Forum Replies Created
I find ING great. Money always at call, min. balance $10 to start, no fees and you can have up to 9 separate accounts under one name – great for AIPs and budgets. Currently @ 5.75%.
Must do to give me the best quote!
They do regular runs through the year – next one in May I think.
scotty3Ask ’em!
Ring a couple of managing agents and ask their rates are (including letting fees and advertising), what they do for the money and also ask for client references. (Good if you can find landlords who recommend their services).
Rates for the agents I use vary between 7 and 9% of rent collected.
Apart from time leverage, there’s also the bonus that the agent handles any legalities that might crop up on the way. You don’t want to be spending time and energy fighting tenants in court. Pay someone else to.
Cheers,
scotty3I have posted this before but being an inexperienced forum user, I don’t know how to direct you to it, so I’ll post again the following:
This is the link to the Property, Stock and Business Agents Act 2002 (current legislation).http://www.austlii.edu.au/au/legis/nsw/consol%5fact/psabaa2002385/s3.html#agent
My interpretation of this (and that of the OFT, solicitors I have enquired of, other existing buyer’s agents and the tax office) is that if you do bird dogging for reward, especially more than once, you are ‘conducting a business’. As such you are acting as an agent. If your activities include: (quoted from the Act)
(b) for inducing or attempting to induce or negotiating with a view to inducing any person to enter into, or to make or accept an offer to enter into, a real estate transaction or a contract for a real estate transaction, or
(c) for the introduction, or arranging for the introduction, of a prospective purchaser, lessee or licensee of land to another licensed agent or to the owner, or the agent of the owner, of land…
you definitely need a licence. I would far rather be safe than sorry! I know that the OFT is investigating a lot of property sourcing firms at present and that there is pressure from the industry to ‘clean it up’. I have heard of a number of practices being shut down and heavily fined for unlicensed activity.It is up to you as to whether you interpret this as I have. Just be sure that what you do can be easily justified to the authorities should you be required to do so.
To answer your other question, licencing courses can be done through TAFE or REI. Licenses are then issued by the OFT.
Hope this helps clarification.
Scotty3Hi Collo
Send me a PM and I may be able to help.
scotty3If you haven’t found someone yet, I have been dealing with Wades First National re. purchases and they have been good. I know they do property mangement, but you’ll need to call them for details.
BMT have given me the best QS quote so far.
Good luck,
scotty3Try ABS website, residex and RP Data.
Cheers,
scotty3Hi Francisl
Unlike G7 I believe you need to be licensed as a buyer’s agent to bird dog in australia. I looked into it and became licensed for that reason.
Check other posts on the subject – there’s plenty of them.
Cheers,
scotty3There is something in this workshop for everyone and while some of it may go over your head at first, it’s still a great opportunity to learn some great fundamentals as well. If you’re just starting out though, why such a hurry – why not save a little money and book for the next Sydney one in October instead? In the meantime read, network, talk and learn as much as you can so you can get even more out of Steve’s outstanding seminar.
Best wishes,
scotty3Hi Mant
I have two IPs in Mt Isa now and they have enjoyed some good CG over the last 12 months because of Xstrata’s regeneration of the mines. Taking into account the resource boom fuelled by China and others, I don’t expect there to be a crash soon (next couple of years). When I was up there looking I noticed all the public buildings had been very recently reno’d. Govt’s don’t spend money for no reason…
Local council is planning to release more land for development later this year to help satisfy housing demand.
I could go on, but in short my opinion is favorable for the Isa in the short-medium term. However, look to make your profit rather than hope for further capital growth from the market – not sure how much market growth is left.
Cheers,
scotty3Hi Elitess
Do you want to hold onto the property long term? If not necessarily, and the great suggestions listed above don’t help, then maybe a lease option or wrap might be a thought.
Good luck,
Scotty3Hi Liz
If you’re in Sydney PM me I can definitely help you.
Scotty3Hi Loungeact
I reckon you should change your name – you are doing much more than most people sitting on their lounges! Good on you!
Best advice I can give is to buy a ticket to Steve’s next seminar – the sooner the better. There is more than enough info and networking opportunities there to get you started.
Take plenty of time to educate yourself before putting your money anywhere. Once you’re ready, pick a strategy that you think will work for you and go for it.
Good luck!
scotty3Hi Lee
You will find quite a bit said about bird dogging in other sections of the forum, so have a hunt. I am a licensed buyers agent – became licensed because my take on the law in Australia is that it’s illegal to do so without one, so take care if you venture into it.
As for fees, etc. that varies somewhat depending on the amount of service offered – whether it’s a simple ‘here’s a deal’ with no due diligence or whether thorough due diligence, negotiation and/or following the contract to settlement if offered.
Hope this helps.
Scotty3Hi Demps
Together with the above,I would say that as long as all your calculations are in the same currency, it should work as it does here, but if you’re buying overseas don’t forget the impact of exchange rates, govt rulings, etc. It may make the deals look quite different.Cheers,
Scotty3We read John Burley a year or so ago and immediately put the AIP into action (actually we had already started something similar).
There are a couple of ways of approaching this.
1. Hire a stock broker and set up an AIP through him, giving him directions as to which shares to buy along the way.2. Do as we did – I have a set amount deducted from our working account each week via an ING account and their ‘automatic savings plan’. Once the ING account reaches a certain level and I have identified shares I want to buy, I use the ING savings to buy a parcel of shares via the internet brokers (much cheaper).
(eg – I bought realestate.com.au shares last year. They have mnore than doubles in value in 6 months, which beats any managed fund by miles!)
If you are confident in dealing directly in the share market, it is a system that works well for us.
All the best in your 7 steps!scotty3
PS I live in Sydney and run a small group for people interested in wealth creation. We actually based a lot of our meeting topics last year on John Burley’s 7 steps as well as some Steve McKnight stuff.If that is of interest, send me a PM and I’ll give you details.
OK. Thanks Terry.
Felicity’s strategy as far as education goes is GREAT. Take the freebies, find what you are comfortable/excited about doing, look into a few of the gurus in that area and see that they’re reputable and THEN spend the money.
I too bought Rick’s wrap pack and have made multiple times what it cost. Steve’s I’m sure would do the same. It all comes down to finding a guru you can trust and a strategy you WILL employ. Theory never makes money – practice does.
Good luck!
scotty3It’s already a win-win because the tenants get the chance to live in the property they’re buying, pay some of the deposit week-by-week in ‘rent’ and know the property will still be available when they are ready to buy. A good strike price should certainly be ‘in the money’, but you don’t have to forfeit all the CG unnecessarily. A ‘profit share’ is still a win-win.
scotty3
Hi Monopoly
Yep, I suppose I have – but by accident rather than design! I had intended to hold the property as I bought before the boom on a 7.6% return. The place has increased in value by about 37% in one year. It was an Ah-Ha moment at Steve’s seminar (AFTER the new teants had signed up) which showed me that I’m not getting 7.6% anymore, I’m only getting 5%, so sell the thing and get me money working harder elsewhere!
From there it was a matter of making the sale more profitable, and Steve’s development of the new 11-second rule has been very valuable indeed in that respect! I have targeted the investor market (had no choice), which in this case is still very strong.
Make the most of what you’ve got!cheers,
scotty3
