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I had a property manager didn't pass on the rent to me in Sydney.
The property manager company went to bankruptcy.
No one answer the phone, their office close…….
Same country, same city.
It took me about 4 month of searching and bitter arguing to get my hard earned money back.
Question here
Will you get your rent money in the above situation, if different city, different country, different legal system ?
How long will it take for your money back in the above situation in different city, different country, different legal system?
Question here
1) If you make the money in US, how do you get the money out of US ?
2) If you do not make money in US, but you want to get out of US market, how do you get out ?
3) what are the cost for simple tax return, change property manager, owner property inspection and transfer money in/out of US ?
Personally, I think there is nothing wrong in buying in a group.
In fact, this is how every property fund manager does. They setup a trust/company structure to buy properties or doing development projects. Westfield retail fund, Mirvac….. every public listed property related company does this every day. Nothing new. what you see is just the smaller scale of what public companies do.
How fund setup, how to split the profit, how to mitigate risk, how to deliver the return is essentially what investor looking for.
it's people's business, property is just vehicle.
With all the nice comment above.
I did some reno. and build some granny flat before.
I found property development is about people and number. You can surely build something with all the modern technology available and engineering solution.
BUT if it doesn't make money and adding value to someone what's the point ?
Knowing who to listen to and believe in, and how the number is work are most important things in property development.
Knowing some building, carpentry, accounting, finance, law, will certainly help you identify who to listen to and believe in.
I hope this helps.
Hi Daniel and Jason,
Great to see you guys on the right path at such young age.
I love investing since I was at your age. But I never really got on to the right path and right education.
However, I was a very discipline saver. I manage to save almost 60% of my wages. My income was really low at early 20. I was a chef. I was very happy and enjoy what I do.
I saw many friends in finance and accounting field making big money. I thought it was very good thing to make good money so I back to uni to complete Master in accounting and finance degree and got myself a finance job, which I don't really enjoy !!
Now look back I really saved more money at low pay cheffing job, then the ok pay finance/accounting job. I guess end of the day, if you are happy with what you do you will have more surplus money left in the pocket. Because happier people manage money better, negative emotion tender to make negative decision when it comes down to money management.
Just a thought
I need to thanks Nigel Kibel point this out to me and I really thinking I need to do something I enjoy the most..
Regard,
Taylor
Saved 200k in age 22 !!!
that's amazing.
Do you know to share how you save 200k in such young age ? what do you do for living ?
I found even a person on 100k mining job can't save 50k a year ………
I am sure if you can saved 200k at age of 22. you are way ahead of many people on this forum.
Good luck
enjoy the property investing journey. looking forward to hear som awesome ahead from you
Apart from the fees.
Do you think he is helping you achieving your goal ? like give you some advise or suggestion ?
if not, I think it's the time to shop around since no of properties not change, complexity didn't change then why the fees keep going up ??
Ask some other accountants
I totally respect everyone's view. and really apprecicated everyone's contribution
but how would you be comfortable to put down hundred of thousands of dollars if you just walk in an out of an open inspection for 5 minuntes without detail analysing how much money you need to spend on repair, upgrade, or even some deficit you saw on the inspection time but on settlement date the owner/seller cover all them up ??
I often inspection more than 3 properties a day, and by the end of the day I already forgot all the structures, layout, damage of each property if i don't take some photos or do some sort of recording …..
I respect the privacy issue. But wouldn't normally agents inform the tenants/owners that perspective buyers are coming in and they would probably put the valuable items away already ???
If the agents/owners don't help perspective buyer to buy comfortably. how would they sell the property ? expecting some dumb people blindly hand over hundred of thousand of hard earning money ?!
If you can make money on selling IP1, I don't see the point not to selling it.
My thought is IP is only for making money, once it helps you to make money reach to its goal. money move on to next project/property for better use of money.
Regarding to the loan, I agree every mortgage brokers here. you may sit with a mortgage broker and discuss the borrowing capacity together.
Taylor
Welcome to the Forum Matt : )
Like all the above.
You need to do your own DD.
Sometimes "low ball offer" will p*ss agent off. but what's the "low ball offer" is really depend on the market, the agent, the seller….. all factor are relevants.
If I was you, I would ask the agent see if he think about the offer. most of the agent will give you some feedback about your offer.
Good luck
Taylor
I think the tenant selective is most important to start with.
from there, you choose to actively building relationship with them or just seat back and collecting the rent let PM to do the job.
My experience with tenants are mix.
The grave plots investment is actually happening in many Asian countries. ( i believe in many other country as well)
Many people buy themselves a spot when they are still alive.
You can check on google. it is not new.
I guess it's all about the marketing. Funeral industry selling their product that's all.
Totally agreed.
I like the down/depressed market.
I can really get the value of a property, not over inflated price like in the hot market.
How long do you guys think the flat/down market will go for ??
Recently I monitor the auction result in Sydney,NSW it looks like the clearing rate is picking up a little…
Also the share market has been coming back up a little for the last couple of weeks…
what's you guys read in property market for the coming year,2013 ?
All the above points people mentioned are mainly focus on the rent and revaluation.
I would also look into how much the holding cost for un-renovated and renovated property ? and what's the projection in 5 years time ( of course it's hard to estimated)
Given the interest rate is relatively low right now, it may come back up in a few years time.
Hence if you do the reno while interest rate is low now get a better tenants. when the time comes to sell you don't need to not face high interest rate holding a vacant property during the reno process.
just a thought I hope it helps.
Good luck.
Taylor
