Yes, also remember in the book, Dave worked to assist the deals financially, whilst Steve did most of the researching of properties etc (hmm… i think that’s how it went ?[])
REDWING
“Money is a currency, like electricity and it requires momentum to make it Effective”
Why the pictures of the waterspouts and the people at the tables ?? the view from the box ??
Hey, as the numbers are consecutive, can you smash down the dividing walls and get enough room for an inner city unit… HMMMMMMMMMMMMMMM $ *kaaachiing* $
Actually, why not buy as storage units and rent to a legal firm or such…??
REDWING
“Money is a currency, like electricity and it requires momentum to make it Effective”
A good win then, guess it says something for keeping your rents around market levels for the area, the original owners must’ve had a ‘set ‘n’ forget’ policy..
I read somewhere that tenants on average move every 6 months, i haven’t found that to be the case though ?
Also read that Home owners move every 7 years.. hmm i’m moving too often by that guideline then..?
I ‘always’ look at the ‘for let’ section of the paper, as well as the ‘for sale’ section, for areas i’m interested in, to see average market rents..
PS- How’s the trip going ??
REDWING
“Money is a currency, like electricity and it requires momentum to make it Effective”
Your property manager is usually different from the real Estate agents in the usual office, and 9 times out of 10 a female i’ve found..
As with R/E agents, there are both good and bad, and what they say in an initial interview may not be the case when using them, you may even wind up with thier ‘off-sider’ looking after your property.. beware the PM that has ‘too many’ properties on her/his books.. your IP is important to you, you want it to be important to them too..
8.5% seems to be standard in WA, then you have other associated cost’s, easiest way is to walk into the nearest R/E office and ask to speak to thier PM or such and explain you have a IP you’d be interested in them managing, get a breakdown of cost’s..it may just be the company you go with ( they’re close to you )
I usually try to use a PM located in a R/E Agency close to the area i invest in, usually one in a Good location for prospective tenants to see your property in the window..[]
Why not post where your IP is located ?? you may just get a *referal* from this forum [^]
REDWING
“Money is a currency, like electricity and it requires momentum to make it Effective”
Hmm have to speak to accountant.. Thanks S.I.S, although it’s just an idea tossing around at the moment, i can see it’s benefits, and appreciate any posts of hazards of such a venture also, thanks
REDWING
“Money is a currency, like electricity and it requires momentum to make it Effective”
Did the E-mail thing a long while ago, and got about a 20% response..
Face-face is much better as it builds rapore, try visiting any areas that you can ( see Steve;s book )
Phone calls are next best, have them e-mail you Properties of interest, lay it on ‘thick’ about your desire to purchase an Ip, ask lots of questions, and show your intent, a motivated buyer is always well recieved by a real estate agent
REDWING
“Money is a currency, like electricity and it requires momentum to make it Effective”
Do a *search* on this site for the areas you’re interested in, Rockhampton and surrounds have been discussed before.
Congratulations on making your first post and welcome to the forum, remember, reasearch ( due dilligence ) is paramount prior to making your purchase..as you will most likely suffer ‘buyers remorse’ afterwards like most of us ( ohh cr*p..maybe it’s just me that suffers from it ???)
Anyway Good luck
REDWING
“Money is a currency, like electricity and it requires momentum to make it Effective”
1200-490 = $610 per week in hand still or $ 2 440 per month
Maybe *write* down every time you spend $’s on something and at the end of each week see where your money is going..
Leswon – you say you can see Wrap’s becoming very popular ? Not for me, i wouldn’t buy a place under a wrap scheme, others would and do i suppose, but you pay higher than usual interest rate..
REDWING
“Money is a currency, like electricity and it requires momentum to make it Effective”
Don’t know about the requirements to sign a lease, other than protecting yourself..
a friend of mine for years rented out 3 of his 4 bedroom house to friends for $100 p/wk each room, if they went away, $50 p/wk as storage and to keep room.
One year he finally mentioned this to his accountant who stated he should’ve declared it, as he could claim 3/4’s of all interest, bills etc..
however, it does affect you when you sell, due to CGT, though, why sell, move out to a new property and rent the old one out completely..
If your young and don’t mind living with others, why not..
REDWING
“Money is a currency, like electricity and it requires momentum to make it Effective”
As has been said by mortgagehunter , however whilst you wait, why not do some low cost inprovements, also do some research into the area ( comparable property costs etc ) get at least 3 valuations done by R/E agents in the area to give you an idea of value..
Then why not..use the Equity M8[^]
REDWING
“Money is a currency, like electricity and it requires momentum to make it Effective”
i’d believe the Sale would have to be “At arms Length” if selling to family, especially at a discounted rate, where the only benefit is tax avoidance..
When you’re looking at $100k make sure you do it correctly..
REDWING
“Money is a currency, like electricity and it requires momentum to make it Effective”
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