[ForeverStudentMember@foreverstudentJoin Date: 2009Post Count: 41]

August 27, 2011 - 5:21 am

Huntero1 wrote:

OMG…. I am completely stressed about this Mark Rolton seminar i have just signed up for. After reading these comments I really want my money refunded, I can least afford to lose this amount of money. I see a few here have managed to get a refund, would you be so kind as to advise how you went about it and how I should manage this uncomfortable position I now find my self in.. Fingers crossed you can help

Just give them a ring and say you don't want to go anymore and ask for a refund. There should be a refund policy somewhere. Of course they will try and talk you out of cancelling but be strong, you can do it.

I wish this thread exist back in 2007 and read it before I went to the seminar. It'll make you feel good and think that it's easy until reality hits and sinks in. Yes, it's possible to get somebody to agree to an option as I did, but realising the deal is the hard part specially if you don't have a team/contact of specialist/professionals like town planners, surveyors, civil contractors, builders, financiers,etc backing you up. 

Did I pick up anything from the seminar?  Well yes, but it's not worth $5k! Also, from speaking to a few property lawyers, you don't really need options that a conditional contract can't do (providing it's a good deal) and less messy.

I am currently doing an introductory law course as part of a uni program where I have access to instructors that can answer property related (including options) matters where it cost nowhere near $5k. This forum is also a good source of information. Good luck.

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August 27, 2011 - 4:51 am

You have been given great advise from people in the know here so far.

Construction cost is around $10k per square for double, or around $7-8k per square for a single storey but that can change dramatically depending on what quality you're after and the type of contract as well. Turnkey would generally be higher cost but lower risk in terms of cost overriding the estimate/quote.

There's a lot of work to do if you decide to do it but keep asking.

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August 4, 2011 - 5:44 am

Thanks to all that responded. It's much appreciated.

In regards to the response, would you be able to specify if the response is from your own experience, experience from somebody you know or heard about, something that you read, etc… I read a lot of books, materials and stuff and know things about commercial property on a theoretical point of view.

Just makes the thread easier to follow in my opinion.

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June 7, 2011 - 1:06 am

Scott No Mates wrote:

There is no shortage of real estate agents, most residential agents are just short of skills. What do you expect when you can get your ticket in 3 days or your license in 4 weeks. Most commercial agents have got more than the basics ie they will have a land economics degree, specialise in sales, portfolio/property management, asset management Etc…….if you work in the commercial sphere you are generally dealing with more educated buyers so your own expertise should reflect the target market. Portfolio management involves management of a client's portfolio of properties including provision of life cycle planning, asset management, management of agents performing leasing or sales etc. There is a shortage of valuers – average age is the mid 40's. They are generally degree qualified with several years post-grad. Professional indemnity insurance is the big killer here.

So my question about 'skills shortage' is appropriate then. So there is no 'job shortage' ?

I'm only hoping that my current study will open doors specially when I start attending API's Continuing Development Program.

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June 2, 2011 - 7:08 am

emptyvessel wrote:

Great info. I will PM you for that other forum.

I love reading and will hunt down those books you posted.

I have them all on Kindle for iPad(1). The good thing about Kindle is you can have it on your iPhone and PCs as well (no extra charge) and remembers that last page you read on all of them.

I hope you pick up a lot of stuff when you get them.

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May 26, 2011 - 6:23 am

@EV

To be honest, I've been busy with work and uni and haven't had the chance to look deeper into commercial property at the time being.

I did find however that reading commercial property related books to be helpful.

Some titles are:

The Fundamentals of Listing and Selling Commercial Real Estate – Loren Keim
Confessions of a Real Estate Entrepreneur – Jim Randell
Commercial Real Estate Investing – Dolf De Roos

I will be reading these books again almost every end of the semester to see if I will understand it better.

I also hang around in another property forum as they seem to have more people involved in commercial property as the questions I ask has more response.

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April 21, 2011 - 1:06 am

Hi, Freddy here. Currently doing a property related Uni program. Have been concentrating more on the real estate side of things for around 3 years now after being involved in the money market. I am currently concentrating on the commercial side of property which is part reason for the Uni program.

I look forward to discussing more commercial property, development and international property market topics.

I like to play some guitar and occasional golf whenever I can find the time however I enjoy talking about property the most.

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April 9, 2011 - 3:06 am

Just read your other post regarding 'Management Rights' and looks like there is an asset base for you to build on. It sounds like you are very young and doing the right thing asking questions and you probably need to further educate yourself to be able to handle your current situation which I hope you continue to do.

If I were you, I would start small to get a feel about things, have a bit of experience before moving on to bigger things and look for casual or temp roles to have a bit of cash flow coming in. It's what I'm doing now and I still keep asking questions, educating myself and taking more action as time goes by.

I'm sorry to hear about your Dad. I lost mine a number of years ago too and know how you feel. I surely hope you find somebody that can give you assistance. I commend you for looking after your Mom and wish you all the best.

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April 8, 2011 - 1:39 pm

Do you have any assets at all like a house or something?

Is there a reason why you're unemployed or do you simply don't want to work?

There's plenty you can do with $200k but there's a lot a risk elements to be considered.

I'm probably in a similar situation where I was unemployed because I tried a few things that didn't work out but learned a lot from it. However, I'm starting a new position where I'll be building my asset base and hopefully learned enough from past experiences to invest successfully.

People here would probably want to know what you want to do and where you want to go to be able to provide some sort of direction.

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April 5, 2011 - 12:29 pm

Thanks for your post OceanA.

Whereabouts are you again? How is the development business around your area? Are you an architect or have an architectural background?

I'm in Melbourne and do see a lot of advertisements for real estate agents.

I'm more after people's observations which is exactly what you did.

Have you had experiences with valuers? I read valuation reports and hopefully by the end of the year, I'll understand the full extent once I've done the 3 modules of valuation in the Uni program that I'm doing.

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April 5, 2011 - 12:20 pm

If you love what you do and having fun, who cares! I have a renewed passion for property that's why I'm doing it. I know if I concentrate on the principles, the fundamentals, strategies, etc with risk management techniques chances are I'll get there.

Some of the millionaires interviewed in 'The Millionaire Next Door' mentioned that they love what they do and a big part of the reason why they're 'financially independent.' My 2 cents worth.

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April 5, 2011 - 11:03 am

Would be interested on where this is going. Keep us updated.

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April 5, 2011 - 1:35 am

No comments? I would have thought that there would be somebody able to contribute. I really want to have a bit more insight on what these roles do specially from individuals who have experience and have experienced dealing with them.

I would appreciate any info though, any…… good, bad, ugly…. 

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April 4, 2011 - 9:04 am

I have a copy of a prospectus of Custodian Land where John is the CEO. Not to sell you a property but to become an investor on their development in Sunbury Victoria. All I can say is they seem to have used or partnered with quality consultants. 

Just to be clear, I am not associated with or involved in this project. I simply use the prospectus as reference for valuation and development info.

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April 3, 2011 - 12:13 am

@zaul.You might also want to think more about your statement. Do you want to retire or become financially independent? Retirement to me is like playing golf, or going to the beach, waiting for money to come and practically don't do much else.

Financial independence is simply your financial worries are taken care of and you can choose your own lifestyle. To me, if you really love what you do, why retire?

Anyway, good luck on your endeavour and hope you find mentor you can work with. Personally, I learn from everybody I meet (well, almost) so I consider most people, specially people that know more than me my mentor.

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April 2, 2011 - 12:48 pm

@anthony. So what you're saying is the original post should have been 'Looking for possible Joint Venture Opportunities'? That seems to be the implication.

Thanks for the info. It makes a lot more sense.

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April 2, 2011 - 7:48 am

@richard aka Qlds007. What type of license do you need to be able to ask for spotter's fee?

@maurice. Where can I find this 20 in 12 Investment Rule?

Thanks.

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April 2, 2011 - 12:49 am

Is there a section here where there's 'forum rules' or 'guidelines'? I've been hanging around forums long enough to know that a post like the original post triggers alarm bells specially if it's the first few posts (no offence meant).

I would listen and ask advise from Qlds007 about this type of things if I were you Rayden being a newbie. This is also to warn you that some people could be taking you for a ride (not talking about Angel) for getting you to look for deals where they have no capability to realise; it's happened to me in the past.

I do encourage you to hang around and learn from the experienced people here willing to share it. One day I hope to be able to contribute as well.

Cheers

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April 1, 2011 - 3:36 am

All part of the learning process. Thanks for sharing.

Just thought I'd ask since it's a two storey if the window would be overlooking someone's backyard. There could be further issues if the windows do overlook someone's backyard and one way to avoid it is to design the windows to look straight or upwards.

I was in a tour one time provided by the council (some councils can be proactive) where the guide mentioned the mistakes made by the council (approval) and developers alike. One thing mentioned was the window design where we passed a block of townhouses where the windows were blocked by a thin piece of timber as it overlooks a backyard and it doesn't look nice.

Just thought I'd share.

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April 1, 2011 - 2:53 am

2011… what can I say? Well, I've been hanging around this site long enough for me to open up a bit.

Recently seperated which is neither good or bad, just one of those things and there's no need to feel sorry. Close to rock bottom where the good thing about it is "there's no way but up!" I had my fair share of mistakes and am stronger and smarter (hopefully) because of it.

Back to topic.

– Doing a Uni Program with a trimester schedule doing around 3 modules/courses per semester.

– Find a role in the commercial property sector

– Attend API and UDIA events as much as time and funds can get

– Continue to prepare, build my contacts list, learning from mentors and forums to start commercial investing next year and commercial property development by the start of 2014.

– Ensure credit rating is intact

– Pay off credit card debts

– Go overseas by the end of the year

– Get closer to my goals one step at a time

My attitude is I don't have a crystal ball and I can't predict the future. I can only increase the chances of success by continuing education, learn to minise risk and maximise profit potential. I would like to be as fair as possible with the deals I'm making without getting burned in the process.