Forum Replies Created
Gee G7, now I’m blushing, thanks!
The reason I was interested in ireig is because of invest in the USA and this is a market I am growing very interested in.
They apparently fly you to the US and show you how to buy properties in pre-foreclosure all for ~$40,000 Australian + airfairs.
For that price, I wanted a garantee to get properties with at least $40 K of equity. I know that they can’t garantee it and every persons circumstances is different.
That’s why I wanted to know if any of their members are on this forum and whether they generally recomend them!
We buy properties in all conditions. Can offer Immediate Cash Settlements, No Real Estate Agents Required
[email protected]
phone 0412 437 582Hi Scott, Can’t help you with your lease option question as I have never attempted them. I would be very interested in what the answer is when you have one.
However, do you live in Adelaide? There is a group of us that meet once a month to discuss investing ideas like lease options. If you’re interested please send me a private message and I will give you the details.
Xenia
We buy properties in all conditions. Can offer Immediate Cash Settlements, No Real Estate Agents Required
[email protected]
phone 0412 437 582Hi Don and Liz,
Can you recomend any property managers? I’m getting sick and tired of their “laid back, I’ll reply to your phone message next month” type of approach! Everyone I know who have property in Invercargill will not recomend their property managers, because no one is happy with them.Since you’re already there, maybe you could consider property management as a part time job??? We certainly need reliable ones!
Xenia
We buy properties in all conditions. Can offer Immediate Cash Settlements, No Real Estate Agents Required
[email protected]
phone 0412 437 582Hi Thomas
welcome to the forum.
without looking at the numbers, it sounds like you have a negative cashflow property.Cashflow positive is when there is money left over after all expenses are deducted. Do you have a sofware program to analyse your property deals. I use REAP by Dolf DeRoos. Steve McKnight alsa has a property calculater although personally Im not very fond of that one.
You also need to take into consideration the loan. With commercial, its usually 70% LVR which means you may be putting in more of your own money.
If you put up some numbers ie purchase price, management costs, strata fees etc, we (I or someone else) may be able to show you how much money you are losing on the deal!
We buy properties in all conditions. Can offer Immediate Cash Settlements, No Real Estate Agents Required
[email protected]
phone 0412 437 582Hi CME
Just a suggestion, but why do you have to limit yourself to Perth. I live in SA and have an accountant in Victoria (SA also). At the end of the day, you still need to send electronic summaries, emails, faxes etc to your accountant not matter where you are and if you need them in person, the only part of them you ever need to have contact with is their voice!!! Can do it over the phone.What Im suggesting is that you find the best accountant possible for your needs and if he/she is in a different state, so be it!
We buy properties in all conditions. Can offer Immediate Cash Settlements, No Real Estate Agents Required
[email protected]
phone 0412 437 582We tried to use Dale Gatharum Goss in Melbourne because of his savvy tax strategies. However, he did not want to take us on as clients because we have overseas properties (NZ and USA). He only takes clients that have Australian property and nothing else!!!
If you have overseas property, I highly recomend Active Financial Answers in Melbourne. They are hugely affiliated with overseas property professionals, actively invest in the USA market and are very switched on. I have had a couple of consultations with them. I’m impressed. We use Marteine Freeth.
Xenia
We buy properties in all conditions. Can offer Immediate Cash Settlements, No Real Estate Agents Required
[email protected]
phone 0412 437 582I think we need a new forum heading titled
USA properties
We buy properties in all conditions. Can offer Immediate Cash Settlements, No Real Estate Agents Required
[email protected]
phone 0412 437 582Hi Cassy,
That proves the point, he thinks they don’t exist because he is not an investor. He is a sales person.
We buy properties in all conditions. Can offer Immediate Cash Settlements, No Real Estate Agents Required
[email protected]
phone 0412 437 582Hi Luke,
I agree with Peter, that is a good point and one that comes up in my life again and again. Being rich does not mean that you are selfish. I didn’t have enough money to allow me to sponsor children in 3rd world countries when I was a poor student. Now I can!How many poor people do you know that are greedy and selfish? I could name many.
I know many people with loads of accumulated wealth that have not increased their lifestyle to reflect their wealth. True accumulators of wealth “the rich” don’t feel insecure enough to want to wear diamond rings on each finger.
You should read “the millionair next door”. The book made an interesting point, those people driving around in the lastest model sports car, wearing designer label clothes, and living in high end neighbourhoods are not the rich!! Those are poor people in disguise!! And by poor, I mean a poor mentality!
Cheers
Xenia
We buy properties in all conditions. Can offer Immediate Cash Settlements, No Real Estate Agents Required
[email protected]
phone 0412 437 582Hi Simon,
Ask lots of questions some policys are dodgy. We had tennants kick in 4 doors, take 2 sliding doors off their tracks, broke the shower screen, and the oven. Our landlord insurence did cover it as promised, but there was a “seperate” $500 excess for each door and each thing claimed. It dosent even cost $500 to get a new door! Even though they would cover everything, the numbers just didnt add up. It cost us less not to claim.
Alot of people hate lawyers, I hate insurance companies.[angry2][angry2][angry2][angry2][angry2]
Xenia
We buy properties in all conditions. Can offer Immediate Cash Settlements, No Real Estate Agents Required
[email protected]
phone 0412 437 582Hi Westan,
Good plan, sounds remarkably like ours!!! How are you doing the rehabbing? Are you planning on living there (in the USA) or are you controlling it from NZ?
Xenia
We buy properties in all conditions. Can offer Immediate Cash Settlements, No Real Estate Agents Required
[email protected]
phone 0412 437 582Westan is absolutely spot on! Why does a buyer’s agent have to be a lisenced real estate agent, the two are completely different. If they are a lisenced agent, wouldn’t that be more of a limitation than a benefit? How can anyone trust that they are not just refering their investor clients to their real estate listings and recieving commissions from both the vendor and the purchaser?
We buy properties in all conditions. Can offer Immediate Cash Settlements, No Real Estate Agents Required
[email protected]
phone 0412 437 582Hi Terry
Do the mintgroup have their own accountants? They referred us to MGI.
Xenia
We buy properties in all conditions. Can offer Immediate Cash Settlements, No Real Estate Agents Required
[email protected]
phone 0412 437 582Hi Westan,
That is a sad story and a good point about checking out the local market. How long do you think a stigma like that could last before all is well again? We have a friend who picked up a mansion in a very high growth area for a very discounted price because it was “haunted”. This has now been renovated, made to look like a million dollars and rented to a prodiction company for a price that works out to be 10% returning in a market that has an average of 3% rental returns. Opportunities can be created everywhere, but like you mentioned, you must be aware of what you are buying.
Cheers
Xenia
We buy properties in all conditions. Can offer Immediate Cash Settlements, No Real Estate Agents Required
[email protected]
phone 0412 437 582Here’s something to think about:
When my second child was born, I left her with my mum at 3 weeks old and went to an all day seminar. Because she was a breastfed baby, I had to take my pump along to the seminar and excuse myself every couple of hours to …. well the mums on this forum can figure it out…
Anyway, during a break, a woman in her 50’s approached my and said, “gee you’re starting out very young, I wish I had started to buy property when I was your age, I feel like its too late for me now” I asked her why she didn’t start earlier, she said that she was too busy with her kids and wanted to wait until they grew up!!!
Food for thought, successfull people say that it mey be difficult, but it is possible, loosers say that it may be possible but its too difficult.[biggrin][biggrin]
Xenia
We buy properties in all conditions. Can offer Immediate Cash Settlements, No Real Estate Agents Required
[email protected]
phone 0412 437 582Hi ES,
Great Post!!
Im glad someone addressed this question, I was thinking of putting up a similar post myself. I also have 2 babies (one almost 3 and the other 18 months). I was determined from the day they were born not to let anything stop me and have been fairly successfull in property investing since I have been home with the bubs. I was even reading investing books while sitting on the couch breastfeeding my first chile. (you have one hand free that way to read). Here are my tips:
1. When I’m with the kids, I can’t do much, but I can be THINKING of what I need to do, whether its property sourcing or closing deals or whatever, this almost works like visualization, so that when they go down to sleep in the afternoon, I can cram a whole days work into 2 hours. It’s incredible how much you can get down when your focused. At this time I take the phone off the hook and don’t answer the door.
2. Kids are in day care once a week, this free’s up a whole day.
3. I don’t worry about things like housework, cooking etc, this comes last on the list and I do it when the kids are awake if I can, since I can’t be doing my property work in that time anyway. If I don’t get a chance to get it done, so be it, we get takeaway!!
4. I have my kids on the same routine (mine are 17 months apart in age so I can do this), so they are up at the same time and sleeping at the same time.
5. I never waste time watching TV or sleeping in the afternoon.
6. If I need to look at a property, I have no problem putting the kids in the car and taking them along. The youngest one has been to New Zealand to buy real estate, she has been to seminars in Melbourne (twice). She’s been to meetings and conferences with our accountants, lawyers, financial accountants, infact our whole team have at some stage met our children.
Anyway, you get the point.
Cheers
Xenia
We buy properties in all conditions. Can offer Immediate Cash Settlements, No Real Estate Agents Required
[email protected]
phone 0412 437 582Hi Westan,
Sounds like the latest news from Australia also!!!
Cheers
Xenia
We buy properties in all conditions. Can offer Immediate Cash Settlements, No Real Estate Agents Required
[email protected]
phone 0412 437 582Hi Dave,
In Australia and NZ, I would guess that the structure of choice is a trust not a company. I personally have properties owned in trusts with a company being the trustee for the trust, and myself as director and beneficiary. Everyone is different and what works for me may not work for you, so as Nigel mentioned, getting your own independent advice is a must.
If a tenant wants to sue, they will chase the person/entity who appears on the title. If it’s a trust, they can only take what is in that trust (unless you were deliberately neglegent), if it is an individual, they can chase everything you own, if the property is not secured with enough debt.
Please note, this is only my limited understanding of a very complicated subject, Im not a solicitor, but your lawyer/accountant should be able to explain it better.
Cheers
We buy properties in all conditions. Can offer Immediate Cash Settlements, No Real Estate Agents Required
[email protected]
phone 0412 437 582Hi Ben,
Try not to get too bogged down in analysis, I know people that have been analysing for the past 10 years while everyone else around them is making money. It’s not rocket science, I would start off by looking in the property section of the local paper and doing the maths on individual properties.Some areas have +ve cashlow straight off the bat, others, you have to think more creatively to get what you want.
We buy properties in all conditions. Can offer Immediate Cash Settlements, No Real Estate Agents Required
[email protected]
phone 0412 437 582Hi Chang,
Most importantly, you need to determine whether the product/service they are selling can fit into your own wealth creation plan and only you can determine that.
Cheers
We buy properties in all conditions. Can offer Immediate Cash Settlements, No Real Estate Agents Required
[email protected]
phone 0412 437 582
