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Buy when you don't Need to, low ball, and if you gain , hold.
Builders , typically look to unload , not hold, so probably this is the best avenue but be prepared to hold.
As ALWAYS seek Professional financial advice from your financial and tax expertsKarl and Rita wrote:Hi guys,Just a quick question, I know the market has slowed down quite a bit now but does anyone else get the feeling that the real estate agents are appraising property at really low prices just to get a quick sale to keep the money coming in or have the prices actually dropped that rapidly?
Nothing happens to prices until a vendor accepts a price. That is the market price for that property for those two parties. It has nothing to do with any other property.
Once that property is sold it it gone and a new set of circumstances apply to the next property.
Time for vendors and buyer ( and agents) to really understand what a market price is for residential real estate. Learn about the spencer decision THAT tells you what the market price is. Anything else, from whatever the sources , is best guess.What influences IF prices go up or down is the amount of desperation of one or other of the parties. Either the vendor to sell or the buyer to purchase.
I am a Licensed Real Estate Agent
Now that buyers believe that prices have slowed (based on media hype) we source buyers who are desperate to get funds from the native countries and for whom the price is not always the issue but stability and ownership of the land is of greater importance.
If you really feel agrieved stop messing around and go to your states law institute and lodge a formal and documented complaint.
Make sure your complaint is fully documneted with dates times places names etc .You fell into the trap of allowing “inexperienced “people give you advice ” before .
Even With the best of intentions, the folk here wont and cannot accept reposibility for the advice they give.Originally posted by Marina:Just about to buy my 1st investment property. Own my own home mortgage free and am getting mixed advice as to whether I should pay a deposit ($200k)for my investment property or borrow 100% against my existing property. Any suggestions?
Depends on your ablity to service the 100% payments if your income goes pear shaped.
I prefer to have more equity but even so I still have two properties of my on 100% finance because I know my market and I have several bailout optionsI put my money where my mouth was and relocated my Real Estate business to Frankston area…
I have 3 investment properties bordering on Frankston North and am kicking myself that I didnt buy in the Pines when I First looked at the area. I would have increased my property values by 130%. Frankston North is undervalued but it is a ” buy and hold” situation. Watch Karingal take off in the next few years..Undervalued and over rented. Once it becomes real cheap compared with Marylands , punters will wake up and start buying up.Investors should already be in there.
I am a licensed real Estate Agent now living and working within the area ( median approx 230k) having relocated from Glen Waverley/Mt Waverley ( median approx 395k) for similar properties and similar infrastructure except that Frankston has the beachFrankston is one of the areas targeted for growth in the next 5 years.Check out http://www.reiv.com.au. I live in Varrum downs and have 3 properties there.
Frankston NTH ( the Pines) will only improve and froma very low entry platform.
Think about it. its 6 mins to the beach . A lot is on a hill with almost 360 degree views around the whole harbour.Its great that alot of people look down on it cos it means its not overpriced. I work (in Real estate In Glen Waverley and Frankston Nth is just like Jordanville was 5 years ago. Underpriced and no one wanted it .NOW try to buy there.
Look at the development of Frankston town centre.Its gonna be the place to live.
BTW Im putting my money where my mouth is..Im relocating my work to FrankstonYou need professional advice but in general terms if they are performing to expectation hold them. No one went broke making a profit.
You have to think of tax implications plus buy and sell costs. I think the median price in Ballarat is around $230,000 so you are going to pay CGT on profits plus selling costs say $7000 plus Stamp duty on your next buy. Thats about $15,000 plus the CGT. Thats more than a years rent.
I am a licensed agent who earns money from buyers and sellers. Dont do it unless it makes good senseGet your agent to give the the statutory notice. No one is gonna give you a hand out if you go bad.
You have no legal or moral obligation to give hand outs.
I am A licensed agent and a landlord..I put my properties in the hands of another agent in another company to keep at arms length.
You should also set out the parameters for your agent so that the moment things look like going pear shaped he can swing into action without havng to wait around for you.
My agent is is intructed to apply for a tribunal hearing 10 secs after the stroke of midnight once the rent is 14 days over due..The tenats are advised of this when the sign the leasde. its upto them to ask for help not for me or the agent to discover they have a problem.Sorry But the advice you have been given so far may have holes in it.
You need to consult the state laws relating to tenancies.There may be significant variations between statesWhat you are describing sounds like a commercial lease.
Call your states Real Estate Agents Institute for *free* adviceOriginally posted by jaime1au:Hi, Me and two friends wish to purchase a block of units as an IP. What is the best way to do this?
Should we set up a trust, if so what type?
Should we all put in the same amount equally to make splitting profits and dividing assests later easier?
Thanks in advance for your suggestionsGet INDEPENDANT legal advice and INDEPENDANT accounting/tax advice. Dont fall into the trap of “my dads an accountant or solicitor. He will do us a deal”.
I am a Fullly Licensed Real Estate Agent and come across this frequently enough…. usually after the damage has been done
