Forum Replies Created
Hi Richard
Thanks for your help on this one, help is always appreciated.The idea of trusts appears to suit our investment needs but we need a better understanding of trusts before we can discuss them and reach a decision. We are considering forming our own investment syndicate to purchase some motel leaseholds and need the flexibility of something like a unit trust so participants can enter and exit the investment when they need to.
Do you know of or could recommend any other published material of any kind on trusts that might help as well ?
Just finished reading Kiyosaki's "Conspiracy of the Rich" and have to agree with him that getting a financial education is foremost and those who approach the suppliers of anything in ignorance or without the vocabulary always pay more or suffer worse disadvantages for their ignorance. So I'm trying to further my financial education before trying to discuss matters with financial experts. Also if you can't understand what your financial advisors are telling you to do, then you either have to wait until you understand or just go along with it like a sheep. And I don't make a very willing sheep.
Thanks for your help.
cheers
thecrestthecrest | Tony Neale - Statewide Motel Brokers
http://www.statewidemotelbrokers.com.au
Email Me | Phone Meselling motels in NSW
This is a hollywood plot, right ?
thecrest | Tony Neale - Statewide Motel Brokers
http://www.statewidemotelbrokers.com.au
Email Me | Phone Meselling motels in NSW
Unique property to sell, 2 people involved who don't know how, without meaning to be impolite it sounds like the blind leading the blind. You could start with appraisals from 3 known local leading real estate agents, and then take at least a week choosing one. You could spend the $300 something on an independant valuation, talk to your local bank manager. Google or other net search similar properties in other places to see how they are advertised. Sign nothing until you have discussed it with your accountant or solicitor as well. There will be sharks circling for the unwary so you need to get info to get wary.
good luck
cheers
thecrestthecrest | Tony Neale - Statewide Motel Brokers
http://www.statewidemotelbrokers.com.au
Email Me | Phone Meselling motels in NSW
Change is now an accepted part of our lives.
I believe that older people need security of tenure but must appreciate change as well.
Your tenants deserve favouritism so I would suggest you give them what you can, which is time and options.
Perhaps by working with them, they may decide to stay and enjoy the better lifestyle at the increased rent,
or they may decide to find cheaper accommodation in which case they would appreciate you
giving them the time to do so. When change is inevitable, consideration, time and options are always nice to have.
cheers
thecrestthecrest | Tony Neale - Statewide Motel Brokers
http://www.statewidemotelbrokers.com.au
Email Me | Phone Meselling motels in NSW
Buy an option to purchase whicj might help the vendor keep the Bank away a little longer and advertise it immediately, if there is scarcity you might be inluck.
cheers
thecrestthecrest | Tony Neale - Statewide Motel Brokers
http://www.statewidemotelbrokers.com.au
Email Me | Phone Meselling motels in NSW
Thanks Richard, appreciate the help, have sent you an email.
Cheers
thecrestthecrest | Tony Neale - Statewide Motel Brokers
http://www.statewidemotelbrokers.com.au
Email Me | Phone Meselling motels in NSW
Rural towns, usually long vacancy periods between commercial tenants.
Hope you don't mind my posing some questions to point out vital areas.
How many physiotherapy practices in the town / at the hospital ?
How many doctors ?
How far to the next physiotherapy practice ?
Why would the physio want to stay there and not some other premises in the same town ?
How long has the physio been practising in this town ? Anywhere ? Where before, for how long, why left ?
How many other suitable alternative physio premises are there in town ?
Go ask the chemist who are the good physios in town, you have a sore shoulder.
cheers
thecrestthecrest | Tony Neale - Statewide Motel Brokers
http://www.statewidemotelbrokers.com.au
Email Me | Phone Meselling motels in NSW
Spent the whole day yesterday in Dept Fair Trading (DFT) trying to resolve issues raised by a member of the strata to which I belong.
DFT provides a complaining strata member who makes an application with a mediator, meeting room, expert guidance in Strata Schemes laws and procedures.
So if a strata member is dissatisfied with a Body Corporate issue, they can apply for their matter to be mediated, and if still dissatisfied, then apply for adjudication by DFT, and any orders issued thereafter by DFT are binding on the parties.So if anyone needs info on strata, you can ring DFT and talk to an expert.
Cheers
thecrestthecrest | Tony Neale - Statewide Motel Brokers
http://www.statewidemotelbrokers.com.au
Email Me | Phone Meselling motels in NSW
Hi
Might be looking for one myself soon, so I made enquiries with the Strata Schemes section of NSW Dept of Fair Trading and a very helpful person there suggested I try :
Institute of Strata Title Management
http://www.istm.org.au
Sydney tel. 02 9904 8499Hope we both find a good one.
Cheers
thecrestthecrest | Tony Neale - Statewide Motel Brokers
http://www.statewidemotelbrokers.com.au
Email Me | Phone Meselling motels in NSW
Don't know where the property is but here goes.
Suggest you regard the request as the tenant saying – "I like it here and don't want to move, and I don't want you to be able to move me or increase the rent, it costs to move, and it's a war out there amongst the homeless tenants competing for available properties".
Hold onto your options to raise the rent in case interest rates increase, the market moves, there is very high demand for rental properties in some areas, the housing shortage is well publicised.The tenant may lock you into low rent, then break lease when he feels like it and all you get is a replacement if you're lucky.
Suggest 12 months max, with regular rent increases every 6 -12 months, move with the market.
cheers
thecrestthecrest | Tony Neale - Statewide Motel Brokers
http://www.statewidemotelbrokers.com.au
Email Me | Phone Meselling motels in NSW
Sorry, your post said you were desperate and confused etc , glad you're better now and cool with your head on.
Plan carefully.
Cheers
thecrestthecrest | Tony Neale - Statewide Motel Brokers
http://www.statewidemotelbrokers.com.au
Email Me | Phone Meselling motels in NSW
You could always ask the Lending Bank if you could switch to a lower limit card with them, if you have available credit you don't use each month, so they don't unnecessarily limit your borrowing.
cheers
thecrestthecrest | Tony Neale - Statewide Motel Brokers
http://www.statewidemotelbrokers.com.au
Email Me | Phone Meselling motels in NSW
I thoroughly enjoyed the event last year at Darling Harbour.
It got me out of the usual routine, put huge energy into my life and I used it to generate opportunities.
The event is worth what you can mine from it. It's a mutual mining event.The cosmos does not deliver to dead sites, drained batteries don't even put a blip on anyone's radar.
The presenters were fascinating, full of energy, created fresh ideas and new profitable variations for me,
enthused me in what I was already doing, provided networking opportunities,
market updates, and an exciting 3 days in great surrounding with my fabulous partner.
We got good value for money.
How Steve gets paid for staging the event is his business.
Cheers
thecrestthecrest | Tony Neale - Statewide Motel Brokers
http://www.statewidemotelbrokers.com.au
Email Me | Phone Meselling motels in NSW
I imagine in practical terms that your estate should honour the option over the property since it pre-existed your departure.
Then if the option expires, end of option, but if it is exercised, the Bank and executor should closely follow the process and outcome to ensure the optimum value is realised and distributed according to your estate's requirements.
Of course where there's a will, there's a multitude of relatives.Only a guess.
cheers
thecrestthecrest | Tony Neale - Statewide Motel Brokers
http://www.statewidemotelbrokers.com.au
Email Me | Phone Meselling motels in NSW
Suggestions – replace upheaval and confusion with home safety and stablilty, giving youself time to decide longer term goals. It's risky to make long term decisions during periods of short term emotional turmoil and confusion.
Keep the job for now. You need stable income, work colleagues, something that doesn't change.
Stay near or in close touch with supportive family and friends. Establish an affordable home living within your means.
Get the head back together. Then plan ahead.
Least disruptive time to change schools is start of year 5 or 6, or start of high school.
If you have spare time, help out at the school canteen. Get counselling. Use support groups. Chat with local clergy.
Keep every dollar you can, it's strength and security, options and choices.
Invest in real estate when you have clear head and a clear plan.
Cheers
thecrestthecrest | Tony Neale - Statewide Motel Brokers
http://www.statewidemotelbrokers.com.au
Email Me | Phone Meselling motels in NSW
Usually a motelier has to buy all the rooms with a big 50% deposit, then at his own expense run the infrastructure of marketing, booking, maintaining and cleaning, and do it with commercial loan rates usually 1 – 1.5% above housing loan rates.
However it gets better when someone else , the investor, buys the rooms for him, and motelier is now a complex manager and he manages the rooms and hands over certain costs plus overides to the investor. Room cleaning costing $20 hr takes an hour is charged out at $75. Admin fees charged out, maintenance charged out, refurbish or repair or replacement charged out, leftover income after all is deducted is sent to the investor next month, operation runs well on OPM. Sounds great depending on who you are in the story. But it's still worth crunching numbers on and might suit your personal financial goals.
cheers
thecrest (motelier)
thecrest | Tony Neale - Statewide Motel Brokers
http://www.statewidemotelbrokers.com.au
Email Me | Phone Meselling motels in NSW
The ideal rent roll to manage comprises quality properties with few maintenance issues, gainfully employed carefully screened tidy tenants and polite generous calm easy going appreciative landords always willing to spend on their properties to keep them up to standard and keep the tenants happy. A professional PM could single handedly manage a rent roll of 200 of these and do it properly.
Change any of those factors and you will need more staff and higher fees.
A low quality rent roll comprises lots of tired old properties poorly maintained, mostly occupied by the only kind of tenants it could possibly attract, owned by landlords reluctant to spend anything at all because the lower rents don't allow it, and their budgets are low as well. Expect frequent maintenance issues. Tenant default and tenant turnover are high, as are the associated costs in tenant replacement like Tribunal appearances, termination admin, ads, screening, open houses, inspections, re-let admin, first week's rent, lease prep, etc. – expect a high commission rates coz 8% barely covers the work required for these kinds of labour intensive confrontational frequently combative high stress property managements. With a marginally profitable rent roll like this one, no wonder why they can't service all the properties correctly, no time and not enough staff for all the issues. PM is stuck between 2 parties neither of whom wants to part with any money for the property. Long day.
Some agents refuse to manage properties because they don't want the daily drama. Others make good money from a well selected and well managed rent roll, , and also with a professional PM can use the rent roll as a holding pen for future properties for sale.
So consider carefully firstly what style of property you buy, so you can attract the tenants you want, and so you can expect the PM fees and commission rate you'd like to pay.
Secondly, consider the quality of rent roll your prospective PM is likely to have in their geographical area, & ask them.
Take a real good look around their office and their staff, see what it tells you.The jury is always out on ratios of PM staff to properties correctly managed, but I'll put forward some ball park figures here.
Low quality rent roll …. 1 person : 100 properties max.
Medium quality …. 1 person : 100 – 150
High quality …. 1 person : 200 maxThat's just a glimpse of the PM side of the equation. There are some excellent PMs out there, hope you find one,
and there are the others.Cheers
thecrestthecrest | Tony Neale - Statewide Motel Brokers
http://www.statewidemotelbrokers.com.au
Email Me | Phone Meselling motels in NSW
All this depends on the quality of the carpet in the first place, hoping it's worth the effort..
Cats give me asthma for some reason, and it's difficult to like something that stands on your oxygen hose.
So I'm not a cat loving landlord. However, properly toilet trained they can be OK in a unit.
To avoid another grey area turning into a difficult Tribunal matter later on, I suggest you insist on a recognised carpet
cleaning company to inspect your carpet carefully and write a condition report, tenant signs off on the carpet condition report in writing, and agree to a professional clean and pet pest spray every 12 months and definately on vacating.
In most states there is a limit to how much bond the landlord can demand, but a tenant can volunteer extra if they like.
Cheers
thecrestthecrest | Tony Neale - Statewide Motel Brokers
http://www.statewidemotelbrokers.com.au
Email Me | Phone Meselling motels in NSW
I-dream-houses wrote:Priorities change as we age. From your post, there appears to be a lack of communication. Try to think like a "quite elderly" grandmother. She doesn't need problems, but perhaps if she understood the issue through her trusted advisor, she might prefer you gifted a $10K Uni trust account to one of her grandchildren rather than blew the money on tanks and pumps. Doesn't hurt to ask. She might see it as mining the property for a worthwhile nugget. Who knows. She's obviously not a Town Planner and most likely doesn't think like one.
Cheers
thecrestthecrest | Tony Neale - Statewide Motel Brokers
http://www.statewidemotelbrokers.com.au
Email Me | Phone Meselling motels in NSW
Adam – what a great website, well done, website developer has done a top job.
cheers
thecrestthecrest | Tony Neale - Statewide Motel Brokers
http://www.statewidemotelbrokers.com.au
Email Me | Phone Meselling motels in NSW
