[OzbravoMember@ozbravoJoin Date: 2003Post Count: 19]

October 8, 2003 - 7:01 am

Hi Guys…

I agree with Leigh (theENJOLady)

Steve gives so much for free and I think he’s entitled run the “user pays” side of his business as he sees fit.

This forum is for those interested and like minded in building an IP portfolio.

The light humour and friendly banter in the forums is great but lets get back to business.The bitching belongs in chat rooms or perhaps a Dr Phil forum?

For my money Steve should be shown a little more courtesy…otherwise he might pull the plug.

Anyway thats my 2 bobs worth…Thanks Steve and Co.

Rob []

[OzbravoMember@ozbravoJoin Date: 2003Post Count: 19]

October 6, 2003 - 10:09 am

Hi Steve

Accepting what muppet says as good way to verify that the 11 second rule is in the ball park for any given property.

You are absolutely correct in your reply.

You need to have a quick formula that you can apply without a calculator as you are scanning through the “for sale” listings to quickly compile a short list of properties to consider.

As soon as I finished reading your book I jumped on the net and checked out W.A. listings and found 6 properties in 15 minutes that fitted the 11 second rule.

Granted I was a bit lucky that day and for the most part, you usually have to ferret for properties and… it takes time and patience…but if this were not the case…every man and his dog would be investors.

Investing in property would therfore no longer be an option. The idea if investing is to be financially better off than the rest…not equal to them.

Regards

Rob [8D]

[OzbravoMember@ozbravoJoin Date: 2003Post Count: 19]

September 9, 2003 - 6:12 am

RT_from_Syd

Something to ponder…
A broker works for you.
Real estate agents also get paid a commission (and they earn it earn it) act for Vendor but you will still have to deal with them. Although they are paid by the Vendor…it comes off the price you pay for the property.

It’s more important to find the right people to associate with rather than to look for free advice.

This web site has within it quality free advice. however for the most part free advice outside of this forum and web site usually worth what you pay for it.

Good luck

Regards

Rob [8D]
[email protected]
[/quote]

[OzbravoMember@ozbravoJoin Date: 2003Post Count: 19]

September 9, 2003 - 6:01 am

RT_from_Syd

Hi

Many people get paid money in a property transaction…For the most part I think the Govt is the greediest.

I agree with Mortgage Hunters comments.

That said …If you really feel that you can’t trust anyone who gets commissions from the lending institutions then IP’s might not be for you. I dont mean that in a nasty way []

Agents get commissions, Govts get stamp duty and taxes and GST and fees, brokers get fees etc etc

Also never pay a broker a fee…they get paid by the lending institution and make nothing if the loan is not successfull.

Good luck

Regards

Rob [8D]
[email protected]

[OzbravoMember@ozbravoJoin Date: 2003Post Count: 19]

September 9, 2003 - 5:51 am

Sala55

Sometimes you can get some of it back.

Good luck trying though. I tried with Rams and was so worn out in the end I gave up.
I swore they wouldnt wear me down but they did…and I decided to get on with my life ans let it go.

Everyone tells me I should have demanded action but its easy to spruke what you would do in another mans shoes. The facts of life are that sometimes the time and effort (and greef) isnt worth it.

Good Luck anyway

Ragards

Rob [8D]

[OzbravoMember@ozbravoJoin Date: 2003Post Count: 19]

September 9, 2003 - 4:10 am

Redlilia

Insider is correct. Buying undervalued is one way however…Many Banks consider the selling price as the “market value” and won’t finance at the “lower than market price” valuation amount. .

If you are an established customer or use a broker however, its much easier.

The other problem is that when you buy undervalued you need to be careful of what you say to the vendor prior to signing contracts as you may spook them into not exchanging contacts.

Also make sure that the contracts dont have any loopholes that allow them to rescind for some obscure reason when you know its really greed kicking in when they find out that their selling price is too low.

Regards

Rob [8D]
[email protected]

[OzbravoMember@ozbravoJoin Date: 2003Post Count: 19]

September 3, 2003 - 12:19 pm

Hi alan_jay again…

As vik_fam pointed out…they do advertise their comparison rates on their web site.

Check them out at
http://www.sapphiremortgageservices.com.au/

Good luck.

Rob [8D]

[OzbravoMember@ozbravoJoin Date: 2003Post Count: 19]

September 3, 2003 - 12:17 pm

Hi alan_jay
I know these guys and would not hesitate to use them for your finance.

I’m surprised you havent heard of them, they advertise on morning TV and Ive heard their adds on the radio. (In Sydney but can’t remember what station)

Sapphire are mortgage originators not brokers.
They are the next level up from a broker without being a bank.

Their funds come from a wholly owned subsiduary of the Bendigo Bank.

Their packages are excellent as they offer low rates and unlimited free redraws, no monthly fees, 100% offset etc etc.

Often you get low rates or a good flexible package. These guys will give you both.

Good luck.

Rob [8D]

[OzbravoMember@ozbravoJoin Date: 2003Post Count: 19]

September 3, 2003 - 2:19 am

Hi Garger

I searched the net and found 6 properties that fitted the rule in about 15 minutes.

Its more about finding the right sites and restricting the search to outside the bigger cities.

Try
http://www.domain.com.au
or…
http://www.realestate.com.au

but whatever you do…DO NOT STOP LOOKING!!!

Kind Regards

Rob [8D]

[OzbravoMember@ozbravoJoin Date: 2003Post Count: 19]

September 3, 2003 - 2:06 am

Apollonia

You only pay tax on on money you earn…therefore if your paying tax… your making money.

A wise man (my dad) once said never stop making money to avoid paying tax.

I agree with him

regards

Rob [8D]

[OzbravoMember@ozbravoJoin Date: 2003Post Count: 19]

September 2, 2003 - 11:01 pm

XYZZY12

Mortgage Hunter is right.

Buying OTP relies on the development being completed on time and to the standards and finishes expected and fingers crossed that the market doesnt move the wrong way during the construction period.

Buying OTP has its merits but I wouldnt do it for my first property and its not for novices.

You need to not only do a lot of research…but you need to know WHAT to research.

In particular check the contract for sunset dates, under what conditions the finishes and inclusions can be altered and most importantly the track record of the builder and the developer.

Kind Regards

Rob [8D]

[OzbravoMember@ozbravoJoin Date: 2003Post Count: 19]

September 2, 2003 - 2:21 pm

Good on you Kimmy,

Youve got it made…A good saver with 3 IPs. []

I love hearing those stories. It gives the rest of us hope.

Kind regards

Rob []

[OzbravoMember@ozbravoJoin Date: 2003Post Count: 19]

September 2, 2003 - 6:06 am

Hi Richmond guy.

From low 6 figures to whatever you can get.

Bear in mind people will only pay what you believe you are really worth.

I don’t know why that is…it just is. Spooky hu?

There seems to be a glut of people between 50k and 75k…For some reason once you break through that barrier and hit 6 figures, your income just seems to take off and I guess so does your confidence which in turn makes you believe that you are worth more.

Cheers

Rob [8D]

[OzbravoMember@ozbravoJoin Date: 2003Post Count: 19]

September 1, 2003 - 7:54 am

Hi Melanie,

How do you keep up with this forum?![]

I pretty much became a broker for the same reasons as you I guess, however I am not full time as I love my other job and would do it (my other job) rich or poor. Preferably as a hobby in the future because I have a funny feeling for the first time in a long time that I am going to be financially free thanks to Steves book.

Best of luck and remember…Every man to his own trade (LOL)

Iv’e got to get out of here…these forums are seriously addictive![]
Regards

Rob[8D]

[OzbravoMember@ozbravoJoin Date: 2003Post Count: 19]

September 1, 2003 - 7:44 am

Hi Simon,

Thanks for your kind reply.[]

Fortunately we live in Australia where you can be friends and still have differing points of view.

Sorry…My point about signatures wasnt intended for you to remove yours… Rather, I was explaining why I had made my post anonymously.

To be honest It hadn’t realised that you had included contact numbers untill I read your reply and you are right…It does add credibility.
I cant really see the harm in including it.

Regards

Rob [8D]

[OzbravoMember@ozbravoJoin Date: 2003Post Count: 19]

September 1, 2003 - 3:46 am

Hi Simon…

No… “I” wouldnt go through the expense and time to be my own broker, just to save a few bucks…However that wasn’t the question being asked that started the forum.

The question was.. “How does one become ones own Mortgage Broker.”

You analogy about being a Mechanic to work on your own car is drawing a very long bow. Becoming a Broker is infinately quicker and easier than becomming a Mechanic.

My point was… that as a part of Michael’s education in the property business he could(not that he neccessarily would) become registered and claim the commissions and trailers for himself.

I didnt say it was easy…In fact I pointed out that its NOT just a box ticking exercise.

Finally…I’m a half full kind of guy.

I don’t resent commissions to anyone. In fact if you check my replies to other Forums, I usually end with “Every man to his own trade“

I agree that Melanie does sound like a good broker and FYI I’m a Mortgage Broker too.

I just posted a quick reply without disclosing my background or contact numbers because forums are not the appropriate place for spruking for clients.

Much of your posting was pretty defensive..Forums are a place for friendly discussion. Comments are not meant to be offensive… they are just comments.

Regards

Rob [8D]

[OzbravoMember@ozbravoJoin Date: 2003Post Count: 19]

August 28, 2003 - 3:29 am

Michael,
Melanie is spot on so I won’t rehash what she has alredy outlined.
Its worth considering becomming a broker even if its just to service your own finance for the following reasons.
* The commission structure is pretty handsom
* Its part of your education anyway
* Its often not just a box ticking exercise as many brokers have access to low rates that the man on the street can only obtain via a broker
* Most loans have a brokerage allocated to the cost of the finance built into the loan conditions..you may as well take the fees for yourself.

There will be some probity issues to deal with in submitting an application for yourself… but its worth considering.

Regards

Rob[8D]

[OzbravoMember@ozbravoJoin Date: 2003Post Count: 19]

August 26, 2003 - 11:06 pm

Michael,

A Mortgage Broker’s job is to source the best loan for you not manage your portfolio.
Every man to his trade.
If you want help to manage a portfolio I would suggest that you use an Accountant with experience in that particular field.
Also…If a broker charges you a fee, dont use him/her.
Mortgage Brokers get paid by the Lender and although its not illegal, they shouldnt be allowed to double dip. [8D] Rob

[OzbravoMember@ozbravoJoin Date: 2003Post Count: 19]

August 26, 2003 - 11:01 pm

Hi Michael,
Interstate travel…
Bear in mind that if you travel interstate to do business back home it will probably be disallowed as a deduction, especially if you stay for longer than it takes to do your business.
If however, you purchase a property interstate then the deduction would probably be okay.
That said…check out the ATO site or ask an Accountant, and remember…
Every man to his trade. [8D] Rob