I have been a member of this forum for quite some time and with the help of so many people, I have been able to successfully invest in a positive manner.
My question is this, what is your biggest struggle or challenge when buying an IP?
Is it, finding the right type of investment property, negotiating price / terms with the agent (allot of people struggle to negotiate because of fear), organising pest / building inspection, solicitors, finance, doing final inspection and even finding an agent to lease your home.
I know this may all sound easy, but It staggers me on how many people get caught out.
The reason I am asking anyone this, Since I have been out of the real estate game allot of friends and people I know always ask for help, Which is good it means they trust my judgment and experience.
I am now possibly thinking of starting a small boutique firm who can help (one or two buyers) per time to ensure they dont face any of the above issues.
What are your thoughts??KeithMewesMember@keithmewesJoin Date: 2012Post Count: 2
Finance & structure.
Finance: what is the best way to finance the purchase of IPs: refinance PPoR; LOC; IO; P&I; etc.
Structure: what structure to buy in: own name; partnership; trust; etc.
Make sure you get some good advice from people who live & breath this stuff, not your tax accountant or divorce lawyer or your mate down the pub! There are some great people out there who do this stuff everyday. Yes you will probably have to pay for their services and they probably won't be "cheap" but they will offer value.
I think people generally get hooked on interest rates and fees but don't fully consider the best way to structure their finance. They fall for the bank offering them interest discounts and fee reductions to borrow everything through them and end up cross-collaterised and then end up buying in joint names or whatever without thinking of long-term tax and asset protection issues.
get it right from the start and spend some time getting "market ready" before you purchase your first IP.
The hardest thing i find is dealing with a lazy real estate agent. I should show you the contract of the last IP i bought. The bank manager actually laughed when he saw it. Too lazy to print a new clean copy.
Are you thinking of becoming a buyers agent with all the added features?
Have you considered opening up your own real estate agency? Psaila Real estate – The name you can trust!Jamie MooreParticipant@jamie-mJoin Date: 2010Post Count: 5,069
From my end – the challenge for some people can be overcoming paralysis analysis.
We get the odd client who is overloaded with too much information that they spend way too much time looking for the "right" property and never end up making a decision.
I don’t understand why agents do such long hours? My local agents sit at the cafe next door coffee in one hand and cigarette in the other. If I ever need to contact them I just phone Gloria jeans.
That’s my point, they do nothing during the day and work in the evenings!rotton9Member@rotton9Join Date: 2012Post Count: 1
There is a lot of challenges especially when you just started a thing.
Just be optimistic mate!
You may have lack some of resources unlike the larger firm have but people trust you meaning you perfectly tailor your offerings to their needs and…
everything else follow..
There is always a solution..Shell HParticipant@shell-hJoin Date: 2010Post Count: 32
I have to agree with Joe – lazy real estate agents, who won’t return calls or follow up. There are a few great ones out there, but they seem to be few and far between !
Good luck with your new venture Johann !
Totally agree but I think if you look at most industries and occupations, you will find their are lazy people every where.
I guess this is why some people get far in life and some simply don't.
I know allot of agents who dont return calls "etc" but if you want the home just hunt it down…ChrisA1Participant@chrisa1Join Date: 2011Post Count: 172
Good points Jamie and JP….
The fear of 'what happens if'……
I think Robert Kiyosaki sums it up well in his final chapter of "rich dad poor dad' – fear will hold you back everytime, but education and mentoring and taking that next steps will help that fear
Persistence is 'to keep on keeping on, no matter how hard the going may be'