Forum Replies Created
great. i m also thinking of paying them a visit
thanks, never though of that. will always do that before posting
yeah i agree with that, will get some help from parents. but i am thinking of getting IP 1st which then the bank will not hasitate to lend me more money for my 2nd IP. as they may regards that the 1st ip have tenant and tax office to help me pay the debt, instead of own home, which i am all liable on the debt and have to pay the expenses from money after tax, where we could pay all expenses from IP with money before tax? need some opinion on this pls.
what will you guys do if got some cash sitting on saving account? pay off the mortgage? invest? such as?
well done. this will certainly keep us motivated. persistant will pay well
Thanks
hence the idea is that the excess fund is better of invested somewhere or put in CD?
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Hi Milen,Rather than get into an explanation myself, you will more than likely find the info you require at the ATO’s website.
As a general comment – you cannot claim the interest if you haven’t actually incurred it as a cost
If this link doesn’t work try
http://www.ato.gov.au/ and follow the links through to rental properties
Cheers
KymHi i am new in this area, but i received lots of suggestion on -ve gear ip but have to be in the high growth area, 2-12 km from metro area which growth around 8-9%. correct me on this pls if im wrong
Hi Bill
yes i could see what you mean there, yep some people are specialised in that field which may be a plus for us investor.
someone did tell me that if you find a good property manager, dun be stingy and just give them more percentage like 8-9% so that they really look after our property. few percentage of the rent wont hurt that much compare to damage taken due to bad tenant. what do you think??
Hi Ben
Where is your friend located? in melbourne? if so, kindly get me his contact number pls
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I have a friend in the buyer’s agent business. So far he has found genuinely excellent deals for people and charged 3K for the service.Many potential clients have been sceptical of course, but those that bought through him have been more than happy I understand.
I think it comes down to whether you have more money vs. time to how much value you would see in this service.
Ben
as a starter, you would recommend stay away from the buyer agent? yes i know its plenty of money there for the commission. thats why i need some opinion on this. how much buyer agent usually charge? anyone?
what kind of lead is it westan? you mean the area? region? im in melbourne anyway. i love to start on doing some research on the areas. any suggestion where to start? i go to homepriceguide.com.au and it give pretty good overview on the areas. some other place to keep researching?
any idea guys? i bump into a buyer agent but they asking for $5k commission flat for sourcing the ip. i am not sure if this is a good approach for beginner. but i really need some help to get me start.
I just need to find out if they could share the commission with seller agent?
is it a commercial property? or residential?
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We had been getting $380 pwk for a one bedroom unit that cost $150K. The 11 sec rule – $380/2 x 1000 = $190K so buy at less than $190K fits the 11 sec rule for a + ve cashflow property.bribie
Agree as long as the number stack up, however if you can pay a visit before buying is recommended but its not always the case.
Anyway what commission is the buyer agent get? they share commission of 2% with the seller agent?
regards,
Erwinquote:
I have a different view.I have purchased 8 properties sight unseen. I wouldn’t just be buying properties off the net though. If you have a buyers agent or real estate agent you can trust (like I have) then why not. You can order various building checks etc. If you look at teh property, what can you see anyway. i suppose the main thing is location etc, but it doesn’t really matter what colour the carpet is. If the numbers stack up or not is the main thing.
Terryw
Discover Home Loans
North Sydney
[email protected]I decide on that as well. thanks for the advise and its assure me.
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Hi Erwin,As I said in my first post the numbers are borderline for positive cashflow. Any excessive renovation costs could really destroy your return. Billfromoz is 100% right, you really need to know exactly what your costs are going to be before the auction. As a first IP in an area you’re not that familiar with I’d probably give it a miss.
Rod.
hi Joff
where about is your rural investing property?
Thanks for all the input. i can conclude that we got to see at least once a year on ip while we can getaway for the weekends to inspect our ips
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Hi all,
I own properties in melb.suburbs and western rural and have found property managers in the rural areas very good.
For one thing, they usually have less properties on their books to care for compared to the big ger city offices.
They have a good handle on the local demographics and can be invaluable for investing advice.Another thing is they quite often know or know somebody who knows prospective tenants, thus making better informed decisions about who to rent your valuable asset to.
For the small fee they charge,(tax deductable) I reckon it’s the best deal going.
I would think a once a year visit or in between tenants is plenty.Just keep in regular contact with yor managing agent.
Bye,
JoffHi Helen
I am really interested.
in melbourne [email protected]
regards,
Erwinquote:
I’m interested. I’m in Box Hill.—
Jeremy Lunn
Melbourneanyone experience in renovation have something to share? thanks in advance, Erwin
Hi Westan
have you got any problem with them? such as tenant from hell? the agent take care of everything? due deligent on the new tenant?
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hi Milen007i live in Stawell Vic 240km west of Melbourne, i have properties in the Latrobe Valley 140km east of Melbourne and i haven’t been inside since i bought them in 1997. i also have properties in adelaide which i have only seen from the outside since i bought them 6 years ago. i don’t feel the need to see them the agents keep me informed, (i hope?). maybe i’m slack.
regards westanyep any one know?
good accountant and lawyer for property investing.
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Anyone know of a good accountant in Melbourne( I’m assuming that Steve & David are no longer available) who has a good handle on property investing and family trusts?call the agent, and find out that the unit actually 100s years old and need the whole floor board replace and major painting.
any suggestion to go on?
i meant the auction is on 11 oct
yep i try to get as many information from the agent today.
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G’day…last response before I go to bed.
Exercise specisl care at auctions.
Obtai a written quote for all work that needs to be done BEFORE the auction…say it’s $10,000.
As the right price is then, more like perhaps $60,000 less the $10,000 you need to spend YOUR maximum buying price is really $50,000.Don’t take any notice of what the agents say to you. Check out the comparable sales for the area yourself. Ensure you have your finance approved in writing before you bid.
Isn’t the auction over? Septenmber 11th?
If you have more private info you can email me at
[email protected] …if you wishCheers for now
Billfromoz
