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Why not build a small house? Probably about the same costs.
Daneo79 has good advice. Even Steve McKnight sent out an email a couple of months ago on this topic of finding JV partners and that was to hang around with like minded people. This forum is a start.
There IS so much to take in.
I LOVE RPData and all it can offer. It is a view of prices around you.
There are many strategies out there. But you learn so much getting started that you dont learn from doing nothing.
I have probably said before – you need a planner, accountant, broker who KNOWS about property. Most dont have any idea and will recommend against it.
Get along to our next meeting- if you are in Melbourne- its going to be a ripper!Vendor finance is a good idea. Usually the price is higher to account for the longer settlement.
Good advice Jason but I have found this not always to be the case. You need to check and compare prices. It can work out.
Sometimes chasing the discount is more than it is worth. You need to value your time- sometimes we dont put ENOUGH value on our own time.Bizziegirl good on you. You seem to have it all under control.
Kristin… you are so right too. It is hard to find a good agent to look after your property but when you find a good one- that are GOLD GOLD GOLD!
For me- you dont buy a car and do the service yourself- get someone who knows.
IN sales too- people think- oh thats easy but its not as easy as it looks and you dont build up a book of tenants and/or buyers overnight or of the back of one sale.
it is important to look after your tenants. That is why I went into real estate- I had a dodgy agent (not) looking after me. Then when I bought my house and my Investment property – do you think he got a look in? Has he ever since? NOOOOOO!
Look after your tenants and they look after your house- whether by private rental or via an agent. BEST ADVICE………….Having been a former agent- property management is the hardest thing to do. Sales is easy.
I have my IP on the market and I am happy to have an agent do it for me. If I was to rent it out again- same- I would get the agent to do it for me. They have a data base of tenants and buyers and have experience in working out the wood from the trees so to speak- a bigger pool to choose from and can spot a dodgy tenant from the good ones.
My parents rented out their IP to a guy through a friend and the agent said from the outset – he is going to be trouble- guess what – HE WAS.
You can get the agent to find a tenant and you can take over the management for yourself- though sometimes it is better to have an agent deal with it so you are arms length. Agents know what is acceptable and what is not when dealing with tenants. For example what do you do if the tenant wants new carpet? Wants an air conditioner installed?
I agree that a lot of agents do not add value. Just because I was an agent does not mean I am advocating for agents- a lot of them do themselves no favours. But if you get an good agent- they are gold- and keep it to yourself – you dont want them to get too busy with everyone else’s property management LOL.
A weeks rent is about the going price of getting an agent to find you a tenant.
You can advertise in local papers or a sign out the front.
There are a lot more “do-it-yourselfies” nowadays so there may well be a site you can advertise for yourself- Gummtree for example.Richard- I see how this happened- it just happened to me too for a 2 times. But I am not in Whisler Canada…..
Before you pay for any valuations – you could get a real estate agent to provide you with appraisals – For FREE. They should give you the approximate appraisal value on the homes along with property sales in the area as a full report. This will give you a good idea on how the market is around you.
Make your real estate agent your best friend. They love to do this. I am not a real estate agent any more but the more appraisals you do the more your boss is happy.
You can tell them you are not selling- if they dont give you the full report – dont bother with them in the future.
I recently asked my local agent to give me an idea of price and he came with the full report.
The valuers are supposed to give you an unbiased valuation but they usually consult agents in the area too.
I did do an appraisal for someone once and she used it to argue the value of her property up and get the loan across the line.
Your broker can give you an idea of serviceability before you submit anything to banks.There is always another property around the corner- if you have the mind set that this is NOT going to be the last opportunity on earth and be prepared to walk away- then you will be fine.
If you have not signed – then you can pull out. It is not the way things run in Victoria- the buyer has to sign before the agent takes it to the vendor. In this case I guess the vendor has varied the contract making it not agreeable to you.
You can start the work after settlement.
The licence contract is really to protect you, and the scope of the works, not the vendor.A licence agreement is usually at buyers cost. There are a lot of things that don’t seem fair but that is the way it is.
The vendor is under no obligation to allow you entry – really it is to your advantage. And think of the benefit- you get to improve the property while not paying interest.
You can go back to your original offer I guess and not be accepted…. I am not sure you can just walk away from this now. If I were you., I would ask someone legal- a solicitor. I like conveyancers better – they seem to have a better idea of things but I know when this has come up in the past – the conveyancer did not want a bar of it.Newby23 – we were new players once too. You need to weigh up all of the pro’s and cons of a company structure. We set one up and I did not fully understand how this would work. Paul Dobson is right on the Trustee issue so you need to weigh up do you need protection or do you need the tax offset against your income.
Remember that losses if any – are contained in the trust structure- if you think you are going to make a killing on this deal- then a company might be worth the effort.
Find an accountant who KNOWS and deals in property. Most often – accountants dont deal in property. If you need one – I can recommend one to you who can go over the pro’s and cons.
Have all the information ready.Yes, get along to meetings and mix with as many people as you can who are into property investing. Its better than the BBQ conversation where everyone has an opinion on the property market and their tales of woe. You will sort out which way you want to go. From my experience- it matters little which property apprenticeship you wish to take on- you just need to decide this is what you want to do and do it- Nike – Just do it!
Get your own valuation or quantity survey done on the property- that will help.
Try the mining towns – not my favourite investment choice but you might find some FIFO opportunities there which might be new and CF+
And talk to a good broker- your situation is not so straight forward I would guess with a 457 visa. Is your sponsor or workplace able to offer some advice and support?Well I was going to say pebbles… after that? I guess you have to make some choices. What are you doing that you need to upgrade the garden? Is it s quick turn around? Can you put termite retardant – get a pest control company to do it and then put the bark chips down?
Why are we commenting on Jenman? I thought Steve McKnight banned this topic?
I think he may be flawed or he may be right – but it is not helpful to any of us here to be attacking him.Yes, as you might have seen- RyanJD is correct – you just cant work on emotion with the banks. “Repossessions” always seem like a good deal but in my experience- and have had a few as an agent- they banks just don’t budge. They don’t care. They will wait for their price. We had properties for sale and they asked what seemed like outrageous prices and they wont settle for less. A homeowner as a vendor on the other hand is more emotive and motivated to sell – so more negotiation on the price.
You can try offering less but I would walk away unless you are prepared to pay what the bank asks.
As jpcashflow says- if it IS such a good deal – it would have sold by now.HHmmm How many times does Richard want to help you Miss Jay? I am not sure why the repeated same posts.
He is right though- will be harder but can be done. And I am sure it will be worth the effort once done.
I am in similar situation myself having separated from my ex.
It is a good idea to meet with a broker to see how it can be done so that you can work toward that goal.
Be mindful though- I met many times with my LOVELY broker over the course of the property settlement but by the time we got to settling- the finance market had changed again.
There is apparently a new product out there which may be of benefit in your situation.McBeefy, depends what you want to do. You can pay your rent and just as you say pack up and leave when the lease ends or you can buy and build up equity while you pay the mortgage. In the longer term, property is a good investment.
It would be a good idea to rent first and get a look at the market- what is a good area and what is not. So move in where you want to – test it out then you can make a better decision.
What looks good on a web site may not necessarily be the case when you get there. There is nothing like “eyeballing” property rather than just off the net.
There is another option and that is to rent where you want to be and buy an investment property where you can afford. That way you have the best of both worlds- living where you want to and being in the market to build up equity at the same time. Although you probably dont want another option as you seem undecided on what you have at hand.
if mum and dad are keen to help with costs then I really dont see why you dont buy. If you dont take their offer- swing them my way- I’d love someone to pay my fees for me!! LOL
It also a good idea to get feedback from a broker. Calculators are great on a site but when you actually get to the buying bit – there is so much more you need to understand – like would a bank actually lend you that amount? Brokers are great because they can model figures for you. And they can give you a “pre-approval” so you know what you can go shopping with.Yes, of course- Geelong is good buying. Corio and Norlane are on the Melbourne side of Geelong. Mark is right and so is Gameplan.
Did you end up buying anything?
