I found this on the link below. It actually looks like a rather nice house which the owner seems to be selling out of necessity rather than desire. My first thought was whether the owner would be interested in a wrap.
I live overseas and canâ€™t do the work right now but thought maybe someone on this site may be interested.
Seems like great practice for a small risk ?. Would love to know if anyone tries and how it works out.
Property Number: 18802
Property type: House
Address: 5 Back Street
State: VIC Location: Merino Postcode: 3310
Up to 6 b/rooms Or 5 rooms and study/sewing room. Dining, lounge, separate shower and bath; walk in pantry.Some rooms painted. Near new front verandah, large yard and double carport. Needs work,but basic repairs. Next door to primary school, bus to secondary at front door. Quiet small town. 40min to Portland, 15 min to Casterton, 30 min to Hamilton. Plenty of work in the area (commute). Excellent escape for large family. INVESTMENT I need an investor now, as i need to live in the house. SO, buy it and I’ll rent it back off you. Sorry for any inconvenience for those who were interested in buying to live in, but my life circumstances have changed and this is the only option I have right now. Thanx
No. bedrooms: over 4 Construction type: weatherboard
I would have liked to delete the post above but can’t work out how yet. Still very new.[confused2]
I just had a quick look at the Bureau of Stats data about the area and have decided it would not be worth looking into any further as the property would be next to impossible to sell if anything went wrong with the wrap.
I don’t want to be responsible for putting anyone on the wrong track. [worried]
However, if anyone thinks I’m wrong, please say so. I’m just at the begining of my learning journey.
Love the smilies [exhappy]RealEstateQueenMember@realestatequeenJoin Date: 2005Post Count: 69
Wow… I just read the last three posts on the first page.
Guess what guys? Cash flow off the shelf is still out there? How do i know? Because i am a researcher for a buyers agency that specializes in returns above 9%. here is something even more amazing, i send them through deals every week. There are still deals going strong out there, and i am finding them from the comfort of my office. I do agree with the first few posters, it is a good idea to get out there, and talk to people, but remember, you have two ears, and one mouth, so make sure you listen more than you talk.
Im sorry, but people make me so cross when they say CF+ doesnt exist. [grrr] I am making healthy profits by finding these deals all the time, i have the facts to tell you they exist. It just means you need to take a risk. If you arent prepared to take higher risks for the higher gain, then stick with the negative gearing. Because you are getting more money for your property, of course there is going to be more risk than if you had bought in a capital city for example, but you have to constantly monitor your returns and the areas, and have back up plans to offset those risks, and you will be fine. To the people whinging that no one will give you any help – what sort of help do you want? locations? heres a clue… i have spent many hours researching, chatting to agents all around the country, paying massive phone bills because of this, and i spend many late nights on the internet (so remember that to the guy who said they dont exist on the net, i get the majority of my properties off realestate.com), and generally put in alot of hours, why would i give away that information for free? If your not after locations, then what more info do you need, considering you have said you read all the books etc?
Do you know they dont teach geography at school anymore? Im 20, and never learnt geography, so i have worked really hard to understand this country. I bought maps of all the states, and they are pinned up on my office walls. Want to know how i have done it? I picked one state, and i am researching every town. Every single little town. This involves reading and calling agents. I cross each town off if i find it is not going to be feasible, and write notes next to it, if i have heard of future infrastructure and such, so they may be good in the future. Im only up to the start of my second state, but hey i could tell you lots about every little town i did research in that particular state!! It does take time, i have been doing this since december of last year, while working full time, but if your not patient, then your in the wrong industry.
Perhaps that might help the newbie investors. Learn all you can about your country, read newspapers, and research all you can. ANd dont be afraid to take a risk. As long as you know what the risks are, and how you can rectify any problems that may arise.
Best thing you can do is obtain more knowledge, at the end of the day, it keeps your brain active, and it may open it up to more opportunites. ever heard people say, oh they got lucky? And then there is a saying, i found i got luckier the harder i worked? These people just saw more opportunites, its not luck, just open eyes.[blink]
Where do you find buyers agents? I’m about to start the 2nd intake RESULTS programme and want to be able to find deals myself, but I’m not super time rich either! So I’m interested to find out how much buyer’s agents charge, how they charge and how the process works – in 300 words or less!!! *jokes*
Thanks for that!
Talk about time poor… there are just so many opportunities in life to grab and make something of. I think a buyers agent could be a goer at some stage. Do you do the whole process right down to settlement? Or is it more or less just finding the deal that you do?
Work Hard, Play Hard, Rest Hard.DDMember@ddJoin Date: 2004Post Count: 508
Wow $5k for a finders fee. I find that a bit rich. Anyway there are worse out there.
Hope it sells as it sounds a good deal, well worth looking further.
Buyers Agent (Dip Financial Services(FP)
Don’t sweat the small stuff,and it’s all small stuff!!
So DD, what would you think is a reasonable fee? What services do you offer, for example?
Matt.Lis_2Member@lis_2Join Date: 2005Post Count: 3
Another thing I thought of is looking at whether or not council has any future plans for this area, or RTA for future major connecting roads.
Thanks for the effort you put into this summary Adam.
Lisa SheltonLis_2Member@lis_2Join Date: 2005Post Count: 3
Whilst the property location may not have been great, the thought was! thanks. Also I hadn’t encountered this site before, so I’ve discovered a new rescource from your post. Thanks again,
Your welcome. I have since worked out how to delete my posts but simply forgot about it. Now I’m glad I did. [smiling]
ElkapthomMember@pthomJoin Date: 2006Post Count: 1
I agree, i believe great deals are created using your mind more so than your eyes. Its amazing how you can turn what seem to be a lemon in some peoples eyes into a wealth creating opportunity with a bit of knowledge and imagination.
Lay a foundation let time and education be your biggest asset from here anything is achievable.
paula.[wink2]yvieMember@yvieJoin Date: 2006Post Count: 2
Problem Property to be Auctioned
I am unable to buy, maybe somebody here can take advantage.
Details are as follows:
Locally perceived contamination problem from old dip site.Property vacant for ten years.Decontamination by the department of lands.405 sq m under roof, 2400sq mts land, 8kms nth east views to Coolangatta coast. Phone Greg for more detail on 0418278817 or find on real estate.comfoundationMember@foundationJoin Date: 2005Post Count: 1,153Lay a foundation
[eh]Um, sure. Just be aware that I’m busy Tuesday and Thursday, off to the city for the long weekend to shop and see a concert, but will be available on Wednesday.
F.[cowboy2]cazza69Participant@cazza69Join Date: 2006Post Count: 9
Great topic. This is close to my heart as I am in the process of purchasing my very first cashflow positive property. It is located in a Northern Queensland majour regional center. I purchased it with a 2 year guarantee on rental income.
Do your due dilligence and +ve properties are still alive and kicking.
<deleted – trawling> Derek
Good luck. I plan on making this my regular visit I am glad I found this forum thanks PI.Millionaire in trainingParticipant@millionaire-in-trainingJoin Date: 2004Post Count: 154
Good on you, for finding one.
How did you manage a 2 year guarantee on rent?GlaucoMember@glaucoJoin Date: 2003Post Count: 12
Well done. Good advise for the newbies.
Important note; Speaking from experience on both sides of the fence, When starting out have your property managed by a real estate agent and have the contract state that trades men are to quote all repairs / maintennce above $250.00. If you set your price to far below this you will end up paying more as in most cases the trades men will have to make a return visit and cover his extra time, the average call out charge in real money is $88.00 per visit. When the price is set to around $250.00 you will find trades men charging less as they dont have to down tools and quote, and loose time in return visits and corespondence liasing with the estate agent. Another goood point and I have done this on many occasions when carrying out repairs for my customers I round down to finnish under the $250.00 cut off. Lets say the job is worth 320.00 I will round it back with a discount to 290.00 this saves me all the hassell and the risk of loosing the job to another company. The tennant is always happy because of the discount and the real estate loves me for bringing in the job under the quote level and this saves them time and money. Many may not agree with me but remember I speak with experience as the tradie and the investor.
Good luck to all
Glauco[biggrin]cazza69Participant@cazza69Join Date: 2006Post Count: 9
Not sure why I cant even ask if anyone else is interested in a site that lists only +ve geared props. I am nothing to do with the website. I just know how hard it was to find +ve props. I couldn’t care less if I tell people it or not. I was new so was trying to make myself at home.
Trawling – god it sounds like I was trying to pickup a 12 year old boy – cant you use another term?
Thought it might help some other investors who are finding it hard to find anything but obviously dont want to break the rules so sorry for that – I didnt actually list the site, I just asked if it would be of interest. It must be of some interest as I have 12 PM’s in my inbox. So am I allowed to tell them or not? Can I send a PM or not to them?
I cant take all the credit for getting the 2 years guaranteed. My buyers agent did this for me, he said he usually tries get a min of 12 months but for this property he got 2 years. I made the purchase subject to 2 years rental guarantee, pest and building and subject to finance.
Really happy with my first dabble in the market looking at buying my next one in 3 months. I do feel I am on my way though …
CaznordicskierMember@nordicskierJoin Date: 2004Post Count: 85
Cashflow +ve generally requires a property with twist. In our experience it meant a block of units with dodgy tenants and in need of reno. We reno two and kept two tenants on so long as they direct debited to pay rent.
Another was a 3bdrm house with a full self contained one bedder with good access. Add the two rents together outstrips the 100% loan payments.
The only other way is to have the cash in hand ready for the deperate sale with no conditions. Easier said than done.KevjoshMember@kevjoshJoin Date: 2006Post Count: 3
What do people think about holiday appartment investments managed by on site managers.
From my limited reading and dealings in FNQ, seems 20% – 25%returns are spruked regularly but the managers get about half of that, so effectively you end up with approx 10% – 12% anyhow. This they say this takes into account 90% occupancy in high season & 35% in low.
Has anyone dabbled in holiday investments “off the plan” or otherwise in high tourism or growth areas or heard of experiences of others ?
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