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Shell H
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@shell-h
Join Date: 2010
Post Count: 32
March 12, 2015 - 8:44 pm
Hi Richard,
A very late ‘thank you’ to your answer on this! Been a bit slack on the forum and had my head in work too much – I’ve been doing too much wine business & not enough property business of late!
I’m glad I stuck with my guns and took out the common insurance – which nice dentally is nearly as much as the insurance of the building :)
Thanks!
Michelle
Shell H
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@shell-h
Join Date: 2010
Post Count: 32
March 2, 2013 - 9:56 am
Congratulations Johann, what a great achievement. Inspiring the rest of us to keep working on reaching our goals too!
Michelle
Shell H
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@shell-h
Join Date: 2010
Post Count: 32
February 15, 2013 - 2:23 am
Thanks for taking the time for me Derek, i really appreciate it.
& yes helps heaps – between you & Dianna, you have both help me refocus and move forward.
Have a great day!
Shell H
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@shell-h
Join Date: 2010
Post Count: 32
February 15, 2013 - 12:43 am
Thanks for the reply Dianna,
Yes we have been thinking about what both you & Derek said and have decided that we are on a good thing with the method we usually use & that is why we can always sleep at night & aren't scrounging for money to pay the repairs & general expenses that you get to enjoy with investment properties!! So we have officially let this one go (i think worrying about changing strategy was part of the cause of my analysis paralysis!)
Funny thing was that going back to our original method, last night I found another property (rural again) that fitted perfectly with our method & we are ready to move on from the house that will (probably ) have capital growth, but will definitely cost us money. to a property that will eventually have growth, but in the meantime will give us a little bit back in our pocket each week – and definitely not take it out!!
We signed up our fourth property last week (good cashflow type) and it gave us no doubts, worries or second thoughts, so that should have told me something.
As always, thanks so much for all your help guys – and i think you may have given me a good lesson of 'if it ain't broke, don't fix it'.!
Michelle
Shell H
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@shell-h
Join Date: 2010
Post Count: 32
February 13, 2013 - 10:26 am
Hi Derek, sorry I mustn't have explained that properly. I meant all our other 4 investments are pretty good returns (well we are happy with them anyway they aren't like mining town returns) our last one was a 5 year old house, tenanted at $270 pwk paid $207k for it so around 6.8% and depreciation should help too. So the ones we have are all along those lines.
the one we are looking at strays from our usual criteria, and as you say will cost us money and has minimal depreciation as about 20 years old. We were hoping a fresh coat of paint and a.bit of a tidy up would give it more capital growth and more rent.
but reading your post I am thinking straying away from properties that put money in our pocket (if only $20 per week), might be a silly move! Arghhh the crazy world of investing
thanks for your reply & have a great week
michelle
Shell H
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@shell-h
Join Date: 2010
Post Count: 32
February 13, 2013 - 10:13 am
Thanks Rob, that is exactly where we are coming from to get it cleaned up before we can even show tenants is going to cost us money – not their problem I know, but we have to take it into the equation with the purchase price.
Shell H
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@shell-h
Join Date: 2010
Post Count: 32
February 13, 2013 - 10:10 am
Ha! I love it Joe! But yeah I can't see what the issue is if it is all done through the solicitors.
Shell H
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@shell-h
Join Date: 2010
Post Count: 32
February 12, 2013 - 12:50 am
Ouch! That is very high. You won't know what to do with your surplus cash each month when you refinance!
Shell H
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@shell-h
Join Date: 2010
Post Count: 32
February 10, 2013 - 7:45 pm
After a google search or two on Dymphna I found myself a little skeptical of her. She certainly doesn't get a great wrap online.
I have friends that went to her seminar in Brisbane Saturday last week. they said they got heaps of really helpful information during the seminar. So even if you came away with a snippit of info it may be worth it??
They said they were very tempted to sign up to her offer on the day but resisted. Several phone calls from her team last week, and they signed up. Not sure of the details of the program they have joined, but they are really happy with their decision.
Good luck & enjoy.
Shell H
Participant
@shell-h
Join Date: 2010
Post Count: 32
February 10, 2013 - 12:37 pm
Yay! Officially broken through the dreaded analysis paralysis and purchased IP number 4 today!!
Thanks to everyone's help whipping me out of the ongoing analysis cycle. As suggested we revisited our goals, put them front and centre for us to see everyday & are back on our track again.
Have a great week!!
Shell H
Participant
@shell-h
Join Date: 2010
Post Count: 32
February 7, 2013 - 2:39 am
Just read the API article Jac and Richard. Nice work guys – very motivating and inspiring ! Nice work!
Shell H
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@shell-h
Join Date: 2010
Post Count: 32
January 18, 2013 - 2:55 am
I cannot recommend anyone to you as not familiar with Orange. But it sounds like that for anyone heading into the market up there needs to steer well clear of McCormack & Barber and Peter Mitchell.
Like Joe, I cannot believe that they didn't tell you that the property was vacant!! Have they been advertising the property and attempting to find new tenants??
Good luck & hope someone on here has someone they can recommend.
Michelle
Shell H
Participant
@shell-h
Join Date: 2010
Post Count: 32
January 11, 2013 - 2:05 am
Brendon,
You've been given heaps of great advice here from everyone, esp JacM's post.
Congratulations on getting started so young! Most people your age are not at all in the investing mindset, so with many years in front of you, you are leaps and bounds in front already.
Good luck on your journey!
Michelle
Shell H
Participant
@shell-h
Join Date: 2010
Post Count: 32
January 11, 2013 - 2:05 am
Brendon,
You've been given heaps of great advice here from everyone, esp JacM's post.
Congratulations on getting started so young! Most people your age are not at all in the investing mindset, so with many years in front of you, you are leaps and bounds in front already.
Good luck on your journey!
Michelle
Shell H
Participant
@shell-h
Join Date: 2010
Post Count: 32
January 11, 2013 - 1:54 am
JPS,
Congratulations on what sounds like a lucky escape!
Shell H
Participant
@shell-h
Join Date: 2010
Post Count: 32
January 6, 2013 - 1:04 am
Thanks Jamie, yeah I can just imagine an agent telling me there is a property just around the corner that is much better value – and just happens to be listed with him!
Noted on the newer property and value increases not necessarily being superior. I guess the main reason we are looking at those is depreciation and of course maintenance.
Thanks so much for your thoughts.
Shell H
Participant
@shell-h
Join Date: 2010
Post Count: 32
January 6, 2013 - 12:22 am
Good point Richard.
In trying to eliminate this problem, we've been looking at relatively new properties, with tenants already in place and looking at recent sale prices of comparable properties.
Would you recommend getting the opinion of another agent, or even obtaining a valuation of the property before making a purchase? or would this just be in extreme cases?
Shell H
Participant
@shell-h
Join Date: 2010
Post Count: 32
January 5, 2013 - 11:23 pm
Thanks for the reply Dark Knight – I agree about the building inspector knowing what he is doing and me not !
And as for street view – yep thank goodness for google maps
Shell H
Participant
@shell-h
Join Date: 2010
Post Count: 32
December 6, 2012 - 11:46 am
I second that!
Richard is a bit of a 'financial superhero' as far as my husband & I am concerned!
He has helped us out so much & we are Melbourne based, so the fact that you are in Sydney & he is in Brisbane doesn't matter.
Good luck.
Shell H
Participant
@shell-h
Join Date: 2010
Post Count: 32
December 4, 2012 - 8:27 pm
I have to agree with Joe – lazy real estate agents, who won’t return calls or follow up. There are a few great ones out there, but they seem to be few and far between !
Good luck with your new venture Johann !
Shell