Forum Replies Created
Hi dammit,
Congrats on the great savings you’ve accumulated! Have you had a chance to read the Young Investors thread in the Tell A Tale section? It’d be great to hear a little bit more about how you got into investing…
Best of luck with your endeavours!
Cheers
erin x
Went to primary school with a guy named Wayne…. King!
yep he’s now a proud employee of hastings deering I beleive…
Cheers e x
Hi Jarrod,
I enjoyed your post[
], best of luck with the business and future property ventures…Cheers, e x
Hi DJKM,
sounds like you need to write out some goals with your dad and then work out the best way to acheive them.
Is this viable?Renovating for a living is viable but how much you need to turn over in profit to put food on the table is something you need to sit down and work out.
Will it work?The age old (and overused) quote, failing to plan is planning to fail. You and your father are the people who will effect the eventual success or failure of your venture. What personal qualities / skills do you need to pocess in order to run a profitable enterprise? What will be your target market? What tools / contacts will you need to make in order to find and source the best deals.
Is anyone doing this and succeeding?Absolutely, try reading up on people like the Reno Kings.
If so, how do we begin and how do we structure?Begin by educating yourself to the market. Read books and talk to people who are successful within the industry you hope to break into. Speak to a good accountant before you make any decisions reguarding the structure of your business.
Do we sell as soon as the house is finished or hold?Refer back to your goals. Whether you sell or hold will depend on where you want to be in five years time.
Best of luck,
E x
Set goals and follow them, don’t let negative and narrow minded people sway you.
If it was up to my parents (love them as i do) I’d still be at uni with a massive hex debt and not on the path to financial independance.
E x
Hi I’m 20 turning 21 this Dec (bring on the party!),
I finished school and went straight into uni (Biomedical Science) hated living on two minute noodles so decided to get a job.
Had no qualifications (was lucky enough to have not had to work through year 11 and 12) so took a job with Optus selling door to door. Had a knack for it and saved $15k in 6 months. I was desperate to buy my first property (anything really) and found a unit in Annerley for $170k returning $230 per week.
Applied for a loan but unfortunately my parents refused to go garuntors on it as they were concerned about my job (comm only). I was 18 at the time and completely flattened by their refusal.
Used the sales skills I learnt with Optus to get onto the future champs programme with LJH, and to learn some of the finer workings of the property game.
Took me another two years to re-save for a deposit (being an REA is expensive!) and settle on my first IP in three weeks time.
The biggest lesson, don’t let other people get in the way of your dreams.
Cheers. E x
Sounds like common enough REA practise to me, were you aware at the time of your offer that there was another party likely to submit one also???
Hi Nikhil,
my two cents….introduce yourself to some people in the RE business who have access to systems like RP data (qld).From these sites you can access past sales in an area with specific indicators such as price, land size, type of property etc.
Speak to REA’s you’ll soon work out who’s worth working with, they’ll may pass on details of properties they have listed and sold and similar comparable properties you may be interested in looking at.
Check the local paper every weekend for auctions and attend if you can, follow up in the paper for clearance rates and prices.
Drive the area you’re interested in, make a note of ‘for sale’ signs and follow them up on the net or with the agent.
As for the market value, we use the ‘comparable past sale’ method, we look at what has sold within the past three months that is of a simialr size, structure and area and give advice based on that. I guess in essense that ‘market value’ is whatever the buyer is willing to pay in the end.hope that helps….e x
Originally posted by JetDollars:I must admitted that the doggies did not do well in the last 3 rounds.
speaking of not doing well, shame shame shame brisbane! i am thinking of switching over to the afl after that dismal effort *shakes head sadly*
e x
Originally posted by landt64:Hi,
along the same lines, what do you say when an RE asks what you want to spend?“we’re currently sorting out our finances and haven’t got an exact figure”
“it depends on the property”
“what sort of prices are owners getting for x bedroom, x bathroom houses?”
“what do you think i need to spend to purchase an x bedroom, x sized block in x condition?”
are some questions you could use to deflect the agent…
e x
Originally posted by komari:He he, lets see who knows their canines…
I have a pure bred tricolour BASENJI called Zac (he came with the name already attached – not really fond of it myself but he seems to like it). I have previously had 3 red and white girls over a period of nearly 30 years.So, how many said – what’s a Basenji??? Be truthful now.
komari
basenji’s are beaut dogs, v intellegent and i like their curly tales
mini dachshund – Dashfiegle or Dashy
Originally posted by oshen:did she live in a lighthouse?
she did [thumbsupanim]
Riddle no.10
A woman finished work for the night, had a shower, got changed and went out to a party. As she left she made sure she locked up and turned off the lights. The next morning she read that hundreds of people had been killed and she knew it was her fault. Why?
is my answer for the door one right?
he was in an airlock on a spaceship with no space suitor
he was in an airlock in a submarine with no diving gear
Hi Richcog,
In the current market (a much slower one) we have found vendors to more likely to consider a contract with a ‘subject to sale clause’. To protect the vendor we would also insert a sunset clause. This basically means if another buyer comes along with an offer at the right money, the original buyers have 24 hours in which to make their offer unconditional before the other party had a chance to purchase it.
I think Oshen’s suggestion was an excellent one, make an offer with an extended settlement date.
e x
How do you make an offer to a motivated seller? (does anyone have sample scripts?)I’m assuming you aren’t making your offer through an agent?
On a letter:
To the owners of XXXXXXXXXXX property
31.03.2005
Dear Homeowners,
My name is emcdonald I am currently looking to buy within the area and noticed your home is currrently on the market.
I have noticed your property has been on the market for XX amount of days, and as it is still listed on XXX.com.au and the sign is still up front I assume it is still for sale and not under contract.
After researching similar properties I have become interested in making an offer on your home. My terms will be XXX with regard to finance and XXX with regard to settlement.
I have enclosed a letter of intent to purchase with my proposed terms. Should you wish to discuss the matter further with me I can be reached on XXXXXXXXXXXXX.
Kind regards,
e x
********************************************
I’m not sure if that’s what you’re after Jack Hu, or what you would define as a ‘motivated seller’ but this would be the approach I would use if not going through an agent…e x
Hi francisw,
you mean the stones corner in south brisbane? I work in inner south brisbane, what would you like to know?
e x
‘A man opened a door and new he was gonna die’why???
he was in an airlock on a spaceship with no space suit
or
he was in an airlock in a submarine with no diving gear
], best of luck with the business and future property ventures…
