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  • Profile photo of LouieFins MumLouieFins Mum
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    @louiefins-mum
    Join Date: 2013
    Post Count: 8

    Hi

    I am new to site & property investing!! We are considering buying our 1st investment property…we went to an Ironfish info eve, has anyone had any experience of these guys?? What is your experience of them?? Or is/wld it be better to go it alone & buy property on our own???  Any ideas tips etc welcome

    Thanks

    Profile photo of Nigel KibelNigel Kibel
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    @nigel-kibel
    Join Date: 2005
    Post Count: 1,425

    The market place is full of companies like this. Generally what they do is only sell off the plan and or new property because they are making more than $30,000 commission per property.

    If you deal with companies like this do not be pressured into making instant decisions. There is always huge pressure for you to sign on the spot, because they know if most people go away and think about it they would not buy the property.

    If you like a property then go on line and look at what other similar properties are being sold for.

    Also consider paying for a full bank valuation. The price of paying $300-$500 is nothing compared to buying a property that turns out to be $50,000 to $100,000.

    It is always important to do your own due diligence, If you are lazy and don't do that then don't complain if later you find out that you have overpaid for the property.

    Remember measure twice cut once.

    Nigel Kibel | Property Know How
    http://propertyknowhow.com.au
    Email Me | Phone Me

    We have just launched a new website join our membership today

    Profile photo of LouieFins MumLouieFins Mum
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    @louiefins-mum
    Join Date: 2013
    Post Count: 8

    Hi

    Thanks for replying, & good advise, I feel we may take their advise tips but go on our own…need to see them again first and take it from there….

    Michele

    Profile photo of gpobox123gpobox123
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    @gpobox123
    Join Date: 2013
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    Hi there, I have found that in life there is much pressure to close the" deal". I have found that seeing an opportunity like a court Judge, weighing up the evidence and taking advice from reputable property advice organisations and building trust. I have had good success with this approach.

    Chris

    Profile photo of Richard TaylorRichard Taylor
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    @qlds007
    Join Date: 2003
    Post Count: 12,024

    I have spent the last 15 or so years assisting investors with their loan structures and investment property acquisitions and never fail to be amazed at some of the ways in which over priced properties are sold and promoted.

    The misconception that you must buy new to make it a good investment is merely a sales tool used by such marketing organisations hide their commission and marketing fees and they usually warm you up by telling you that Bank valuers are told to down value the property so when there is a variance between the purchase price and the valuation you are not surprised.

    <edit>

    Cheers

    Yours in Finance

    Richard Taylor | Mortgage Broker helping investors build their wealth thru property
    http://www.mortgagecapitalaustralia.com.au
    Email Me

    0-40 Properties in a decade with an unencumbered value of over $35M. Email for a copy of my API article

    Profile photo of RPIRPI
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    @rpi
    Join Date: 2012
    Post Count: 308

    Good advice as always Richard.  

    Some Marketeers try and come across like they are there for you.  Check the disclosure contract on the statement and you will see $30k or so going to them for selling the property.  They are NOT there to help you.

    I am litigating on behalf of numerous clients at the moment who have been done by some of these marketeers.  One very common thing in the client statements is the buyers having to tip more money into the deal because the bank vals don't stack up, strangely enough by the val often comes in to be at least the commission amount lower.

    Barge pole.

    If in doubt, get them to draft a contract for your offer, the accompanying disclosure will have to outline the marketing kickbacks (in QLD) anyway.  

    D

    RPI | Certus Legal Group / PRO Town Planners
    http://www.certuslegal.com.au
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    Property Lawyer & Town Planner

    Profile photo of LouieFins MumLouieFins Mum
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    @louiefins-mum
    Join Date: 2013
    Post Count: 8

    Hi All!!

    All very good advise…… thank you… but have to getting more confused the more I hear!!  I know we will go for an IP but not sure tghink we are more leaning towards going it alone…. I will keep you posted on our progess, & of course I am sure to have lots of Q's as time goes on

    Thanks

    LouieFinsmum

    Profile photo of Nigel KibelNigel Kibel
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    @nigel-kibel
    Join Date: 2005
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    The fact is it does not matter who you deal with you should always do your own research. It does not take a lot of effort to go on line to see what properties are selling for in a given area. The fact that so many people buy based on some ones word amazes me. 

    I tell my mentoring students that they should check everything I say because at the end of the day its your money not mine. I have always worked on the rule measure twice cut once in other words check things carefully before proceeding and if it does not feel 100% right then go on and look at the next deal. Remember the deal of a lifetime comes around every week, the stronger your knowledge the less chance that you will have of making a serious mistake with your money.

    Nigel Kibel | Property Know How
    http://propertyknowhow.com.au
    Email Me | Phone Me

    We have just launched a new website join our membership today

    Profile photo of callmelescallmeles
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    @callmeles
    Join Date: 2007
    Post Count: 29

    Hi LouieFin's Mum

    You'll never walk(invest) alone again.

    Welcome to the family/community of Australia's property investors.

    Get out there and read everything you can on property investment.

    You'll amaze yourself at how fast you get a grasp of the bare bones of this product.

    To educate family, friends and work colleagues register in Steves Property Investment Cert IV course like I have and really turbo charge you Ed'n.

    Start off by borrowing every book you can from the library about investment, Steve McKnight, Margaret Lomas,Jan Somers (the PIONEER), Noel Whittaker (He covers all tpyes of investment products. He has the integrity and morality of Steve. AND you can also subscribe or borrow the Australian Propety Investment magazines (two in OZ)

    Of course the Internet will take you on a knowledge ride of a lifetime.

    Enjoy and have the Nuerofen at the ready – Your on your way.

    Regards

    Profile photo of Jacqui MiddletonJacqui Middleton
    Participant
    @jacm
    Join Date: 2009
    Post Count: 2,539

    Hi LouieFin's Mum

    Whatever you choose to do, remember:

    – You don't have to do it "now" just because someone else says so

    – If you are trying to build wealth through property investment, listen to others that have actually achieved what you are trying to achieve.  No point following the advice of people that have not.

    – Yes you can purchase a property on your own.  There are bucketloads of them on the real estate websites.  Anyone can run out and offer to buy a property.  The results of course may differ depending on whether the property was purchased at the right price, is able to attract a tenant, has infrastructure to support long-term capital growth etc. 

    It depends on your available of time, confidence and knowledge.  If you don't have time to do your research, you may not have sufficient knowledge to buy into an area that will serve you well long term (or indeed you may overpay due to lack of knowledge of the area).  Some people also lack confidence in the negotiation phase and prefer it to be handled for them by a professional.

    Either way, it's exciting times!  You've obviously spent enough time reading and pondering to decide that property is to be your investment pathway, which is huge progress.  Exciting progress is ahead!!

    Jacqui Middleton | Middleton Buyers Advocates
    http://www.middletonbuyersadvocates.com.au
    Email Me | Phone Me

    VIC Buyers' Agents for investors, home buyers & SMSFs.

    Profile photo of LouieFins MumLouieFins Mum
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    @louiefins-mum
    Join Date: 2013
    Post Count: 8
    Profile photo of LouieFins MumLouieFins Mum
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    @louiefins-mum
    Join Date: 2013
    Post Count: 8

    Thanks so much for advise

    Profile photo of LouieFins MumLouieFins Mum
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    @louiefins-mum
    Join Date: 2013
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    Thanks for the advise, scary but exciting times ahead I feel

    Profile photo of gmh454gmh454
    Member
    @gmh454
    Join Date: 2003
    Post Count: 537

    Nigel that first post is a classic..

    I'm an accountant and it is amazing how people will sign their lives away with their new best friend, and make a conscious decision not to waste money talking to an accountant, or anyone actually impartial ..

    amazing how many disastrous franchises get flogged this way..

    in the overall scheme of things what is $500-$600, at the end of the day….

    seen people waste 7-8 years of their lives throw their relationships away and hundreds of thousands on pigs that could never fly, but saved $500 at the start

    Profile photo of amanda101amanda101
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    @amanda101
    Join Date: 2011
    Post Count: 3

    Hi There,
    I am also new to investing and I have a few questions before I purchase our first investment property.
    I read Steve’s book about 2 years ago and feel that now is the right time to start this new adventure but feel that I am suck on where to go, to ask for the right advice.
    For example; I would love to understand the accountaning side better in regards to making sure I set up the superfund correctly to get the best benifits etc… How to work out the overall cost of purchasing the investment property etc… My list goes on.
    Any help would be much appreciated. Thank you

    Profile photo of amanda101amanda101
    Participant
    @amanda101
    Join Date: 2011
    Post Count: 3

    Hi There, I am also new to investing and I have a few questions before I purchase our first investment property. I read Steve's book about 2 years ago and feel that now is the right time to start this new adventure but feel that I am suck on where to go, to ask for the right advice. For example; I would love to understand the accountaning side better in regards to making sure I set up the superfund correctly to get the best benifits etc… How to work out the overall cost of purchasing the investment property etc… My list goes on. Any help would be much appreciated. Thank you

    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,024

    Hi Jacqui

    Many thanks for the kind words.

    Yes you would be surprised how many times i have conversations with so called Professionals who have no idea the name that goes on the Purchase contract when buying in a SMSF name, what name the building insurance goes in etc etc etc.

    I have seen Trust Deeds where the members names are incorrect to Bare Trust Deeds which have been sent to us where no property address has been inserted.

    Lenders just love this and usually send them back telling you to get it right and then come back to us.

    In the meantime, the time clock on your settlement is ticking.

    There are so many tricks of the trade and hurdles to get over we spend a lot of out time at the moment establishing SMSF's and then assisting clients find the right property.

    So many think they can buy a nice property, subdivide the block and later build on it.

    Hate to say the ATO simply does not allow it. Often of course it is too late by the time they realise.

    For a few well spent dollars not only can you get your SMSF Deed set up correctly but you can then get your property portfolio well under way.

    Cheers

    Yours in Finance

    Richard Taylor | Mortgage Broker helping investors build their wealth thru property
    http://www.mortgagecapitalaustralia.com.au
    Email Me

    0-40 Properties in a decade with an unencumbered value of over $35M. Email for a copy of my API article

    Profile photo of LouieFins MumLouieFins Mum
    Member
    @louiefins-mum
    Join Date: 2013
    Post Count: 8

    Great Advise Thanks Richard

    Profile photo of LouieFins MumLouieFins Mum
    Member
    @louiefins-mum
    Join Date: 2013
    Post Count: 8

    Hi If you mean my post (being the first) thats why I put it on here…to see what others thought, we went along to the evening to get an idea about property investments, we are not silly, & of course we would be talking to our accountant among others…but thank you for you input.

    Profile photo of CorieCorie
    Participant
    @corie
    Join Date: 2009
    Post Count: 113
    RPI wrote:
     

    Some Marketeers try and come across like they are there for you.  Check the disclosure contract on the statement and you will see $30k or so going to them for selling the property.  They are NOT there to help you.

    I am litigating on behalf of numerous clients at the moment who have been done by some of these marketeers.  One very common thing in the client statements is the buyers having to tip more money into the deal because the bank vals don't stack up, strangely enough by the val often comes in to be at least the commission amount lower.

    Barge pole.

    If in doubt, get them to draft a contract for your offer, the accompanying disclosure will have to outline the marketing kickbacks (in QLD) anyway.  

    D

    This is interesting because only yesterday I had a bank val come back 40K under the purchase price. It was a new build in QLD and it was presented to me by a so called mentoring group with whom I recently joined. I am not going to mention their name at this point but I wonder if this was a similar situation to what you outlined D?

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