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  • Profile photo of westanwestan
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    @westan
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    August 7, 2005 - 3:09 am

    Hi Richmond

    great news ! and fantastic pictures.

    it doesn’t seem that long ago we were wishing you guys all the best for the wedding, but on thinking about it, it must be 2 years ago.

    All the best to you all
    God Bless

    regards westan

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    Profile photo of westanwestan
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    August 7, 2005 - 2:59 am

    another good one Brisbane 04

    thanks westan

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    Profile photo of westanwestan
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    August 7, 2005 - 2:55 am

    Hi brisbane 04,

    it a good joke that one, i heard it for the first time last night (what a coincidence).

    i’m running a marriage course at a church i’m involved with i think i’ll find somewhere i can use it.

    regards westan

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    Profile photo of westanwestan
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    August 7, 2005 - 2:52 am

    Hi G7

    some nice properties there. I was in some of those areas a few weeks ago. 5th Ave New York suprised me i expected a lot more “Glamour”.

    Yes it would be nice to have those properties in a portfolio.

    I’ll swap my Castle in Scotland for them. Oh and i’ll throw in a bridge in Sydney.

    regards westan

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    Profile photo of westanwestan
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    August 7, 2005 - 1:04 am

    Hi Kerwyn

    yes deals showing 10% are near impossible to find in Marton. I put the post of for those who already own in Marton.

    i’ve encouraged a lot of people to buy in Marton and many have and have had huge capital growth and rental growth also.

    I’ve actually just put 2 properties on the market in Marton- but the returns are well under the 10% investors on this forum are after. I’m selling, not because i don’t like Marton, its just that i think that i can use the money in the USA better.

    regards westan

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    Profile photo of westanwestan
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    August 4, 2005 - 11:05 am

    Hi Scott

    i think you are right you need to speak to some professionals before you embark on your invesment journey but be aware not all the advise is going to be helpful.

    I think you need to first of all write down your investing strategy, where are you at financially now and where are you going to be in the future and how are you going to get there.

    Accountant- he/she will be able to see your plans and give advice on the best investment vehicles for you. Don’t expect all accountants to be supportive of your plans or even fully aware of the best options for you. Dale Gatherum Goss is an Accountant in Melbourne who is an expert in Tax effective Structures- he is also an investor.
    When i decided to invest in cash positive real estate back in 1997 , i saw a local accountant for advise on tax deductions etc. he advised me not to invest in property. In 2003 i retired aged 39 after 6 years of investing but he’s still working[:D].

    Financial planners- be aware unless they have changed their courses they don’t even do units on property investing !!! But they will try to sell you Managed Funds.

    Finance- yes a key person, find an institute that will support you with your goals, it may not be the first place you visit.

    hope this is a start

    regards westan

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    Profile photo of westanwestan
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    August 4, 2005 - 2:25 am

    Hi
    i was thinking along the same lines as Dazzling,

    other things to consider re retirement and waiting till then to sell are

    are you expecting to get the pension or part pension as there will be implications there.

    regards westan

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    Profile photo of westanwestan
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    August 4, 2005 - 1:41 am

    hi ax6

    it sounds like you want to sell, if that’s the case how about this.

    Firstly fix up the IP and sell it , (only if the work will increase the value of the property).

    To keep the wife happy tell her that 1/2 the “additional” profit you make by working on the IP first can be used by her to add some extras to the home renovations.

    I used to make deals like this with my wife years ago when i started buying “Option”, my wife knew they were risky so i had to make a deal that she could have 1/2 the profit for something of her choice while i kept the other 1/2 to reinvest.

    regards westan

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    Profile photo of westanwestan
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    August 2, 2005 - 12:48 pm

    Hi Glen

    sorry i just read your profile and see you are only 17. let me start again

    It is far better is you can get licensed as a real estate agent, by doing the course you will learn all you need to about property law etc. In some states its a legal requierment to have a license (i think), i’m living in New Zealand at the moment and i don’t need to be.

    Doing the course doesn’t mean that you need to become an agent.

    I’d encourage you when you have finished to work with a buyers agent and learn the tricks of the trade.

    I’d also say read as much as you can about investing in Real Estate, from a wide variety of authors.

    You must have a love for real estate and a real desire to help others.

    hope thats more constructive, i reacted the way i did initially to your post because i see so many people who have no experience in RE think they can bird dog and help others into property. This worries me,

    anyway all the best

    regards westan

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    Profile photo of westanwestan
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    August 2, 2005 - 12:37 pm

    Hi Glen

    no sorry i think its you who missed my point. But if you really want to bird dog then this is all you need to do.

    find great deals

    build personal credibility

    find buyers

    learn how to negotiate

    learn property laws

    build a team

    work very long hours

    have a desire to help others

    do something different- find your own markets

    Make sure that what you are doing is legal in the state you live in.

    Hope thats a start

    By the way i purchased over 50 properties personally before i started finding deals for others. I only take our clients into markets that i’m buying in.

    regards westan

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    Profile photo of westanwestan
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    August 2, 2005 - 12:29 pm

    cymberlineshakespeare

    with leasehold you don’t own the land, just the building, in theory the lease may one day change the arrangement ie -put up lease etc.

    Napier has large areas of lease hold land they will soon or have recently dramatically increased the annual lease fee.

    regards westan

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    Profile photo of westanwestan
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    August 2, 2005 - 12:26 pm

    Hi T1

    as far as an accountant goes try Dale Gatherum Goss in Kilsyth.

    Now the cash positive property questions, i agree with the comments made to you that there are no longer decent deals in Oz, In fact apart from a home to live in i haven’t bought there since 2003, Today you really need to buy off shore if you want cash positive.

    Deals can still be found in NZ although it too is getting very difficult unless you know where to look. My personal preferance- where all my investment dollars are heading is the US.

    regards westan

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    Profile photo of westanwestan
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    August 2, 2005 - 12:21 pm

    Hi milenko

    I don’t want to make too many comments on your current purchase as i don’t know that part of Adelaide, but i can see from the figures this property is making a heavy loss. You will only make money from this deal if it goes up in value.
    My thoughts are

    you can’t afford to buy more negative geared properties so only buy cash positive in future, you need ones that will put money in your pocket (not take it out),

    For now start paying off the loan as much as you can, (make sure you have redraw facitlities on the loan so you can draw it out if you find a great deal.
    If you invest the money rather than pay off debt you must make sure you are earning more than the interest on the loan for this property.

    Hope thats a start

    regards westan

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    Profile photo of westanwestan
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    August 2, 2005 - 8:27 am

    hi paul

    far enough if it works for you. But i’m still struggling.

    i still can’t see how you could find a tenant that would be happy to live in a house that is being done up? The idea of painting a home while a tenant is in it ?? Putting in new carpet ???

    If you know the rent market is strong. Just Buy the house tee up the work to be done on settlement. Get the guys in fix the place, 2-3 weeks later the house is looking fine and you rent it out at top dollar. I know its not that complicated its very simple, thats the beauty of it.

    What sort of value adding work do you do while a tenant is living in the property ?

    regards westan

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    Profile photo of westanwestan
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    August 2, 2005 - 8:02 am

    Hi glenn

    go do 20 deals for yourself, get some personal experience in investing, thats the best training you can get before you are able to expect others to pay for your services.

    Sorry to be harsh but i see a lot of people think its an easy way to make money, you actually have a great responsibility with helping others invest.

    regards westan

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    Profile photo of westanwestan
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    August 2, 2005 - 7:37 am

    Hi paul

    far comments, i agree about the improved property. Thats a key to offer a product that is better than average = higher rentals, better tenants and longer tenancies.

    Re the clause- often in towns that are smaller there is only a few property managers, sometimes you may not have the luxury of using a different manager to the selling agent.
    But how do you get the tenant in before settlement and fix up the property after then???? This sounds like a contradiction. It’s actually very difficult to improve properties while a tenant is in them, I’d never do that to a tenant, i’d alway wait till the property was empty.

    In practice what do you find vendors say when they are presented with that on the contract ? Personally (as a seller)i wouldn’t be that excited to sign a contract like you are suggesting, i want one that give me certainty, unless there were no other offers i wouldn’t accept a contract with that clause (well most likely not), just in case reletting the property was slow.

    regards westan

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    August 2, 2005 - 3:08 am

    Hi

    i use the Home Transfer centre, they are very cheap about $564, they have offices in Dunedin and Auckland. The service is adequate.

    If its straight forward they are fine, if its complicated (ie commercial deal, farm etc) then see a solicitor.

    regards westan

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    August 2, 2005 - 2:56 am

    Hi Del

    yes as a % Harvey bay is the 2nd fastest growth area of OZ, so you are living and investing in the right area. Mandurah is 1st but it only has 15,000 people so its only a little place.

    check this out
    http://www.thebigshift.com.au/pdf/Media_release_-_Australia.pdf

    OK a quiz for you, what is the fastest growing city in Australia- purely on population, it will suprise some of you ? Take a guess

    regards westan

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    Profile photo of westanwestan
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    August 2, 2005 - 2:41 am

    Hi all

    Minimogul i agree, when we were buying agents in NZ we had no problems getting finance for properties in regional areas and neither did our clients. The major banks were happy to lend (ANZ, Westpac, Kiwibank and BNZ) just to name a few. Certainly never even an issue.

    Minimogul i was about to spill the beans and tell all how easy it is to get the “Up to the minute” info on vacancy rates but i’ll take your lead on this one.

    Know yopur apprehension. I had it as well and initially got over this with a clause to say that the property manager had to find a tenant before I went inconditional.

    Paul there is a real risk with what you put in your contract. Personally i’d never put in that clause. The risk is that you put pressure on the property manager to find a tenant (the selling agents put pressure on them) just to get it let and then SOLD. There is the risk they rush the selection process and you end up with a poor tenant which cost you big $$$ down the path.
    Just something to consider.
    My view is You should know the rental market well enough before you even start looking at properties so you are aware of the rental demand. This is one of the very first things an investor must know.

    regards westan

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    August 2, 2005 - 2:22 am

    Hi djmetz

    Christchurch is a great spot, and growing in population, soon it will be bigger than Wellington. There are heaps of developments happening all the time, so its a center worth looking at.
    Prices have risen a lot over the past couple of years but if you are creative you can still find some deals.
    Castledreamer on this forum has just moved to Christchurch, she would be the expert.

    regards westan

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