Forum Replies Created
Waffles
An important point I learned with a commercial shop front……talk to the shopkeeper BEFORE you buy. You will find out a wealth of information about the shop, including how long they are planning to stay, how busy they are and other local gossip!
A lot of people over look this basic idea and miss out on important information.
Regards
SimonThanks Kiwi
I like the idea of making a deal with a builder!
Also, if anyone wants to join me in doing a joint venture on any of my current deals, please let me know. Any builders out there?
Regards
SimonRegards
SimonEasy
I just thought of another way to finance your deals……VENDOR FINANCE of course ! Steve’s old fave! I saw a couple of properties for Buffalo on the net offering this service so that would solve your probs!
Regards
SimonSteve
I know that one of the bigger Home Builders, Coral Homes has moved in up there and is selling houses like hot cakes at the moment.
I think that most buyers are investors at the moment though, so I’d do some more homework on what else is happening to sustain the growth. Example is the infrastructure growing too?
Regards
SimonGo easy guys.
At first glance a box like that would look like a bad deal. But a lot of good deals go unnoticed because of the unweary.
I would consider buying a box just to put my windsurfer in as I havn’t found a beach house close enough to the water that I could afford!
Perhaps I could rent it out to other surfers/windsufer types and make some money?
Regards
SimonRegards
SimonJoint Ventures doesn’t need to be anything more than an agreement (preferably on paper) with the following:
1) the property/project it is applicable to,
2) what each party is going to contribute,
3) how the Joint Venture will share in the profit/losses
4) how disputes will be handled (eg arbitrator)
5) how the Joint Venture will terminate
6) both parties signatures with witness for eachRegards
Simon
http://www.lightation.bizGood onya!
That is how I got started. I bought 6 investment properties that way. I leveraged off of my business partner who has been in the game for a long time and has had a lot of experience.
I was working full time when I started 3 years ago and for the life of me I could not find a descent deal in 12 months that I searched ! I found my partner through someone on one of the forums and he had deals but needed someone to finance them.
The best thing about a joint venture is that the risk can be greatly reduced as we split the profit AND the loses 50/50 so that is my insurance (of course all due dilligence is being done on every deal we enter in to!)
Regards
SimonEasymoney
From what I can gather from other people who have investment properties in the US, it is difficult to get a loan over in the US if you don’t already have their credit rating. So be prepared to pay cash.
One idea that a friend of mine had was to buy business that had a credit rating and use it to buy the properties. The business doesn’t even need to make much of a profit to make it worth your while !
Inviting others to go with you is a great idea, I wish I was going with you but I am at my finance limit with my current deals.
PS The people I know are investing in Buffalo too.
Regards
SimonThe strategy that I am employing is one that Robert Kiyosaki advocates and that you make your money when you buy (ie I buy when I find property below market value). I am using this to create a buffer for any drops in value, therefore if I had to sell I would hopefully just get my money back.
Buying below market value though has its challenges, ie when the market value keeps droping, it’s like a moving goal post !
Regards
SimonThanks for your advice guys.
Terry – Thanks! I have actually got an ABN have had it for 2 years so that is good.
It is still a bit of catch 22 though, as I figure for about a $300,000 loan at 7.5% interest I would still need about $70k p/a right? So that means I need to do some more deals….therefore need more finance…
Any thoughts?
TokyoJoe – Good suggestion too! I will take a look at your link!
<Edited as considered advertising>
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Hi all
Doesn’t the buyer have to pay stamp duty when he re-finances and buys you out, not the seller? This is the same for every state isn’t it?
When Nathan says that Land Tax has to be paid, he means that Land Tax is payable every year just like for any other investment propery in the ACT, right? Is there any reason why this couldn’t be factored in to the Wrap deal? I guess it will make it less attractive, but are there people out there doing wraps in the ACT?
Simon.
I was dissapointed with 4 corners. I had expected that the ABC would have provided a bit more of a NEW story. The Queensland property scams are old hat anyone who ever watched any of Paul Clithroe’s money shows knows that you never take use the professionals recommended by the developer ! Ok, now they are doing it in Melbourne….. I half expected Jenman to announce he had a new book out or something!
Did anyone get anything out of the online chats afterwards?
Simon.Hi All
I did my due dilligence and passed up on these two. There is a little more than meets the eye.
If you are serious about them and want to know more email me:
Simon [8D]
Steve
A good lessons learnt.
People don’t seem to be into checking things out very much. I was the only one at an auction the other day who had a building inspection done. I even tried to sell off a copy or two to some prospective bidders, so that we could all bid on the same issues, but no one wanted one! They didn’t even ask about the price.
Simon
Steve
I think it is a great intro !
However, I am one who only reads the front and the back of the book and maybe flips through the index at the front, so I will have bought your book by the time I read the intro!
I really liked the extended-weekend storey. I think all Australians can relate to that ! But hey, you don’t have to wait until you get positive cashflow coming in to get an extra day off. I am sacrificing one day of pay at the moment to only work 4 days with the aim to spend that day (plus week nights & weekends) dedicated to getting out of the rat race. I must admit though it is difficult trying to keep the 4 day week going when my boss’s “normal” picture is 5 days !
Good luck and thanks for taking the effort to share your knowledge. I love doing the same, I just need more knowledge to share !!!
Simon [8D]
