Forum Replies Created
Hi Monte,
Binvested is run by Nathan .
He is a great young guy on fire doing big things !Just be careful not to get caught up in the image and hype of what somewone else is doing .
Learn first what works for you and set your own pace,Kind regards
LukeLuke Taylor | Hope Property Investing
http://hopepropertyinvesting.com
Email MeProperty Support,Strategist and Buyers Agent
My lesson;
Definately first listen to those who have done what yr trying to do
but also be careful as success can bring arrogance,and greed,leading
to a “make money for me first” attitude instead of a
“I will help others succeed before my own profits” attitude
Be wise and dont get emotional ,take yr time !Luke Taylor | Hope Property Investing
http://hopepropertyinvesting.com
Email MeProperty Support,Strategist and Buyers Agent
Yes build-prior to 85 probably it is asbestos
85-90 good chance
90 on probably not asbestos
dont take any chances
make sure they use water to wet it down first if moving itLuke Taylor | Hope Property Investing
http://hopepropertyinvesting.com
Email MeProperty Support,Strategist and Buyers Agent
Have you thought of adding a small second bathroom ?
Luke Taylor | Hope Property Investing
http://hopepropertyinvesting.com
Email MeProperty Support,Strategist and Buyers Agent
Hi Guys ,
We do holiday accom at surfers during the 6 months that its most busy then rent it out for the rest of the year private.This works really well but it is in cbd with high demand.
Luke Taylor | Hope Property Investing
http://hopepropertyinvesting.com
Email MeProperty Support,Strategist and Buyers Agent
Currently china but more generally USA
Luke Taylor | Hope Property Investing
http://hopepropertyinvesting.com
Email MeProperty Support,Strategist and Buyers Agent
Hi Liz ,
I would say start smaller to get experience. You dont have to go 2 to 3 million to start out in commercial.
I like to get a smaller unit and split it and fit it (within reason) .This creates some vision for the tenant
and reduces there outgoings but increases the landlords.
Just make sure you have some foot traffic whether thats just passers by or via surrounding offices .
you can get 9 to 11 % net through these optionsLuke Taylor | Hope Property Investing
http://hopepropertyinvesting.com
Email MeProperty Support,Strategist and Buyers Agent
Hi Nigel ,
Hope your enjoying it up there in the US!
Can you give us a summary of Investing in Florida?!!
What sort of returns are you getting for clients these days man .
What sort of product?
cheapies or commercial or??Luke Taylor | Hope Property Investing
http://hopepropertyinvesting.com
Email MeProperty Support,Strategist and Buyers Agent
Hi Waydo,
Mate there are many different opinions on this but last i was aware in logan
(we got the qld council’s info docs about 12 months ago)
was you could only rent them to the same family members(or anyone on one lease for the block)
But they were trying to change it to be able to lease seperately.
I know people who build them legally completely self contained and i know other investment groups who build them and instead of installing laundry- install just a washing machine in kitchen.In ipswitch they had changed it that you could only have a 1 bedder flat (size)
but could now rent them seperately ( non related parties)
(they were first in brisbane/qld to allow this apparently.Best thing is chat to a company who is building them and get some real knowledge on it .builders are given good power in qld as they work with certifiers together to get things approved
Luke Taylor | Hope Property Investing
http://hopepropertyinvesting.com
Email MeProperty Support,Strategist and Buyers Agent
Hi AM,
Mate it is different in each state but definately in QLD you need to insure the day you sign contract
while some others the day it settles.Luke Taylor | Hope Property Investing
http://hopepropertyinvesting.com
Email MeProperty Support,Strategist and Buyers Agent
Some good points there Dean ,
Supply and demand and
affordability
Things are affected greatly with even 2% interest rises as you mentioned.
Those that are investing in say 1 or 2 say higher priced properties (while they may be cash positive now)
can be affected greatly in a interest rate hike.
for eg investment property valued at $600000 now so (costing say $30k in interest (at 5%)plus $5K in expenses
will become $42K interest costs (at 7%)plus $5K expenses so costing $47K instead of $35K!
Multiply that by 2 or 3 properties and you get some pressure.Luke Taylor | Hope Property Investing
http://hopepropertyinvesting.com
Email MeProperty Support,Strategist and Buyers Agent
Hi Steven ,
Mate the other guys have given some good points.
I would look at some of these things;1)What are yr goals
(ie-are you trying to reduce working hours?Trying to buy a house to live in eventually?
What is your level of risk ? etc)
2)What are your gifts and abilities?(what are you good at/enjoy?)
(then you can work out what strategy will work for you)
3) learn as much as you can from those who are doing it/(more experienced)
4) Get some help planning a strategy; including a risk management,finance and protection strategy,But at the end of the day if yr like most of us who learn through doing it
i would give 6 tips for a low risk startegy starting out;Buy something under median price (for middle range product)at lower end of market price range)
That is under market value
That has an opportunity for you to add easy value(eg paint ,extra wall for bedroom etc)at low cost)
That covers its costs through rent once rented
In an area that has capitol growth potential,
then refinance (making sure you keep the property costs at neutral or positive)
and
go againLuke Taylor | Hope Property Investing
http://hopepropertyinvesting.com
Email MeProperty Support,Strategist and Buyers Agent
Hi Paul,
Mate many commenctators are speaking positively about the Gold Coats for the next few years .If you have a few around there already I would look at trying to hold(depending on areas and yr cashflow etc -position)
on until at least 6 months prior to the com games.The market should see a spike !!Luke Taylor | Hope Property Investing
http://hopepropertyinvesting.com
Email MeProperty Support,Strategist and Buyers Agent
Hi Guys and Gals !
Just to bring up an old post here ,
Has anyone had any recent success with splitting commercial units?
I have found it really positive as it splits the costs down for x2 tenants .
Landlord can provide the fitout too which helps boost income and saves tenant costs.Love to hear some stories !
Luke Taylor | Hope Property Investing
http://hopepropertyinvesting.com
Email MeProperty Support,Strategist and Buyers Agent
Hey Guys !
HSBC wont give you a loan so a credit ratings a bit of a waste IMO.
I got a credit card with them though quite easily which apparently helps later on with them .
HSBC are also pretty poor service wise.(net banking)Bank of America are pretty good especially to deal with from OZ(well as easy as possible- being a foreigner in another country)
Oz forex are awesome and usually the best rates!
In regards to an address for llc and bank accounts .You can use yr accountants or even yr investment properties if you prefer.
I then just added the aussie address's as the postal address for both LLC and bank accounts which worked fine for bank but i ended up chaging to my accountants addres for LLCLuke Taylor | Hope Property Investing
http://hopepropertyinvesting.com
Email MeProperty Support,Strategist and Buyers Agent
"Easy to say; but not as east to execute!
Researching something 1000's of KM away is not as easy as one can imagine, let alone trying to researching where in your OWN bank yard will go up and is a good buy…."
–Totally agree Shape !!
"I dont see distance as a concern,"
—Disagree American dream!!
Long term holding properties in the usa is not easy !
Just make sure you get into an area where you can manage or/have it managed with integrity.
I
The truest thing i have found in the states is that the real estate business culture tends to be
money first ,people second.
Which is the opposite to Aus IMO.Luke Taylor | Hope Property Investing
http://hopepropertyinvesting.com
Email MeProperty Support,Strategist and Buyers Agent
Hey Morgstar !
I have done it heaps of times .I used a couple of different accountants in different states.
If you only need a federal return done you can use someone from anywhere in the USA.
But i am assuming you have a LLC too so best to get a local accountant(in the state yr LLC was set up/registered) to do the whole lot while they are doing yr franchise tax return etc !
PM me if you only want federals done and ill give you a GUN accountant that i have built years of trust with !Luke Taylor | Hope Property Investing
http://hopepropertyinvesting.com
Email MeProperty Support,Strategist and Buyers Agent
Garry Mac wrote:Hi Luke Thank you soooo much for your post. We have two business associates who have just returned from the US and what you say is spot on. The old saying…"if it appears to good to be true, it usually is". That's not to say that there aren't opportunities in the US, there are. However your warning is very well founded – thank you mate. Cheers GarryHi there mate,
Glad i could be of some help !
As you say there are definately some great opportunities now ,but yes there are heaps of pitfalls too for people trying to do it all from another country. Also trusting people who havent yet earnt that trust .To open up a discussion about the issues ,firstly lets talk about :
MANAGEMENT AND LAWS-
It is very difficult getting people to do the same job and standards that we get here in australia.
Then the other issue is there are not the protections/laws in place to cover the landlord like there are on Oz .(and we thought the ozzie standards were tough on landlords hey !)I suggest people talk to other investors who have already had experience in the particular area of the states long term ,(with management /quality of tenants ,integrity of agents etc etc )and ask them who they use and how they did it.
Local councils/governments in the particular areas of the US all differ hugely.So find out exactly what they demand of owners/landlords .Again ask locals and other long term investors.
This is really powerful
– Seek out and speak to accountants who do the books for large numbers of investors in the areas yr looking at investing.Ask them where is the money being made? Ask them about the long term buy and holds and the quick turn deals where is the profit coming from? (ill give you a hint some US forums have trustworthy accountants connected to them but remember you need to make sure they have earnt trust first )25% OF 50k ISNT ALOT OF MONEY!
(before all the costs-eg,insurance ,letting fees,re- letting fees,maintenance,damage,court fees getting tenants out,rates,mortgage etc etc) .
Understand this -If yr getting excitied about the massive "25%" long term cashflow . Every property you purchase takes work to own. You have got to micro manage each and every property and this costs you time.Dont forget this side if the equation,and its very relevant with the cheaper properties ! So if yr buying a fair few cheap properties for "cashflow",ive gotta be honest and say yr buying yr self another job too.This includes getting up at 5 am before yr day job or staying up till 11 pm to start to deal with issues on the other side of the world.(time differences).
Thats fine for some but just be aware of this.
Then if you need to go over to deal with issues for a week or 2 yr looking at 5k plus time off yr day job.PS.British buyer -No i am not a buyers agent ive bought for myself only.
Luke Taylor | Hope Property Investing
http://hopepropertyinvesting.com
Email MeProperty Support,Strategist and Buyers Agent
Hey eiliatan,
I would say if you have the discipline to use the money for investing purposes only,
change to interest only loan.
Unfortunately in the real world many people cant hold back from spending the extra money.
For this reason sometimes it is wise for people to pay down their loans with some of the money
aswell as saving some too in an offset acct for further investments.
Everybody is dfferent but its not always the wisest "business/financial" decision that is the best way to go.
food for thought !Luke Taylor | Hope Property Investing
http://hopepropertyinvesting.com
Email MeProperty Support,Strategist and Buyers Agent
Hey Guys,
just watch out for HSBC .They are easy to get set up with an evryday personal acct in yr name but
if you set up an LLC then try get an account they dont like to give you internet access for 6months!!???
Yes it makes it difficult !
B of A are excellent although they charge a $16 a month fee on a business acct..
There service is the best ive found and especially dealing form Oz . Their online helpline is aweome too.all the best
Luke Taylor | Hope Property Investing
http://hopepropertyinvesting.com
Email MeProperty Support,Strategist and Buyers Agent
