Chalk me up as 1 of those hundred. I hope you don't shut down completely, as I genuinely plan on following in your footsteps one day and would appreciate all the tips I can get my hands on.
Mark
The risk came true....
- Thread starter Dazz
- Start date
Chalk me up as 1 of those hundred. I hope you don't shut down completely, as I genuinely plan on following in your footsteps one day and would appreciate all the tips I can get my hands on.
Mark
I can understand cutting out the conversation with family and friends but there seems to be quite a lot interested here at SS.
I know a elderly investor in Perth and he gave up talking/helping many years ago. He wont even chat about it to those/me that are interested now.
The funny thing is, His family who are living a wonderful life of the fruits of His labour roll their eyes at the mere metion of any RE, except when he sells something and divies it up.
cheers yadreamin
I know a elderly investor in Perth and he gave up talking/helping many years ago. He wont even chat about it to those/me that are interested now.
The funny thing is, His family who are living a wonderful life of the fruits of His labour roll their eyes at the mere metion of any RE, except when he sells something and divies it up.cheers yadreamin
Daz
I agree with lizzie and Mark L - please don't. We are a little way off going down the commercial path atm - but am storing away all the info you have been so generously sharing, so that when we are ready we will be much more well-informed than we otherwise would have been.
Cheers
LynnH
I agree with lizzie and Mark L - please don't
. We are a little way off going down the commercial path atm - but am storing away all the info you have been so generously sharing, so that when we are ready we will be much more well-informed than we otherwise would have been.Cheers
LynnH
Hi Daz
Just be careful with the Admin paying until they have indicated. My experience with dealling with quite a few over the years is that they always try to screw you at the end.
We found ourselves in the situation many times where transport co's went belly up and after admin the business was sold and the new owner wanted to continue doing business with us. In these cases there was always a case of some transactions that the admin did not recognize and we were left holding the bag not only for the outstanding debt but also some amount at the end of administration.
Its unfortunate that your potential tenant reneged was it because they examined the books of the ex tenant? Or was there another reason?
Cheers
PS its amazing the the Admin hasn't tried the favorable creditor argument on you. This was a line I would get regularly with some abilities on their part to claw back all payments for 6 month. They never succeeded.
Cheers guys.....if I ever writea book I'll send you guys a copy for free.
The final meeting was yesterday to send the company into a DOCA....deed of company arrangement. I wasn't able to attend as I am up in Singapore.
No doubt the company went this way, as that is what they were setting up. I invoiced the new mob taking over the company for the 6 weeks rent the day I left Oz, and fully expect the monies to be in the bank account this time next week.
I went for a ride on the motorbike the day I keft to check out the lie of the land. The prospectve tenant is occupying two of the blocks on one side of us, and has also moved into an office complex directly on the other side of us, so I think they are calling my bluff.
Perhaps I pushed too hard on the Lease terms and conditions and they are trying to give me a "good sweating".....if that is the case I should have some fun cos I like playing that game too. Chances are the prospective tenants wil commit to the Lease and everything will be fine and dandy. Nothing like a 17% nett yield to get you going....
The final meeting was yesterday to send the company into a DOCA....deed of company arrangement. I wasn't able to attend as I am up in Singapore.
No doubt the company went this way, as that is what they were setting up. I invoiced the new mob taking over the company for the 6 weeks rent the day I left Oz, and fully expect the monies to be in the bank account this time next week.
I went for a ride on the motorbike the day I keft to check out the lie of the land. The prospectve tenant is occupying two of the blocks on one side of us, and has also moved into an office complex directly on the other side of us, so I think they are calling my bluff.
Perhaps I pushed too hard on the Lease terms and conditions and they are trying to give me a "good sweating".....if that is the case I should have some fun cos I like playing that game too. Chances are the prospective tenants wil commit to the Lease and everything will be fine and dandy. Nothing like a 17% nett yield to get you going....
Sorry Daz. Tried to piece the order of events and got very confused half way through with the flood of information and chit chat. Could someone confirm if I understand what has happened correctly
1) Daz owns an industrial site with 2 tennants side by side
2) Tennant 1 went bankrupt and doesn't want to move
3) With much fighting Daz kicks him out but with a very small loss owing (10k)
4) Tennant 2 said they will clean up Tennant1's site
5) Site is all clean and Daz has found a prospective tennant (Tennant 3)
6) Tennant 3 pulls out at last minute but has rented out all other industrial spaces around Daz's block
7) Daz has 8 weeks cash (saved up rental income) to sit on and wait for Tennant 3 to 'see the light'
Is this roughly correct
1) Daz owns an industrial site with 2 tennants side by side
2) Tennant 1 went bankrupt and doesn't want to move
3) With much fighting Daz kicks him out but with a very small loss owing (10k)
4) Tennant 2 said they will clean up Tennant1's site
5) Site is all clean and Daz has found a prospective tennant (Tennant 3)
6) Tennant 3 pulls out at last minute but has rented out all other industrial spaces around Daz's block
7) Daz has 8 weeks cash (saved up rental income) to sit on and wait for Tennant 3 to 'see the light'
Is this roughly correct
Come on, Kyosaki & Trumpie seem to do ok out of it. You just need to "borrow" a tried and tested theme from another guru's book, put your own spin on it (like instead of "rich dad" you could have a "rich friend"...oh wait that has been done, but I think "rich mentor" is available, the book would obviously be called "Rich Daz Poor Daz"), take you 20 minutes max, then spend another few minutes every year thinking up a catchy title and release another book - you could have exactly the same content in every book, but release 20 books and they will still sell.
Then after a few years you could put exactly the same content on the net, throw in a couple of "hot tips" and call it your "mentorship program", charge two grand a pop. No one will know what you look like (well unless they happen to read back-issues of API in the can), so you could pay some homeless guy a few hot meals, make him memorise your book, and send him around the country doing seminars, where he spends he majority of the day advertising your multitude of books and your special online limited mentorship program. Grab a monopoly board and change the property names to things like "cheap piece of dirt" or "expensive piece of dirt", get it mass produced in China for 4c a pop, sell it at your seminars and online for $400 for Dazzflow, a couple of years later release a $200 "expansion pack that teaches you even more advanced concepts" (i.e. a few Chance cards that say "Watch a game of footy, you may as well throw your life away now" or "Buy a Playstation, step in front of a train and end it"). By now you will have a multitude of converts, hobos going around the country selling your "products" and charging people for the priviledge of hearing your sales pitch, and earning a healthy little side income.
Sounds like the perfect Gravy Boat!
Holy smokes.....my written communication skills must be absolutely sh*te if that's what people are extracting from this thread.....
It's something like this ;
1) Trust owns an industrial site with 1 tenant occupying the entire site.
2) Tenant goes into Voluntary Administration, new company taking over via the DOCA has their own site and now wants to move and break the Lease.
3) No fighting involved...all calm, with eventual loss owing (10k)
4) New company said they will clean up our site before shifting all of the equipment to their site.
5) Site will be all clean and Daz is negotiating with a prospective tenant
6) Prospective tenant pulls out at last minute but has rented out all other industrial spaces around Daz's block.
7) Trust has 9 months cash (saved up rental income) to sit on and wait for prospective tenant to 'see the light'.
I think that's pretty close to the sequence of events.
coopranos - that was funny. I got a chuckle out of that....I think you've definitely convinced me not to write a book now....the whole thing seems like a charade. I don't have any of the "follow-on" gimmicky garbage to on-sell once I hook you with the book....so what's the point of the book ??
You forgot the part where if your a 'sophisticated' investor you will be invited to part with 10k for a weekend retreat where the secrets of the universe will be revealed to you.
That is only scratching the surface of what you will learn in my limited time only "Webinar" (yes, it is the stupidest word since "Blog").
Forgive me if I sometimes seem a touch cynical, but I also just happened to be listening to "Weekend Millionaire's Real Estate Investing Program" and noticed that certain sections of a certain local "guru"'s book seems to have strikingly similar language to that program, very nearly word for word actually. Very disappointing...I say as I fly out to Sydney tomorrow to go to another guru's seminar.
I don't know how this comment originated but please do not restrict me from getting my commercial property fix I will be purchasing commercial property as soon as finance allows me. I am defiently one of the 100 people you are talking about and it is near imposible to find any decent information on commercial around anywhere.
So don't listen to the muppets at least help the interested people.
That would be a shame Daz as many of us find heaps of good stuff in what you have to say.
If I find my self in WA I'll try and drop in for a chat.
cheers
quoll
what is the light you want them to see? is it that they need to rent your property to complete the effectiveness grid of their operation? do they "need" your block? have they come around yet?
Not yet Lizzie - but the operation who took over my Tenant is paying all of the rent and outgoings on the block for the next month or two whilst they shift out, so I have a bit more breathing space to secure another tenant.....may as well ask for an outrageous amount upfront and let them negotiate me down to just an excessive nett rent figure....
It's turned out really well in the end for us. Gotta be happy with that after the supposed crisis we thought we were in.
It's turned out really well in the end for us. Gotta be happy with that after the supposed crisis we thought we were in.
So, it's taken a while, but the whole sorry saga has finally come to a close tonight.
Just came back from signing up a new 3 year binding Lease with a new tenant.
They run an immaculate show, so shouldn't have any trouble with them, but you never know. To reduce the risk, they supplied a 3 month bond, along with 1 months rent in advance. Gives me some breathing room if they decide to play up. We've found, the more money of theirs you hold in cash, the better they behave themselves.
The rent negotiated was significantly higher than what the old tenant was paying, up from 83 nett up to 145 nett, so by going into liquidation, the old tenants literally accelerated the market review process forward 3 years, so the difference of 62 x 3 = 186 is a nice filip for us.
The wife and I had a nice glass of red to celebrate the closure of this issue. It's been alot of work and quite a bit of stress but it's definitely been worth it. Now if only some of the other tenants went into liquidation, we might be in a better position as well.
Alls well that ends well. Thanks for giving me the opportunity to write our journey down as it unfolded. Onto the next issue I suppose.
Just came back from signing up a new 3 year binding Lease with a new tenant.
They run an immaculate show, so shouldn't have any trouble with them, but you never know. To reduce the risk, they supplied a 3 month bond, along with 1 months rent in advance. Gives me some breathing room if they decide to play up. We've found, the more money of theirs you hold in cash, the better they behave themselves.
The rent negotiated was significantly higher than what the old tenant was paying, up from 83 nett up to 145 nett, so by going into liquidation, the old tenants literally accelerated the market review process forward 3 years, so the difference of 62 x 3 = 186 is a nice filip for us.
The wife and I had a nice glass of red to celebrate the closure of this issue. It's been alot of work and quite a bit of stress but it's definitely been worth it. Now if only some of the other tenants went into liquidation, we might be in a better position as well.
Alls well that ends well. Thanks for giving me the opportunity to write our journey down as it unfolded. Onto the next issue I suppose.
Alls well that ends well. Thanks for giving me the opportunity to write our journey down as it unfolded. Onto the next issue I suppose.
Yeah - you the man!
GSJ
