Do not buy without a proper inspection
During the week, I had two long conversations with my industry peers - a property manager who works with a family owned agency, and an owner of a licensed estate agency.
I have known the property manager’s boss for more than 30 years, and the other has been my industry "buddy" for about 10 years.
I chatted with each of them for over an hour. With the property manager, she discussed her background, her own property investment portfolio, how she achieved it, and the market trend around the surrounding area.
I have not met her before, and that was the first time I had verbal communication with. She has a very cheerful voice, which is an important asset for anyone who works in a service industry.
One of the secrets of success in real estate investment is to start young. It must be a coincidence that my previous blog with an attachment was about a young lady at the age of 19 managed to buy / build her her first home.
The property manager married and started her family not long after. She could return to the workforce when she was still very energetic. Her daughter is in her final high school year, and she works two part time jobs.
As you may heard me saying many times, save, save and save, and both she and her husband did the same in their early days.
They are in their early 40's now, live on an acre block in an outer suburb, worth about $1.5 mil, and also have other investment properties. As I am not a "qualified" financial adviser, I could only give her a general friendly advice - DO NOT put all the eggs in one basket.
In order to minimise land tax, it is better to invest in interstate properties, preferably in regions with employment growth potential.
Some members who had attended my video meeting a few months ago, would have heard my explanation the importance in investing in multiple lower price properties than just a single very high price property.
I prefer to adopt a risk minimisation strategy.
With the other agent, we went more in depth about the demand and supply of the property of past months, and the coming months.
We also talked about some of my former "students" that we both know mutually. One has already retired, another in LA, and the rest still in Australia. The two I mentioned earlier were brilliant real estate agents professionals.
My buddy is a very friendly guy. Unlike many real estate representatives or agents, he has the right attitude in marketing properties. In a way he strikes a right chord with me, because he "markets" positives rather then negatives of a property.
The first time I worked with him, I spent almost an hour interviewing him at a client's kitchen. He appraised the property close to $100,000 more than the lowest figure quoted by another agent.
We worked together to map out a marketing strategy, and the property was sold at the price as he quoted.
The difficulty in prediction the trend is due to the changing government policy on JobKeeper, and my assessment is that there will be initial surge but the decline will follow as reality sets in. I shall have a better assessment after restriction is relaxed.
The latest national and by state employment rates are too rubbery to make any sense, because the definition of someone being employed is completely nonsensical. One is considered employed if he/she is engaged in an hour of paid job during the survey period.
Hang in there, do not buy without a proper inspection.
Thank you for reading.
During the week, I had two long conversations with my industry peers - a property manager who works with a family owned agency, and an owner of a licensed estate agency.
I have known the property manager’s boss for more than 30 years, and the other has been my industry "buddy" for about 10 years.
I chatted with each of them for over an hour. With the property manager, she discussed her background, her own property investment portfolio, how she achieved it, and the market trend around the surrounding area.
I have not met her before, and that was the first time I had verbal communication with. She has a very cheerful voice, which is an important asset for anyone who works in a service industry.
One of the secrets of success in real estate investment is to start young. It must be a coincidence that my previous blog with an attachment was about a young lady at the age of 19 managed to buy / build her her first home.
The property manager married and started her family not long after. She could return to the workforce when she was still very energetic. Her daughter is in her final high school year, and she works two part time jobs.
As you may heard me saying many times, save, save and save, and both she and her husband did the same in their early days.
They are in their early 40's now, live on an acre block in an outer suburb, worth about $1.5 mil, and also have other investment properties. As I am not a "qualified" financial adviser, I could only give her a general friendly advice - DO NOT put all the eggs in one basket.
In order to minimise land tax, it is better to invest in interstate properties, preferably in regions with employment growth potential.
Some members who had attended my video meeting a few months ago, would have heard my explanation the importance in investing in multiple lower price properties than just a single very high price property.
I prefer to adopt a risk minimisation strategy.
With the other agent, we went more in depth about the demand and supply of the property of past months, and the coming months.
We also talked about some of my former "students" that we both know mutually. One has already retired, another in LA, and the rest still in Australia. The two I mentioned earlier were brilliant real estate agents professionals.
My buddy is a very friendly guy. Unlike many real estate representatives or agents, he has the right attitude in marketing properties. In a way he strikes a right chord with me, because he "markets" positives rather then negatives of a property.
The first time I worked with him, I spent almost an hour interviewing him at a client's kitchen. He appraised the property close to $100,000 more than the lowest figure quoted by another agent.
We worked together to map out a marketing strategy, and the property was sold at the price as he quoted.
The difficulty in prediction the trend is due to the changing government policy on JobKeeper, and my assessment is that there will be initial surge but the decline will follow as reality sets in. I shall have a better assessment after restriction is relaxed.
The latest national and by state employment rates are too rubbery to make any sense, because the definition of someone being employed is completely nonsensical. One is considered employed if he/she is engaged in an hour of paid job during the survey period.
Hang in there, do not buy without a proper inspection.
Thank you for reading.
