[freelanceMember@freelanceJoin Date: 2008Post Count: 93]

January 19, 2009 - 9:29 am

Thanks for the tip Michael. I'm in Sydney, but I will ask nonetheless.

I'll let you know what happens next week.

Cheers,

Lance

[freelanceMember@freelanceJoin Date: 2008Post Count: 93]

January 19, 2009 - 4:45 am

You're never too young or old to start anything!

Colonel Sanders was 66 when he started KFC and look where it is now

If you've got the passion behind what you do, you'll achieve it.

All the best,

Lance

[freelanceMember@freelanceJoin Date: 2008Post Count: 93]

January 19, 2009 - 2:14 am

Wow Melanie! This post is truly inspirational!

Great work so far, I look forward to finding out how the rest unfolds

All the best,

Lance

[freelanceMember@freelanceJoin Date: 2008Post Count: 93]

January 15, 2009 - 11:08 pm

I think if you converted it to a 4 bedder then it would be great to rent out the rooms individually for student accommodation. Although there is the risk they won't take care of the place.

If you're more focused on renting to a family I think the kitchen reno would be great. Certainly more appropriate for family living conditions.

[freelanceMember@freelanceJoin Date: 2008Post Count: 93]

January 15, 2009 - 10:56 pm

Same here, that sussan's a stubborn one

[freelanceMember@freelanceJoin Date: 2008Post Count: 93]

January 14, 2009 - 11:35 pm

Hi Mdees,

Try using http://reports.rpdata.com.au/ – You can get a free suburb report that can display median house & unit prices in the past ten years and the past 12 months. A few other things included as well that you'll find useful.

Cheers

[freelanceMember@freelanceJoin Date: 2008Post Count: 93]

January 14, 2009 - 10:28 pm

Hi Terry,

Sorry, I must have misunderstood your first post. I agree that all aspects as you just mentioned above would be ideal but are unfortunately hard to come by.

Well I guess there's not much else to do but really go out there and find the deals that fit the profile.

Thanks Terry

[freelanceMember@freelanceJoin Date: 2008Post Count: 93]

January 14, 2009 - 12:22 pm

Hi Andrew,

I recently read that you need to be careful buying an IP that would also act as a holiday home for yourself.

The reason being that if your IP is only an ideal place for tenants looking for a holiday home then you're essentially going to increase vacancy rates by using it yourself. Say for example that demand for the property was high in the summer (considering it's on the Gold Coast). You'd probably want to stay there during the summer yourself, thereby losing a prospective tenant.

You'll have to be pretty comfortable with that fact before you buy.

Cheers

[freelanceMember@freelanceJoin Date: 2008Post Count: 93]

January 14, 2009 - 12:10 pm

Point taken

However, in regards to the "To Trust or not to Trust: That is the question" post:
https://www.propertyinvesting.com/forums/getting-technical/legal-accounting/4326640
It's mentioned that when holding property through a discretionary trust (which I plan to do) will not allow you to take advantage of negative gearing, as losses in the trust remain with the trust. On the positive side, you can offset the loss with future gains – so it works out… eventually.

The point I'm trying to make is, by focusing purely on capital gains without being active in your investments i.e. creating value through reno's, developments, subdivisions etc. Then you're going to be hitting a large brick wall with all the negative gearing you take on. I don't want an obstacle like that preventing me from building my desired portfolio at a young age.

Cheers

[freelanceMember@freelanceJoin Date: 2008Post Count: 93]

January 14, 2009 - 3:35 am

Hi Terry,

That's true, but if I was to focus on reducing debt and adding value, either by subdividing or renovating at later stages, then wouldn't that compensate for slow growth and essentially allow me to get the best of both worlds?

Perhaps it would be better for me to ask, what sort of strategies have helped others to build a substantial portfolio in short years?

[freelanceMember@freelanceJoin Date: 2008Post Count: 93]

January 14, 2009 - 2:23 am

Thanks for the insight Erik,

Hitting a brick wall when it comes to pure growth investing as you mentioned is a situation I don't want to put myself in.
I guess it all comes down to finding a balance in your strategy so your options in the future are always open.

Cheers

[freelanceMember@freelanceJoin Date: 2008Post Count: 93]

January 8, 2009 - 12:36 pm

Roy,

There are basically two ways to create equity – that is, repay the principle on the loan, or create more value in the property itself, either by renovating or allowing the housing market to improve, which at the present time isn't happening much at all.

And yes, you should expect a fee for switching to variable interest rates (if that's what you're asking).

Cheers

[freelanceMember@freelanceJoin Date: 2008Post Count: 93]

January 7, 2009 - 11:43 am

Yes I received the very same message yesterday and notified the moderators

[freelanceMember@freelanceJoin Date: 2008Post Count: 93]

January 7, 2009 - 5:35 am

Hi Johann22,

Perhaps you should consider where you are going with your investments before you ask what you should be buying.

Cheers

[freelanceMember@freelanceJoin Date: 2008Post Count: 93]

January 6, 2009 - 11:55 pm

daniellee wrote:

Well… had my meeting with the accountant. Was not really impressed, and felt that at times, I knew more than him when it came to property investing. To put it simply, he advised against a DT and said to just go with buying in our own names…
…Clearly, I did not get the answers that I was looking for, nor learnt much from this accountant. Will have to see what my meeting with the other accountant this Friday brings me.

Regards
Daniel

Hi Daniel,

Sorry if I'm out of line here. But don't you think getting free accounting advice is the reason why you're getting mediocre help on discretionary trusts in the first place? You should be asking your next potential accountant if they specialise in trusts before you even consider having a meeting with them.

You get what you pay for in other words.

Kind regards,

freelance2020

[freelanceMember@freelanceJoin Date: 2008Post Count: 93]

January 2, 2009 - 2:36 pm

Hi Clareow,

I was at a home buying expo last year and saw a presentation by Archicentre –  http://archicentre.com.au/

They seem to be quite good

Cheers

[freelanceMember@freelanceJoin Date: 2008Post Count: 93]

December 29, 2008 - 7:04 am

At the current time my partner and I want to begin applying the 100-10-3-1 rule I picked up from Dolf de Roos. For those who haven't heard of it before it simply means to look at 100 properties, make an offer on 10, have at least 3 (offers) accepted and buy 1.

We're just starting out as property investors and understand it's important to have the right people on your side. So if you have any recommendations for real estate agents, accountants, advisors etc who understand an investors mind set, it would surely help us make an excellent start.

We both agree that we want to be active in our investments, so development and renovation deals would be most appealing. I would also consider getting into lease-option deals and wraps.

Thanks again,

Lance

[freelanceMember@freelanceJoin Date: 2008Post Count: 93]

December 22, 2008 - 10:54 pm

Hi springrose,

If you're after houses that have been foreclosed I've read that you can ask real estate agents if they have any REO's (Real Estate Owned). Unfortunately, most real estate agents aren't too proud about having REO's so are very discrete about them.

I think you can also ask at a real estate attorneys office or a court that handles real estate in this manner.

The book I read was called "How to Find Hidden Real Estate Bargains" by Robert Irwin. Here's a google book preview:

http://books.google.com.au/books?hl=en&id=XdjArH5vEI8C&dq=how+to+find+hidden+real+estate+bargains&printsec=frontcover&source=web&ots=7J3g0TYpMR&sig=AxwQvP1ABn9ihEYEbWa9EV2mqZs&sa=X&oi=book_result&resnum=1&ct=result#PPP1,M1

Cheers,

Lance

[freelanceMember@freelanceJoin Date: 2008Post Count: 93]

December 19, 2008 - 2:08 am

daniellee wrote:

I spoke with the accountant, and was advised to not bother about a trust.

Hi Daniel,

Thanks for posting this topic.. I'm learning a lot from everyone who's contributed.

Just wanted to say something in regards to your post above –

"When someone points their finger at you and tells you 'You can't do that!', they really have three fingers pointing at themselves" – Robert Kiyosaki

Cheers,

Lance

[freelanceMember@freelanceJoin Date: 2008Post Count: 93]

December 16, 2008 - 11:04 pm

Qlds007 wrote:

Hate to say some of the State legislation in relation to wrapping has changed a lot over the last few years and a lot of this information may now be inacurate or incorrect.

I guess that explains why the product was discontinued in the first place