I have been a member of this forum for quite some time and with the help of so many people, I have been able to successfully invest in a positive manner.
My question is this, what is your biggest struggle or challenge when buying an IP?
Is it, finding the right type of investment property, negotiating price / terms with the agent (allot of people struggle to negotiate because of fear), organising pest / building inspection, solicitors, finance, doing final inspection and even finding an agent to lease your home.
I know this may all sound easy, but It staggers me on how many people get caught out.
The reason I am asking anyone this, Since I have been out of the real estate game allot of friends and people I know always ask for help, Which is good it means they trust my judgment and experience.
I am now possibly thinking of starting a small boutique firm who can help (one or two buyers) per time to ensure they dont face any of the above issues.
What are your thoughts??
Jpcashflow | JP Financial Group
http://www.jpfinancialgroup.com.au
Email Me | Phone MeYour first port of call in finance :)
Finance & structure.
Finance: what is the best way to finance the purchase of IPs: refinance PPoR; LOC; IO; P&I; etc.
Structure: what structure to buy in: own name; partnership; trust; etc.
Make sure you get some good advice from people who live & breath this stuff, not your tax accountant or divorce lawyer or your mate down the pub! There are some great people out there who do this stuff everyday. Yes you will probably have to pay for their services and they probably won't be "cheap" but they will offer value.
I think people generally get hooked on interest rates and fees but don't fully consider the best way to structure their finance. They fall for the bank offering them interest discounts and fee reductions to borrow everything through them and end up cross-collaterised and then end up buying in joint names or whatever without thinking of long-term tax and asset protection issues.
get it right from the start and spend some time getting "market ready" before you purchase your first IP.
Keith
The hardest thing i find is dealing with a lazy real estate agent. I should show you the contract of the last IP i bought. The bank manager actually laughed when he saw it. Too lazy to print a new clean copy.
Are you thinking of becoming a buyers agent with all the added features?
Hi joe
possibly as a side project but working with certain people who are experienced in certain fields
Jpcashflow | JP Financial Group
http://www.jpfinancialgroup.com.au
Email Me | Phone MeYour first port of call in finance :)
Have you considered opening up your own real estate agency? Psaila Real estate – The name you can trust!
I have but my wife would kill me, the amount of hours lol
I love what info for a living now but I always find time for some thing else
the standard of most agents is very poor
Jpcashflow | JP Financial Group
http://www.jpfinancialgroup.com.au
Email Me | Phone MeYour first port of call in finance :)
From my end – the challenge for some people can be overcoming paralysis analysis.
We get the odd client who is overloaded with too much information that they spend way too much time looking for the "right" property and never end up making a decision.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
That is a good point Jamie,
It’s also a mechanism of fear, scared to commit or do a mistake
But I think in life their so many options that people are just confused,.
Jpcashflow | JP Financial Group
http://www.jpfinancialgroup.com.au
Email Me | Phone MeYour first port of call in finance :)
I don’t understand why agents do such long hours? My local agents sit at the cafe next door coffee in one hand and cigarette in the other. If I ever need to contact them I just phone Gloria jeans.
Why such long hours? Because most people work and the only time they get a chance to sign contracts or let some one view a home is after hours.
You need a new agent!!!
Jpcashflow | JP Financial Group
http://www.jpfinancialgroup.com.au
Email Me | Phone MeYour first port of call in finance :)
Why such long hours? Because most people work and the only time they get a chance to sign contracts or let some one view a home is after hours.
You need a new agent!!!
Jpcashflow | JP Financial Group
http://www.jpfinancialgroup.com.au
Email Me | Phone MeYour first port of call in finance :)
That’s my point, they do nothing during the day and work in the evenings!
There is a lot of challenges especially when you just started a thing.
Just be optimistic mate!
You may have lack some of resources unlike the larger firm have but people trust you meaning you perfectly tailor your offerings to their needs and…
everything else follow..
There is always a solution..
Thanks for the feed back guys
Jpcashflow | JP Financial Group
http://www.jpfinancialgroup.com.au
Email Me | Phone MeYour first port of call in finance :)
I have to agree with Joe – lazy real estate agents, who won’t return calls or follow up. There are a few great ones out there, but they seem to be few and far between !
Good luck with your new venture Johann !
Shell
Hi Shell,
Totally agree but I think if you look at most industries and occupations, you will find their are lazy people every where.
I guess this is why some people get far in life and some simply don't.
I know allot of agents who dont return calls "etc" but if you want the home just hunt it down…
Jpcashflow | JP Financial Group
http://www.jpfinancialgroup.com.au
Email Me | Phone MeYour first port of call in finance :)
Good points Jamie and JP….
The fear of 'what happens if'……
I think Robert Kiyosaki sums it up well in his final chapter of "rich dad poor dad' – fear will hold you back everytime, but education and mentoring and taking that next steps will help that fear
ChrisA1
Persistence is 'to keep on keeping on, no matter how hard the going may be'
Jp I hope you weren’t one of those agents that never returned calls
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