Forum Replies Created
I use PKF in sydney, but they are actually based in Melbourne and they have been really really good to me.
They don’t just want to take my money, they want to teach me and help me understand which is what I believe one of the most important things.
Also, they give you 2 accountants. That way if one accountant is away on leave you can still contact your other accountant. They might be worth a try?
Ryan McLean
http://CashFlowInvestor.com.au
Positive Cash Flow Properties Are Just a Click AwayRyan McLean | On Property
http://onproperty.com.au
Email MeHave you had to make a claim with them at any time? Can you tell me what happened and how they reacted?
Ryan McLean
http://CashFlowInvestor.com.au
Positive Cash Flow Properties Are Just a Click AwayRyan McLean | On Property
http://onproperty.com.au
Email MeWhat makes Terri Scheer good?
Ryan McLean
http://CashFlowInvestor.com.au
Positive Cash Flow Properties Are Just a Click AwayRyan McLean | On Property
http://onproperty.com.au
Email Me@ Dannyde – So what did you have to provide to RAMS in order to get the home loan?
Are you a PAYG worker or a business owner?Ryan McLean
http://CashFlowInvestor.com.au
Positive Cash Flow Properties Are Just a Click AwayRyan McLean | On Property
http://onproperty.com.au
Email MeHow much did you buy the product for?
Ryan McLean | On Property
http://onproperty.com.au
Email MeIf it were me I would get the $100,000 equity loan and use it to invest in a cheap positive cash flow property. The property would completely pay for the mortgage repayments AND you would get all the growth of the property as well.
Also as time goes on the rents will go up but the mortgage expenses will stay the same. Meaning you will be able to make passive income from this investment. To me this seems like a lot less risk than plonking your money in blue chip stocks.
Ryan McLean
http://CashFlowInvestor.com.au
Positive Cash Flow Properties Are Just a Click AwayRyan McLean | On Property
http://onproperty.com.au
Email MePlease give more details.
Eg. How much vendor financing is available?
What suburb is this property in?
The address of the property?
The condition of the property?
Some pictures?Ryan McLean
http://CashFlowInvestor.com.au
Positive Cash Flow Properties Are Just a Click AwayRyan McLean | On Property
http://onproperty.com.au
Email MeIs this for people selling their properties with vendor finance? Or for people trying to buy property with a vendor finance agreement?
Ryan McLean
http://CashFlowInvestor.com.au
Positive Cash Flow Properties Are Just a Click AwayRyan McLean | On Property
http://onproperty.com.au
Email MeI agree with Dannyde. Aren’t you ripping off your relative? Couldn’t they sell their property for $460,000? Giving them an extra $80,000?
How are you getting around this?
Ryan McLean
http://CashFlowInvestor.com.au
Positive Cash Flow Properties Are Just a Click AwayRyan McLean | On Property
http://onproperty.com.au
Email Me@ JacM
Great idea about the buffer money. Unfortunately harder in reality when you are trying desperately to use any extra cash to expand your portfolio.
Who do you have landlords insurance with? I would love to get a recommendation.
Ryan McLean
http://CashFlowInvestor.com.au
Positive Cash Flow Properties Are Just a Click AwayRyan McLean | On Property
http://onproperty.com.au
Email MeWhat do you want to achieve?
Defence investment properties guarantee rent but they charge you something like 16% management fee on the rent. If your only getting 5.2% rental return (after the period of 0% rental return while you are building the property) then you are going to be very negatively cash flowed.
This isn’t always a bad thing, but that is why I ask what you want to achieve. If you want passive income and want to be financially free (don’t we all) then maybe you should be looking a positive cash flow property instead of Defence housing with a crappy 5.2% rental return. I can find properties that give me over 10% rental return…but that is my strategy.
So many people invest without a strategy and then ask for advice. But if you know what you want to achieve (a certain passive income, a certain level of growth) then you can look at properties and analyze them yourself and ask for specific advice. So get a plan and assess each property based on what you ultimately want to achieve. If it gets you closer to your goal then invest…if it moves you further away then run for the hills.
Ryan McLean
http://CashFlowInvestor.com.au
Positive Cash Flow Properties Are Just a Click AwayRyan McLean | On Property
http://onproperty.com.au
Email MeI would say stop listening to people! Who cares what everyone’s opinion is.
Here is what I did
1. I set an investment goal – I set a level of passive income I wanted to achieve through investing in property (I am after passive income NOT growth)
2. I decided what I want in a property to get to my goal – I have very specific things I look for in a property before I will be willing to invest. This helps me cull every other property and focus specifically what I want.
3. Decided to invest NOT to make money but to learn – I was willing to risk losing money in order to learn. I could pay $10,000 for a seminar to learn, or I could take action and risk losing $10,000 but learning a whole lot. I looked at it as a learning experience…not only a cash investment. This helped me get over the fear.A few tips:
1. Get loan pre-approval – This means you will be able to act quickly
2. Get a conveyencor or solicitor (or their number at least) – So you can move quickly
3. Get the numbers of a building and pest inspector so you can move quicklyHope this helps.
Ryan McLean
http://CashFlowInvestor.com.au
Positive Cash Flow Properties Are Just a Click AwayRyan McLean | On Property
http://onproperty.com.au
Email MeI spend a great deal of money to find and locate towns in Australia with over 10,000 people. It has proved to be a great resource to me in finding positive cash flow property.
Ryan McLean | On Property
http://onproperty.com.au
Email MeLucky you have insurance. Unlucky that you are extremely out of pocket until the insurance claim goes through.
This is a good lesson for me to learn and I will be looking at landlords insurance to make sure that the lag between loss and reimbursement isn’t as long as yours.Can’t help you with any builders or anything but I can offer my sympathy. It sucks that this happened to you.
My advise would be to get a new PM and check through the applications more carefully before selecting a tenant next time.
Good luck with it all.
Ryan McLean
http://CashFlowInvestor.com.au
Positive Cash Flow Properties Are Just a Click AwayRyan McLean | On Property
http://onproperty.com.au
Email MeTruthfully I don’t know if this forum is exactly the place for you. No doubt you will find some good stuff on here, but a lot of the stuff on here is more about positive cash flow investing and you seem like you are looking to negatively gear and buy, renovate sell. Steve’s R.E.S.U.L.T.S program has a fair amount of renovating, developing and subdividing that could help you…but it is more a long term course and costs quite a lot.
Hit up your local library and read some books on what you want to do. It won’t tell you about your specific area but it will teach you the skills you need to assess your area and invest wisely.
Ryan McLean
http://CashFlowInvestor.com.au
Positive Cash Flow Properties Are Just a Click AwayRyan McLean | On Property
http://onproperty.com.au
Email MeSeems I have been beaten to the punch by Richard. If you buy it with the intention of onselling it for a higher price (by renovating and selling, or subdividing and selling) then you may incur GST. As far as I am aware it depends on your intention when you buy the property.
If you buy it, then immediately create strata titles and onsell it might be hard to convince the government that it was never your intension to sell for a higher price when you bought it.
Ryan McLean
http://CashFlowInvestor.com.au
Positive Cash Flow Properties Are Just a Click AwayRyan McLean | On Property
http://onproperty.com.au
Email MeI have not invested in that area, but I do find Ray White to be one of the best in most areas. L J Hooker are generally very good also.
I find the bigger companies have better systems in place for managing rent and tenants and thus are easier to work with. Not always the case though. Good luck in the hunt.
Why not trial some managers for short periods and see how they match up before signing.
Ryan McLean
http://CashFlowInvestor.com.au
Positive Cash Flow Properties Are Just a Click AwayRyan McLean | On Property
http://onproperty.com.au
Email MeI have not invested in that area, but I do find Ray White to be one of the best in most areas. L J Hooker are generally very good also.
I find the bigger companies have better systems in place for managing rent and tenants and thus are easier to work with. Not always the case though. Good luck in the hunt.
Why not trial some managers for short periods and see how they match up before signing.
Ryan McLean
http://CashFlowInvestor.com.au
Positive Cash Flow Properties Are Just a Click AwayRyan McLean | On Property
http://onproperty.com.au
Email MeHave you tried talking to the neighbors or the tenants?
Your tenants might be happy to fix things if you pay for the materials and give them a discount on their rent for the week.
Alternatively the neighbours might be handy-men (but not by trade) and might be happy to help for a small fee.
Ryan McLean
http://CashFlowInvestor.com.au
Positive Cash Flow Properties Are Just a Click AwayRyan McLean | On Property
http://onproperty.com.au
Email MeAre you asking the different between how someone would manage residential investments to how someone who owned and ran businesses would manage the property ownership of the business?
Your question is a little confusing to me. You need to clarify and give more detail. Examples always help (Eg. How McDonalds manage their property vs how Mum+Pop investors manage their 5 house portfolio)
Ryan McLean
http://CashFlowInvestor.com.au
Positive Cash Flow Properties Are Just a Click AwayRyan McLean | On Property
http://onproperty.com.au
Email Me
