Forum Replies Created
I am not sure what you are missing Renel but you are saying you are not purchasing.
Weren’t you asking about a Buyers Agent?
What you ARE missing is that B A’s have a lot of contacts, experience in the market and negotiation skills that you cannot get from excel spreadsheets or google searching everything. Like it or not – you do have to get out from behind the computer and look at properties.
Again I say as a former agent, you get so much from looking at something. Many times when something seemed like a red hot deal- to get to the property and it was not such a great deal- there were power lines or the fire station was opposite.
You really need to ask yourself why you have not bought- not what a Buyers Advocate can do for you.Renel as Brian says – you perhaps need to check your criteria. If you are doing all that research and finding something wrong with them- then you need to check how you are looking at the properties. I would kill to have all that research at my fingertips! I am not so good with spread sheets. I said in another post- one of my lecturers said when evaluating a project- if you do the numbers and they dont stack up to what you believe there is something wrong with your assumptions- go back and do the math again. He is now a professor- not of property though.
Yes, you can make as many offers as you like. You might buy them all. A contract is a 2 sided equation- you both must agree.
There is a property investing group out there who suggest you make MANY offers on property and make them low- one will come home for you. They also say you must make I think something like 10 offers before you get one you will like – kind of like practice. They also say be clear about your goals and do lots of research. You are doing all the right things.
A BA can be a good thing- just be sure they are working for you. They can cost you 1% but save waaay more in what they are able to negotiate for you. I think it is also claimable – but check this out with an accountant.As a former real estate agent – no one ever put multiple offers on properties but I worked in a family orientated suburb. Hey as an investor myself I would have been happy to see people make many offers. The more offers you can take to the vendor the better you look so I dont get that agents are getting annoyed. What I do know is that they sometimes (often) do not understand the laws under which they work. And often – they dont come across investors. Real Estate Agents mostly work in peoples “homes” … not investment. They dont get that. They just get that they have a house sell it- have a house sell it- have a house sell it.
There are companies who specialise in property investing. It is a whole different ball game to real estate agents though.If you want to know where to look to find what property has been doing – then check out RPData. You can go by suburb to get a picture of what property is doing without bias – you get hard facts.
As powderfingers suggest – with that sort of money- look into capital cities – its a safer bet…oh that is if you are betting I guess. I mean a safer option.These are very tricky questions. I would steer away from trying to make something to complicated for the ATO. I dont think it would be possible to buy it in 2 names and have 2 different applications of Investment and PPOR.
With respect to your second question- say if you bought a investment property – and you went to live there without the fact that it your girlfriend was living there – you would have to pay GCT for the portion of the time that it was an investment property – but you cant kind of say its a Investment property then also ask for an exemption. I think you need to make some clear decisions about what you are buying it for and what you plan to do with it in the future.
Have a look at ATO web site: http://calculators.ato.gov.au/scripts/axos/axos.asp?CONTEXT=&KBS=CGT_and_real_property.XR4&go=ok
Talk to an accountant if you are not already. It may cost you some $$ but it will be more than worth it if you get it wrong.
I can recommend an accountant if you need one who understands property.Yes, $600 is well spent. You have the right attitude- make low offers and be prepared to walk away. There is always another property just around the corner.
I know that media is saying property is bad but I cant see where you can still get a bargain. I was about to put my property on the market but decided against it as I think there is upside soon.
Good luck with your investing- you will do well.Well that is good for the property market but not good for investors… well in some senses.
I just dont get the way the press promotes these things.. they are all doom and gloom here and last night on the Tv first time they are saying it has turned around.
But try finding a bargain! Pft… no where to be found!!
Good luck- I hope you can find a bargain…. shhh dont tell anyone where until you have it secured… THEN TELL THE WORLD so you create demand and increases your equity!!Good on you RyanJD. That bug is hard to shake once it gets to you.
I hope you buy well.
They are saying the property market has turned the corner here in Melbourne (which I suspected) so probably good time to pick up some good buys before too many people figure that out and get back into the market and push prices up.
CheersWell said “thecrest”. Yes setting boundaries is the right way to go- that sit within the law.
I don’t know if a lawyer would contact you- that is for the law and I am not a lawyer.
Holding property is a minefield and yes one you don’t want to get involved in.
Like it or not- it is the property managers job to do the work. For what you pay them- it is really a small price to pay to have someone do the work. Do you service your own car? You get a mechanic to do it because they know cars. Do you extract your own teeth? You get a dentist to do it because they are trained. I know a lot on this forum try to save themselves money by doing it themselves but get into more difficulty which in the end costs a whole lot more. AND do they take into consideration the cost of their own time? We should all put a very high price on the value of our own time.
There are a lot of good people who are real estate agents doing their job. I don’t understand the propensity to bring down the value of what they do. Most often it is not the agent who is bad – it is the lack of understanding about how the system or the law works. Very often the law says one thing but how it plays out in court is quite different to how you expect.I think you are right – once the bailiff is called in- its the slippery slope down for the tenant.
From my own experience – the judges will accept ANY excuse as to why the tenant did not attend on the day- just depends on the judge/magistrate on the day. I have heard them accept less.
AND i have heard the court in my own experience accept less for whether they got the letter or not. I would even go as far as to say they might not accept – and again in my experience – so first hand – text messages and emails.
They do however see through lies and deception and while they may let sms’s and texts slip through to the keeper- they DO get VERY testy if someone thinks they came down in the latest shower! That is the tenant can kind of get away with say one lie but they start to see very quickly if there are gaping holes in the story.
Good you have a new tenant to move in.
I think it pays off in the long run to be nice but to act within your rights and the rights of the tenant- set the ground rules or how it is going to be from the start.
I have been dealing with a tenant that is a right pain in the “A..” but they are working within the tenancy act every time. Damn!
I am sure you can claim what you want to in this years tax return if it is eligible this year, it will be next tax year.Well your tenant is technically right. If he is not notified- and you don’t have evidence he has been notified then he might get to stay.
It is a very costly exercise- cost of bailiff and changing locks.
I don’t understand why the tenant is acting this way either.
But it seems you are forced to do this as the tenant is not playing by the rules as it were.
I just don’t get what is on some peoples minds, how they think they can not pay rent and keep staying on??I guess you hear what you want to hear. You are welcome to not be a fan of OTP – that is your choice.
I hear that people purchase OTP and do very nicely.
You can always hear those horror stories if that is what you want to believe.
The Universe reflects what you put in….Freedom Through- Kris- I am with you… seems a lot to pay for maintenance – even in the body corporate.
There is always another investment property around the corner.
Independent building inspector – Yep the way to go.This sounds like a lot of repairs. At $171000 – do you want to be involved in all of this?
As I always say- this will not be the last investment property ever- there will always be another around the corner.
Try looking for something with less units in the block and that is perhaps newer.
You are kind of tied to the properties once you buy. And its not like a house where you can do what needs to be done or not- you have to go with what the body corporate say you have to and you might not be in a financial position to go with it when they require the payments.
What is your heart of hearts telling you?
One of my lecturers – now Chancellor of the University said – “If your heart tells you one thing and your figures don’t stack up – do your figures again- you have missed something.”……..In addition to what Andrew is saying – check the rental trend in the area- is there a decent population of tenants who will rent out your property. To be honest – with the trend toward staying single longer – there is greater need/desire in the market place.
When I was young and single – I lived in an apartment not too far from the city but not right on the fringe either. Suited me and will suit the growing trend of young (ish) professional women. I didn’t want to bother about property maintenance like mowing lawns.
If you must see and feel it, maybe you are telling me you have no imagination?
….. do your research and you will buy well.
There is a proliferation of OTP apartments AND people living in them so I cant see that they are all that bad.
Oh and people making money out of them. Just because its not for you does not mean its not for everyone else too.Dwolf- I am with you.
AND as I support all types of investment strategies- it has to be one that is RIGHT FOR YOU.
I have seen people purchase OTP and re sell before settlement to make $30K, $40K or even $90K – not even settling.
In my area- not Sunshine but FURTHER from the city- urban fringe – there are more apartments being built.
In my time as a Real Estate Agent- II found people like to live and will buy close to their parents and where they grew up. Think about it. Now people stay single longer and don’t necessarily want the whole house on the big block with the white picket fence- they SHOULD be able to live in the suburbs and not have the hassle of mowing the lawn every weekend. People want to be out enjoying the delights of what we have here in Melbourne.
Why would you say that Sunshine is not suited to units? I lived in Yarraville and Footscray – right next door- last time I looked it was upwardly mobile young urban adults who lived there.
If they can put up apartments all over the northern urban fringe where I live- and I said same thing- NOT IN MY BACKYARD- NOT HERE – NOT SUITED- and all be fully tenanted then sure Sunshine is just as suited as is Ringwood, or Glen Waverly.
So its not Carlton, or Inner City or Richmond- But these suburbs do not have the patent on unit developments.Great. Good outcome- just be sure what’s left over covers 3 years of rates.
It is always good to get feedback from here – sometimes its not quite correct but most of the time it is. It is a free advice but you have to do your own to get definitive answers. But sometimes a “professional” person may miss something or may not take quite the same view as others in his profession. Its good to have a different perspective.Catalyst is correct- go up market- they will think your house is great at a good price. If you go down market-they will think you are too expensive. AND you will get people used to paying less- they will find everything wrong with your house and maybe even cause issues themselves- speaking from experience as a LANDLORD. Remember I did say get as close to where you are as possible. You want the agent to have a data base of people looking local- not too far away.
Yes, those accounts which affect the title should be taken out at settlement- usually paid by you with the “adjustments”. The accounts not in your name will b e forwarded to the vendor. Probably a reason he is selling – because he cant afford it.
You should check though once the “adjustments” are taken out- that he has enough to settle- if not – that is if he owes more to the bank and council etc than there is in what you have offered on the property- then you will need to check with your solicitor or conveyancer as to what will happen. The bank or the council will most likely not allow transfer of the title to you until the debts are settled.
Utilities usually chase person named on the account.I dont think you are covered if you are not going through an agent though. Yes, its a great idea to have Landlord Insurance. I have known of at least 2 cases where the landlord had cause to make a claim. You will need to check the fine print but they ask are you renting via an agent..
Jamie, The tenant has to agree to go on the TICA register so I dont even know if anything on that would be useful or relevant. I guess if the tenant has agreed to go on it- then their history must be clear. But from my experience, it is not all that extensive or exhaustive- will not tell you much at all.
Personal references can tell you a lot but agreed can be “worded up” by the personal friend. A real estate reference, can be of assistance but so can employment references.
Catalyst – your advice is gold- yes Toshie needs to have a written agreement AND be cognisant of the Tenancy Act in her state.
