Forum Replies Created
You are selling with an agent or you are selling yourself (privately) so you are still selling- it makes no difference- you still need a statement of what you are selling and contracts.
Yes, Terry is right- you have to prepare a contract of sale. Essentially in Victoria at least, what you are buying is the title to the property, the contract is what sets this out.
Think if you are buying say a jar of vegemite in the supermarket- you know the size, what is inside and what you are getting- what do you get when you buy property? You have to know what it is you are making an offer for. If you dont have a vendors statement and a contract of sale- then an offer means nothing- your prospective buyer could make an “offer” but then sees the terms and he is not interested. He could say, well my offer also included all your furniture – now its not included – My “offer” is withdrawn.
You have to get a statement drawn up some time- the sooner the better – dont give prospective buyers move on to the next proeprty and buy it. As long as I look at properties- the vendor is not serious about selling if he doesn’t have the vendors statement drawn up.Geelong is a great investment area I would say- that is my opinion. If you have up to $270K to spend- then look at where you can spend that sort of money. Will $270K get you something in Geelong South? Probably not -so go to Norlane and Corio then. I know someone who has invested in these areas- property prices have continued to rise – his properties are cash flow positive now…. after not too many years.
Do your research and listen to your own advice- if you listen to everyone else you will end up with analysis paralysis…..Im with Terry- its more like a capital expense and will make a difference when there is a capital loss/gain. I’d suggest you speak to an accountant- if you’ve had a Quantity Survey done- they will get you the MOST you can deduct. Dont make it too complicated for yourself. Most Quantity Surveyors will give you your money back of they dont find more than the value of the survey so there is no risk to you.
Well Derek, I am not sure which state you are in BUT you cant simply “change your mind” in Victoria- the law states if you have already sought advice from a legal person then you cant “cool off”. That is – the “cooling off” is the time to seek legal advice if you have not already. Perhaps you should have a closer look at the laws in Victoria.
As a former agent who is also a property investor- Scottnomates, Xndrew and Catalyst are all correct. Well not me of course but agents I worked with or came across had no vision, no idea about investing and no idea about what you need in rent. Best way as Catalyst suggests is to go to another agent and ask what rental yield- and look on the net at comparative rental prices. You also need to take into consideration who you will be renting to and what they can afford. For example – a unit with 2 bedrooms might get more than a 3 bedroom house in the same area because the house will more likely rent to a family with 1 income- the unit to a childless couple with 2 incomes.Bigger does not always = more rent.
QM- it will depend on which state you are in. IN NSW as I understand it- you need to get pest inspection and finance before you put in your offer. I worked as a real estate agent in Victoria- you can get your deposit back less your 0.25% if you have not already sought legal advice. The purpose of cooling off is to get legal advice. If you were to put in clauses- subject to finance- and you don’t get finance- you can cancel the contract effectively- you get all of your deposit back.
So- that means that if you have “legal advice” already – then you don’t get cooling off. I am not sure that you can get out of a contract “subject to finance that does not come through during this period- you MUST get your finance approved or go unconditional at this stage- YES banks are taking longer- And the agent will most likely press you to put shorter time for finance clause. Yes, you can at the end of the period – try to get an extension- YES it is at the risk of the vendor saying no- either go unconditional or end the contract- you need to weigh this up.
I did have a case where the finance clause was extended 3 times in the midst of the GFC and banks were reeeeaally slow….Building and Pest inspection should not take all that long- and you need to be specific about what it is that you want to pull out on. I did have a case where there were structural imperfections – the vendor fixed the problem and all was well. Sometimes you can use a building and pest inspection to lower the price- but usually the vendor will tell you to take a hike.
Tommy and Christianb,
My point is that as you say Christianb- you can avoid a lot of heartache if you get someone who knows what they are doing.,
If you are posting here asking the questions, then it would seem you are a newbie.
Nothing wrong with that- however in my own experience – that if LIFE- better to pay someone to do it who knows what they are doing.
You dont pull your own teeth do you? Far less painless do pay someone and yes a project can be a winner or lose stacks based on how smoothly it goes.
Yep, Breece is a good guy.
Once you kind of know what you are doing, then maybe go ahead and get all the information yourself…. except by this time, you have made stacks of cash from the first project where you got Breece and you just go “Aw nah, not worth doing it myself- just get a planner” while you sail off to Hawaii…… well at least that is MY dream!!Bit more sun cream on my shoulders thanks……
Yes, Breece from Hub Planning is GREAT.
You can go to a council web site, but you can get so much more from going TO council. I would also recommend talking to someone like Breece. Even if you think you have done all you can to get the costs- there will be things you dont know about.
Save yourself time and $$ and talk to a planner unless you are a seasoned player.
The Real Estate Development Club -Adrian and Amber Zener also handy for helping with the steps to planning and development.His own of course.
Catalyst, you are so right- property investing is not about the FHOG. I was in real estate when the government was giving away $28k FHOG for new homes. First home buyers were running through the door, dying to spend their FHOG which had pushed prices up in our area by $40k. Prices have come back around $50K now- no need to spend the FHOG!
Yes, Xdrew is right- Explore tax options and deductibles. I attended a seminar yesterday which said Toowoomba is a GREAT investment area as there is plenty of growth in Qld- QBB attests to that. Its a “fly in – fly out” are for mining they said.
Yes, Sunni, you need a good broker. I am in same position- crossed loans and will need to get out of it to go forward. Luckily my next IP wont be via the bank….
If you are looking to do a reno and revise value quickly- get in touch with Ana Stankovic.
There are too many options out there. Dont get analysis paralysis. Get “How to Build Wealth for Life with Property” by Chan and Naylor.
Get someone to go over YOUR figures for you- someone objective. I have some suggestions of people who can help you here.
“Positive Cash Flow” is hard to find these days. AND you need lots of knowledge to achieve this.
You have posted many times here. You will get as many different views here as you post.
I’m happy to chat to you if you want to sort things out in your head.
Find a mentor and go with it- Most of them will help you make money- it is a matter of deciding which one to go with- dont keep changing. Just focus.Thanks Catalyst- and I love the Quote on Goals- isn’t that just the truth. If I write my goals down- they happen- dont know how it works but it does.
I attended a presentation by John Fitgerald recently. He said to write down your goals and that your brain just makes them happen. I kind of agree because when I write them, although I dont see ANY way of getting to them- they happen anyway.
But that’s getting off the point.
Mentors are good- but you MUST have goals…And I am wondering, catalyst- can you get those details from RPData in Victoria?
Catalyst, I am with you TOTALLY. From running Women in Property meetings, I have learnt there are many strategies out there. No one is more right than another- its about what is right for you. There is plenty of money to be made- especially just now as the market is bit slow but still plenty to be made. You need to look at what you want to do- what you can do and plan a strategy. There is not the perfect property out there but I guess its a bit like being married – you will never find the perfect one until you practice a bit…..LOL.
Choose what is right for YOU. After all- YOU are who is most important to YOU.Yes, its a whole program- the seminars are to promote the whole program. He must be very good.
My Favourite is Chan and Naylor- “How to Build Wealth for Life with Property” – its simple and easy to read. There have been some posts here about them with mixed responses but I read it in one weekend and it makes it all simple.
I am not sure why you are posting here asking about a “Mentoring Program” when isn’t this what Steve McKnight offers? He seems like a great bloke to me. Why not sign up to his program? There are many students who have succeeded in this program.
