Hi Guys
Just wondering if anyone has bought or had any dealings through either Scott McGeever (www.propertysearchers.com.au) or George Kafantaris (He had his own Buyers advocacy business before, but now works under the Metropole banner in Brissy). Any input would be gratefully appreciated.
regards
Sunny
Sorry I cant help there but the southern subs of Brizzy around the Logan Central area is strongly recommended for cap gains in the next 5 years.
Several new infrastructure changes taking place will again lift the profile of this once rough and undesirable area. Prices are relatively cheap allowing for good returns and as rents rise, the less favourable element moves on.
A corelation to this and Mount Druitt in Sydneys west is the same socioeconomic factors affecting the area and now you cant get anything under $300k in Mount Druitt where they were easily available in 2001 for $90k. Look at the changes, the roads, the community services and a recent(unconfirmed) rumour of a 5 cinema complex due to go in and you start to see the picture.
Whatever you do good luck and I’m sure several people will eventually reply with the info you seek.
This forum is great, and with all the good occasionally you also get the bad, so get a feel for whats right for you and not just what someone wants to sell you.
DD
Buyers Agent (Dip Financial Services(FP)
Don’t sweat the small stuff,and it’s all small stuff!!Originally posted by DD:A corelation to this and Mount Druitt in Sydneys west is the same socioeconomic factors affecting the area and now you cant get anything under $300k in Mount Druitt where they were easily available in 2001 for $90k…..
DD
Buyers Agent (Dip Financial Services(FP)
Don’t sweat the small stuff,and it’s all small stuff!!Hiya DD
I don’t know when you last looked but Mt Druitt has plenty of stock in housing under $300K but the rental yields are still pretty poor.
Example one of many currently being advertised:As for Scott McGeever, I can personally recommend him as I know a couple of people who’ve used him and been very happy with his services. He is ethical, diligent and knows his stuff. Well worth using a BA if you’re interstate and don’t know the area or simply lack the time or energy to do the search on your own.
Good luck with your search Sunny
Cheers,
Jacque
http://www.housesearchaustralia.com.au
Totally Independent Buyers Agents- Sydneyhttp://www.invested.com.au Australia’s premier Investor Education site
From the initial conversation I had with George Kafantaris I can honestly say I wasn’t particularly impressed. He did not seem particularly interested in cf+ properties – only inner city properties and very much equity base investing which of course reflects Michael Yardney’s investing philosophies. He basically scoffed at any ideas I had and then forgot to ring me back to organise a meeting. I figured if this was the intial response I got then he was not going to suit my requirements.
It is important that the BA you find matches your chosen style of investing. I haven’t tried the other guy but might check him out myself. I found Paul at webuyhouses.com.au also good value.
Would be interested to know how you go.
Cheers
Hi Sunny,
If you are looking for this particular buyers agent I would not be able to help, But if you would like a Real Estate Agent in the Logan City Area of Brisbane I can help.
you can email me at [email protected].
Thanks
Aslam Sargeant[specool]I have personally bought 2 properties in Logan area through Dave Thomas (buyer agent at Coffs) He has bought property there himself & is very familiar with the area. He was a fantastic help when I was first starting out. Thoroughly recommend him. I can give you his details if you are interested?
I don’t think that the buyers agent needs to be in the location you want to buy- so long as they have the knowledge & have done the research on the area all is good. Most buyer agents buy in more than one area (or from my experience). Please correct me if I am wrong.
Dianne Burns
Originally posted by islandgirl:From the initial conversation I had with George Kafantaris I can honestly say I wasn’t particularly impressed. He did not seem particularly interested in cf+ properties – only inner city properties and very much equity base investing which of course reflects Michael Yardney’s investing philosophies. He basically scoffed at any ideas I had and then forgot to ring me back to organise a meeting. I figured if this was the intial response I got then he was not going to suit my requirements.
It is important that the BA you find matches your chosen style of investing. I haven’t tried the other guy but might check him out myself. I found Paul at webuyhouses.com.au also good value.
Would be interested to know how you go.
Cheers
You are correct Islandgirl….
If you asked George to find +ve cash flow properties he would not have been able to help you.
He specializes in top performing high grow properties with upside potential – and you are correct that reflects my philosophy…..
But it also reflects his philosophy as an accountant and as an active and reasonably wealthy property investor.Is this the only way to become wealthy in property? NO!
Is it the easiest way? I think so, but obviously it doesn’t suit everyone – especially beginning investors who don’t have much equity.
In the 3 months George has headed Metropole Buyers Agency’s Brisbane office http://www.metropoleproperties.com.au we have become Brisbane’s buisiest buyers agency – buying more properties for clients in Brisbane than any other Buyers Advocate. That’s a great achievement and we have a long waiting list of clients.
So I’m proud of what George has achieved, but how good we are is only as good as our clients perceive – we recognise that.
Sorry if he was tardy with return phone calls. He has been overwhelmed with enquires and work; and now has added 2 other agents to the team.
We try our best, but sometimes it just isn’t enough.
Michael Yardney
METROPOLE PROPERTIES
Publisher of Australia’s leading property e-magazine.
Join over 17,000 readers.
FREE subscription http://www.PropertyUpdate.com.auHi All. Not hijacking the forum or anything, but since a couple have referred to capital gains in these parts of Brissy, and no CF+ there, would any of the buyers agents or others in the know that have bought up that way care to give an example of how much CF- a ‘bread and butter’ home would be perhaps assuming a scenario of no depreciation and no fancy development etc? Or what sort of gross yields? I realise this may sound a bit speculative but it would be interesting to know in the market at present, how long you think a CF- home would need to be serviced in the Sth Brissy area before a good gain could be realised ‘all going well etc etc’ Thanks.[strum]
Originally posted by v8ghia:Hi All. Not hijacking the forum or anything, but since a couple have referred to capital gains in these parts of Brissy, and no CF+ there, would any of the buyers agents or others in the know that have bought up that way care to give an example of how much CF- a ‘bread and butter’ home would be perhaps assuming a scenario of no depreciation and no fancy development etc? Or what sort of gross yields? I realise this may sound a bit speculative but it would be interesting to know in the market at present, how long you think a CF- home would need to be serviced in the Sth Brissy area before a good gain could be realised ‘all going well etc etc’ Thanks.[strum]
Good question….
I understand why you are looking for cash flow, but that’s really only part of the equation and in my mind one of the smallest parts.
I realise you think you need cash flow to service your loan, and you obviously recognise that most high growth properties will take quite few to become cash flow positive.
But people who become wealthy through buying growth properties don’t ask ‘when will it become cash flow positive?’
My substantial property portfolio has not been CF +ve in the last 30 years, yet I am worth millions of dollars more this year that I was last year (that’s right 12 months ago) because of the capital growth of my properties.
So the trick is to buy the right type of property in the right area – one that will be in continuous strong demand by both owner occupiers and tenants.
That type of property – and they are hard to find at present – but they are still there – is growing in value at 10% per annum. So are clients may be $10,000 per annum out of pocket ‘cash flow wise’ but $40,000 ahead capital growth wise a year.
In my mind a $30,000 net capital gain – which is tax free – is better than $25 a week +ve CF.
Michael Yardney
METROPOLE PROPERTIES
Publisher of Australia’s leading property e-magazine.
Join over 17,000 readers.
FREE subscription http://www.PropertyUpdate.com.auThanks for your comments and input Michael, not going to argue with you that’s for sure! [biggrin] I was not thinking so much of when the rent could make them CF+, but rather with a view to selling and realising the gain/s, and or using the equity. At around 10% PA that realistically answers most of my question, and I guess i was after an ‘idea’ of how much a week something that would be suitable wold cost me to service. ie $50 a week out of pocket is different to $10,000 per year….. Not that it would not be worth the gain, but servicing it meanwhile for some of us would not stack up finance wise….. All the best with your property meanwhile. Might catch up with you at an expo one day! Thanks again.[strum]
Hi Sunny,
We have had dealings with Scott from the Property Searchers for a number of years now. We are Buyers Agents based in Sydney and do not cover the Brisbane Market. Whenever we have a client interested in the Brisbane market we always refer them to Scott. He has an exacting knowledge of the the brisbane market, he is a great communicator, passionate about property and – importantly, has always delivered to the outcomes of the clients we have referred. His fee for service is an investment – not a cost, and will be more than offset by the savings he delivers not only on the purchase price but the time he will save you through the process.
Good luck,
Hi Suny,
We are Buyers Agents in Sydney (memebers of the REINSW as well as REBAA), as we don’t cover the Brisbane market it is important that we are able to recommend a service to our clients who wish to invest in Brisbane. For this reason we refer our clients to Scott fro Property Searchers. We have known him for years. He has an exacting knowledge of the Brisbane market, is a skilled negotiator, passionate about property and the proof is in the delivery – he has always delivered to the outcomes of referred clients. More importantly, ethics is the number one virtue a BA must bring to the buying process, along with expertise- Scott has this in spades! His fee for service is an investment – he will not only save you money on the purchase price but also the time that otherwise you would have to invest. Don’t hesitate to contact him.
Best of luck,
Stuart Jones
Rose and Jones Property Pty Ltd – Sydney, NSWHello,
could someone explain more in regards to what a buying agent offers in way of services (obviously finds you a house but what research does he do).[blink]
What would a rough figure be towards cost?[laughing]
I’ve never though to use a buying agent!!!!! And wouldn’t have though to with out this post.[thumbsup2]
Hi Barbara,
A buyers agent represents the property buyer in the real estate transaction. If you like, a Buyers Agent is like a Coprorate adviser for the property buyer. BA’s usually provide different service levels however, the most common is the Full Service – Search, Shortlist, Evaluate, Acquistion. BA’s provide a professional service so like any service provider, they require a fee for service. The fee structures vary industrywide but as a guide they are either fixed or represent % of the purchase price – usually between 1% – 2%. A BA will require a retainer or engagement fee and this is included in the total fee so for example if your budget is $600,000 and your BA requires a fee for service of 2% for a full service option then the investment by you will be $12,000, ,less (say) $2,000 for the retainer leaving a final fee on successful acquistion of $10,000 + GST.
Your BA should understand and be able to demonstrate values in the area you want to buy. Moving through the process your BA should only present properties on your shortlist that meet your exacting requirments with details as to why. Once you have identified a property you would like to progress to purchase, your BA should then carry out the due-diligence inclduing CMA (comparative market analysis), Historical Sales, detailed property history etc, co-ordinate/arrange Building/Pest Inspections, Legals and so on. Once you are satisfied that it is a property to move on and secure, your BA – in conjunction with you , would develop an appraised purchasing value to make offers and provide purchase price recommendations, a strategy to buy the property either before or at auction, or negotiate with the agent or vendor on a property for sale – either way securing the property at the best possible price. Cheapest is not necessarily the best.
Your BA, by combining there property knowledge, buying expertise and the co-ordination of related services will save you time and money through the process and usually save you money on the actual purchase. It is more helpful to think of the BA fee for service as an investment not a cost.
A BA must be either a licensed real estate agent or Buyers Agent and it is our view that a BA should be a member of REBAA http://www.rebaa.com.au. Your BA should also have professional indemnity insurance – this protects your in the event that you should ever need it.
I hope this information helps. Visit reinsw.com.au or your state based equivalent to learn more about buyers agents.
Best of luck,
Stuart
Rose and Jones
http://www.roseandjones.com.auStuart Jones
Rose and Jones Property Pty Ltd – Sydney, NSWHi Stuart, wow very indepth info there, thank you. It is always good to get a clear perspective from someone else in the same industry on how they do things.
What I do as a buyers Agent is slightly different. I believe a buyers agent should have a fixed fee for property sourcing. This is based on doing the best job possible for the client, the buyer.
If it is a percentage fee then it is based on the highest possible price for the property and the buyers agent has no duty of care to push for the tightest deal for the buyer as he/she obtains higher payment or commission for doing a worse job of negotiating.
With most general buyers agents they say they will reinvent the wheel and do all the research everywhere in brizzy to find your property for you. I believe that to be 100% committed to only 3 or 4 select areas allows you to better define what suits an investor for return and cap gains.
The Logan Central area through to Beenleigh, Ipswich and surrounds and Gladstone, Rockhampton and Cairns are the areas I have personally “trodden the ground” and sourced properties for my clients. Dealing mainly with entry level properties and unit blocks occassionally, I find that with less time to spend outside my select areas on research and demograohics and infrastructure, I would be very comfotable in doing a specific sourcing job as I know these areas extensively.
I charge a flat fee of only $3k +GST per deal and feel that this is quite fair and reasonable for the work performed. This goes against the grain for most as they would expect a much higher fee. I find that a lot of my clients require a lot of hand holding through the process and that having a team of building and pest inspectors, solicitors and rental managers that all discount for my clients is offering a package deal to time poor investors.
Based at Coffs Harbour all I have in overheads is minimal. I am a qualified financial planer and have just attended the REIQ Sales registration course late last year.
I have a small clientbase of regualr investors as well as first time buyers, mostly through referals. When I find a suitable property I email out the details including tenancies, rates and body corporate info and details of what repairs and renovations are required to achieve top rent. Then its up to my clients how we proceed.
A very clean and easy process, but again very different from most buyers agents.
Helping clients is all that its about.
Happy Hunting
DD
Buyers Agent (Dip Financial Services(FP)
Don’t sweat the small stuff,and it’s all small stuff!!Originally posted by DD:A very clean and easy process, but again very different from most buyers agents.
Helping clients is all that its about.
Happy Hunting
DD
Buyers Agent (Dip Financial Services(FP)
So does that mean that you are wrokingas an estate agent?
Don’t sweat the small stuff,and it’s all small stuff!!Hi DD thanks for explaining that.
You said you attended the course – does that mean you are working as an estate agent, have professional indemnity insurance and are a member of the REIQ?
I like Stuart’s checklist.
May I please add my own? …
http://www.metropoleproperties.com.au/checklist_for_our_agents.html
Michael Yardney
METROPOLE PROPERTIES
Publisher of Australia’s leading property e-magazine.
Join over 20,000 readers.
FREE subscription http://www.PropertyUpdate.com.auHas anybody suggested to Michael Yardney that $30k in equity won’t feed the children of feul the car! With a loss of $10k per IP, how many IP’s can you own before you have no income tax to -ve gear? A couple for most of us or 3 maybe 4.
Hi Sunny
BE CAREFULL
YOU ARE THE BEST BUYER’S AGENT YOU WILL EVER FIND!
Regards
Demkel
Originally posted by krautcan:Has anybody suggested to Michael Yardney that $30k in equity won’t feed the children of feul the car! With a loss of $10k per IP, how many IP’s can you own before you have no income tax to -ve gear? A couple for most of us or 3 maybe 4.
Sorry to disagree but of course you can feed the kids with our increasing equity[biggrin] It’s really your income and it’s passive income and not taxed
That’s the difference between the average investor and the super successful investor.
It’s a totally different mindset.
The average investor doesn’t think like the rich investor. The only know how to increase their income by working more hours. The only way they think of their income is as cash flow, as money coming in.
On the other hand, the rich understand that capital growth, the increasing equity of their property investments, is as good as, if not better than cash flow.
They know they can borrow against this increase in equity and use the funds just the same way they would use money earned in other ways, for example as a deposit for further investments or even to live off.
Many beginning investors who don’t understand this rule try to buy “positive cash flow properties†because that’s the only way they understand they can make money out of property.
I understand why they feel the need for strong cash flow. I hear them say things like “What’s the use of capital growth. I can’t eat capital growth and it doesn’t pay the mortgage.â€
In fact they are wrong!
They can borrow against this capital growth to help pay for their mortgage and their lifestyle.
The average investors are even uncertain that there will be capital growth.
However the best indicator of future capital growth of any property in a particular area is the areas long term track record of capital growth in that area. So buying a property that is going to be in continuous strong demand by owner occupiers and tenants, buying a property with some elements of scarcity or buying properties in high growth areas should underpin the long term capital growth of the value of their investment.
The rich know that as the value of their properties increase they can borrow against this increasing value. When they receive these borrowed funds they can take this money without paying tax on it and use it for whatever purposes they desire.
I know capital growth properties are a totally different mindset to what many forum members have, but its the way the rich get richer.
This cocept is explained in detail in my top selling book – How to Grow a Multi Million Dollar Property Portfolio -in your spare time.
It will laso be explaine din detail in my forthcoming round of seminars around Australia in March – if you haven’t reserved your spots yet click here to find out more….
http://www.PropertyUpdate.com.au/pages/Event-Calendar
Michael Yardney
METROPOLE PROPERTIES
Publisher of Australia’s leading property e-magazine.
Join over 20,000 readers.
FREE subscription http://www.PropertyUpdate.com.auSo what you are saying Michael is that you pay $200/week out of your wages into the property to cover the costs and then take $10k back out of the equity and pay 7%interest on it?
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