Forum Replies Created
Hi Tracey,
Based on your comment of "as I will be at my limit with the bank," if you go to get serious about property investing and are looking for a vendor finance, you'll need to seriously look at how you are going to fund your property acquisitions in the future. You can either do what is called sandwich lease options (is a bit of a minefield doing it that
way) or take on joint-venture partners to build your business. In partnerships, however, you are giving away 50% of the profit. Just something to consider when doing vendor finance hot deals.Hope this helps.
Regards,
Jason Moore
Property Trader | Boston West Pty Ltd
http://bostonwest.com.au
Email Me | Phone MePrivate money lending opportunities available paying upto 12%, secured by bricks and mortar!
Hi Kereno,
If you want to follow some of our property transactions along the way, go to the websites and Facebooks of both Great Property Deals (flipping property) and Boston West (renovating property). We do properties in a number of different ways and might give you some ideas on what you can do in the future.
Regards,
Jason Moore
Property Trader | Boston West Pty Ltd
http://bostonwest.com.au
Email Me | Phone MePrivate money lending opportunities available paying upto 12%, secured by bricks and mortar!
Hi Kevreno,
I attended Dean & Louise Parker's seminar that was run by Steve McKnight a couple years ago and found it very informative. I found that they were very good at presenting and down to earth. I was impressed most with their information pack as they had systemised the whole renovation process in such a way that it turned out especially ideal for someone starting off in the renovation game. We've done somewhere between 25 to 30 renovations and even I found it very useful.
It is important to remember, from my experience, that you learn things in a number of different ways. The first is you can get educated but this will cost you an upfront investment. Secondly, you can learn from the school of hard knocks which usually means you will need to pull out a cheque-book and write a sizable cheque to fix any issue along the way. I prefer a combination of both, that is, to have a roadmap (systemised way of doing something … "The Complete Reno System") so I do not make fundamental errors, then go out and give a property a crack.
I hope this helps you.
Regards,
Jason Moore
Property Trader | Boston West Pty Ltd
http://bostonwest.com.au
Email Me | Phone MePrivate money lending opportunities available paying upto 12%, secured by bricks and mortar!
Hi wombat,
Cherie Barber is a great product, has great experience, and provides a support network by forums dedicated to renovations. She also has a telephone support system to help you out with your renovations along the way. Another person to check out is Dean Parker from Property Systems. There are not too many renovators at the moment on the market (Brisbane real estate market)who are trading stock. If you have a look at a bunch of renovations that we have done, go to our website listed below. In the property acquisition aspect, our motto is 'we make our money when we buy.' In buying extremely well, we make up for any mistakes made along the way. In relation to the mechanics of the renovation, Dean Parker and Cherie Barber have excellent products to help you. We identify the top three selling agents in the area when we sell. We look at hard-core numbers and not what the agent says or promises. Typically, the top agent will sell 3 to 4 times as much, or faster than the average agent. Case in point, the other day the top agency in Deception Bay in Queensland sold 29 properties in a given period compared to a nearest rival who had sold 7 properties during that same period (that is a bit extreme).
Kind regards,
Jason Moore
Property Trader | Boston West Pty Ltd
http://bostonwest.com.au
Email Me | Phone MePrivate money lending opportunities available paying upto 12%, secured by bricks and mortar!
Hi tictactoe,
"Hi Property Trader … why did they wish they sold land only and not house & land package? was it more expensive / too much hard work building the house?"
To answer your question, I think it comes down to a dollar return on time investment. Likewise, at the time there was price movement on the market which had an impact on their profitability due to the time delays in building the house in block.
Sorry that it took me a while to answer your question.
Regards,
Jason Moore
Property Trader | Boston West Pty Ltd
http://bostonwest.com.au
Email Me | Phone MePrivate money lending opportunities available paying upto 12%, secured by bricks and mortar!
Hi U36ma,
Depending on the extent of the renovation that you are doing, you might want to investigate via a valuer whether it is worth doing a "current valuation" and at the same time get an "on completion valuation" done. To do this you need to list the scope of works that you are going to do to the property because you will provide this to the valuer. My friend in the renovation game six years ago used to do this type of valuation on the properties that he was renovating. However, he was doing larger type renovation work to the properties. The terminology of use might not be correct but the process is.
Hope this helps.
Regards,
Jason Moore
Property Trader | Boston West Pty Ltd
http://bostonwest.com.au
Email Me | Phone MePrivate money lending opportunities available paying upto 12%, secured by bricks and mortar!
Hi Guys,
I can understand that you are a little bit nervous about spending $1,300 on an apprenticeship program with Stephen. When I attended this course last year, his eight step process on renovating was impressive. We have now completed around 25 to 30 renovations over the years and I can share with you that, from our experience, it can cost you way more than $1,300 when you make a mistake in the renovation process. As said before, if you are really concerned about his credibility then Google can give you information. You can read all the articles and videos that he's had over the last five years.
I hope this helps.
Kind regards,
Jason Moore
Property Trader | Boston West Pty Ltd
http://bostonwest.com.au
Email Me | Phone MePrivate money lending opportunities available paying upto 12%, secured by bricks and mortar!
Hi echelon6,
Unfortunately, that is one of the major challenges that I see in trying to buy houses via the auction process. We have purchased well over 100 houses in Queensland and always had a building and pest inspection done on the property every single time. It is a bit of a gamble paying good money for building and pest inspection before the auction HOPING that you will be the winning bid.
In a perfect world, it would make sense to have a building and pest report completed prior to the property going to auction from a panel of inspectors. The report can be transferred over to the new purchaser and the new purchaser is required to pay for the building and pest report up and above the auction price received on the day. For the potential buyer, it would give them the reassurance on what they are actually buying. For the seller, it would encourage a much more bigger pool of potential bidders at the auction.
Ah well, that is my 10 cents worth.
Regards,
Jason Moore
Property Trader | Boston West Pty Ltd
http://bostonwest.com.au
Email Me | Phone MePrivate money lending opportunities available paying upto 12%, secured by bricks and mortar!
Hi James,
I attended Steve's course last year and he was pretty impressive with the level of information that they had and the system that they use for renovations. If you go looking through Mr. Google, you would be able to get information about him. We learnt quite a fair bit from him regarding renovations and I would encourage you to find out more about what he is offering.
Kind regards,
Jason Moore
Property Trader | Boston West Pty Ltd
http://bostonwest.com.au
Email Me | Phone MePrivate money lending opportunities available paying upto 12%, secured by bricks and mortar!
Hi mg310,
If you based in Queensland (or anywhere that matter of fact) and you are serious about a particular property you could ask the selling real estate agent to do an RP Data report on the mapping section. Through the report, you can select from the menu to highlight any easements on the block. However, I would still get the relevant searches done during the conveyancing process. If you are based in Queensland, just do a Google search using the term "PD Online" (PD stands for Planning and Development) and also tighten the relevant council. You should see a menu option that allows you to do a property enquiry where you type in the address of the property and that will indicate to you anything affecting the property in relation to zoning and constraints. It will also provide any applications on the property. And if you don't know anything in that report, we normally ring the council (Planning and Development) and ask them to clarify what things mean.
I hope that helps.
Regards,
Jason Moore
Property Trader | Boston West Pty Ltd
http://bostonwest.com.au
Email Me | Phone MePrivate money lending opportunities available paying upto 12%, secured by bricks and mortar!
Hi Aldukes66,
From my experience, the best way to determine whether a quote is reasonable or not is to get additional quotes (the three quote rule). The best quotes come from people who are referred to me (via good tradesman or builders) rather than getting tradesmen out of the newspaper.
I hope this helps.
Regards,
Jason Moore
Property Trader | Boston West Pty Ltd
http://bostonwest.com.au
Email Me | Phone MePrivate money lending opportunities available paying upto 12%, secured by bricks and mortar!
Hi Tictactoe,
I have had no experience in subdividing a block of land; however, I have had a couple of mates in Queensland who have done it previously. They wish they had done subdividing the block and just sold off the new parcel of land rather than going to the effort of making it a house and land package.
Regards,
Jason Moore
Property Trader | Boston West Pty Ltd
http://bostonwest.com.au
Email Me | Phone MePrivate money lending opportunities available paying upto 12%, secured by bricks and mortar!
Hi MrsC,
In my experience, the idea of having a park with small kids near you might be fantastic. However, I have purchased a couple of properties that have been backing onto public parks and these are the issues that we have on them.
[1] CRIMINAL: they do present a criminal aspect as people can access your property from the park without anyone knowing. For us, it presented difficulty when selling due to the potential of people breaking into the property from the rear. This was a constant comment when we try to sell the house.
[2] SELLING ISSUES: we have purchased over 100 properties in the last decade and come across a lot of houses that back onto public parks that take an incredible amount of time to sell.
Well that was my 10 cents worth.
Regards,
Jason Moore
Property Trader | Boston West Pty Ltd
http://bostonwest.com.au
Email Me | Phone MePrivate money lending opportunities available paying upto 12%, secured by bricks and mortar!
Hi guys,
I actually use both resources. The http://www.onthehouse.com.au is a fantastic public resource if you just want to get a general idea of house prices in the area. It also gives details such as how long the property has been on the market and when it was last purchased. It is also a great tool because it also gives the medium price of properties that are
listed and the medium of properties sold.RP Data is good if you are talking to vendors directly, as we do, as it gives a little more history in relation to the property. We tend to like it a lot more for in depth analysis. However, it does cost us $497 a month for just the Brisbane, Toowoomba, and Gold Coast areas so it is a pretty expensive subscription to have on an annual basis.
With what is freely available out these days, RP Data might be pricing themselves out of the market. They have had 3 aggressive price rises over the past 12 months or so … getting to the point that if it goes up anymore we would swap over to Price Finder as our main property information source which is significantly more cost effective for the
same information.I hope that helped. Talk to you soon.
Jason Moore
Property Trader | Boston West Pty Ltd
http://bostonwest.com.au
Email Me | Phone MePrivate money lending opportunities available paying upto 12%, secured by bricks and mortar!
John,
From my experience, I would normally negotiate on price first and then on terms, second. The reason for that is I would like to know if they are interested in my price before I basically consider bombarding them with all the terms and conditions upon my offer. The sooner we agree on price then it won't be a waste of time, basically, inundating them with
terms.A couple of practical points would be that I always use due diligence in my offers. Number 1: I always keep the terms pretty broad so that they are all comfort with them before getting down to the nitty gritty of them. Number 2: in relation to what terms and conditions you want on your contract, once the vendor has agreed on a price point I would voice
your concerns with your solicitor and he/she would write out the correct terminology to include in your contract– if they were interested in the price that you offered.I hope this helps. All the best.
Regards,
Jason Moore
Property Trader | Boston West Pty Ltd
http://bostonwest.com.au
Email Me | Phone MePrivate money lending opportunities available paying upto 12%, secured by bricks and mortar!
Dear dbloomf,
Please feel free to send me a private message with your contact details and I’ll put you in touch with a qualified builder who has done work for us in the northern side of Brisbane. Once you’ve shared it with me, I’ll give you his details. Thank you very much and have a nice day.
Jason Moore
Property Trader | Boston West Pty Ltd
http://bostonwest.com.au
Email Me | Phone MePrivate money lending opportunities available paying upto 12%, secured by bricks and mortar!
Hi johnycitizen,
Look like the guys in this thread are giving you heaps of good technical comments, so I will concentrate on some practical advice on the topic of being a renovator from my experience. We’ve done around 30 renovations over the past 10 years amongst other property transactions that were done.
1. The key principle that I live and breathe by “Is That You Make Money When You Buy”, I find a lot of people say that and very few people actually do it, especially in the renovation game. Therefore as the statement says you need to buy extremely well from the outset. The average person finds it difficult to put offers on properties at 20% to 40% below the market. If you buy extremely well at the start that covers any learning experiences on the way, any renovation blowouts or a drop in market value to name a few.
2. You need to have a thorough understanding of the market/suburb you renovating in. An example of this is where I saw a person overcapitalise on a property in an extremely high rental area and the funniest thing I saw was that they had installed water tanks on the property. If they had done their research they would have realised that no house in a 2 km radius had water tanks. Because they had overcapitalise their $290,000 house, it was on the market for $360,000 to recoup their costs and had priced themselves out of the market.
3. Understand the true costs of doing renovation.
I hope this helps you and your investing endeavours.
Cheers … Jason Moore
Property Trader | Boston West Pty Ltd
http://bostonwest.com.au
Email Me | Phone MePrivate money lending opportunities available paying upto 12%, secured by bricks and mortar!
Hi Lora,
Just one comment I would make in relation to North Lakes as we just sold a house recently (as of last week) in that suburb. The specifications of the house was a five bedroom, double lock-up garage, media room, formal dining, living room and three bathrooms on a 650 m² block was sold last week for $530,000.
At the moment in North Lakes there are enormous amount houses that are for sale and land size does matter. There is a glut of houses in the 450 m² land size range and if you thinking about spend on around the $530,000 mark you my will consider getting a larger block and high house specifications for the money.
If you are buying a house to personally live in, I have had a number of friends and family purchase properties at North Lakes and then have found travelling to work etc a major concern enough for them to sell up and move closer towards the city. The funny thing is three of them have repurchased a homes around the Albany Creek and Eatons Hill area.
I might be a little bit biased though as I do live in the Albany Creek area. I hope this helps answer a few questions.
Property Trader | Boston West Pty Ltd
http://bostonwest.com.au
Email Me | Phone MePrivate money lending opportunities available paying upto 12%, secured by bricks and mortar!
Hi Gurkosh,
We are property traders up in Brisbane and also do renovations as well. We are currently in a downward market and have sold four properties in the last 70 days. From our experience there are so many houses on the market to choose from that price has become a significant issue. If we are going to spend say $40,000 on a renovation we believe it would be a good idea to place the house on the market in an unrenovated state $40,000 less that the market rate (price appeal) and see how that goes for three weeks and then it doesn't sell then consider doing the renovation and sell at $40,000 more.
I hope this helps.
Property Trader | Boston West Pty Ltd
http://bostonwest.com.au
Email Me | Phone MePrivate money lending opportunities available paying upto 12%, secured by bricks and mortar!
I There,
We are based in Brisbane and have built a good trade team over time. Some helpful hints are as follows [1] I normally stayed away from the local newspapers as that's where most of our horror stories have been sourced from. [2] what has worked best for us is finding a good tradesman in another area such as a plumber and asking whether he can recommend anybody that he has worked with recently.
I hope this helps
Property Trader | Boston West Pty Ltd
http://bostonwest.com.au
Email Me | Phone MePrivate money lending opportunities available paying upto 12%, secured by bricks and mortar!
