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The stuff I have read indicates the drop in 1st home buyers and the rise in investing is linked. IE FHB are now buying an IP first. (like I did many yrs ago and was the only one of my friends) is this a problem?
BuyersAgent | Precium
http://www.precium.com.au
Email Me | Phone MeSouth Coast NSW Independent Buyers Agent - Wollongong to Batemans Bay and Regional NSW. DOWNLOAD OUR FREE 14 POINT PROPERTY BUYER'S CHEATSHEET to avoid painful mistakes at precium.com.au
so as a buyer’s agent, if the price is at $800k why would you want to negotiate it down to $700k?
I can’t spreak for anyone else but majority of my business comes from referrals. So my motivation to get each client the very best price is based on a desire for then to be so totally happy with the outcome that they will spontaneously tell their friends, cousins, workmates etc about the service.
BuyersAgent | Precium
http://www.precium.com.au
Email Me | Phone MeSouth Coast NSW Independent Buyers Agent - Wollongong to Batemans Bay and Regional NSW. DOWNLOAD OUR FREE 14 POINT PROPERTY BUYER'S CHEATSHEET to avoid painful mistakes at precium.com.au
Dean,
Well done so far and best of luck on the next one!
I ended up fixing 2 loans for 5 at 4.49, as you said a premium of .15 with current outlook in my mind pretty good as I can’t see things being in the doldrums for 5 whole yrs. time will tell of courseWe signed up for our 2nd IP to a 4.79% 3 year fixed for $665k in October last year on a portfolio loan which I noticed if we signed today is now down to 4.64% but a 5 year fixed down to 4.64% is great.
St George obviously believe standard variables are going to drop lower than the 4.74% they are currently charging for variable portfolio loans (at least that’s what our other variable rate mortgage currently is at as have $900k in total mortgage).
With the potential for another 0.25% happening on either March 3rd or April 3rd from the RBA dropping the variable portfolio loan to 4.49% means you will be paying a premium of 0.15% to lock in a rate for the next 5 years……..unless anyone has any other feedback sounds like a good deal to me.
We’re planning to purchase our 3rd IP in June so hopefully can lock in a 5 year at that rate.
BuyersAgent | Precium
http://www.precium.com.au
Email Me | Phone MeSouth Coast NSW Independent Buyers Agent - Wollongong to Batemans Bay and Regional NSW. DOWNLOAD OUR FREE 14 POINT PROPERTY BUYER'S CHEATSHEET to avoid painful mistakes at precium.com.au
Thanks both, yes that is exactly what has happened, both properties are now owing less on the monthly mortgage payment than rental value each month, and I can totally forget about the mortgage and think about other ventures.
Its a stress reduction exercise.
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This reply was modified 9 years, 2 months ago by
BuyersAgent.
BuyersAgent | Precium
http://www.precium.com.au
Email Me | Phone MeSouth Coast NSW Independent Buyers Agent - Wollongong to Batemans Bay and Regional NSW. DOWNLOAD OUR FREE 14 POINT PROPERTY BUYER'S CHEATSHEET to avoid painful mistakes at precium.com.au
@shannon88 What was your experience? Do you have a sense of whether the properties being offered are actually worth the price or is there a chance they are inflated? This is the biggest problem (as raised by others) I see so many horror stories of these places with conflict of interest, pretending to be investment advisors and buyers agents when they are not. You need independent advice and evidence based valuations on anything you are going to purchase. Best of luck.
BuyersAgent | Precium
http://www.precium.com.au
Email Me | Phone MeSouth Coast NSW Independent Buyers Agent - Wollongong to Batemans Bay and Regional NSW. DOWNLOAD OUR FREE 14 POINT PROPERTY BUYER'S CHEATSHEET to avoid painful mistakes at precium.com.au
@misswilko well done for persevering! Hopefully in a long time all the drama and delay will be forgotten and you will enjoy the ownership of a quality asset. All the best with it.
BuyersAgent | Precium
http://www.precium.com.au
Email Me | Phone MeSouth Coast NSW Independent Buyers Agent - Wollongong to Batemans Bay and Regional NSW. DOWNLOAD OUR FREE 14 POINT PROPERTY BUYER'S CHEATSHEET to avoid painful mistakes at precium.com.au
You need a new accountant. See Terry’s post above.
BuyersAgent | Precium
http://www.precium.com.au
Email Me | Phone MeSouth Coast NSW Independent Buyers Agent - Wollongong to Batemans Bay and Regional NSW. DOWNLOAD OUR FREE 14 POINT PROPERTY BUYER'S CHEATSHEET to avoid painful mistakes at precium.com.au
As stated by the brokers and Terry above, there are a few options but if the long term goal is max tax deductible then you want a larger loan amount, keep your cash separate, set the loan to interest only and let the offset grow so your next purchase is with the cash reducing that eventual ppor (non deductible) loan.
BuyersAgent | Precium
http://www.precium.com.au
Email Me | Phone MeSouth Coast NSW Independent Buyers Agent - Wollongong to Batemans Bay and Regional NSW. DOWNLOAD OUR FREE 14 POINT PROPERTY BUYER'S CHEATSHEET to avoid painful mistakes at precium.com.au
Land tax is vic is different to NSW. Trusts do get a threshold there, unlike NSW, but it is very small. But the rates of land tax are higher for trusts than individuals unlike NSW.
Given this I would consider own name if I was you. (unless your day job is high risk of being sued like medical dr or similar)
BuyersAgent | Precium
http://www.precium.com.au
Email Me | Phone MeSouth Coast NSW Independent Buyers Agent - Wollongong to Batemans Bay and Regional NSW. DOWNLOAD OUR FREE 14 POINT PROPERTY BUYER'S CHEATSHEET to avoid painful mistakes at precium.com.au
It totally depends on the type of subdivision. The language varies a bit with location so the language I use is for my region. There is greenfield subdiv which is just cutting up blocks. This always results in a torrens title block. No house plans required. Then there is dual occ development. Within dual occ there is torrens and strata title, varied by council. Then there is multi unit dwellings, usually strata title.
With torrens title dual occ you usually need to do the approval and build before the second title is issued, or the 2nd property is “subdivided” the benefit is that with dual occ you can often get away with less land or slightly more lenient criteria than greenfield subdividing.
As stated above, if you can subdiv and cut off a block and sell it then your house becomes more +cf due to smaller mortgage.
The advantage of going through the hassle of building (if doing dual occ) is that you have a new dwelling. The tax advantages and comparative rent can be much better so sometimes the numbers work better to buy the old house, renovated it, dual occ the back, build new, keep new and sell the old (no gst on old dwelling but there would be on new). Keep new for better rent, better tenant, better tax.Thats a few options anyway.
BuyersAgent | Precium
http://www.precium.com.au
Email Me | Phone MeSouth Coast NSW Independent Buyers Agent - Wollongong to Batemans Bay and Regional NSW. DOWNLOAD OUR FREE 14 POINT PROPERTY BUYER'S CHEATSHEET to avoid painful mistakes at precium.com.au
@tristan1 thanks for your trouble of providing these detailed comments! Can you answer a couple more questions?
Did your BA also organise a property inspection?
Did you have a rental yield target in mind which the BA advised on?
How did you find the BA, did you get a recommendation from someone?I was recommended my Buyers agent through the somersoft property forum. A BA can have a number of rolls you can employ them for. Full service, partial service, single inspections, negotiating and buying at auction.
I got mine for the Full service- As it sounds they will do every thing from start to finish. Starts with a Buying brief specific to your circumstances/strategy. It may include price range Under 300K, rental yield 6.5%, immediately rentable, maintenance free, target suburbs. Then they will inspect properties that fit the criteria. Write detailed reports and valuations of each property inspected. They also have lots of advice to give as they have the local knowledge, aswell as getting a better gauge of the selling agents. Then they will negotiate or attend an auction on your behalf on properties you like. Mine even short listed a number of property managers for me.Hope info helps, If your interested call or email a few buyers agent. You will know which one to go with after talking to them and reading reviews.
Cheers
@hdewalais the description above by @tristan1 is about right. I didn’t mention the other forum earlier out of respect for Steve who founded this one, but you might find more specific BA recommendations over there too, for example I know that an investor or two have written things about me there and they aren’t on this one. Both are useful as there is a different set of investors on both. The full brief of service from Tristan is roughly correct, it is a start to finish service designed to make buying easier, and smarter. Only you can decide if its right for you, so do your research thoroughly. Once you commit to a path you don’t want to be doubting yourself. Best of luck.
BuyersAgent | Precium
http://www.precium.com.au
Email Me | Phone MeSouth Coast NSW Independent Buyers Agent - Wollongong to Batemans Bay and Regional NSW. DOWNLOAD OUR FREE 14 POINT PROPERTY BUYER'S CHEATSHEET to avoid painful mistakes at precium.com.au
<div class=”d4p-bbt-quote-title”>Janelle wrote:</div>
We have told them we don’t want anything from them. The guy kept pushing “but it’s only $54 a week!!! It’s being built next year so you have a whole year to save.” etc etc… my husband had to get quite animated for him to even listen.
so no, we’re not going through them. We are doing it our own way With the help of the in-laws.Hi Janelle,
In the end, we also pushed pause on the investment property. I was firm from the beginning and to be fair the “Property Coach” was quite open and left it there for now….said he would follow up in 2015, but still no word from him. No idea whether he is no longer there or not, but it seems that they aren’t interested in us any more.
We still went through with being a “member” though and used the financial advisor from their affiliate in Melbourne to refinance our home/consolidated debts which we did want to do anyway. Was happy with that process and no complaints.
The way I look at it; I never hear from them again and I spent $700 to learn a lesson or I hear from them again one day and will know not to be pushed or rushed into any one particular corner and to come in with eyes wide open.
Trust me from the storeys I have heard $700 is a cheap education.
BuyersAgent | Precium
http://www.precium.com.au
Email Me | Phone MeSouth Coast NSW Independent Buyers Agent - Wollongong to Batemans Bay and Regional NSW. DOWNLOAD OUR FREE 14 POINT PROPERTY BUYER'S CHEATSHEET to avoid painful mistakes at precium.com.au
Yep. Really depends on you, your goals, strategy and research that led you to Yepoon in the first place. If you provide some more information you might get better answers.
BuyersAgent | Precium
http://www.precium.com.au
Email Me | Phone MeSouth Coast NSW Independent Buyers Agent - Wollongong to Batemans Bay and Regional NSW. DOWNLOAD OUR FREE 14 POINT PROPERTY BUYER'S CHEATSHEET to avoid painful mistakes at precium.com.au
As mentioned a few weeks rent is a ridiculous reason for either party to back out. As Terry said I would offer to cover any lost rent for the few weeks if they leave early.
BuyersAgent | Precium
http://www.precium.com.au
Email Me | Phone MeSouth Coast NSW Independent Buyers Agent - Wollongong to Batemans Bay and Regional NSW. DOWNLOAD OUR FREE 14 POINT PROPERTY BUYER'S CHEATSHEET to avoid painful mistakes at precium.com.au
DM Jake Milne is in Melbourne he is very good. Working with a company called Qura. Metropole also do good work in inner ring.
BuyersAgent | Precium
http://www.precium.com.au
Email Me | Phone MeSouth Coast NSW Independent Buyers Agent - Wollongong to Batemans Bay and Regional NSW. DOWNLOAD OUR FREE 14 POINT PROPERTY BUYER'S CHEATSHEET to avoid painful mistakes at precium.com.au
No worries Helen. Yes most BA’s will charge an upfront engagement fee to cover research, travel and legwork. I (for example) charge $1500 upfront and the rest later. You should always look for a contract that describes what service they are offering and it should state that they do not get paid by anyone else.
BuyersAgent | Precium
http://www.precium.com.au
Email Me | Phone MeSouth Coast NSW Independent Buyers Agent - Wollongong to Batemans Bay and Regional NSW. DOWNLOAD OUR FREE 14 POINT PROPERTY BUYER'S CHEATSHEET to avoid painful mistakes at precium.com.au
Well it looks like my post has now been hijacked,not bad for a first attempt at a question on this forum!
@knightm I have searched the forum and have not found anything helpful from anyone who actually *used* a buyer’s agent.
Which was my question.
I guess there isn’t anyone on the forum able to share this experience, a shame. I expect that buyer’s agents can provide references though.
I did find someone in Canberra (through another means) who had used a buyer’s agent and he said he would never do it again due to the problems this caused establishing who the selling agent actually was, to his bank. The bank caused a lot of issues and stress as a result. It was a new apartment and there was a selling company, a real estate agent and a buyer’s agent involved and it did not go well.So sorry the original question hasn’t been answered Helen. If you do a general buyers agent search in this forum and spend enough time reading there are some recommendations that are free and independent. To find more in-depth reviews you might need to do some google searches, do a little more digging inside this forum or the other major property forum. REBAA is also a great place to make an enquiry, they are a national body of BA’s and have info and testimonials from many states I think my property hunter in TAS is actually a member so you should be able to do a quality control check through them.
From the way you describe your referral’s situation it sounds like there may have been 2 selling agents and 1 was masquerading as a “Buyers” agent because they handled the buyer. This does not mean they are licensed and independent. If both parties are on contract or there is dispute as to who then this means both parties are representing the vendor (I am a BA and I have never been listed on a contract) which means both parties probably got paid money by the vendor (whether the service was “free” to the buyer or even if they had a to pay a fee which I have seen) if they both got paid by the vendor then its a dodgy situation and not a true Buyers Agent arrangement. The above is confusing but it happens – In big real estate agencies I sometimes meet a selling agent and they say “oh, I am a buyers agent too” meaning speak with buyers and they may have a partner who spends more time working with the vendor, but they still get paid by the vendor, so they are not really true buyers agents. It gets even murkier with new developments as the developer can pay marketing firms, real estate agents, spruikers who run seminars to advertise their stock etc etc etc. Clear as mud?
The biggest 2 questions to ask in my mind are:
1 – How does this person get paid?
2 – Are they good enough to have a track record of happy clients?Keep going you will learn a lot from this.
BuyersAgent | Precium
http://www.precium.com.au
Email Me | Phone MeSouth Coast NSW Independent Buyers Agent - Wollongong to Batemans Bay and Regional NSW. DOWNLOAD OUR FREE 14 POINT PROPERTY BUYER'S CHEATSHEET to avoid painful mistakes at precium.com.au
We have told them we don’t want anything from them. The guy kept pushing “but it’s only $54 a week!!! It’s being built next year so you have a whole year to save.” etc etc… my husband had to get quite animated for him to even listen.
so no, we’re not going through them. We are doing it our own way With the help of the in-laws.If they are pushing you then its a good sign its not the right fit. Good on you for having the guts to choose a different path. As long as your in laws have some property investing experience I would say it will give you a better result!
BuyersAgent | Precium
http://www.precium.com.au
Email Me | Phone MeSouth Coast NSW Independent Buyers Agent - Wollongong to Batemans Bay and Regional NSW. DOWNLOAD OUR FREE 14 POINT PROPERTY BUYER'S CHEATSHEET to avoid painful mistakes at precium.com.au
Yes I gathered that Richard since his name is Rob. Is it against the forum rules to self-promote?
Welcome to the forum Helen. The purpose of the forum is mutual education. In that spirit anyone in property related industry is welcome to post and comment and even mention their service but we try not to sell so much as to help. This way everyone learns, free of charge (which was always the intention of the place) and anyone interested in contacting a service can see the track record of posts, advice, information etc that has been offered by a service. Usually those only interested in selling don’t last too long. Those interested in property investing for the long term often hang around. See TerryW above for example, some of the best free legal wisdom on the forums with many many people who have been helped. Hopefully Rob is willing to participate on that basis and if so I am sure his business and reputation will benefit. As always doing your own research is a good thing, and there are often testimonials online (here and elsewhere) from happy, or not so happy customers.
BuyersAgent | Precium
http://www.precium.com.au
Email Me | Phone MeSouth Coast NSW Independent Buyers Agent - Wollongong to Batemans Bay and Regional NSW. DOWNLOAD OUR FREE 14 POINT PROPERTY BUYER'S CHEATSHEET to avoid painful mistakes at precium.com.au
Well Janelle as Benny said and with some of those comments there I would press pause and take a sensible pill. Remember that when firms are marketing new property most often these marketing firms work for DEVELOPERS, not you. You are not the client, you are the patsy. Get independent advice from someone who only gets paid by you.
These forums have a wealth of info, so time spent reading will be time well spent and a good investment free of charge.
Best of luck!
BuyersAgent | Precium
http://www.precium.com.au
Email Me | Phone MeSouth Coast NSW Independent Buyers Agent - Wollongong to Batemans Bay and Regional NSW. DOWNLOAD OUR FREE 14 POINT PROPERTY BUYER'S CHEATSHEET to avoid painful mistakes at precium.com.au
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This reply was modified 9 years, 2 months ago by
