I certainly come close to insisting that my buyers seek indepedent legal advice – but I still leave it up to them.
The problem with this is that too often they pay the money to get ADVICE – and instead get a whole bunch of false opinions instead.
This happened to me again this week. My buyers went to get legal advice and were told:
1) This is…[Read more]

Well, all I can say is that if a RE agent showed you another person’s offer, I’d seriously have to question their commitment to the privacy legislation!

Keep smiling
Felicity

jhopper
It’s the fact that 4WDs aren’t transparent that’s the problem.
For those of us in ordinary cars, trying to back out of a car space when you’re beside a 4WD, trying to do almost anything in fact when a 4WD is beside you, is absolutely impossible. I’ve lost count of the number of times I’ve nearly had someone run into me because I’ve had to…[Read more]

jhopper
Okay, I’ll bite!

I don’t necessarily hate 4WD owners, but I certainly hate 4WDs!

Keep smiling
Felicity

Micasa
Rick has actually dropped his rate, probably because he has more investors than he needs!
Certainly I agree with Fablan, I regularly pay 15% to investors, and I’ve never missed a payment yet, the cashflow is strong enough to support that return.
Yes, too often high returns are “too good to be true”, but don’t let that close your mind to the…[Read more]

I have done Rick’s courses etc, and so I copy his system for investors, and yes, it works and is safe!

Keep smiling
Felicity

Ahhh, this all brings back memories for me!
Yes, ANZ required us to have an account with them for the monthly direct debit of payments.
We found out on the morning of settlement…..
I raced to the bank and opened an account, only to discover that because the loan was in hubby’s name and the account was in mine, they wouldn’t accept it.
So hubby…[Read more]

Put the money somewhere secure for now, and sit down and work out what you want to achieve. Knowing your goals is the first step. You need to know what you want to achieve in order to determine what education you require!

Keep smiling
Felicity

DP
I used my own money to start with, and now utilise either investors who want to put in the 20% deposit and get a flat rate of interest in return, or JV partners who want to put up all the money to buy the house while I do all the work. Then of course you can look for “no money down” deals!
Certainly I think it’s best to have some runs on the…[Read more]

My name and number appear somewhere on the We Buy Houses stuff, as I regularly get phone calls from people wanting to speak to a reference.
So in this case I have to say they’re legitimate references!!

Keep smiling
Felicity

Stormbird
I’ve found I’m getting less enquiries, but the ones I do get are much better quality (ie the tyrekickers have dropped off a bit).
Still seem to be wrapping houses in a similar timeframe to previously.

Keep smiling
Felicity

My wrap houses are treated as trading stock, and certainly my accountant has said we can’t claim depreciation.

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Felicity

Personally I’ve always found the house first, then the buyer. Yes, it means I have some holding costs, but I find that by buying the houses at better prices, my margins are easier to achieve without the house having to be onsold at too high a price.

Keep smiling
Felicity

When you find out, I want to know too! I have no 20% left.

Keep smiling
Felicity

I think landlord’s insurance is probably essential when you’re starting out. Despite doing all the right things with property managers, our first two tenants broke leases in our first place, and we had to evict a tenant from our 2nd. We claimed on all 3, they were each about $1000-2000. At the time that was a lot of money to us, and it hurt to…[Read more]

We built our first home back in the “bad” old late 80s, and paid it off in 2 years despite horrendous interest rates. How? Both of us worked, we bought in a small town on the outskirts of Melbourne and therefore bought what we could AFFORD! We then spent a year travelling the world. It’s all about staying within sensible financial parameters,…[Read more]

[blush2]

Keep smiling
Felicity

Yes, capital gains is great, but don’t discount the value of cashflow. Nearly 3 years ago, when I started on the wraps journey, we could have bought one, maybe two more properties maximum, hopefully with a little bit of positive cashflow. We’d have had some good growth (hopefully!), but hubby would still be slogging his guts out 70-100 hours…[Read more]

Victoria actually publishes their information every year – I have quite a collection of them on my shelf!

Keep smiling
Felicity

When I have private investors who put in a set amount of money at a set interest rate, I always give them a loan agreement, and completed documentation for a second mortgage. They hold the mortgage paperwork, unregistered, unless there is a dispute. They also have the right to put a caveat on the property, although none of my investors have.
I…[Read more]