Forum Replies Created
Like Michaels post, this is also biased.
I think the best way for an investor to start is by doing “safe” investments to begin with. Buying good properties and buiding in equity AND cash flow using lease options.
Surplus cash flow can be used to fund higher growh properties giving you a balanced portfolio that is not dependant on your income.
Investment Property Management
http://www.adprop.com.auHi Xenia,
Where on earth do you get people stupid enough to take a ‘deal’ on those terms? Do you advertise or do they come to you? Is there a list somewhere? Can I have a copy? I’ve got a whole bunch of ‘Magic Cheese Powder’ Link I’m having trouble shifting and these sound like the sort of people who would be interested…
F.Hey F,
Who are the stupid people you are refering to? The people who we bought the house from or the ones we sold it to? Or us for brokering it????This deal was based on solving peoples problems.
The vendors had a problem, they needed quick cash becuase they bought another house. They were willing to discount the purchase price for quick settlement.
The purchasers we sold it to had a problem, they had a credit history to fix up, so taking an option to purchase and a savings plan was the best solution for them!
Investment Property Management
http://www.adprop.com.auIn what context???
It could mean that an agent has declared an interest in buying a property they are meant to be listing. They need to declare interest to the owner so that they don’t breach their fiduciary duties.
Investment Property Management
http://www.adprop.com.auOur businesses are:
A wholesale property business/buyer’s agency: This is where we pick up wholesale properties by offering quick settlements or doing JVs with people wanting to develop their properties but don’t know how to. We buy most of what we find! (1 or 2 per month)
This business is called Creative Real Estate Solutions and is run soley by my husband.
We also have a property management company where we manage investment properties and set up lease options or multiple tenancy accomodations for investors.
This business is called AdProp and ran by myself and business partner.
We manage and develop all our own properties
We have 2 kids aged 2 and 4
No time for a job!!!
Investment Property Management
http://www.adprop.com.auOh, and because landlord protection insurance is a property related expense, I would say it is tax deductible.
But, I’m not an accountant!!!
Investment Property Management
http://www.adprop.com.auHi UR,
The answer to all your questions is YES!
There is a national tenant database, I’m not sure if it is available to private landlords, it certainly is to property managers. The one I use is called TICA Default tenancy control.
You can only list professional tenants IF there has been a financial loss that was not covered by the bond. If the tenants were evicted and the loss of rent was covered by the bond, they cannot be black listed despite putting the landlord through the tribunal process.
Yes, some landlord insurance policies do cover financial loss by tenants, but again, who wants the hassle???
Investment Property Management
http://www.adprop.com.auWe have just made a start on ours http://www.adprop.com.au
It has been months in the making : )
what does an average website cost these days? We don’t yet have a bill or quote for ours [blush2]
Investment Property Management
http://www.adprop.com.auOne thing to check out though, is if they are 14 days behind in rent and you DO evict them in the following 7 days, for a total process of 3 weeks….Could you claim the bond money in lost rent and time delay in finding new tenants?
If so, you aren’t behind money wise, just worse off for the inconvienience with the possibility of getting better tenants – and a better understanding of the Tribunal system.Yes, you can claim loss of money from the bond.
But, they get 7 days to remedy the breach, if they are not out in 7 days, the landlord or pm needs to apply for a tribunal hearing and have them evicted using a baliff. This process nearly always results in loss of money for the landlord as the process takes longer than the amount covered by the bond and there is usually damage done to the property.
If during the 7 days, they had made a partial payment, you CANNOT apply for a baliff until they are 14 days behind again in their next rent.
In the industry, there are tenants termed “professional tenants” who know the legislation better than most landlords do. They use this loophole in the law to go from property to property and recieve free rent!!
I have never had them in any of my own properties or properties that I manage, has anyone had the privelege of experiencing these type of tenants?
Investment Property Management
http://www.adprop.com.auTry
moneybeans
or
REST by RockendInvestment Property Management
http://www.adprop.com.auWe use feastudy to calculate all feasability on development.
Investment Property Management
http://www.adprop.com.auWe manage and set them up in SA (lease options that is not wraps!)
Xenia Ioannou-Mena
Adprop Pty Ltd.
Property Management and Sales
E: [email protected]
M. 0412 437 582Hi James,
Just read your question again. YOUR reasons for wanting to do a wrap or lease option are:
Cash flow
Premimum sales price
Lower market risk
To help a tenant Purchase a home
Inceased Serviceability
etc….Xenia Ioannou-Mena
Adprop Pty Ltd.
Property Management and Sales
E: [email protected]
M. 0412 437 582I agree with Paul but also, even if people can get access to conventional loans, minor blemishes on their credit history may only entitle them to higher interest loan products. Some could be as high as 12%
Taking out an option to purchase for a couple of years will allow them to clean up their credit records and therefore qualify to a loan product within reasonable interest rates.
Xenia Ioannou-Mena
Adprop Pty Ltd.
Property Management and Sales
E: [email protected]
M. 0412 437 582RIGHT NOW!!!
It’s not about money, it’s about the way you think [biggrin]
Xenia Ioannou-Mena
Adprop Pty Ltd.
Property Management and Sales
E: [email protected]
M. 0412 437 582You can increase the income from your properties (at least one of them) by giving the tenant an option to purchase, wrapping or providing vendor finance.
The extra income can service the other properties so you are not left pulling the plough.
Once your portfolio is overall positively geared, your wife can use her time at home to find more properties to buy.It worked for us : )
Xenia Ioannou-Mena
Adprop Pty Ltd.
Property Management and Sales
E: [email protected]
M. 0412 437 582Hi Paul,
Congratulations! That’s great news.
It is a scary start for most people, even if they know what to do in theory.
Do you have a web site?In SA the risk of litigation is compounded by laws that other states don’t have and solicitors that are not familiar with real estate let alone options! It is a much needed service.
Xenia Ioannou-Mena
Adprop Pty Ltd.
Property Management and Sales
E: [email protected]
M. 0412 437 582ABSOLUTELY!!!!
I spent 3 weeks of solid work and came up with an 80 page business plan (40 pages of text plus contracts etc).
Only after this accomplishment did we finally start to see some money coming in.
3 things that are paramount to success are:
A Business Plan
A Marketing Plan
An Exit Strategy
And these should not be static documents either, they should be reviewed regularly and Key Performance Indicators measures to that you know where you are going!!!
Xenia Ioannou-Mena
Adprop Pty Ltd.
Property Management and Sales
E: [email protected]
M. 0412 437 582I’m from Adelaide too, I don’t know any positive cash flow specialising accountants (don’t even know if they exist!), but I do know some property accountants I can recomend!
Just wondering why you need them to specialise in positive cashflow????
Xenia Ioannou-Mena
Adprop Pty Ltd.
Property Management and Sales
E: [email protected]
M. 0412 437 582thanks Guys,
I like Real Me In!!
We have already chosen AdProp Pty Ltd
The business has now commensed!
Xenia Ioannou-Mena
Adprop Pty Ltd.
Property Management and Sales
E: [email protected]
M. 0412 437 582There are not many agents that offer this as a service (too hard).
we are the only ones in Adelaide that offer it as a property mangement service.If you are in Adelaide, please email me, I can help out!
If not, then check with the tribunal in your state, it is not a normal tenancy as it applies only to the room. It is a rooming house agreement.
Xenia Ioannou-Mena
Adprop Pty Ltd.
Property Management and Sales
E: [email protected]
M. 0412 437 582
