What they dont tell you in property forums??

Discussion in 'Investor Psychology & Mindset' started by MTR, 15th Jun, 2018.

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  1. MTR

    MTR Well-Known Member

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    Its an interesting topic.... the fact you can negotiate with banks, I had no idea this was possible

    @Terry_w may be able to shed more light on this issue
     
    MTR, 22nd Dec, 2018
    #181
  2. dabbler

    dabbler Well-Known Member

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    She made it everyones business, went too lengths to do so.
     
    dabbler, 22nd Dec, 2018
    #182
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  3. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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    I haven't read the thread but if you are talking about negotiating repayments of debt with banks then it is possible and I have done it for a client. Had $80k credit card debt and paid them about $30k for full and final settlement with no adverse listing on credit file. Same client recently got a home loan with the same bank too
     
    Terry_w, 22nd Dec, 2018
    #183
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  4. MTR

    MTR Well-Known Member

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    Yes this
    Thx
     
    MTR, 22nd Dec, 2018
    #184
  5. MTR

    MTR Well-Known Member

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    They don't tell you that one way of measuring success is your net worth, not the number of properties you own.... Damn that old chestnut.... 90% LVR:p:eek:
     
    MTR, 23rd Dec, 2018
    #185
  6. dabbler

    dabbler Well-Known Member

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    You sure ? There must be some hater posts.....for sure....
     
    dabbler, 27th Dec, 2018
    #186
  7. dabbler

    dabbler Well-Known Member

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    There has been a lot of this sort of thing with property managers.....and many if them were shockers....or intended selling business after gaining people from here.
     
    dabbler, 27th Dec, 2018
    #187
  8. Simon Hampel

    Simon Hampel Founder Staff Member

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    That's because Whirlpool is the only forum you'd ever need :rolleyes:

    Not so much from Whirlpool - we have had it from other forums in the past though - not so much these days interestingly. I think they've all moved to Twitter to whinge.

    Lots of negativity from Twitter (everyone gets negativity from Twitter though) - but the site also gets quoted there a lot in both a negative a positive (or even just neutral observational) light.

    Traffic from Reddit is mixed - some good, some bad.
     
    Simon Hampel, 27th Dec, 2018
    #188
  9. Simon Hampel

    Simon Hampel Founder Staff Member

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    Interestingly enough, for every negative review I hear about some property managers - I hear another review stating they are quite happy with the service. That even includes that certain high profile property management business failure (which I won't name here) - I had clients of theirs tell me they were quite happy with the service they received. Swings and roundabouts I think.

    The number one problem with some property management businesses is staff turnover - you get a great PM and then they leave. Can be really difficult to maintain service levels for a smaller team when a key member departs. That happens everywhere - I got that for about 15 years with my properties before my current PM - every time I got a PM trained up in the unique nature of my properties, they would leave (or get promoted or go on maternity leave) and I'd be back at square one, trying to explain to the new PM about why they keep messing up my monthly reports :mad:
     
    Simon Hampel, 27th Dec, 2018
    #189
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  10. dabbler

    dabbler Well-Known Member

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    Yeah...I remember seeing some other prop forums.....

    I do not bother with twitter....ironic seeing I prefer short stories or articles....but maybe just too much noise there....

    I have noticed FB groups also can be full of people talking about things they know not much of.......and hyper sensitive......
     
    dabbler, 27th Dec, 2018
    #190
  11. dabbler

    dabbler Well-Known Member

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    Yes....staff turnover is a large key.....keeping staff that do a decent job is a good thing....keeping ones that are rude and unhelpful can also be worse than turnover....

    Comes back to business and management and how clients are regarded IMO

    PS lot of people have no idea really re PMs.....they lack experience and or have had nothing really go wrong where a PM is tested.
     
    dabbler, 27th Dec, 2018
    #191
  12. Simon Hampel

    Simon Hampel Founder Staff Member

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    Absolutely - signal to noise ratio is very low. The trick is to be very selective who you follow - some people just make noise all day long.

    I've noticed the same. Closed FB groups especially can become very insular and the moderators have relatively few tools available to them to minimise issues other than simply removing people from the group - which doesn't necessarily help that.

    But then, any online community has similar problems, regardless of the platform - the way in which they are managed is key.

    Twitter being an online community of sorts without any real moderation or control is the biggest issue. In many ways both its biggest strength and its biggest weakness.
     
    Simon Hampel, 27th Dec, 2018
    #192
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  13. Simon Hampel

    Simon Hampel Founder Staff Member

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    This is quite a good point. Anyone can manage a simple property with easy tenants (you could do it yourself!).

    It's when things get difficult that a good PM becomes priceless.
     
    Last edited: 28th Dec, 2018
    Simon Hampel, 27th Dec, 2018
    #193
  14. Tony3008

    Tony3008 Well-Known Member

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    Too true, as I found out this year: in hospital a few days after brain surgery I got a call from one of my PMs to say that tenant had reported a burst pipe, carpets all soaked through. When I explained my situation, the response was " leave it with me, I'll sort everything out" ... and she did. Had I been self managing it would have been a nightmare. Kudos to Raine & Horne, Melton.
     
    Last edited by a moderator: 28th Dec, 2018
    Tony3008, 27th Dec, 2018
    #194
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  15. dabbler

    dabbler Well-Known Member

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    Yeah, I think because you see so many quotes in regular news about tweets and twitter, I suppose at the outset the name did not inspire me also (seemed like for bird brains), and the lack of ability to actually explain, but I can see it also has good points, such as say for fire warnings and updates or weather or anything like that, where short and too the point is actually better.
     
    dabbler, 30th Dec, 2018
    #195
  16. Scott No Mates

    Scott No Mates Well-Known Member

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    There are other property investment opportunities if you look away from residential.

    Linky

    They can be counter-cyclical and provide growth.
     
    Scott No Mates, 2nd Jan, 2019
    #196
  17. spoon

    spoon Well-Known Member

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    I don't know whether everyone is having a cruise in their property investment journeys or it is just me. Apart from the difficulties and challenges everyone mentioned so far, I think owning multiple properties, in some cases, across States, or even worse, across countries, the difficulties of managing them and dealing with various taxes and laws multiply quickly. Not to mention good investment in one place/country, can be a lemon case in another. Eg., in some countries, being close to a metro/tube station is a bonus while in another would be a no-go zone. Also, the change in Govt policies can be a headache. Worldwide Govts are targeting real-estate investors as if they don't deserve what they have achieved. However, I think to plan for retirement or future, without relying on Govt handouts, is an honourable endeavour...
     
    spoon, 14th Jan, 2019
    #197
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  18. gty12

    gty12 Well-Known Member

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    That there really are property industry people doing their jobs because they want to help people.
     
    gty12, 15th Jan, 2019
    #198
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  19. Spiderman

    Spiderman Well-Known Member

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    And the spruiker/guru types typically preface this with "I don't need the money but ..." or "I can afford not to work but I'm doing it ... "
     
    Spiderman, 15th Jan, 2019
    #199
  20. gty12

    gty12 Well-Known Member

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    I'll add:
    The bizarre adverts on pages I find visiting this forum. As I write I have:
    • An advert from Dan Murphy's=odd as I don't drink
    • An advert for Alex Straker's 'Market Mastery' software/course=which features this hilarious line: 'I will be making sure each student the individual attention they need to be successful'=clearly hasn't mastered English grammar nor given his attention to re-reading his adverts before posting
    • An advert for what appears to be glasses and appears to be written in Mandarin Chinese=odd as I can't read Mandarin
    • An advert for tours of America and Canada=I have no plans to go there anytime soon & have not been there for a decade
    • An advert for Domain listing places I have visited on realestate.com.au=in case I suppose I value a green background over a red one when I am looking at properties
     
    gty12, 15th Jan, 2019
    #200
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