[B.DerosParticipant@b.derosJoin Date: 2003Post Count: 34]

October 24, 2003 - 11:19 pm

The email bounced so I guess not.

[B.DerosParticipant@b.derosJoin Date: 2003Post Count: 34]

October 24, 2003 - 11:18 pm

quote:

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You’ve got a good sense of humour Bill.[:0)]

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Hey, call me stupid (or naive maybe) but is this a real offer or a joke??
I am interested if it’s the real deal.
thanks,
Ben

[B.DerosParticipant@b.derosJoin Date: 2003Post Count: 34]

October 18, 2003 - 4:48 am

Thanks Terry,
I have the latest magazine, I’ll check it out.
regards,
Ben

[B.DerosParticipant@b.derosJoin Date: 2003Post Count: 34]

October 18, 2003 - 2:40 am

A good property manager saves you money!

I researched the REA in my area and chose the most expensive as my property managers @ 8.5%. Why? Because they distinguished themselves from the other REA in their quality service including by guaranteeing 3 inspections a year.

Ideally you would manage it yourself, but my properties are interstate.

Get a good tenant and you won’t have to pay letting fees until they leave.

Ben

[B.DerosParticipant@b.derosJoin Date: 2003Post Count: 34]

October 18, 2003 - 2:34 am

A schedule by Deppro cost me $440 and was well worth the cost. This is a once off fee that I can use for the life of the property (40 years).
Deppro are one of well known depreciation specialists but I don’t think they have an Adelaide office…
Ben

[B.DerosParticipant@b.derosJoin Date: 2003Post Count: 34]

October 18, 2003 - 12:21 am

From what I understand investors are now driving the Sydney market. First-home buyers have significantly dropped off in the last few months, making the FHOG less and less of an influence. This has to mean the end is nigh!

The Prophet

[B.DerosParticipant@b.derosJoin Date: 2003Post Count: 34]

October 17, 2003 - 9:14 pm

quote:

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As an addendum, I’ve already polled the vendor to see if he is interested in negotiating price or terms. I offered a 3 year interest only loan on the 25% needed for the deposit but he wasn’t interested. (He’s an old guy and just wants to retire and not bother with deals.)

Also, if I can’t raise the 25%, I’d be willing to pass it along for a mutually acceptable finder’s fee. (What’s the going rate?)

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There will no doubt be some other fixed costs, such as loan fees and some crazy stuff the government or lending institution will come up with. By the way have you had a building and pest inspection done? Essential before signing buying anything.
Ben

[B.DerosParticipant@b.derosJoin Date: 2003Post Count: 34]

October 17, 2003 - 3:43 am

This is answering the question a bit laterallly, but getting a great tenant is way of increasing returns.
I have one property where the rent is a little below market. However the tenants have lived there 8 years, never been behind in rent, and haven’t cost me a cent in maintenance in the 12 months I have owned it!
This more than makes up for the $5-10 behind my other similar properties in the same area…

Ben

[B.DerosParticipant@b.derosJoin Date: 2003Post Count: 34]

October 17, 2003 - 12:00 am

He works out of the Brisbane/Gold Coast area. Feel free to send me an email [email protected] if you’re still interested
cheers,
Ben

[B.DerosParticipant@b.derosJoin Date: 2003Post Count: 34]

October 13, 2003 - 7:32 am

Looks like everyone agrees so far!
Any more ideas?

[B.DerosParticipant@b.derosJoin Date: 2003Post Count: 34]

October 12, 2003 - 8:38 pm

I have a friend in the buyer’s agent business. So far he has found genuinely excellent deals for people and charged 3K for the service.

Many potential clients have been sceptical of course, but those that bought through him have been more than happy I understand.

I think it comes down to whether you have more money vs. time to how much value you would see in this service.

Ben

[B.DerosParticipant@b.derosJoin Date: 2003Post Count: 34]

October 12, 2003 - 1:08 pm

Thanks guys, keep the ideas coming…

[B.DerosParticipant@b.derosJoin Date: 2003Post Count: 34]

October 12, 2003 - 10:20 am

Hi,
I am not yet an expert on property but here’s what I can offer on this subject…
One of the first questions I asked about a property when buying was the BC fees as they do have a big impact on cashflow.
I looked out for things like swimming pools that would add up to a big drain on BC funds but not equate to a compensatory rise in rent.
BC’s have a sinking fund and an admin fund. The sinking fund is where the money for maintenance comes from. In cases where there is a need, BC’s can issue a demand for additional contributions to the sinking fund as happened to a property of mine when a retaining wall needed to be built to deal with termites.
When you buy ask for the current balances of the sinking and admin funds. Legally these have to be provided to you anyway. This and the condition of the property will give you an idea of how well the fund is managed. It is good idea to aim for a balance of several hundred dollars per property in that BC. If the balance is quite low ask if they recently performed any major repairs – you never know what you will find out. You don’t want it too high either as that means the managers may not be doing general maintenance and repairs or charging you too much.

$1000 a unit seems pretty reasonable. I have seen anything from $400 to $1600 myself. The key points are is the BC being managed well and is the account balance reasonable? Ask the REA as they should have a good idea about how the different companies perform.

Legally I don’t know how resposible the BC managers are. Remember as an owner you can always become part of the managing committee and influence their decisions!

regards,

Ben

[B.DerosParticipant@b.derosJoin Date: 2003Post Count: 34]

October 12, 2003 - 9:23 am

Hi Bribie,
I am very interseted to know what Hans was saying about his Beenleigh properties as I purchased there last year.
Would you mean dropping me an email? [email protected]
cheers,
Ben

[B.DerosParticipant@b.derosJoin Date: 2003Post Count: 34]

October 9, 2003 - 11:30 pm

Well sounds promising ENJOlady.

Just doing my ‘due diligence’ on the investment

Ben

[B.DerosParticipant@b.derosJoin Date: 2003Post Count: 34]

October 9, 2003 - 12:49 am

Interesting, never occured to me!
What is BIO?

[B.DerosParticipant@b.derosJoin Date: 2003Post Count: 34]

October 9, 2003 - 12:48 am

I read John Fitzgerald’s 7 steps to wealth and was fairly underwhelmed…something was missing in it for, the advice wasn’t as intellectually sound. I guess I am a little sceptical anyway as his mob Custodian Wealth Builders do try and pitch their services to you at seminars (whilst badmouthing other people who do the same thing).

regards,
Ben

[B.DerosParticipant@b.derosJoin Date: 2003Post Count: 34]

October 9, 2003 - 12:22 am

Hi Steve,
Thanks for the reply, fair points. I won’t do anything myself, but am not really the groupie type anyway
I am in fact considering attending the seminar in Sydney. $1190 certainly isn’t outrageous if the benefits are there.
What size event will this be, i.e. how many people? Will specific questions from the attendees be encouraged or will it be a fairly passive affair?

cheers,
Ben Carbery

[B.DerosParticipant@b.derosJoin Date: 2003Post Count: 34]

October 4, 2003 - 2:21 pm

I would rather earn 8.75% on a $200,000 property I put down 10% on, than $20,000 of my own money.

[B.DerosParticipant@b.derosJoin Date: 2003Post Count: 34]

October 4, 2003 - 2:17 pm

In response to the original post I think Steve (the author Steve) goes to quite enough trouble to explain how the 11 second rule fits into his investing – it’s an initial test to filter through a lot of available property very quickly.

I doubt the original poster actually read the chapter properly. I too have heard the rule before, expressed as the 500 rule. Simply multiply rent by 500 (this was from a Canadian property investment video that is around 15 years old).

The fact it is not ‘new’ by no means lessens the value of reading how Steve used this strategy to achieve success.

But the people who got the most out of his book already knew that