- joelmcmahon8435443Member@joelmcmahon8435443Join Date: 2003Post Count: 16
does anyone know how to go about getting private lending. and how to convince the lender you will come up with the goods[grad]joelmcmahon8435443Member@joelmcmahon8435443Join Date: 2003Post Count: 16
know the difference between true humility and false humilityStuart MilneMember@stuart-milneJoin Date: 2006Post Count: 196Originally posted by The Wild One:
Thank you all for your tips. I have some that haven’t been covered yet and they are :
2 : I prefer to give my managers gifts rather than the tenants. A good gift is something like a hamper from the cookie man which can be shared with the whole office.Tenants come and go, especially in cheaper ereas.
3 : Never put the date on the contract, always finance 14 days and settlement 30 days from date of vendor signing contract. The reason being if the vendor doesn’t sign the contract straight away you may find your self running out of time.
The contract should always be filled out that way anyway. Oh and try 21 days finance and 45 Settlement. You can always wind back your settlement to give some leverage in negotiations. Negotiate the Terms then not the Price!
As for the Tenants – A gift voucher and Christmas card seem to do the trick for me especially when one has their lease renewal sent out to them two weeks before christmas – It always seems to wind up signed and returned just after New Years! Funny how that works isn’t it. Oh wait thats remembering they are humans too…LukeNealeMember@lukenealeJoin Date: 2005Post Count: 28
Don’t distance yourself from your mentoe when you’ve made a mistake, or when the going get’s tough.
Press in , press in , press in.
The more you learn, the more your learn
John 10:10peter-reebokMember@peter-reebokJoin Date: 2006Post Count: 27
If you have done your homework…
The hardest part is making the decision.
Don’t be afraid that the sums add up. Just do it!
If you did all your work and the future doesn’t turn out the way you planned. You still did more than the gunna.
Gunna do this Gunna do that. Didn’t do anything!
Shoulda done that, learns something from mistakes. Education is a means to an end.
Did do it, the only one that gets to profit!
Good management is about what you do when it happens, not what happened to you.
A famous golfer said recently, “I never make 100% of the shots I don’t try”cataParticipant@cataJoin Date: 2005Post Count: 559kjs_2Member@kjs_2Join Date: 2004Post Count: 42
Auctions! No one is mentioning how emotionally ready a seller is to sell on auction day. I have been a seller and if my husband had not said no, I would have agreed to a price about 25% lower than market. Instead we sat back for a bit (the house I wanted to move to sold a week before auction anyhow), and within a few months we listed with another agent and got full price.
Also, the winning bidder at an auction is just one bid higher than the second highest bidder. This may seem obvious, but sometimes the second bidder bids much less than you would have actually offered straight up. It is a real case for not selling by auction (some of you may have read Jenman too). Like it or not, unless you have two very emotional bidders, auctions often get lower prices. As an investor, you need to be unemotional, and you can just drop off a bidding war with a keen buyer, as ther will be another 100 opportunities next week!
Last tip – the bargain of the decade comes around every week. We often think we are going to be so sorry if we miss this great bargain, but time soon tells you there are plenty more coming – you do need to spend the research time as many before me have said.
kjsAmandaBSParticipant@amandabsJoin Date: 2005Post Count: 549
Wow some amazing tips here for those new to property investing.
Its often very overwhelming when you first start out.
There’s a new website http://www.propertydivas.com.au which is kind of a “one stop property shop” where you’ll find heaps of free downloads, templates and resource lists.
“It is better to be inconspicuously wealthy, than to be ostentatiously poor…”kirby_pkParticipant@kirby_pkJoin Date: 2006Post Count: 6
Excellent site Amanda, ty.PosEnterprisesMember@posenterprisesJoin Date: 2006Post Count: 290
My Tips would be!
1) Don’t ever sell you will lose out in future capital growth like i did before now i will not sell!
2) Don’t buy depreciating assets like wide screen tv’s etc – Wait until you have some many assets you can afford to buy what and when you want in CASH!!!
3) Get your A Team sorted before you buy a property or any investment – get great Accountant, Lawyer for estate planning etc, Mort Broker, Real Estate Agent, Property Forums and get the right advice from people who have made it!
4) Don’t listen to people who are not making at least 3 times your income otherwise they aint qualified to give you the right advice.
5) Be the 5% of wealthy investors not the 95% of pretenders!
6) Build up your investment library and buy many books on property, shares, business etc
7) Start a part time business and make it work for you not work in it!
Research, Research, and more Research
9) Ask many questions silly ones, etc you will get at least one good answer!
10) Getting rich takes time and patience but have a cut off point don’t want to be rich at 90 and then can’t enjoy it! Write down your goals the most important ones and follow them until you achieve,
that’s it from me and still learning and loving it![cigar]HandyAndy888Member@handyandy888Join Date: 2005Post Count: 160
4 tips to investing nOObs….
Tip 1: If you buy something, you actually have something that has potential to make you money, if you don’t, you don’t!
Tip 2: Do not be afraid of capital gain tax (refer to Tip 1).
Tip 3: Generally speaking, the risk involved with investing is making a sub standard profit.
Tip 4: The earlier you buy, the better…do not follow cycles, too complicating, just buy! [biggrin]
I know nossing!allyellowParticipant@allyellowJoin Date: 2007Post Count: 1
need little guidence here i bought townhouse 3 years ago 330,000 and now i have redraw of 100,000 and thinking of buying a investment property unit say 220,000 with 20% depost so if i redraw that money from my home loan ac will that be tax deductable.
any ideas how shuld i finance this .L.A AussieMember@l.a-aussieJoin Date: 2006Post Count: 1,488
If you use the redraw funds for investment purposes then yes the interest and fees will be tax deductible.
There are a few ways to finance it;
The basic way would be to use your redraw funds to cover the 20% deposit and purchase costs, and organise a separate loan for the 80% balance.
Some loans will allow you to extend your existing loan and use both properties as security, and you fund the whole amount out of the same loan. This is called "cross-collateralisation". A lot of experts don't like this method as they believe your lending can be restricted and trap you with one lender.
There are other more creative ways, but this is usually only required if you are struggling for finance. I don't think you would be so a safer option would be better in my opinion.
Talk to a good property knowledgeable mortgage broker about the options. There are a few good ones on this site.bennidoParticipant@bennidoJoin Date: 2004Post Count: 195
Not all countries have the same interest rates. There are many countries with much lower interest rates than Australia.
If you can get access to funds from outside Australia at a lower interest rate, it can make a significant impact on your returns.peter999Member@peter999Join Date: 2007Post Count: 1
Have a look of this book, its simply outstanding…! You can solutions to many Questions like…
* How to make Tax a flexible expense that you choose to pay if you want to!
* How to make money whether you want to or not! … etc
UK Property Investment System: Complete step-by-step property investment system an ex-window installer used to become a multi-millionaire in only 7 months… using none of his own money!marten hilbertsMember@marten-hilbertsJoin Date: 2004Post Count: 7
TIP make a decision………buy now, it will force you to take action.
TIP dont listen to the 'masses'. their information is not constructive to who you are or want you want to be
TIP DO NOT EVER take advice on property investing unless they/them/him/her have 10 times your NET worth
TIP unless it is in writing and signed by both parties, it DOESN'T exist. well actually it does it is just in your head making you feel good
TIP if you get serious about this, beware your life will change and you may not like what you see.
TIP go fishing at least twice a year and enjoy your catch
TIP do what you want to do, yes be a little selfish and enjoy YOUAAZParticipant@aazJoin Date: 2008Post Count: 56
OUR 8 TOP TIPS FOR GETTING STARTED IN REAL ESTATE DEVELOPMENT
We’re often asked about how we first got started in Real Estate Investing and Property Development and what did we do in the beginning and so we thought it would be a great idea to put together some handy tips of what we did that may also help you to get started on your own Real Estate Development journey.
Here are our 8 top Real Estate Development Tips to help you get started:
– Develop a Rich Mindset – Learn to think and act like a Property Developer and always start with the end in mind.
-Invest in your knowledge first – Learn as much as you can about Real Estate Investing and Property Development.
-Avoid “Analysis Paralysis” – its great to learn from the property books and programs but eventually you have to Take Action and have a go to get results. Realise that Property Developers generally learn the most and make the most mistakes during their first real estate development projects.
-Find a strategy that’s a good fit for you – Real Estate Development is not for everyone – there are significant risks involved if you don’t know what you’re doing.
-Make sure you enjoy Real Estate Development – If you are passionate about what you’re doing then you won’t mind putting in the time and effort property development requires.
-Seek proper advice – Build a good real estate team and find great property mentors you can emulate – by that we mean people who aren’t just talking the talk, but are currently involved with Real Estate Development.
-Start small while you’re learning and then grow as your knowledge and experience grows. Starting small can avoid costly mistakes later. Alternatively you may want to pay a project manager – but you’ll still need to know the mechanics of Real Estate Development.
-Have faith in yourself and don’t be afraid of making mistakes because everybody makes them just try to learn how to avoid costly mistakes. Remember mistakes aren’t mistake if you can learn from them. As James Joyce said “A man’s errors are his portals of discovery”, and Winston Churchill “All men make mistakes, but only wise men learn from their mistakes”!
Adrian and Amber
http://www.RealEstateDevelopmentClub.comBennyteeParticipant@ten_burnerJoin Date: 2006Post Count: 243
Tip 1) always take digital camera photos(ask first) when looking through a property, so you can refer back to them later when you have seen 8 potential IPs that day…
Tip 2) talk to the neighbours, they are a wealth of info and usually more than happy to chat.
Tip 3) take a note book and pen it makes you look more professional
Tip 4) Money saved is money maderowyMember@rowyJoin Date: 2008Post Count: 3
just would like to share with all of you (sydney siders) that I find the Repayment Ratecard very useful from Edvico Mortgage Solutions. you can try to visit their webpage http://www.edvico.com.au , email or call them to get one.
I find that their Repayment Rate card is extremely useful (as a quick reference) to use when putting offers to agents because it give me a good indication of what the repayments are. good tool to use when negotiating with agents……thumbs up for me!rockeyMember@rockeyJoin Date: 2009Post Count: 2