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aaaaaannnnnnnnnnnnnnnoooooooooyyyyyyyyiiiiiinnnnnnnggggggg iiiisssssnnnnnn”””ttttt iiitttttt.[angry2]
Hi, this is a good topic.
I have my own idea when it comes to keeping records.
Every year I purchase a new green Collins A 60 series Money Book. I then section it of with tabs for each property and one extra for stationary. Each section has the following headings.
Date, Travel, Phone call, Rates, B.Corp, Manager, Interest, Misc, Rent.
When my property statements, bank statements, or what ever arrive it takes only a few seconds to jot them down in the book. I then at my own leisure once every few months when I’ve nothing better to do enter it into a spread sheet. But my accountant says that I don’t need to as my money book is more than adequate. I Also have an expanding file for each property and stationary for receipts.Hi again, stuck on two,
I want to tell you what i did when I was in my late teens.
I bought a fantastic block of land in Rosebud Victoria. I hadn’t owned the land long when the Houseing Commission offered to buy it from me for almost double what I had paid. Well it was to tempting, so I agreed.I ended up buying a near new car with the money, which was $9,000 back then. Anyhow I kept the car for about Fifteen and sold it to the Wreckers, full of rust for $450.
At the time of selling my car the land had increased from $13,500 to $90,000 and today it would be worth about $200,000 more than 20 years later. At the time I thought borrowing to buy a car was bad, but now I realise that selling a quality asset is even worse.Think long and hard about selling to bye a car, your family will thank you for it.
Cheers.Hi stuck at two,
I don’t see that you have a problem. I beleave you should put your rent up. I have several town houses and it bothers me when I’m getting $180 a week rent and the investor next door is only charging $155. This is a common occurrence in Logan. The other point you should concider is that when you addvertise to sell you will get more responce if your rent is $180 instead of $155. I don’t think long term tenants are good especially when rents are on the increase.Hi AmandaBS,
I beleave I’m some where in between PAW and an AAW, I should of started my retirement plans ten years ago. But hey, every investor says the same thing. The millionare next door is one of my favourate books. I had some time ago left a post ( under what type of vehcle do you own ) asking if anybody could remember the formular for calculating what your net worth should be, to be on track for a secure and comfortable retirement. Thankyou for refreshing my memory.
Cheers..Good topic.
This year is starting just as I expected. Slow. I’ll have three properties vacant in Febuary – March, but that’s not entirely a bad thing. Feb – Mar is the busiest time in the rental market and I will be in a possition to put reants up $10 – $15. I won’t be purchaseing until next year. Nead to let the equity grow a little.
Thank you all for your tips. I have some that haven’t been covered yet and they are :
1 : All ways settle with the property vacant. All ways !! You need to know everything there is about who it is living in your place. Start fresh.
2 : I prefer to give my managers gifts rather than the tenants. A good gift is something like a hamper from the cookie man which can be shared with the whole office.Tenants come and go, especially in cheaper ereas.
3 : Never put the date on the contract, always finance 14 days and settlement 30 days from date of vendor signing contract. The reason being if the vendor doesn’t sign the contract straight away you may find your self running out of time.
4: And just remember that some things you read on forums is like saying I heard it down at the pub. ha ha.[biggrin]
Yes would also.
This reminds me of a situation that I was in with a bank. We had signed a contract on a property and had organised finacne. When the loan schedules had arrived in the post we had to sign every page. Well to my surprise there was a page that was vertualy blank. I rang our loan officer to ask for an explanation, she replied with ” for your loan to go through you must sign every page “. I told her that I can’t sign page no. ( what ever ) it’s a blank page. So I returned the schedule back to the bank with one page unsigned. Some time had past, a week I think, when I received a phone call from the bank telling me that I hadn’t signed all the pages of the schedule and could we come in to do this so the loan can be approved. That signature still has me concerned, why did the bank include this page ?
Hi Stuart,
I remember your article well, it was one of API’s best. After reading it we decidede to put up a 10% deposit on the next property we purchased early last year, and we will continue to do the same in the future. I beleave that if we had of used a 5 or 10% deposit when we first started out, we probabaly would have 9 or 10 properties now instaed of 7.
I therefore like the use of LMI as it may get you closer to your goals, and a secure and comfortable retirement.Thanks a Million Stuart..( literally ) [specool]
John.
Hi melicia,
I have seven properties in Logan. All the suberbs that you have mentioned have a high percentage of rental properties, and are all in the lower bottom quarter of the market. I beleave you should try to move to the eastern side of the highway, Shailer Park, Daisy Hill, Rochedale, Springwood etc. But if I had to choose between the suberbs that you have mentioned I would say Crestmead. Crestmead in my opion has a friendly atmosphere about it, more people have pride in their homes and at Christmas time the light displays on peoples homes are out of this world.
You should also look at Loganholme and Tanah Merah.Hope that helps..
Hello g7,
I don’t beleave the forum is dying, just a little bit sick .
I’m useing Windows 98 and I think my computer is even older. I’ve been haveing heaps of problems since the forum change. It seams to take much longer for the posts to be displayed and then to go back to the forum index takes forever.
Because of this I now only veiw posts that are of high value to me, and instead of comeing on line twice a day, I’m finding that once every two or three days is about all I can bear.
I wonder if there are others that are finding the new forum as slow as I do.[sleepy2]Thanks….
You must take Landlord insurance on strata title properties because the Body Corporate insurance doesn’t cover your lot area for Public Liability, only the Common areas. Also it is against the law in Queensland for your PM to give you insurance advice. We use Terri Scherr because I personaly like the wording ( you will be covered for malisious damage caused by your tenant/s, their family’s and their invities.) Not all insurance policies include invities.
What’s the area like?
All very much in the bottom quarter of the Market. Most Town houses were built late 80’s early 90’s. Houses are looking older than what they really are, very neglected.
However values are still increasing around the 15% mark and rents art also increasing. This time last year a typical Town House that required no work could be bought for $120 rent 155 wk. Now the same property would be worth $138,000 and rents for $180 wk. My property managers get a least 30 people a day looking for accommodation under $200 wk.
I see land now being cleared for new homes, and some hold homes have been demolished for new ones. There’s a new shopping centre starting in June next year, a new Library and a new indoor sports complex. One of the major dislikes is the access to the Pacific Motorway, where traffic can be bank up for more than a kilometre at times trying to get on. This is the only part of the Motorway that has not had it’s upgrade yet.Hope that helps.
I have six in the Loganlea, Waterford West area.[biggrin]
Ben Poulson,
charges me $350 for building and pest and delivers it to your door and you can look at the property together if you want.Ph. 38013608
Hi Shwing,
You can contact the electricity company in the area and find out when it was first conected.Hi,
I always tell the truth, it’s easier to remember. But I do hold back on the amount of truth I diclose, I don’t want everybody know everything about me and my bussiness.I’m surprised she hasn’t asked you to her in at night and turn the light off.
I agree with RICHO1.
The values are nice to know, but it’s the rent and interest rates that’s impotant. Most Mum and Dad investors wont even look at selling unless the interest rates start to creep over the 10 % mark. When prices start to fall home owners don’t sell up either, this causes the falling of prices to be only temporarily. Home owners and long term investors don’t put their properties on the market, therefore the demand starts to out way the supply and prices start to level of again.May be all investors and family’s could get together on the first Friday or Saturday night of each new season. At a club or pub or even a restaurant.
That would be good..[biggrin]
