Forum Replies Created
Purple
Actually I never looked in the paper when i rented. I always went to the agents and got a copy of their rental list. But I got the agents to modify the desc of my property on their rental list. And low and behold it was rented within a week.
My advice.
Save a deposit, go to bank ask how much you can borrow and buy something near home even if its negaive geared.
As it grows in value you can buy your next property etc etc.
Property investing is not an overnight sensation.
I think that is the main issue that people do not relaise with cf+ properties. Thats why I dont really like them.
Why start with a house at $880k in Malvern, why not start in Oakleigh at $350k. Buy an investment property, then work towards the $800k Malvern place. It may take 5-10 yrs but at least you are not renting.
Heuy
Just another thing. If Spotters reckon the properties are any good and offer great positive cash flow surely they would move heaven and earth to buy or keep them for themselves.
I cannot see why you would be prepared to buy these types of properties without doing a little work yourself. What is wrong with properties in your area. Do you really want cash flow over capital growth?
I am not a spotter and I cannot understand why someone is prepared to invest $1m in property via a spotter.
You have more money than sense.
Have you allowed for all the maintenance required on 10 properties. If you dont have time to locate them, how can you find the time to maintain them.
Good Luck
Ya gotta pay for quality.
Anyone else interested? [^]
<<how many of you are out there ?>>
Dont know but I can find a property for you.<<<what areas are researched and how ?>>>>
Outer sth surburbs of Melb eg. Peninsula, Frankston.<<<do you invest in your researched areas ?>>>
Yes. But bank wont lend any more.<<<what condition are the properties ?>>>>
Depends on price your prepared to pay.<<<what returns do you find ?>>>
Ranges from 3-10%. More at lower end.
<<<what do you charge ?>>>
50% or $20,000 whatever is lowest.
<<<can you be trusted>>>
I can, but can you be trusted to pay spotters fee after you purchase the property I suggest you do.<<<And the other was more experienced and ALOT more aggressive and forward. Straight to the point. Maybe a little too intimidating though. Any thoughts on this?>>>>
Go with the more experienced agressive one. You want a tough but fair property manager, especially dealing with tenants. The more experienced ones know a good tenant from a bad one.
Good luck.
Based on my experience to date – they are all the bloody same.
You need to manage them and watch what they do. I had a rental that took 6-8 weeks to find a tenant. I rewrote the add myself and we got a tenant that week.
In metro Melb I pay 5% if I have two properties with them and in the past 7% if only the one. Dont forget its plus GST ie. 5.5% and 7.7%.This is what I would ask?
1. How many people dedicated to rentals?
2. What hours are you open on weekends?
3. How long you been at the agency?
4. How long you been doing rentals?
5. How long has your agency been in the area?
6. Roughly how many rentals on your Books?
7. What is your limit on maintenance? eg. get quotes over $100 otherwise they authorise work done.We should be glad that the govt floated the $A dollar and not pegged our currenncy to the USD like argentina did.
Do you recall what happened in Argentina recently?
And I thought I might get one with my comment about New Zealand.
But not this time. I did however, while living in London live with 6 kiwis and a chick from Sydney.
It was a party house and they all came from the sth of the Sth island. However, I have not yet made it down there.
You could always sell the IP and move the equity into your PPOR. Buy another IP in the area and this time borrow 105%. That way you have less of a loan on your PPOR and more tax deductible debt.
I am not into skiing – so I dont care.
Hi
I started putting aside money for the kids education into managed funds.
I stopped doing it. Fortunately I also bought a few investment properties and they have doubled in 4 years. So if the kids decide to go to Uni I can use the proceeds of one of these properties for their education. I am even going to cash in the funds and use that for our holidays later this year.
If we decide (they are only 3 and 4) we could possibly send them to a grammar school but I did ok with a Catholic secondary college so maybe I can use it for my retirement.
I like to think of it like this.
How much was a property worth 10 years ago and how much was your income then? Now see what a property is worth now and what your income is? If you use the $500 a month to retain that house you have more money working for you.
I have a friend considering the same. He has gone to a financial advisor for advice but I have intimated that your better off buying a property. But I dont really know how to broach the subject with him.
Property is your best investment in my opinion. Even if you only make inflation on it.
Westan
I saw a property today that excited me for around $70k.
About a 2-3 hr drive from Melbourne. It would have been a great holiday house. Not far from the hills for skiing and not too far from the lakes for summer.
But missed it by a day. Not sure if its bait advertising though.
See, I am starting to look out of Melbourne.
Westan
<<<<by the way have you ever been outside of Melbourne ??>>>>
Yep – I’ve been to Ballarat a few times. We have done Bendigo before. Been to the peninsula. Even went to Mansfield and Bright once.
This weekend should be special, we are taking a few dyas off at the end of the week and we are off to Eucha for the long weekend. (I cant even spell it). The place on the Murray.
Did Qld a six months ago – ‘I even entered the Win the great aussie shed competition.’ Why do people even want to go there?
Popped into NZ 10 years ago. I got a traditional moari welcome at the Auckland cultural centre. Complete with toungue 6 inches from face. Could nt wait to leave country. Why invest there?
Did Ayers rock as a kid?
Married a Canadian after bumming around Europe for a few years. Moved with work to San Franciso for 12 months.
Nowadays I invest near home where I have complete control. From what I have seen not much beats Melbourne. This weekend its the Grand Prix and Moomba.
Guilt – yeah dont you hate that feeling.
I increased the rent on a great tenant by $5 a week the other day. At the last body corporate meeting everyone was telling me what a great person she was etc looking after her two kids on her own etc.
I actually feel guilty ringing the property manager to see how she reacted to the rental increase.
Trying to be objective – go halfs its a good outcome for both you and tenant.
Me I prefer growth properties. Therefore I dont look at regional centres. However as my portfolio grows then I will look for more positive geared properties at the expense of capital growth.
