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  • Profile photo of redwingredwing
    Participant
    @redwing
    Join Date: 2003
    Post Count: 2,733

    Tips for Investors – Here’s a place for everyone to post tips for novice and experienced investors, either your own, or those you’ve read/heard of that may be of benefit :

    Tip – Consider the areas Long Term Growth potential, not just the short term and check to see if there are any planned infrastructure developments for the area.

    Tip – Rental income is a *key* factor, your property should be within easy distance of transport, schools and shops, to attract the highest number of tenants.

    Tip – Consider the’ land content’ and the potential to subdivide at a later stage, remember buildings depreciate-land appreciates.

    Tip – Look at display homes for current colours and ideas, most also now feature water-wise gardens.

    Tip – Buying a house with a ‘host’ of extras could save you thousands later on, consider items such as air-conditioning, heating, reticulation, patios, window dressings and recently replaced items.

    Tip – View the property at different times of the day to get a *feel* for the area, check out the neighbourhood, possible traffic problems and weekend activity.

    How about adding to this list with your own tips you’ve found..

    REDWING

    .

    “Money is a currency, like electricity and it requires momentum to make it Effective”
    Count The Currency With This Online Positive Cashflow Calculator

    Profile photo of Steve McKnightSteve McKnight
    Keymaster
    @stevemcknight
    Join Date: 2001
    Post Count: 1,750

    Tip:

    Positive cashflow deals are made rather than bought.

    Tip:

    The more removed you are from the problem the longer it will take to profit.

    Tip:

    Cash is more valuable when it is in short supply. Remember this when negotiating.

    Tip:

    God invented paint to fix up brown houses, which always seem to sell for less.

    Cheers,

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

    Steve McKnight | PropertyInvesting.com Pty Ltd | CEO
    https://www.propertyinvesting.com

    Success comes from doing things differently

    Profile photo of kay henrykay henry
    Member
    @kay-henry
    Join Date: 2003
    Post Count: 2,737

    TIP:

    If you buy a new apartment, you can wait until it is a few years old, then you know if any problems have arisen in the building of it. The problems should be identified and fixed before you buy.

    TIP:

    Get a “Land Transfer” certificate from your local Council (your Solicitor can do this) before you buy. It will show you the price the property was last bought for and when, so you can be sure you’re getting a decent deal. It also means you are not relying on hearsay from a RE agent on the last price paid.

    TIP:

    Become an expert in your particular market. If you have done well in a niche market, keep doing what you’ve been doing!! RE isn’t an experiment, it’s a skill.

    kay henry

    Profile photo of GeronimoGeronimo
    Member
    @geronimo
    Join Date: 2002
    Post Count: 167

    TIP

    Don’t take Kids or dogs when property hunting. 4 hours of toilet-breaks and Mcdonald’s and only 2 properties seen is not a productive day!

    Brendon


    Acute Mortgage Reductions
    http://www.acutemr.com.au
    [email protected]

    Profile photo of MonopolyMonopoly
    Member
    @monopoly
    Join Date: 2004
    Post Count: 1,612

    TIP

    VICTORIANS:
    The `3 day cooling off period’ does not apply to properties bought at Auctions. It only applies to private sales, HOWEVER if you take the Section 32 to your solicitor for perusal, the cooling off period becomes NULL & VOID (Conveyancers are okay though).

    TIP

    Remember a shorter settlement is often an invaluable bargaining tool in helping to reduce the asking price of a property!

    TIP

    Try and look beyond the bad colour choice or peeling paint, dated carpets or blinds, and the jungle in the front/rear yards. It may well look unappealing now but can save your thousands!!!

    Cheers,

    Jo

    Profile photo of JetDollarsJetDollars
    Participant
    @jetdollars
    Join Date: 2003
    Post Count: 2,435

    TIP
    Look for property built post 1985 for greater depreciation purpose ie. building write-off at 2.5% (18/07/85 to 15/09/87 will give you 4% write-off)

    TIP
    When hunting for property – it’s better to go alone (no time waster is around)

    Kind regards

    Jet Dollars
    [Retire Young, Retire Rich] [strum]

    Profile photo of MTRMTR
    Participant
    @marisa
    Join Date: 2004
    Post Count: 663

    Tip
    Try to avoid buying an IP with swimming pool. If you must…. get a pool inspection.
    [strum]

    Profile photo of js2js2
    Member
    @js2
    Join Date: 2003
    Post Count: 758

    Tip-
    Take an Esky travelling; use food that can last a few days! I pack a loaf of sandwiches, some fruit; can save heaps on Take-Away food. Esky gets empty! Re-fill it by going to the Supermarket, not the highway robbery petrol station food stores.

    Tip-
    Take a small tent, I don’t want to pay one hundred dollars a room for a Motel. All I do is sleep! Take a ‘Five Minute Tent Set-up’! Your down at 10 and up at 7. Australia is a great country there are lots of places to sleep for FREE. If going into the larger metro cities, camp ten minutes out the road.

    ***********************
    Online Positive Cashflow Financial Analysis Calculator.

    Profile photo of secretgnomesecretgnome
    Member
    @secretgnome
    Join Date: 2003
    Post Count: 33

    Tip: Wise men never spit into the wind.

    Profile photo of ShusharShushar
    Member
    @shushar
    Join Date: 2003
    Post Count: 190

    Tip
    Never trust what the developer is telling you when you are buying off the plan!

    Tip
    Get any agreements/promises in writing

    Shushar

    “All our dreams can come true, if we have the courage to pursue them.” – Walt Disney

    Profile photo of melbearmelbear
    Member
    @melbear
    Join Date: 2003
    Post Count: 2,429

    Tip:
    If buying Off the Plan, with a year or several until settlement, apply for finance at LEAST 3 months before settlement if you didn’t have approval (whatever it was worth 12 – 24 months previously) on signing of the contract.

    Tip:
    Get a really good solicitor – not one who only deals with the Mum and Dad ‘bread and butter’ type of settlements.

    Cheers
    Mel

    Profile photo of aussierogueaussierogue
    Participant
    @aussierogue
    Join Date: 2003
    Post Count: 983

    tip

    property secrets revealed
    (scroll down)

    buy in a low market, sell in a high market

    for the remaining 9 property tips that will change yr lfe send aud 2,000 po box 777 c/o aussirogue

    Profile photo of thecrestthecrest
    Participant
    @thecrest
    Join Date: 2004
    Post Count: 992

    Sorry Jaffasoft, motels are the way to go, need a good rest and facilities to be smart enough to deal in property, don’t like the property hunting safari style bit. Besides, if everyone went camping, us moteliers would go broke. [biggrin]
    cheers
    thecrest

    thecrest | Tony Neale - Statewide Motel Brokers
    http://www.statewidemotelbrokers.com.au
    Email Me | Phone Me

    selling motels in NSW

    Profile photo of Dani67Dani67
    Member
    @dani67
    Join Date: 2003
    Post Count: 13

    TIP -when you build a list of reliable electricians, plumbers, painters, et., pass on to you PM and instruct to use them should the need arise, rather than rely on PM.s… who you may not know if they are ripping you off or not!

    Dani

    Profile photo of MonopolyMonopoly
    Member
    @monopoly
    Join Date: 2004
    Post Count: 1,612

    TIP

    When IP hunting, if you can put up with it, try and inspect the building during cold, rainy or windy (winter) months; there is usually less competition (other buyers) around and it can really help identify any problem areas in the IP such as insulation issues, a leaking roof, gaping cracks, damp and/or draft spots etc.

    Cheers,

    Jo

    Profile photo of attrillattrill
    Participant
    @attrill
    Join Date: 2004
    Post Count: 54

    Tip
    I like units in larger developments as I don’t have a lot of time for research. I just go down to the Valuer General’s office in Perth and for a few dollars can find out every sale for the last 20 years in the complex. This makes it easy to see the times of good and bad CG. They make for easy revovations as well and can be a good money spinner.
    P.S. I gather you can get all this online to but I haven’t tried yet as I like chatting to the girls in the VGO[biggrin]

    Profile photo of BonbeachBonbeach
    Participant
    @bonbeach
    Join Date: 2004
    Post Count: 214

    [cap]
    Tip: Make sure your ‘team’ -ie your mortgage broker, accountant, solicitor, real estate agents etc KNOW what your plan is and that if they want your business they need to work together with you towards a commom goal. My ‘people'[biggrin] know that I have huge goals and are willing to help me get there.
    [cap]
    Tip: Buy thousands and thousands of properties so you can become extremely wealthy and never have to work again.
    [cap]
    Tip: Dont write anything too embarrassing on the website in case you end up writing a book one day and become famous.
    [cap]
    Tip: Feel the fear and do it anyway.
    [cap]
    Tip: NEVER accidentally lock your cat and dog in the same room for 3 hours while you go shopping just in case they trash the joint and look at you as if nothing happened when you get back. Just because they are asleep when you go out, doesnt mean they will stay that way. [thumbsupanim]

    Luke*
    [upsidedown]

    Profile photo of wealth4life.comwealth4life.com
    Member
    @wealth4life.com
    Join Date: 2003
    Post Count: 1,256

    1.
    Every body else is wrong until you make a mistake.

    2.
    If you think it will or you think it won’t you are probably wright.

    3.
    100% loans when starting out are frought with danger.

    4.
    Always buy within 500m of a train station.

    5.
    The more ammenities nearby the greater your property is worth.

    [wacko]

    Profile photo of AceyduceyAceyducey
    Participant
    @aceyducey
    Join Date: 2003
    Post Count: 651

    Eat, drink and be merry, for tomorrow we’re all dead.

    Cheers,

    Aceyducey

    PS I literally do mean tomorrow *evil laugh*


    In theory, there is no difference between theory and practice. But, in practice, there is.

    – Jan L.A. van de Snepscheut

    Profile photo of redwingredwing
    Participant
    @redwing
    Join Date: 2003
    Post Count: 2,733

    Acey..Who’s Mary?

    Ha Ha [biggrin]
    REdwing

    “Money is a currency, like electricity and it requires momentum to make it Effective”
    Count The Currency With This Online Positive Cashflow Calculator

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