Forum Replies Created
Hi Freedomfighter,
I’m an independant Buyer’s Advocate in Tasmania, my name is Judanne and I’ll attempt to answer some of your questions.
How many of us out here? Well just in Launceston there are four of us that I know of. Two, like myself are investors who have branched out, one is an ex agent and the newest has bought into a national franchise.
What areas are researched and how? I rely on my local knowledge as well as statistics provided monthly by the REIT based on stats provided by their members.
Do I invest in my researched area? Of course!!
What condition are the properties? Anywhere from dog boxes to palaces depending on price restrictions and areas chosen. For less than $150K you can find a palace in an ex housing dept area or a do-er upper in a better area, for example.
What returns do I find? At the moment most returns are 4 to 6% gross, but there are occasionally much better returns and I know of two properties on the market at the moment returning 8% and 9% Nett and both under $150K.
What do I charge? An engagement fee of $330 and a finder’s fee of 1.1% of purchase price. This fee is normally offsett by the savings made on the purchase of the property.
Can I be trusted? I have testimonials from some happy clients on the website. If necessary, I can ask if you can contact some ex clients.Judanne Simpson
Launceston Homefinders
http://www.launceston-homefinders.com.au
[email protected]I’m confused. The December newsletter proposes to discuss no money down deals, yet in deal 1 Tristan puts down $10,000 and in deal 2, $5,000. Where are the no money down deals?
In deal one, with $10,000 deposit on a $100,000 property, he could have a ‘normal’ mortgage of 5% deposit and use the other $5,000 for the purchase expenses.
In deal 2, he offers $5,000 deposit and $216+ per week in rent. No positive cash flow here as even if he does sub let the property, $100,000 will, at best, buy a 1 bedroom flat which will rent for only $100 a week (local values) so he is out of pocket to the tune of more than $116 per week.
Judanne
