Forum Replies Created
- Originally posted by woodsman:
Greg, How quickly after a sale is the information be updated with RP Data?Hi Woodsman
I assume rp data is updated the same way our credit ratings are updated. For example, my PM is currently chasing one of my tenants for unpaid rent through the magistrates court (I’ve already received two $50.00 cheques, and apparently he’s so well known by the courts that he’ll go to gaol if he doesn’t keep paying. He’s living back at home with his mummy, who’s the person liasing with my PM and getting the $50 lots out of his hide on our behalf. Gotta love these longsuffering mums and dads!!). The magistrate gives a judgement, it’s recorded online, from where it is downloaded AUTOMATICALLY as a ‘black spot’ against his name by the two biggest credit reporting agencies:
* http://www.baycorpadvantage.com.au (go to http://www.mycreditfile.com.au)
* http://www.dnb.com.au (Dun & Bradstreet)These 2 credit reporting agencies are fully upfront about how they collect their information, because they’re governed by privacy legislation, including provisions which give all of us free access to our credit files by snail mail (takes about 10 days).
If anyone has detailed info on how quickly rpdata info is updated after a sale, I’d be interested also.
Cheers
GregOriginally posted by Qlds007:Dave Are you currently self employed or run a small business? My partner is a CPA although his practise is only taking on S/e clients to be able to justify the fee income. If yes i will ask him and happy to provide you with his details.
Funky Dave
Go with Qlds 007’s partner if he will take you on. These guys are very street smart.
If they’re a bit out of your league, try Julia Hartmann julia@bantacs. She’s in Brisbane’s northern suburbs and Cotton Tree on the Sunshine Coast. Do a search under “J” in the “Members” alphabet listings (click top LHS “Members” button). Read her posts thoroughly, and it will quickly become self-evident you’re dealing with yet another real professional.
Cheers
Greg
PS: By the way Qlds007, LOVE your new avatar. Why did you change it from the old one? A bit too craggy, needed a makeover or something?[biggrin][biggrin][cap][cigar][cigar]Originally posted by woodsman:Is there other/better software to value your properties?Yes…comparable sales of the same property type in the same area. Cost – a couple of phone calls to local agents and a few hours max to possibly view them.
Hi folks
Once you own a big enough portfolio, you can usually ring up one of your property managers and ask them to do you a favour. This is what I do.Since virtually all RE agents subscribe to “RP Data”, they are more than happy to do a Real Property search online and give me a printout of the results in the same street /price paid for the particular property the last time it was sold (ie., how much the current owner paid for it, its Sales History etc etc.)
Good luck.
Gregjaco22:
Thanks Greg and bjb for your info.[biggrin]Hi Jaco
There you go again with indecipherable sms talk! What the heck is “bjb”?? (Bloomin’ Jolly Brilliant??) [blush2][biggrin]
Cheers
gregOriginally posted by MiniMogul:Hi guys
I’m doing my first development this year. I’m taking bets….Cheers-Mini
Hi Mini
This thread is “My Mission”. Are you building a Mission or something? [biggrin] Have you gone all religious on us? [biggrin]
Just joking! I’m betting you’ll make a squillion! My motto these days is to “Buy Wholesale, add value with my knowledge, sell Retail.” That’s what being a developer is all about, so …
…Welcome to the ranks of “Developers Inc.” [cigar][cigar]. Our Rural Residential subdivision is going nicely; we’ve just formed a broader group of investors and are currently buying the 40 acre block next door to the 60 acre block we already own. This will give us a total of around 50 bigger blocks of land. The bigger builders like bigger subdivisions better than smaller subdivisions, plus we get to build our road along a higher contour rather than across a lower lying area which we’d have to build up /put water pipes underneath etc etc. A win/win outcome all round.
Cheers
GregBy the way, you’re not trying to self-manage your first IP, are you?
Please take the advice of an “old hand” at this game, and get a good PM. If you can find a good one, they’re worth their weight in gold (ask the ACT network on this forum to recommend a good PM in canberra).
The days remaining to reach your goal of becoming a Paper Millionaire by January 17th 2006 are fast running out (love the “days remaining” clock on your website, by the way). Your days are way too precious to waste in learning to be a PM. My tip is to pay the few dollars a good PM will cost you, and spend your precious time elsewhere building your wealth.
Cheers
GregOriginally posted by bwiemers:
Hi Everybody, I am about to rent out my first rental property and I am trying to find a copy of the ACT Residential Lease. BernieHi Bernie
And congrats on your awesome website. I strongly urge all readers (especially if you’re quite new at this game) to click on Bernie’s:
http://www.my-wealth-plan.com
for an inspiring look at how to write down your goals, and publish them. All the guru’s recommend you do this as a first step, but so few people actually do it. Well done on following your mentor’s advice, and in such a rigorously systematic /publicly accountable manner, Bernie.Re the ACT online lease, obviously you can ask a RE agent, but they’re busy people. Because I have quite a few IP’s, I can always get this sort of info by just ringing one of my Property Managers. You’re paying them, so they owe you, right? However, as I don’t own property in Canberra /Queanbeyan, I can’t make a call on your behalf. You might want to PM some of the Canberra forumites who own IP’s there, and ask if they can help you get a copy of the lease.
Cheers
GregOriginally posted by Swampy30:
Do most houses in Mount Isa have air conditioning? Would you find it difficult to find a tenant for a house with no air con?G’day Swampy
Virtually all houses in the Isa have EVAPORATIVE air, one of the earliest generations of air COOLERS (a massive metal unit, usually perched on the top ridge of the roof). They help keep the temperature cooler, but for my money not a patch on today’s air conditioners.
Part of my Isa portfolio includes 2 brand new executive townhouses (block, 3BR, DLUG), and both have the latest reverse cycle a/c both upstairs and downstairs. However, I also own blocks of 4 X 2BR block units in the better areas of town, and enjoy virtually 100% occupancy with these because I keep my rents competitive, in the best AREAS, but none of the block units have a/c.
There you have it. Best of luck
Greg
Originally posted by Monopoly:
Don’t worry if you don’t know where to begin….YOU ALREADY HAVE…simply by visiting this forum and reading the posts, and if you keep it up you will find an array of wonderful people, with diverse opinions and great information sources. Welcome and enjoy!!! [biggrin] JoAnother welcoming and uplifting post from you, Monopoly.
Well done (as usual)!
My advice is to:
1. Stay well away from paralysing doom and gloom prophets, and
2. Read Peter Spann’s “$10 Million Property Portfolio in 10 Years” asap.I’ve mentioned Spann’s 5 year suburban cycle elsewhere on these boards, but if you want an EMINENTLY PRACTICAL way to profit from the purchase of Median House Price statistical data over the past 10 years in your capital city, there’s no one better than Spann.
You already know this, Jo, but I can’t think of a better way for a serious novice (ie., a novice who’s prepared to ACT on the tips provided) to start than by learning how to practically apply data re 5 year capital city suburban cycles.
Cheers
GregOriginally posted by jaco22:What’s your thoughts on this:-
3 BR house in Ann St. (Govt rental) lease hold with approx $1100 to pay for freehold. vendor wants $120k poss rent$200-$220 current rental $150pw with a couple of months to go on lease.
Am I looking at the right scenario. Shane[biggrin]Hi Shane
I can’t remember where Ann St is, offhand, but if it’s a governemnt rental, I suspect it may not be in one of the most desirable parts of town.
I repeat, ring Lorraine, even fax her a printout of this thread with my recommendations. For my money, be patient. Stacks of good deals in the Happy Valley area and/or near the hospital will surface if you just give it a couple of weeks /maybe MONTHS of patient waiting.
Try to either get:
1. Concrete block house OR
2. Zincaneal home in the BEST part of town (they don’t cost that much more, but are far more lettable in the lean times).Cheers
GregOriginally posted by Greg F:Quote:My earlier post was actually an offer.One more tip, mcubed.
You might like to PM “Still in School”, a respected younger member of this forum. SIS is 22-23 years old and invests in property as well as trades in shares.
Click “Members” in the top LHS of this page, and go to the letter “S”, where you’ll find him. Read his profile, and if you like what you see, PM him (I hope SIS doesn’t want my “guts for garters” for dobbing him in) [biggrin][biggrin]
Cheers
GregOriginally posted by mcubed:…Thanks for ur input!really appreciat it:-)
i just want to starting investing asap, but reliase i need to read more! possibly wait until the market settles down, but the longer i wait, i wont be able acheive my goal of having 1M worth of property by the time i am 30! and ideas to get there quicker! thanks again. i was thinking of getting some amp shares or westpac bank shares with 8 g’s??Hi again mcubed
Hope my (and others) apparent “bluntnesses” haven’t frightened you off property. We’re actually a lot more helpful than I think you might realise. By all means head into the sharemarket (and it might be the most astute thing for you to do right now). But whether it’s property or shares, you need to read VORACIOUSLY.
My earlier post was actually an offer. Please post the list of books you’ve read so far, so we can get an idea of where your knowledge is currently at (no shame in being new, okay, we ALL had to start somewhere). If we have this knowledge, we’ll be in a better position to advise you re how to best structure /sequence the next few books we think you would most benefit from reading.
Looking forward to seeing your list.
Cheers
GregOriginally posted by copperg:…how are all you Developer Types out there going about crunching the numbers for your developments??? Probably the same as me, now, ….putting it thru a spread sheet???
(I use Somersoft PIA for straight Cash-Flow Buy/Hold/Rent/deals.) Any Ideas??? GCHi GC
Sorry for my tardiness. Life’s just too darned busy. My JV partner and I are doing our first Rural Residential sub-division in SE Qld, and have so far relied on a basic spreadsheet.
Our surveyor has just done his first preliminary surveys (“thumbnail sketch dipped in tar”, as he calls it), designed to get the contours for the most economical road route. He’ll be sending this to our Civil Engineers, who will then be able to come up with more accurate “ballpark costings” to help us get ready to submit to our banks re infrastructure funding. We’ve also joining forces with our competitors (2-3 other key developers in our area) for a possible joint approach to Ergon Energy re 3 Phase electricity to service all our lots.
Am very interested if you can get good info on this, so don’t give up. My tip is to try the direct approach – PM directly some of the key developers here or on somersoft. Hopefully they won’t “have my guts for garters” for dobbing them in here, but I’d suggest clicking on the “Members” button in the top Left Hand corner, then searching for and PMing:
~ Michael Yardney (under M, not Y)
~ Qlds007
~ Richmond
~ Resiwealth
~ Rick Otton
to get you started, as well as myself.If we work together on this, we should be able to come up with something more refined than our basic spreadsheets.
Looking forward to your pm, and please post your findings here afterwards, okay?
Cheers
GregOriginally posted by jcls79:I am looking for publicly available data for median price growth (10 years, 3 years and 1 year) for all suburbs in QLD? john
Hi John
Reading between the lines, seems like you’re a fan of Peter Spann, like a lot of us here.
Try searching Peter Spann’s posts (there was a major thread he contributed to 3 or 4 months ago) on this forum, and see what you can dig up. If no luck there, go to http://www.freemanfox.com.au (Peter’s website) and see if you can email them a request.
Let us know how you get on, as this bit of info will interest a lot of people here. Websites, addresses etc would be most helpful.
Cheers
GregOriginally posted by steve2:I have been recommended my first property dev. in Hervey Bay, QLD. I will need to get a loan for 850K to complete this dev. I just don’t want to get myself in trouble with such a big loan!!
Hi Steve
We have a JV partner from this forum, and are doing a Rural Residential subdivision in Gympie which is going nicely. I’d be happy to offer advice/suggestions if you PM’d me, and then rang for a chat.
Wilandel are highly regarded here; make sure you follow up their offer to advise you.
And one last thing. Don’t let fear rule you, okay? Some highly credentialled people have already responded. Just ask the hard questions and, as always, do RIGOROUS due diligence.
Cheers
GregOriginally posted by jaco22:Read article about rental returns in Mt.Isa has anyone invested up there. If so any contacts to sus out properties would be appreciated.[biggrin] Shane
Help me out, will you Shane? PPIC? What’s this one mean? I’m fine with OPM, LVR, DSR, SANF (thanks Monopoly) and a host of others, but this one’s got me beat!
Re Mt Isa, I’ve got quite a few IP’s there (all brick /block, and doing very nicely). I split my management between Jays RE and Ray White, and am delighted with the service I receive from both. The agents are a tight-knit little group, so best not to get on the wrong side of any of them. [biggrin] Ring and speak to:
* Lorraine L’Estrange @ Jays RE 0409485856 (Wk: 0747448000)
* Shelley @ Ray White (her phone no’s not handy).Both ladies, in my experience, are highly ethical and won’t “gild the lily”. Tell them “Greg from Gympie” suggested you give them a call, and spoke highly of them. They know me well.
Ask Lorraine to walk you through the map of Mt Isa STREET BY STREET the way she did over the phone with me when I first rang her up. Ask her to tell you the good areas, and the “no go” areas, and have a yellow highlighter pen ready as she’s talking you through them. Re maps, go to http://www.whereis.com.au
and type in Elliott St Mt Isa (it’s in Happy Valley, the best “suburb”. This will get you started, but get Lorraine /Shelley to fax /email you a map as well.Be patient, don’t over-load your portfolio with Isa properties (1 or 2 houses, or a block of 4 block flats should be fine), and invest elsewhere for capital gain. Be in it for the long haul.
Cheers
Greg
(PM me if you need more precise info)Originally posted by mcubed:Looks like i need to read more, – boring! :-(I just want to get in there and start! Anyone want to take me on board?? Basically i have 10 g’s, fulltime job and looking to create weatlh asap! Thoughts?
You asked for our thoughts, so watch out!!
I’m wary that your enthusiasm doesn’t appear to extend to putting in the long hours of solid due diligence / research that success in this game actually takes.
You need to be more focused. You appear too scattergun – ish. I love your enthusiasm, but I suggest as a first practical step that you list, in detail (and for your own benefit, not ours, although we need to see your detailed, precise list) ALL the books you’ve already read. We’ll know them all, or most. And please don’t fudge the list to impress us.
We want to help, but you’ve got to get more real, and that’s shorthand for “more professional”. No hard feelings, okay. I repeat, we want to help, but you need to roll up your sleeves, sharpen your pencil, buy a financial calculator, and READ.
Keep smiling, and keep up your enthusiasm.
Cheers
GregOriginally posted by streetwise:
Im currently subdividing in the SouthWest and as hard as Ive tried I cant make a case for building as opposed to just selling the blocks…. the risk and associated holding costs etc etc would for me far outweigh the “cut and run” approach. I guess it could vary in specific areas.Hi streetwise
I think you’ve hit the nail on the head with your comment that the outcomes will vary in specific areas. ead, as well as pm’ing resiwealth, why not sell your existing house and land, and building a H&L package on the remaining block to either keep or sell?
Cheers
GregOriginally posted by pelican:I suggest you have a good read of the Draft SEQ regional plan…. It’s available at http://www.uom.qld.gov.au Cheers Pelican
Hi John
I’m an investor /developer living in a SEQld regional centre. Two tips:
1. I second Pelican’s advice re the SEQ regional plan. Download and study it very, very carefully.
2. If you decide to invest in suburban capital cities (eg. Brisbane, Gold Coast, Sunshine Coast), I’d strongly encourage you to learn from a fellow who can teach you how to PRACTICALLY APPLY median statistical research data (eg. median house price movements over the past 10 years). Lots of people talk about it, but Peter Spann shows you how to do it. He has a brilliant chapter on this topic in his book “How to Build a $10 Million Property Portfolio in 10 years”.If you’re a relative newcomer, you may be tempted to skip over his section, thinking (wrongly) that it doesn’t apply to you or you’ll do it at some time in the future. I read and reread the chapter 4 or 5 times to make sure I knew what to do with a highlighter pen once I’d bought the statisticasl data for the areas I was researching. Do it, okay?
Cheers
GregOriginally posted by Derek:Hi Angel, Give Julia a call at http://www.bantacs.com.au – Julia posts/posted here from time to time and can also be PM’ed. Derek
Hi Angel
Just adding my voice to Derek’s recommendation re Julia @ Bantacs: she’s one street smart lady!
I gather from your reference re the Gold Coast that you probably live in the southern suburbs of Brisbane, and Julia works out of the northern suburbs of Brisbane (plus Cotton Tree/ Maroochydore) on the Sunshine Coast.
Don’t let a minor issue like travelling stop you. I suggest you not only check Julia’s posts here (search her under Members), but also check the Sunday Mail from time to time. She writes in the Smart Money section alongside Noel Whittaker etc. You won’t do better than this lady.
Cheers
Greg
