Forum Replies Created
Neil Jenmans first office was in Auburn NSW. I applied through an add in the Telegraph back in ’97 and it was $52k back then….
The Jenman group had around 3000 replies to those adds. These were wittled down over the phone, then further wittled down after return phone calls, until 62 people were selected to attend the Wesley Centre in Sydney for a 3 day conference of Agents using the Jenman System. I was one of the 62. After that I went to the head office in Castle Hill for a one on one interview and was rejected on the day.
I have dealt with several Jenman agents over the last few years and have wondered at times how they ever got past first base….. Some have been great.
I have heard that under the Jenman System an Agency must not have a rent roll. This can be the bread and butter when nothing is selling.
I’m having another go at Real Estate as a career due to my passion for property, starting my course shortly. If you really want to be an agent you’ll find a way. Good Luck!I was once told to bite off more than I can chew! Then chew like crazy!!
Our first property was a unit on Paradise Island on the Gold Coast at $190k and $210 rent in Oct 2000. It was “new” when we bought it, and it still looks like new today. However, we wanted to chew like crazy so we signed up for a block of land to build a new home on and rent out before we could move into it.
When the valuations were done this unit came in at $150k, so we got another one and it was $165k and the 3rd was $155k. The banks wouldn’t let us see the valuations until the 3rd one. It was then we found out the unit was built in 1965 and refurbished in 2000!!!! I was amazed that the first bank didn’t do a valuation because we had 80% equity in our own home!
I did a Residex report on the unit and it didn’t show any previous sales. How can someone check for this doing their due diligence?
One more thing is this: My ex wife and I have invested about $40k in seminars, books, CD’s & tapes, and more. I still haven’t got through all the info in all of them. However, if we sold up everything now, after 5 years of mistakes and learning from them, we would still have far more than what we would have had after 4 decades of so called superannuation! We are liquuidating some of our 12 now due to the property settlement and then I will be at it again.
And I will be biting off more than I can chew! Will you?We have a weekender and used to have a block of land in the same street, which were both “Lot 5” but different DP/Subdivisons. We were selling the block of land for $25k at the time, and the buyers solicitor said it is mortgaged and you have to clear the mortgage first. We had mortgaged the weekender not the land!! And the old shack came in at $54k. It seems the conveyancer had sent the wrong title to the bank as security after it was stressed in writing which DP to send! The bank just rubber stamped it and never checked the title against the valuation! So we asked “which bank” to please return the land title and we will send the correct title via our new solicitor after we receive the new mortgage documents and a letter aying there would be no charge whatsoever for the reregistration of said mortgages etc. No letter was forthcoming, and nether was the title, so we went to St George, explained the situation, and mortgaged the house again!!!!!! And the valuation was $100k this time……The land deal fell over as the contract was yet to be signed, so we sold it for $98,500…..and that makes the val on the house a bit sick….
Hi Steve!
Thanks for the latest insider. Very insightful!
We have a number of houses and one unit, and until recently we had a block of land that was doing absolutely nothing except quietly growing in value while everyone slept around it! We paid $19k for the block 5 years ago with the idea of building our new holiday house on it as it was a couple of house blocks away from an old house we use for the same purpose. The house cost $52k at the time. We just sold the spare block for $98,500 which will trigger a capital gain, but this has allowed us to stay out of the workforce until my wife and I complete the renovations on a few of our purchases. I wouldn’t normally look at buying land as there is no income unless you can develope it asap, however, I kick myself for not buying the three blocks that were left after we bought that one!!!!! And they are only two hours from Parramatta! Hindsight is so wonderful isn’t it….
We have a near new house and a unit on the Gold Coast. The house owes us $260k in total after constuction and land purchase, while the unit owes us around $200k with costs. The unit turned out to be a bit of a lemon and will be sold in the new financial year, but what annoyed me with it is the fact that with the research I did, I believed it to be a “NEW” unit, and it turned out to be a refurbished block!! I had a valuation that said the unit was valued at $190k. The next valuation of this unit for the purchase of the land/construction above was $150k! With what we knew at the time we couldn’t afford to sell and get out so we rode it out and now the value has climbed past the $250k mark. What annoys me is the fact that the agent who sold us this unit told us that his office only ever sells new stock. That has gone down to experience………
Now we only ever buy positive cashflow property, and until now we have always borrowed the lot plus costs. With the sale of the unit and also the sale of the house above, the resulting profit will be used to pay down some of our debt and enable us to buy even more cashflow positive property. And we can then stay out of the workforce……..the only trouble is the bank says where are your payslips…..
Maybe I’ll just have to do some part time work after all…..The cashflow is increasing, however, the equity has been growing rapidly!
Thanks Steve.
Ron.Get rid of any debt you can before it accumulates! How long did it take to save your $1300 (now $1700)? Your $1860 will grow to $2480 immediately and continue to grow……However, Can you find a property that will generate the income to pay for your education? How much do you save per week now? You could find a property that gives a positive cashflow of “X” dollars. Out in the country areas there are still properties that are selling below $50k and returning up to $130 pw. You just have to set your mind to it and look. We have 3 settling in the next month or so. One is $55k with $120 rent, one at $38k with $120 rent, and a major reno for $40k with about $20k of work to return about $200 pw. One of these could pay for your eduaction. You have a good savings history already so use it to your advantage. The house at $38k above could be bought with a 5% deposit of $1900. It’s a one acre block suitable for subdivision in to 2 half acre blocks. The second block will sell at up to $20k, but even if you only got $10k for it, your education is paid for and you will still have the rental income!!!! which will be poitive anyway. Good Luck!
Hi little elves!!
The first Property Seminar I attended cost me $4000 and I dreaded paying out that much money to anyone when I could least afford it! However, I went! That was 3 and a half years ago and at the time we had 3 properties, our home, a weekender and a block of land. We still have all three as well as 5 more as rentals. Our loans total $894k and the propertie are now worth $1,577,500 as of December. We value everything once a year now. My wife and I have spent about $15k on seminars and books and tapes/cd’s etc and while we learnt heaps from them all we learnt how to go out and do it for real! We are now only limited by our belief system! If you want to be rich learn from and listen to rich people. It is money well spent. Don’t know if I will be there as I’m going to the states in March. Spend the money………Hi Aussie!!
Do you still have any loans owing on the 5 properties?
If you don’t you can use the titles you have (or the equity) as security to purchase a heap of positive cashflow proprties in the name of a company/trust, however, speak to a good accountant/structure spacialist. My wife and I have just set this up through The Mint Group in Sydney. Phone number is (612) 9299 7383 or email [email protected] We have 8 properties in our names at present and will be adding 3 more shortly, as we didn’t now where to start with regards to trusts. Our usual accountant who has been good for us is dead against trusts, however, what do rich peolple do? Set it up. Leave the ones you have in your name, why give money to the government for doing nothing! Just use the equity to buy more and more while you can! Good Luck.JohnO. Why not sell it at a profit on completion and use the profit to purchase positive cashflow properties instead. Why keep losing money week by week when you could be making money week by week? As the saying goes a positive is always better than a negative! You will have CGT to pay at the end of the tax year, however, you have a bit of time to look for more positive cashflow properties. There are still $50k properties out there that will give a return of more than a $100 a week……….you just have to look! My wife and I have just got approval for 3 houses in the country. They are as follows: PP $55k, rent $120, PP $38k, rent $115, and PP $40k, renovations $20k and rent $200 after renovations. We have 3 more commercials waiting for approval now. Good Luck!!
Thanks Bear1964!!
My wife and I attended Dolf de Roos Property Investing Weekend in December, (I attended 18 months earlier) and we have gathered a network of a few individuals from the event who wish to keep the momentum going. We have a list of 19 at present and they come from NSW QLD VIC SA and NZ. We will encourage each other and help those who are just starting out. Knowledge is Power but only if it is applied!! I have only read 0 – 130 in the last few days and I know that what Steve says is so true and accurate! Who cares where your money comes from if it costs you nothing to acquire? All our loans have been for 108% and it is only the negative ones that have created the “glass ceiling” That’s why they will go. Take Control and keep on Investing!!“Passive Income” is financially
healthier than …….. smoking!Hi Everyone!! This is my first go at this forum.
Congratulations to all who have given up the dreaded weed! Just remember to reinvest the same amount in your financial future by way of education or buying more positive cashflow property with what you would have spent on smokes.
As for my wife and I, we recently set up a company/trust for our property investing, and our goal is to have at least 10 properties in there by June 30 this year! So far we have 8 in our name, as follows: own home in Sydney, weekender in country NSW, block of land, unit at Surfers Paradise, New house on the Gold Coast, and 3 houses in Oberon, NSW. The Oberon houses are very positive, while the QLD properties are slightly negative. And the land doesn’t return an income. We have listed the land for sale, and will be listing the QLD properties this week. The CGT will keep Peter Costello in his job for a while yet, so we will be speaking to our accountant first. However, the cash injection will allow us to purchase a lot more property. The QLD ones are holding us back due to servicabiliy even though our LVR is only 56%!!!
Judy loves painting so she doesn’t work anymore. Besides, she can paint on anything up to $50,000 in equity with a brush and a roller in a few weeks at her pace…..She would have to work all year to make $25,000. This year she has earnt just $2,000 so our DSR has gone out the window while our equity has gone through the roof!!
Happy New Year to all.
Regards Ron
