Well said Paul.. that is exactly what I was talking about.

[]

Steve McKnight

**********
Remember that success comes from doing things differently.
**********

Hi again,

I doubt that your friend is / will rip you off… but it’s likely to be a good way to start his project to have you sign on (from his perspective) since he will need some pre-sales for both his marketing and also to get financing for the project.

Tread carefully and don’t let friendship or greed (or hype) get in the way of cold are…[Read more]

Hi Ireena,

Thanks for your post and welcome to the PropertyInvesting.com community.

In respect to general things to look our for, I’d strongly recommend you read my 10 Laws of property investing success that have been outlined in editions of Insider to date (the monthly newsletter).

Specifically though, you raise a good topic of converstaion…[Read more]

Hi Nathan,

I had a quick look over your numbers.

I think it highlights well how one property might just cross the line under one strategy but be a good +ve cashflow spinner under another.

Some things to think about:

1. Did you allow for vacancies in the B&H figures?
2. Did you allow for rental management in the B&H figures? At what %?
3. The…[Read more]

Hi Angie,

You ask:

quote:
I was wondering if I found my own tenant (ie. the real estate didn’t find it for me) do I still have to pay the one month letting fee still to the agent as stated in the contract? If not, then I could give that to the good tenant as an incentive to stay and bring in her friends….
(thanks Steve)

I wouldn’t imagine…[Read more]

Hi,

Try Mike Kelly’s site:

http://www.positivecashflow.com.au/the_tools.php?catPath=25

Cheers,

Steve McKnight

**********
Remember that success comes from doing things differently.
**********

Angie,

Bring on the problems!

If it were me I’d immediately sack the rental manager and also look to terminate the lease of the rowdy young adults (for breach of lease).

Then I’d go back to the good tenant and ask her for the names of any people she might know who might be interested in renting the units. Offer her one month’s rent free for…[Read more]

Hi,

I don’t expect that you’ll be easily able to find a conventional property within 1 hr of Sydney that’ll meet thet 11 sec solution.

So what does this mean?

Well, you either change the way you are looking or the questions that you are asking… or alternatively look to invest in a different area.

I feel that the equation remains as valid…[Read more]

My ultimate money goal:

Acquire ownership of a generous source of income that flows to me regardless of any job.

Execution

1. Minimise personal debt

2. Create an independent investment pool of $500 per month that sits for emergencies and earns a minimum of 5% per annum

3. Invest in property in such a way as it immediately returns a positive…[Read more]

Hi Chara,

What help / feedback do you feel you need?

For what it is worth… all housing commission sales that I have known about go to public auction first.

That does not mean you can’t try to approach the powers that be and work around the system… it just might need a little netwroking on your part first.

Regards,

Steve…[Read more]

Gillian,

I’d work out some budget numbers that start with how much money you plan to make and then work backwards.

This will reveal the amount of cash you can spend to acquire the home to begin with.

Avoid, at all costs, being swept up with the potential to make a lot of money.

Look at what is happening around the area where you want to invest…[Read more]

Whoa!

Hang on a minute… I wouldn’t go so far as to recommend home loan analyser. It is just the software that we used when we started.

We have always pointed out that the purpose of the software is NOT wrap specific, but to calculate the interest component that should be charged.

What we used was HLA to calculate the interest between two…[Read more]

Hi Nathan,

Thanks for your post and welcome to the PropertyInvesting.com community.

In respect of tips for beginning I certainly want to encourage you to continue working on clearing up any past financial glitches.

The essence of successful property investing begins with successful personal finance management.

In this respect I’d spend some…[Read more]

Hi Matt,

By rates, do you mean council rates?

If so, then this extract is taken from a local shire council

quote:Cardinia Shire Council rates are based on the Capital Improved Value of each property.
A rate in the dollar is declared by comparing the total valuation to revenue required. Rates are then apportioned against each property on the…

[Read more]

Hi,

Welcome to the land of Oz!

You ask:

quote:
Does the non paying scenario tend to happen a lot?

Well, in my opinion if it happens once then it happens too often.

As such I take the approach that it is best to carefully pre-qualify the lead before entering into an agreement.

I wouldn’t call the process of getting a defaulter out of a…[Read more]

Hi,

The REIA has this information in percentage form for most areas, but you will have to pay for it.

See:

http://www.reia.com.au/market_reports/Market%20Facts.htm

Bye

Steve McKnight

**********
Remember that success comes from doing things differently.
**********

Hi,

I don’t have much experience with getting developments financed from scratch.

However, some general advice is to approach the lender in advance and ask them what sort of information they require and then shape that into a professional submission.

Remember that a bank wants to eliminate risk, so from their perspective they will want to know…[Read more]

Hi,

You ask:

quote:
What if you find a prospective buyer using the wrap system and they default on their repayments, where does that leave you?

If they default and owe you more than the property is worth, then you’d take back possession and re-sell it.

Regards,

Steve McKnight

**********
Remember that success comes from doing things…[Read more]

Try:

http://www.propertyvalue.com.au/postcode_profile.php?cB=3e12d95e6ec3d&affiliate=1

Regards,

Steve McKnight

**********
Remember that success comes from doing things differently.
**********

Hi,

To find out more about the tape, including how to make your order, just go to:

https://www.propertyinvesting.com/resources/6

Cheers,

Steve McKnight

**********
Remember that success comes from doing things differently.
**********