want the rainbow youve got to put up with the rain!
Thanx guys for your replies, i like the idea of adding the yearly rate costs into the weekly premiums. I also like the idea of having a clause into the contract to that effect which hopefully would solve any later differences. Just ran a advertisment for my first wrap deal , because one of my IPs has just become untennanted so good time to feel the waters to see what sort of interest is here in the West.
Regards Risky
If you want the rainbow youve got to put up with the rain!
My PPOR is directly across the road from a large park with playground ,basket ball ring etc and plenty of gardens and trees, it has a walkway all the way around and is used for jogging cycling and walking . The local primary school oftern do excursions to the park as its a very nice setting. I love to sit on my balcony having a beer and overlook the park, and i personally think its put more value on my house because of it.
Regards Risky
If you want the rainbow youve got to put up with the rain!
Good topic for me, as this is my major flaw in my investing plan. Thats just the problem i havent a plan [hmm] My plan changes weekly because im relatively new to the property investing game, im learning more and more everyday so therefore im finding other investing vehicles that appeal to me. Therefore im finding it very hard to set goals as im going from the buy and hold to wrapping to lease options to flips all in one nights dreaming . The best thing that has happened to me is that i started, that was the biggest hurdle to get over , now its finding the right vehicle to take me to where i want to be . But that causes another problem im not sure where i should be aiming for that will be gettable. I cant seem to put a dollar figure on my goal just yet but the big white elephant is getting smaller and im getting hungrier as i learn more and more about this industry.
Risky
If you want the rainbow youve got to put up with the rain!
Hi Kay , your probably right about the 20% premium but I hope not ,I tend to think that wrap deals are only succesful if the wrapper buys the deal at 15-20% under market value (in this market its not that hard ). So the wrappee will or should be buying at market value. Well i hope that is the stradigie for most wrappers as this results in a win win for both parties.The wrapper is still getting his 15-20 % inflated price as well as 2% inflated interest rate.Another option successful is to lease option the deal if possible which will give you time to save as well as part rent coming off the principle and hopefully establish some capital gain before the option expires.
Regards Risky
If you want the rainbow youve got to put up with the rain!
I tend to think more about the ripple effect, if suburbs 6 kms from the city are sought after it wont be long till 8 kms are sought after even if there not now. Id be looking at how much space is around these areas for future developments and if there isnt much vacant land left the 1st option of 8 kms will be vary valuable some time soon in the near future.
By the time your new addition to the family is ready for his/her own room then you may have a very nice capital gain to upgrade again.
It also helps you from getting into non deductable debt again.
Good luck with your new baby and your decision.Regards Risky
If you want the rainbow youve got to put up with the rain!
So true about the grinding near glass, I had the same problem when i built my steel patio on the rear of my ppor, took steps to stop the filings going into the pool so didnt get rust spots allover the pools floor, but didnt know what the little buggers could do to glass till i stood back to admire my handi work and saw the new etched glass window that wasnt etched an hour ago
[grrr]Regards Risky
If you want the rainbow youve got to put up with the rain!
Very true Newgen, the hard part is getting to where you want to be and then its up to you to stay there and progress.
Regards Risky
If you want the rainbow youve got to put up with the rain!
Different strokes for different folks but for me my motto is Its Not what you know, but who you know.! .
Regards Risky
If you want the rainbow youve got to put up with the rain!
Hi Nathan
Maybe one more option for you to look at would be vendor finance or commonly known as Wrapping. If you are unsure of this investment vehicle take a look at the getting creative forum
which will give you a general understanding and you can follow up from there.Steve Mcnight also has a wrap pack available for purchase which gives you ample information and everything you need to complete a wrap deal. Although its not cheap, it can be if you put it to use.
Just my two cents worth Nath .[whistle]Regards Risky
If you want the rainbow youve got to put up with the rain!
I too have just had a house settle two days ago, shouldnt have any vacancy rates for the first year at least as i have a tennant moving in today on a 12 month lease. It Is positive geared and returning 10% yield gross. (62000/120) Country town in WA population of 8000.
Because i buy the bottom end price houses ,now or anytime now is a good time as i dont think there
going to go down in price, however the middle to top end properties have a chance of reducing in price slightly till the next cycle . But this is just my thoughts. I too will keep buying as long as the banks keep lending the paper stuff to me[thumbsupanim]If you want the rainbow youve got to put up with the rain!
Your not alone there Misty , i am writing this on a ship in the middle of the ocean with sattalite connection in South Korea where i am for 3 weeks work. Youd think id have better things to do than wait 2 minutes for each post to load with this crappy connection but hey, i can still log into pi.com forum [strum]
Risky
If you want the rainbow youve got to put up with the rain!
[grrr]
