A couple of months ago I was all fired up to start wrapping but then had a problem with the way our family trust had been set up. I found a new Accountant, have received good advice (I hope) and have a plan. We have a pristine PPR that has not sold after being on the market for 10 weeks, probably because the agent feels it is overpriced and is not giving out positive vibes. Bank valuation six months odd back was $240,000 and is on the market for $250,000 in an area rising at 15%pa We have a four unit site with a good rentable house owned outright that we plan on developing some time in the future, a third house that is a rental. The plan was to downsize our PPR, have a line of credit of the unit site, do a couple of wraps and buy four more houses but none of this can happen until our current PPR sells. Now for the “am I an idiot” bit. Yesterday I put an offer on a large property that, while not perfect, is big enough for us to live and operate our business from short term while we subdivided and custom build a home to our needs, then sell of the original house leaving us with a small mortgage. The offer was for settlement in Febuary and then lease to the vendor until June. My question is “Do you bend with the flow of opportunities that come up or do you stick quite closely to a plan if you want to succeed?” I am concerned that with changing from a set plan, a steady improvement in our financial success will not be obtained. Would be pleased to hear your comments.
Judith, re selling your PPR, grab Bill’s ideas and sell it yourself! That should speed up the process.
I think you need to ‘go with the flow’ in regards to your plan. As long as the deviation isn’t 180 degrees, or even 90, and you know that it’s a small step on the path (maybe smaller than your plan allowed, but hey you’re moving forward right?) toward your goals, then that’s a GOOD direction.
Cheers
Melthanks for the reply Mel. I have Bill’s ideas and as soon as the agency is finished we will be advertising ourselves.
gday Judith,
if you do go with Bill’s idea you could drop the price down a bit as you don’t have to pay commision.
if you are paying 3% you could knock $7500 off the asking price….
just remember that it is alot of work trying to sell a property all by yourself. Advertising can be more expensive with Newspapers as Agents normally have a deal going with them so it makes it cheaper, calling back buyers, arranging inspections, the list goes on………..
[
] Powmow []Yes Powmow all that is true. But if you follow Bill’s plan, you would probably only need to pay for ads a couple of weeks running, and if that costs up to a $1000, you’re still way in front. I wouldn’t necessarily drop the price either – it just gives you more negotiating range I think.
Cheers
Melwow, everyone is talking about private sales
im thinking of the same thing, agents these days dont do anything apart from some standard listings in newspapers. 95 % of agents just put your property on http://www.realestate.com.au (closed to the public)
http://www.naf.net.au is a helps ppl privateley sell your home with a listing at http://www.realestate.com.au for only $495. I think with all this talk about saving commissions im going to go this way… thanks for clearing it up for me.
Foodie, are you associated with NAF at all? You have made only three posts, and everyone of them has mentioned this site!
I hope you are not, and that you are just posting where your interest is focused at the moment, but you have to be careful these days with the anonymity of forums and all.
Cheers
Mel
Foodie, are you associated with NAF at all? You have made only three posts, and everyone of them has mentioned this site!I hope you are not, and that you are just posting where your interest is focused at the moment, but you have to be careful these days with the anonymity of forums and all.
Cheers
Melno not at all, my first post was asking if anyone has heard of them.. but now i hear everyone (not everyone) but lots of ppl talking about private sales, its got me excited. I have a 3 bed unit in bris and saving myself $8000 in commission would greatly help!!
Hi Mel
I think you should be a moderator you impart a lot of knowlwdge and you remember quite accurately what people have written.
Keep up the good work.
ErikaJudith
It’s always good to have plan without a doubt. However it’s always good to be flexible also. As Mel said as long as the goal you are heading for is the same I really cant see it being an issue.
I see business plans as a road map. Now lets say your were driving from Sydney to Melbourne and as you were filling up with fuel you found a nice beach you wanted to visit. To spend a few hours at the beach wouldn’t hurt you but in fact would help relax you for the rest of the drive. The cost would still be the same, the destination would still be the same you may just arrive 2 hours later. However if you wanted to visit a nice beach in Adelaide it would cost you close to double for the trip, take twice as long and you would be 24-48 hours late.
I once had a goal to pay of my home by the age of 30. I actually had it payed off exactly one week after my 30th birthday. For me i still see it as i met my goal.
I hope this makes some sort of sense [
]Regards Bear
Thanks Erika[
]Cheers
MelI know selling privately can be very time consuming but sometimes that is the only way to go. If your Agent is not performing then you have to take action. December is the pits for selling so will probably leave it to January. Bear, I love the beach [
] thanks. Our offer has been accepted so while it will not be ours until 30th June 2004 we can get plans etc drawn for the subdivision and the new house then maybe I just may have a finished house to live in by next Christmas.The domain owner of naf.net.au has an unsavoury connection with a porn site. (The http://www.domain of the owners email address). I would not suggest going there, you try closing the window and more and more windows start popping up all over the place… [xx(]
MM
http://www.rese.com
(The Australian) Real Estate Search Engine
] Powmow [
]
] thanks. Our offer has been accepted so while it will not be ours until 30th June 2004 we can get plans etc drawn for the subdivision and the new house then maybe I just may have a finished house to live in by next Christmas.
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