Forum Replies Created
<removed on advice latter in the thread. Wine is still welcome at any time of year>
Yes, red wine is good for me too. Particularly Merlot.
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SonjaMy problem is that the rational part of my mind is telling the emotional part that it is time to wait but the emotional part is arguing that now is the time to act before I miss out on something.
I have a gut feeling that if I can just wait for a bit (but not too long – timing is just so important) I might do well based on the idea that the money is made when you buy.
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SonjaI think that the info I refered to earlier came form my local council. Have you spoken to the local council that you will be dealing with? If they can’t help you then most likely they will know who can.
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SonjaYes, I can see your point there Kay. Depending on the level of Jo’s financial distress I just thought that even a 3 month lease might give a bit of breathing space without lasting too long past the average 6 week settlement. The other danger of course is that the tenant may not leave the house looking quite so newly renovated.
Good luck with it Jo
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SonjaVery interesting thoughts elves.
I have been considering sponsering one of the classes at the local Agricultural Show in the town where our IP is. I know that they (like many rural Ag shows) are struggling yo raise funds and get volunteers to keep the thing going. I would volunteer but the 5 hour drive is a bit prohibitive.
This was motivated mainly by my own vested interest in the Agricultural Shows. As a kid I spent many years chasing them around showing horses. I have many treasured memories of this and would like to see that the shows continue. Sine I was involved many have folded for various reasons.
The local Agricultural Show is a major social event for rural communities and it also draws tourist $$$. So there is my plug for the good old Ag Shows! How about visiting your IP when the town’s show is being held and take a look for yourself.
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SonjaWe have owned an IP in a small town (pop 350) since 1999 and it has been nothing but a blessing. It has been vacant for about 3 weeks total and all tenants (except one who only lsated 6 months anyway) have been great. The situation has only been helped by our wonderful PM team. Since we bought it it has also more than doubled in value.
I know that we are very lucky though. It is our only IP and I figure that the more you own, the more likely it is that the lemon is going to turn up.
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SonjaI may be wrong here but I thought that you could get funding/grants to assist with the restoration of heritage listed buildings. I can’t recall where I got this information but I remember commiting it to memory as I considered it a reputable source. I’ll keep thinking on this and let you know if I remember.
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SonjaHave you considered putting a tenant in it? Either to fill the time gap between now and when you sell or as a long term solution. This is the best quick fix I can think of without dropping your price and sacrificing your already eroded profit margin.
Actually, what about giving someone a lease with an option to buy after a specified time? Or a wrap? Or some other creative form of vendor finance?
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SonjaMy mind boggles…
I thought I was doing well to be able to roughly convert acres to hectares.
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SonjaMy uneducated impression here is that you source the deals and then offer to forward the contact details of either the vendor or their agent on to a third party for a fee. You don’t need to contact the vendor or their agent yourself, you just point someone in the right direction after they hand you their cash. You get paid if they go ahead with the deal or not.
Doesn’t seem like a friendly way to do business to me but from what I have gathered, this is how it works. Perhaps you could set up a sort of partnership where you find the deals for someone who will then include you in a joint venture?
I’m surprised you haven’t had any e-mail or PM enquiries asking about what you have found. I’d ask but I don’t have the finance to do much about it either.
Sorry I don’t have any definitive answers.
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SonjaI agree with Wayne, Latin for sure. I studied it for 6 months in high school (1982) and only recognise the smallest fragments. So how about a translation Marc. What’s with the Latin anyway? Not many people can hold a conversation in this language these days. I have to say that I wish I’d followed up on it when I had the chance.
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SonjaOK, so you read the book and went out and bought a house. Just like that? Don’t get me wrong that takes courage (or too much spare cash).
For me one of the most basic messages in the book was the need for the investment property to be able to give you a positive cash return (ie the rental income not only needs to cover the mortgage repayments and other expenses associated with owning an investment property but there must be some left over to be your income from the investment).
Although there have been many debates about the validity of the 11 second solution, it still gives a good indication of whether or not a property will give you a positive return. Using the 11 second solution as a guide, if you paid 300k for your property then you want 600p/w rent from it.
Keep with the forum and you will soon get the idea. Good luck with your future investing and congratulations on taking action rather than shelving the book and just dreaming about investing.
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SonjaI’ve already mentioned this in another thread but in order to “press the issue” I’ll say it again.
I’d like to buy a copy of WealthGuardian!
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SonjaSleep… no question about it. I’m still catching up on what the little kiddies robbed me of over the past four years or so.
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SonjaWe are ER junkies. Also CSI and Without a Trace. I am still waiting for that new Cold Case show that was advertised to death several months back. My hubby is mourning the last ever episode of Angel that will be on next week but I can live without that…
Sounds like we spend too much time watching the TV.
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Sonja$220
I was too slow with the Masterclass but I’m not going to miss out on having a bid here!
Sonja
If you feel frustrated Mike then take a break. Don’t think about it for a day or week or whatever.
As far as wraps go it is a matter of perspective as not everyone has the same viewpoint. Some people are incredibly grateful for the opportunity to own their own place via a wrap deal. They have no other option for home ownership and have no aspirations beyond that.
What about buying a place with a block large enough to subdivide? Keep the original house as an IP and sell the other half of the block. Nobody looses out here. Or instead of selling the other half of the block why not build and make it dual occupancy. Think of as many possibilities as you can even if they seem impractical or silly. Don’t discard any ideas, just try to work out how to change them and make them practical.
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SonjaNorth or south of Albury?
I’m only about 150km from there.
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SonjaI find this really interesting and really confusing at the same time. Is a solicitor the person to ask about setting up this sort of thing?
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SonjaI found 0 to 130 properties very valuable. I left my husband at home with the kids and spent a night in a hotel just to read it in peace. Very worthwhile in my opinion.
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Sonja
