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May 6, 2011 - 4:43 am

That was a good read Kent.

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May 6, 2011 - 4:31 am

Brisbane, QLD
About 3km from the CBD.

Wish I owned the apartment though! Blasted rent…

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May 6, 2011 - 1:09 am

Permission in writing would also be my recommendation.

A signed e-mail also should qualify.

Trespassing is an interesting thing. To my memory if they (seller) ask you to leave you can consider that written permission moot.

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May 5, 2011 - 9:13 am

xdrew, that was an awesome read.

I wish I had the balls to even THINK about being a developer!

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May 5, 2011 - 8:17 am

haha o snap!

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May 5, 2011 - 4:43 am

hannahbella3 wrote:

hi,
I have been reading this forum for many months now but this is my first post.

my name is Hannah and i am a waitress living in Kalgoorlie, i have always wanted to become a real estate agent and i got this opportunity when i came to kalgoorlie a year and a half ago and im so glad that i did as i learnt so much that it is now helping me with my investment portfolio.

i was paid a retainer of $470 a week which is the law in wa now, but you had to pay it back when you made a sale or if one of your listings was sold. if you sold a property you would get 20% of the commission and if one of your properties you listed was sold then you would get 20% of the commission, you dont always sell your own listing as any agent in the office can sell your listing so if one of your listings was sold for $250,000 and the commission was 3.3% then the total commission paid by the seller is $8,250 and 20% of that is only $1,650. now say you are working there for 3 months, your retainer is up to $5,640, if it takes 1 month to have one of your listings sold and 8 weeks until settlement you are only paying off $1650 of your retainer.

I worked there for 4 months and i got 4 listings and i didnt sell one single thing because i didnt like to push people or lie to them or constantly call people i knew who were not interested ( i was told to call every client 6 times before giving up on them). another part of my job was door knocking and trying to get people to sell their house with me, i didnt do this once as i hate people coming to my door but it is part of the job and it gets results.

i say give it ago as i hated it so much but i think it was the very best thing i have done.

WOW! That sounds BRUTAL! Congratulations for lasting that long, I would have been out of there lickity split! That said, I have bills to pay (rent etc) so that would just not cut it! I don't really understand how any one could survive with that? Unless you're amazing at sales!

I dunno, that's just me!

Thanks for the story

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May 4, 2011 - 11:02 pm

I suppose it depends how comfortable you are knowing that you, potentially, may make $0 in a week.

I don't work in real estate, but I am more comfortable knowing that every two weeks my pay will be delivered in to my account and that I know exactly how much it will be.

In my personal opinion, totally un-related to whether you could be getting finance or not, I would tell him where to shove that job and look for one which offered a salary (even if a bit low) + Comms. They are out there from what I have seen!

Good luck mate, hope you find what you're looking for!

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May 4, 2011 - 10:31 pm

Good luck mate! Hope you achieve everything you set out to do, and it seems like you have the right frame of mind – which is just as important as the know how

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May 4, 2011 - 5:31 am

dc99 wrote:

yes indeed… where r u investing lordopg? perhaps you can advise me on better suburbs?

Hey mate,
I am yet to invest – and not really at a level where I could give any advice!

My plans for the next 6-12 months are:
# Save, save, save!
# Buy first property as owner occupier and pretty much follow the plan outlined in the Original Post..

I live in QLD so I'm not familiar with the Sydney market. In QLD I will be trying to invest in the St.Lucia/Toowong/Taringa area as it is very close to The University of Queensland. My partner and I would be looking to buy a 3 bedroom and then renting out an extra room to a student. Then eventually move on from that house and open up as a sharehouse – each room for rent. That, or, we just rent the whole house. I have not done enough research as to which is a better choice. (most likely a thread later?)

I am very, very excited for the next 6 months to come and go!

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May 3, 2011 - 10:12 pm

dc99 wrote:

Hi Angel, I did some research for rental market in Sydney and mostly the rental return is around 5%pa. Let say Sydney CBD, 1bedroom apartment can cost me $530,000 and with rental income is around $520/week ($520x52week=$27,040.00~around 5%pa from investment) Is there any area with rental income 7-10% pa? Do you consider 5% return pa is healthy investment? Thanks, dc99

Ouch, Sydney market sounds BRUTAL!

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May 3, 2011 - 10:26 am

If someone knows the answer, they should probably go buy a lotto ticket too!

hehe.

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May 3, 2011 - 5:22 am

Suppose that depends how you're measuring their success?

More properties? More net worth? More return pa?

Would be interesting in seeing this list though!

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May 2, 2011 - 8:33 am

Nathan Birch wrote:

When you purchase properties if you purchase the correct properties with strong cashflow the bank actually sees this as a positive and includes the rent as income therefore your borrowing capacity increases.

So $50kpa and you buy $200k IP with $300pw ($15,6000pa) rent, new income is $$65,600 and debt $200k.

Hope this helps.

That would also have a lot of how you present yourself when asking for the loan? Right?

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May 1, 2011 - 8:16 am

Thanks for the information!

Are you going to be buying a positive cash flow property in Bathurst?

Would be interested in seeing the numbers if you don't mind!

Thanks

Patrick

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April 30, 2011 - 4:12 am

This seems like a very smart idea!

let me see if I understand:
– She finds owners who need a certain value of rent pw
– She then finds a tenant willing to pay over that value and keeps the difference?

Patrick

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April 30, 2011 - 3:03 am

OK,
awesome, thanks

edit: naw shucks thecrest. The only thing I have at the moment is the knowledge that what I want is going to happen. There's just a few blanks I've got to fill in

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April 30, 2011 - 2:14 am

Hey,
Thanks for that Angelina

I have a question based on the OP (original post):
– Does 'Sarah' have a PPoR that she has bought? Or is property #1 her PPoR?
– If it is her PPoR, how would she try to structure her loan? Should she be trying to get one which will assist with turning it in to a IP down the track? Is there even a difference at all?

Thanks guys!

Patrick

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April 29, 2011 - 12:48 pm

Hey guys,

Your stories are both inspirational but, I must admit, feel so foreign!

Coming from a low-medium income household, we never had anything like what you guys are suggesting. It wasn't even considered for a fleeting moment.

Now I want to change that but I think I'm almost too eager? I know realistically I couldn't hope to make any bold moves for another year, perhaps 6 months if, somehow, I got a 90% loan.

How did you manage to be so patient!?

I guess there's nothing that can be done except to try and learn how the market works and the 'theory' behind IP and then, eventually, when I can start, to just dive in.

Thanks (for listening to a ramble!)

Patrick.

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April 28, 2011 - 11:45 pm

Thanks for the input thecrest!

Appreciate it mate!

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April 28, 2011 - 9:48 am

G'day,
I live in Brisbane in 4066 – only about 5 minutes away from West End (minus traffic).

West End is a trendy place and attracts all sorts of different people. Lots of young professionals are living there as it has a vibrant and unique culture to it.There is lots of good dining and boutique shops which attract interesting groups.

I haven't done any research etc into the area, mainly trying to answer your third question

I think West End would be a good place to live but what I have looked at have been either dumps and cheap(er) or modern and expensive. All-in-all I think it is a pretty expensive place to live but for people just starting their careers as young professionals it would be a desirable place to live.

Are you thinking of buying and leasing it out or buy/reno/sell or…