Forum Replies Created
I would not worry too much about a bore or pumping alot of money into the garden.
Do some minor landscaping if you have trouble finding a tenant otherwise I would not worry.
If you need a new tenant, ensure the garden is maintained and add a few shrubs and wood chips.
If you want the property revalued by the bank as you want to access more cash – having a good looking garden will effect the valuation – again do some minor stuff.
Just my thoughts. I would not worry about a bore. The tenant normally pays for water usage anyway.
When I played monopoly as a kid I always liked the red and yellow ones. eg Trafalgar Sq, Leicester Sq. Not the real expensive ones and not the cheap ones either.
Thats how I invest today.
I reckon that is a great idea. I wish I could do it, but am not really in a position to do so. Hopefully one day I will.
One of the benefits is the great building allowance and deprn benfits you can offset against your rent and other income.
You could also sell one property if you are over geared. But preferably it would be best to keep both. I like the strategy, but you will need a bit of money behind you.
Depends on solicitor. My solicitor who I have known for years bills me after settlement.
I have never had a problem with valuations. Sure banks are conservative and I expect that, but when I do my own valuation I look at similar properties in the area. The bank valuation has always agreed with my valuation.
I often hear of marketing companies like the investors club winge about bank valuations. Every month in their newsletter there is an article about how bad they are.
As for a property in the $19k to $25k bracket. It must be hard to value them. There must be some risk associated with ownership so it may be difficult for a valuer to come up with a price.
I believe in independent valuations and believe valuers are professionals in what they do. If not go and bring it to the attention of their professional organisation.
I vividly remember giving my thoughts on these 4 topics. But it seems to have disappeared.
Confused.
<<<<<And yes, they do still seem to be wheeling and dealing! Steve said that they were up to 150ish properties but had recently sold some.>>>>
Did they give any reasons why they were selling some? Cash out some profits now! The positive return was not good enough!
My aim is to buy quality investment properties.
So I start as ve-, then as time progresses they become ve+ and I can then buy more quality properties. My strategy does require one to have some income. Jan Somers is the author of this strategy and I have modified it for my purposes and its worth reading her books.
My criteria is
1. Walking distance to beach, parks and schools
2. Walking distance to Train and shops. A bus is not public transport in my mind.
3. In my area – middle ring bayside surburbs of Melbourne. From Mentone to Frankston.
4. Reasonable quality so its easy to find tenants
5. I dont buy brand new
6. Median priced properties. Not expensive ones and not cheap ones. I will pay a little extra for the above requirements.Did they mention how many deals they are closing nowadays??????
Its important to know. If they are not closing deals nowadays what makes newbies think they can close deals too nowadays.
Dont forget its 2004 and the authors started in 1997 or thereabouts. I wonder what they are upto in 2004. But you need to pay $1000 to find out. I dont believe they are closing many deals nowadays.
It aint going to be easy.
What would I do.
1. Find another job.
2. Once I got a job – go to bank and find out how much I can borrow.
3. Buy a property or two depending on what bank allows. Decide if you want postive geared /rural/ less growth OR negative geared/Surburban, near home/growth property. Me I prefer growth.
ie. Steve Mcknight v Jan Somers. Read a few books on each strategy.
4. Enjoy yourself and let the rest work its way out. Even go overseas for a holiday.Good luck
“However … just because you can’t see one on RE.com don’t think they don’t exist. “
You just need to look harder. Get in the car and speak to agents. Find an area and focus on it. Learn property values and market rent for that area. Burn some boot leather. There will always be opportunities.
I dont have rental insurance on any of my properties. However, I have property managers and they are near home so I can keep an eye on them.
The only rent I have ever lost was between tenants anyway. I did have a tenant who left before the lease term was up, but that was only a month. So 5 years of paying rent insurance still would have exceeded what I would get from the insurance anyway.
I do have cover for landlords insurance and public liability.
I suppose the other thing is, can you cope with loosing rent for a month, if a tenant leaves early.
And another thing – would you consider your property would attract good tenants. If so, why get rental insurance.
If I had properties in NZ, far from home and I would struggle loosing rent for a month then I would take it out.
As I dont have any properties in NZ and I use a property manager and I could cope with loosing rent for a month, and my properties attract reasonable tenants, then I would not waste my money on rent insurance.
SIS said
“what about that other guy in Sydney, who owns the most property in australia and i think on last count he was on 1200 properties and the most owned properties in qld was by another man who owned just over 900, but i do know there is a guy in America who owns over 5000 properties…..”Anyone have any details about these people. I would love to know how they started and what their strategy was eg. Buy, renovate, hold. or build, build, build or positive geared only or property developers.
The only ones I am aware of is the Triguboff or something like that who is an apartments developer. Just goes to show there is more money in building apartments than actually buying them off the plan.
My advice for what its worth.
1. Use a property manager. You dont need to hear the hard luck stories.
2. Charge $10-15 per week below market rent. Make the property manager, let the tenant know they are getting a price lower than market rent.
3. If they leave you find a tenant close to market rent.
4. I would not go to the hassle of buying new curtains or air con etc.Can someone explain the IRR – I assume its the internal rate of return.
I failed business finance at uni a couple of times and as an accountant, even I dont understand it nor its relevance.
Any comments appreciated. Otherwise I’ll get off my butt and do some research.
The property is in Frankston, Victoria. The tenant has fleeed to Queensland.
Thats why they have good population growth.
Oh Well – I gave her a chance and had my trust breached.
[satan]
I iam going through a similar situation now. Proceed or not with debt collection agencies.
I did a search and found this.
What was the final outcome. Did you recover any money in the end?
Whats happened to the property?
I dont know – I will research and cross that bridge once I get a judgement at the tribunal.
