Forum Replies Created
Hi Jeff,
Shoot me an email at [email protected], I have some info and a few contacts that are just what you are looking for I think.
Cheers
Chris
Thanks Troy!!
I just sent you an email, I always look forward to the meetings but especially so this month!
Chris
Wow thanks Troy,
Hopefully I'm not too late but I've got two newbie friends that will come for sure, if there are still free tickets great, but if not happy to pay $20 on their behalf as I saw Elise on Hot Property last year and know how good these guys are!
I will see you there!
Chris
Hi all,
I just wanted to thank all that took part in this experiment. It was a lot of fun and hopefully the new homes that our products found will get as much use and success as we have had. A few people have asked me if they can also sell their 2nd hand products for them, I am very busy but said to a couple of people I'd take their details and pass it on. If anyone who missed out is interested getting a second let me know and I may be able to help.
Happy Investing!
Hi guys, just giving an update on some on two of the more inventive offers I've received.
So far I'm liking the offer for stampy the elephant (from the Simpsons) in exchange for the Buyers Beware, although my due diligence is tellug me i have to be aware of this one!
The other interesting offer we have received is that with the products the purchaser would like to know what our group has learnt and how the product helped us make money and in exchange may also involve us in a project we can make money from. What a great offer, I love this thinking.I'm getting through a few emails but will try and get back to everyone this weekend.
Happy bidding
Chris
Hi Everyone,
I was about to make a post about selling my Wrap Kit but did a search first and saw mid last year that you were interested. I wanted to firstly give about 5-6 people from this post I found the opportunity to purchase the kit if they were still interested. I'm sending this email to all of them right now plus replying to the thread so it will be first in best dressed. I'm selling for $100 plus P&H (which will depend on which state the purchaser is from but I estimate it to be $10).
Email [email protected]
Cheers
Chris
Hi Reeco,
I created a 10 day free course for first home buyers and everyday I have an action step, send me an email if you like. Funnily enough Day 1 is What is strategy which has been pointed out above. I agree that if you want to get started attend a seminar or join results as that is what I did along with some of the people who have already replied to this thread. All the best.
Chris
Hi young investor I created a unique easy to use spreadsheet from my accounting days when I was also a first home buyer. Happy to forward it on to you, send me an email to [email protected]
Kenzel you too might be interested in it to help back up your numbers and give a different view. Email me as well if you want a copyThe vendor shouldn't care if you only put down 5% as the money only sits in trust and they are not paid until settlement. The deposit is simply security. If they have a problem explain why you are doing it and how by only putting 5% deposit the house you are buying from them is more affordable. It's Win win so get that message across!
Longroad, I don't have time to retype it here but have a stack of information that is perfect for you that I can send you, send me an email [email protected] and I'll contact you. Cheers
After reading this post I thought I might be able to help. Kenzel if you or any potential first home buyer is reading this would like some great information from someone in your position I can help, hard to explain on this post!! Just add to this post and I'll contact you to meet up.
Cheers
ChrisI teamed up with my parents from the fact that they lent me money to get started rather than me investing with them. Depends on your strategy but you may want to do your own thing to keep the process clean!
Geez I’ve got basketball teammates whose average height is close to 2m and some exceed 2.1m. Reminder me never to buy there I’d make a terrible host!
Sounds like you are paying a bit of extra off your home each year to be reducing the equity by that much. If that is the case keep going and depending on how much your house is worth in a year you will have at least $70k. Banks may let you redraw to 80% value of your home which is $240k so theoroletically you could borrow back $10k to invest on your projected figures. The other way to do it is not pay extra off the house and save for deposit on another one. All depends on your strategy. Get that clear and you’ll know what to do!
On the finance side of things it sounds as though the property is $100k and you are putting in a $60k deposit. If this is the case it will most likely be cashflow positive so it will make a profit from day one and when you sell one day will have a capital gain. Therefore it would be good to put in the lower income earners name and maybe better to put in a trust so you can choose who the profits go to. Depends on how profitable it is as apposed to running costs of such a structure
Re: the tenants, I’d speak to them before you buy to see how happy they are, ask them to point out any faults or things if you were to be their tenant would make their lives easier. start building that relationship to have the best outcome.
Questions for agent, what rent, vacency rates, reasons vendor selling, etc etc!
As an investor the beauty is you don’t have to get emotionally involved. Simply do your numbers based on what profit you want to make if a reno or what you would pay it otherwise if a private sale and stick to your guns. I’ve been to auctions where there is only 1 bidder and they have got bargains but also to others where a bidding war has pushed prices well above reserve. It can be hard to tell somtimes. Another option is to but in an offer weeks before to tempt vendor to sell and risk not selling at auction
Each council will have their own rules on density etc so best to check with them. One thing I do to get an idea is that If I drive up a street and a few of the houses have been subdivied already it is a fair indication that the blocks in that area are big enough to develop
I think you should buy just the one to start with. It will depend on your strategy really what you do. If you neg gear you will only be able to get one, if you renovate this is a good deposit and money to improve the property or if you develop again a good deposit with money left to for development phase. Read Steve’s books first, his 3rd is due out next month so that should be great timing for you to see the latest strategies and formulas Steve uses himself!
I’d probably say it is great to educate yourself on all the items listed but when you come to buying a property the focus should be on the numbers and not the asset. If you can find a property that you can put a new kitchen in, a coat of paint and tidy up the yard you might make a bigger profit in a shorter time than if you were to do a huge job like the one you described
