[g0biinMember@g0biinJoin Date: 2010Post Count: 57]

February 23, 2011 - 11:35 am

They were saying they use 78 steps to find the real estate and it the same steps that Mcdonalds use for their resturants.

[g0biinMember@g0biinJoin Date: 2010Post Count: 57]

January 19, 2011 - 12:06 am

Yeh, I dont know to much about the legal side, but two suggestions I would make or agree with is.
1.be nice.professional
2. Record your phone conversations

[g0biinMember@g0biinJoin Date: 2010Post Count: 57]

January 10, 2011 - 12:18 am

Lol
People make money in boom and bust.
If I had a dollar for everytime time I had someone tell me not to invest in something I would would be a rich man. These same people never have anything in there life.

[g0biinMember@g0biinJoin Date: 2010Post Count: 57]

December 24, 2010 - 7:29 am

Hi Guys
Yeh been racking my brain how to find it. Privacy law resticts the address and contact details. I tired facebook and linked in. The house doesnt have a back on it so its abandant and the lawn in 1 meter high I couldnt find and sold details which makes me think it was purchased along time ago.
Thought about asking the neighbors but that would be a last resort as neighbors might decide that they want to buy etc or worse maybe they wont like the look of me and decide to give me the run around.
  I called NAB and asked them to pass along my details  and get her to call me, but they wouldnt.
Quite funny I called Aus post and was talking for a while to a lady there she let it slip that the redirected mail address is in QLD. I live in Sydney.

Anyone writen to an owner looking to contact them about a purchase of a property ? If so could you post up your letter here ?
Thanks in advanced.

[g0biinMember@g0biinJoin Date: 2010Post Count: 57]

December 22, 2010 - 10:57 pm

I asked this question a little while ago and didnt get much of a response. Scott no mates is right to do it properly and make a profit you really have to add allot of value and buy in good locations (wealthy areas). For example. Buy a runned down two bedder renovate so its a 4 bedroom home with a study and off street parking. So adding value by adding rooms and off street parking is the key in this example. If you are just buying and renovating you may lose money or just break even.

Anyone else disagree or have a different example?

[g0biinMember@g0biinJoin Date: 2010Post Count: 57]

December 4, 2010 - 2:52 am

Hi jacm
Use the value to purchase more ?

[g0biinMember@g0biinJoin Date: 2010Post Count: 57]

December 2, 2010 - 11:12 pm

Hi Jamie M
Yes Capital growth has not been to bad actually. But to relise this value I need to sell and I dont really want to sell at this stage.

Hi Tony
I had a look on RE.com at some property for Gladstone. Maybe I am looking in the wrong area. Do you have a link of a property to start me off.
Cheers

[g0biinMember@g0biinJoin Date: 2010Post Count: 57]

December 1, 2010 - 9:07 pm

Actually try this one.
Rosemary Saaib.
Centrury21
9634 1111

she works on the north side, but I believe she would have a good contacts in the area you are after.
Good luck !

[g0biinMember@g0biinJoin Date: 2010Post Count: 57]

December 1, 2010 - 4:17 am

Hi Jlia
I dont know of anyone in that area. But I would suggest you make a trip to Liverpool and go hunting for PM. By this I mean actually go and visit all the RE agents in the area and see what best rate and fees that they offer. While talking to them you should get an idea of the ones that are good and the ones that dont want your business.

Good luck.

[g0biinMember@g0biinJoin Date: 2010Post Count: 57]

December 1, 2010 - 4:10 am

Worst idea ever unless you can pay the money back in 55 days before the interest kicks in.
Never spend a cent on a liability if you can help it.

I borrowed put $6gs on my credit card to buy a car only because I knew I could pay it off in the 55days. I needed the vehical to generate income. And $6G was was $4G more than I wanted to spend 98 model.

A nice new car always sounds like a great but buy a model thats two years old would be a better idea to save cash.

Last tip would be forget the car and buy property mate.

[g0biinMember@g0biinJoin Date: 2010Post Count: 57]

November 28, 2010 - 12:32 pm

Hi Jamie
Thanks for that. I understand what an offset account is and know how to use the search functionality in the website.

What's the benefit of an offset as opposed to paying the loan down. The interest you save on the offset account would be the same if you pay it directly on the loan and you can just redraw the money when needed from the loan. Some banks may charge a redraw fee for that. Mine doesn't. (scrapped recently)
 I know there is some tax benefits to having an offset account but my understanding is that you would lose those benefits because a bank will charge you slightly higher interest rate on your loan because of the offset account? Maybe that's what people don't get?

[g0biinMember@g0biinJoin Date: 2010Post Count: 57]

November 27, 2010 - 11:40 pm

Hi guys, just out of interest why are people advising not to pay off the loan but use an offset account ?

[g0biinMember@g0biinJoin Date: 2010Post Count: 57]

September 20, 2010 - 1:28 am

Thanks guys for your suggestions. I gather thats its getting the right balance without losing to much time or spending to much cash. I think the good clean paint freshen up is a good idea.
Cheers
g0b

[g0biinMember@g0biinJoin Date: 2010Post Count: 57]

September 18, 2010 - 3:46 am

Yes very good points Scott No for sure.
However I was thinking of what other imporvements I could make to get that rent higher than the $230 a week.
I am a pretty quick painter and figure it would be about a weeks work or less.

You also have to take into account these things.
A) Freshly painted would make it easier to rent out now and in the future
Would command a higher rent now and in 6 months
C) You wouldnt need to out lay so much in another 5 years cause you are keeping the place up to date
D) Higher rent = higher selling price = more leverage equity from the bank

Has anyone actually tried having a flat screen TV added to their unit ?

Cheers
g0b

[g0biinMember@g0biinJoin Date: 2010Post Count: 57]

May 17, 2010 - 3:44 pm

Hi Jo
I asked a simular question to this about a month ago and recieved no feedback. I would also like to do the same thing. Maybe we can put our heads together and work out if its worth doing.
G

[g0biinMember@g0biinJoin Date: 2010Post Count: 57]

May 17, 2010 - 3:36 pm

Did you actually ask a question? When I read your post it just sounded to me like you were telling everyone what you were doing. I didnt actually notice a question in there.

[g0biinMember@g0biinJoin Date: 2010Post Count: 57]

May 7, 2010 - 3:26 am

Hi Jess
7% is pretty good rate actually.
I use a PM and actually I think they are worth it. 7.5% I pay.

My advice to you would be spend $600 bucks and do a real estate certificate of registration coarse. Its a 3 day coarse and qualifies you to manage and sell real estate. This will give you some incite into what PMs actually do and also will prepare you to take on the role yourself.

Lets assume your tenant gets behind in rent or stops paying rent. Do you know what steps you need to take to protect yourself and your investment? Do you know whats needed to take a tenant court? If you answered no, then get yourself educated first before you go a head and manage the property yourself.  

I would say that most people that had bad experiences with managing their own properties, were not educated in managing a property and thus made costly mistakes. More than the $15s a week.

If are not interested in doing the coarse, then I would say talk to all the PMs in your area and compare prices and cut the best deal possible. You might find that one PM might give you a better rate just to get your business. Having said that remember that a good PM is worth paying more for.

Good Luck
G

[g0biinMember@g0biinJoin Date: 2010Post Count: 57]

March 31, 2010 - 12:40 pm

Ryans correct.
I was also going to buy in Moree. I had some relos there and they said WTF would you do that for. I said to make money from the rent.
They said exactly what Ryan said 'PS. Moree has also been declining in population over the last 5 years….something to be aware of.'

The reason for this is there was allot of cotton farms out that way years ago. But since then allot of those have been moved to QLD.  Which means no money. Bit like a gold rush town.

So no money + declining population means less people renting your flats etc.

I would stear clear mate. Dont waste your time.

PS. They say population is 10 000. My relo told me its more like 7 000.

[g0biinMember@g0biinJoin Date: 2010Post Count: 57]

March 28, 2010 - 9:32 pm

Oh great good advice. Thanks for your help here guys.
I have not put the rent up for about 3 years since I brought the property. Also I have not had any of my flats vacant. I think after about 10 years I had one month when there was no tenant. So I dont think it would be an issue of not finding another person to rent the flat and actually with the flats renovated nicely would probably be easier to find someone to rent it.

"Are you asking the question because you really want more for your rental income? Or is it just because others are getting more and it made you think about it? Are you happy with the rent you're getting and the tenant you have?"

No I want the top price for rent actually. The place is pretty much cash flow positive so I would like to start saving for another place.