{"id":13044,"date":"2017-08-04T03:00:46","date_gmt":"2017-08-03T17:00:46","guid":{"rendered":"http:\/\/realestatetalk.com.au\/?p=13044"},"modified":"2017-08-04T03:00:46","modified_gmt":"2017-08-03T17:00:46","slug":"did-you-know-you-can-have-more-than-one-ppr-securing-off-market-property-nightmare-building-situations-solved","status":"publish","type":"post","link":"https:\/\/channels.realty.com.au\/realtytalk\/did-you-know-you-can-have-more-than-one-ppr-securing-off-market-property-nightmare-building-situations-solved\/","title":{"rendered":"Did you know you can have more than one PPR? + Securing \u2018off market\u2019 property + Nightmare building situations solved"},"content":{"rendered":"<p>&nbsp;<br \/>\n<b><i>Highlights from this week:<\/i><\/b><\/p>\n<ul>\n<li>Without doubt, one of the most commonly asked questions we get is \u201cHow do I get ahead of the market, and how do I find out where these hotspots are?\u201d<\/li>\n<li>We tell you about a new website that helps you beat all the other buyers by finding out about off market properties.<\/li>\n<li>Karen\u2019s question about capital gains tax on a holiday home is answered.<\/li>\n<li>How to make sure that everything is okay prior to you taking over a property that you\u2019ve just had built.<\/li>\n<\/ul>\n<p><b>Transcripts :<\/b><\/p>\n<h2>Two PPOR? &#8211; Ian Rodrigues<\/h2>\n<p><b>Kevin:<\/b>\u00a0 I want to answer a question now that came in from Karen. Thank you, Karen. I understand that Karen and her husband, while they love listening to the show, they do it on Saturday morning lying in bed with a cup of tea.<br \/>\nWell, as you\u2019re listening this morning, Karen, with your cup of tea \u2013 and I hope your husband got it for you \u2013 it\u2019s good to have you in the show, we\u2019re going to answer your question. Ian Rodrigues, who is the Director of Bishop Collins Group, joins me.<br \/>\nGood day, Ian. How are you?<br \/>\n<b>Ian:<\/b>\u00a0 Very well, Kevin.<br \/>\n<b>Kevin:<\/b>\u00a0 Good, mate. Thank you very much for your time. Let me read this question from Karen:<br \/>\n\u201cI\u2019d like to find about capital gains tax in relation to a holiday home that we own. The ATO says that costs relating to the acquisition, holding, and disposal of an asset can be added to the cost base. Does this mean that we can add the interest we pay each year to the cost base?<br \/>\n\u201cUnlike our other rental properties, where we claim the interest as part of the costs each year, this house has never been rented, so we weren\u2019t claiming anything, but as it isn\u2019t our principal place of residence, it will be subject to capital gains tax. At this stage, we have no intention of selling the place and are likely to move into it as our retirement, but I\u2019d just like to get my head around the things that we should ensure that all the paperwork is in order.\u201d<br \/>\nQuite a few interesting points inside there, Ian, aren\u2019t there?<br \/>\n<b>Ian:<\/b>\u00a0 There is. It\u2019s good to see Karen and her husband thinking about these things because it is important to plan for it. The short answer to Karen\u2019s question is yes, you can.<br \/>\nThe question about cost base on this asset is if you\u2019re not renting it, all those costs \u2013 acquisition, holding, disposal, interest rates, repairs \u2013 all those things need to be kept a record of so that you can add them to your cost base. Obviously, it becomes a bit of a task over the years because you have to remember to substantiate those and keep records for it, but in essence, when the property does get sold, those costs are effectively a tax deduction in the sense of they\u2019re part of that cost base before calculating the capital gain.<br \/>\n<b>Kevin:<\/b>\u00a0 Karen makes a point in there about she says this particular property, it was never rented out, so therefore it doesn\u2019t qualify as their principal place of residence. Is that in fact the case?<br \/>\n<b>Ian:<\/b>\u00a0 You need to be really careful here and look for some opportunities because the rules about principal residences are you need to establish a place that it\u2019s your principal residence, which means that you live there. Now living there can be a range of things, but my view of the world is that you can have 20 principal residences.<br \/>\nIf you choose to have a house in every town and live in them for part of the year, that\u2019s your call. You may well establish all of them as your principal place of residence. The only thing the Tax Act says is that you can only choose to have one for tax purposes.<br \/>\n<b>Kevin:<\/b>\u00a0 That would trigger at the point of sale?<br \/>\n<b>Ian:<\/b>\u00a0 Yes, so the point at which you need to decide which one you\u2019re going to claim is when you sell one of them. A lot of people, and Karen may be one of the lucky ones who may have a house that they primarily live in and have a holiday home that they live in part-time that may well both qualify as principal residences, but it may be that their home is pre-capital gains tax, in which case, you wouldn\u2019t bother claiming that as your principal residence, and you may well be able to claim the secondary dwelling that you have as your principal residence, and one\u2019s pre-CGT and one\u2019s principal residence, and both may be exempt from capital gains tax.<br \/>\n<b>Kevin:<\/b>\u00a0 Wow. That\u2019s interesting, yes.<br \/>\n<b>Ian:<\/b>\u00a0 It is a point that a lot of investors and taxpayers may not realize there are other opportunities like that. Pre-CGT, which is September 1985, is becoming a little harder and harder to find, but there are a lot of people of retirement age now where their main house is exempt anyway. Therefore, having a second house as a principal residence gives you, I suppose, two bites at the cherry.<br \/>\n<b>Kevin:<\/b>\u00a0 Yes. I can just see Karen and her husband in bed now have probably spilt their cup of tea. That\u2019s some pretty good news there, Ian.<br \/>\n<b>Ian:<\/b>\u00a0 It may well be. The facts of the circumstance are the bit I don\u2019t really understand \u2013 the whole history of what house they own and where they live and how long they live there. They need to go and see their advisor and get some advice about would this property qualify as a PPOR and it may well be, yes, as you say, the best news they\u2019ve had this morning.<br \/>\n<b>Kevin:<\/b>\u00a0 Well done, and Ian, thank you very much for that advice. Karen, if you want to contact Ian and his team, you can do it just by contacting them through their website, Bishop Collins Group.<br \/>\nIan, thank you very much for your time.<br \/>\n<b>Ian:<\/b>\u00a0 No problem, Kevin. All the best.<br \/>\n&nbsp;<\/p>\n<h2>Do hotspots really exist? &#8211; Jane Slack-Smith<\/h2>\n<p><b>Kevin:<\/b>\u00a0 Without a doubt, one of the most commonly asked questions I get is \u201cHow do I get ahead of the market, and how do I find out where these hotspots are? Do they really exist?\u201d Let\u2019s talk to Jane Slack-Smith about that. Jane, of course, is running a\u00a0<a href=\"http:\/\/yourpropertysuccess.com.au\/l\/suburb-hotspotting-workshop\/\" target=\"_blank\" rel=\"noopener noreferrer\">Hotspotting Workshop<\/a>\u00a0in Brisbane, knows all of this, and is actually doing them in other parts of the country, too, that we\u2019ll find out about in just a moment.<br \/>\nJane, thank you very much for your time.<br \/>\n<b>Jane:<\/b>\u00a0 Pleasure, Kevin.<br \/>\n<b>Kevin:<\/b>\u00a0 Now you\u2019re delving into hotspots. What\u2019s taking you into that area, Jane?<br \/>\n<b>Jane:<\/b>\u00a0 Actually, it\u2019s no different what I\u2019ve always proclaimed. For me, actually finding the best renovation property comes down to location first. I\u2019ve always concentrated front-end on the data-driven analysis of locating the right suburbs, streets, and properties within that suburb to then determine whether there\u2019s pricing disparity to do a renovation. Location is still very much key to me, and finding that hotspot, as you said, is absolutely what everyone\u2019s after.<br \/>\n<b>Kevin:<\/b>\u00a0 I have to ask you about what a lot of people say to me, too, and that was a second part of my question \u2013 \u201cDo they really exist?\u201d \u2013 because many people say \u201cBy the time we find out about this hotspot, it\u2019s no longer a hotspot.\u201d How do you get ahead of that curve?<br \/>\n<b>Jane:<\/b>\u00a0 I get to asked to write articles all the time for magazines, and it surprises me when I do all this analysis and try to find these locations, they don\u2019t get published for three months, and then it becomes quite, as you say, frustrating because the data is old.<br \/>\nWhat I teach people is how to create the data-driven analysis themselves to be able to identify that hotspot or the next arriving market and have the data behind it that validates it. We\u2019re looking at just simple things like the ripple effect where areas that have had good growth over the last 10 years: what are the next suburbs past that that maybe get the growth in the future because of affordability issues? Or what about areas that have the infrastructure spend going into then, the gentrification going on?<br \/>\nWhen we start seeing that kind of information, I guess, it\u2019s almost a proven success formula for a suburb that says \u201cBased on past data, this is what has been a success of properties and suburbs that have gone up in this area in the past and we\u2019re applying that now.\u201d<br \/>\nRather than waiting to read about it in the paper or in the magazines when the data is three to six months old, we\u2019re actually talking about finding those areas yourself.<br \/>\n<b>Kevin:<\/b>\u00a0 How much of it is really understanding the data? How much can be data-driven, and how much of it is gut feel?<br \/>\n<b>Jane:<\/b>\u00a0 Oh, Kevin, I leave my guts out of it. I was an engineer by trade, so everything to me is data-driven. At the end of the day, walking the streets and getting a feel for the area and understanding what the area is like and validating the demographic information you have is important.<br \/>\nI get my students to work through the dot map exercise to understand emerging suburbs and then using reports. In our one-day workshop, we spend thousands of dollars on reports from every property expert and collate those into the list of our emerging suburbs, and then we put them into our Suburb Selector software.<br \/>\nI think I can say with lots of confidence that we\u2019re the only ones with the 2016 census data in there at the moment, and we\u2019re applying what\u2019s happening in that suburb at the moment and looking at the percentage of renters to make sure that we have a low-risk investment because there is the rental demand there. We\u2019re looking at vacancy rates. We\u2019re making sure the number of sales, that there is a turnover so that we\u2019re not wasting our time in the suburb.<br \/>\nFor me, the data-driven analysis allows you then to get to the suburb, and in the workshops, we end up with three suburbs. We choose one, we get down to the street level that you can find what streets the renters want to be in, and then we look at the typical property.<br \/>\nI\u2019ve seen in the census data there\u2019s been a change over the last four to five years of the typical property, and some of these suburbs have moved more to the townhouse semi, so we\u2019re actually making sure that we\u2019re reducing our risk as an investor again by actually getting the typical property for the area.<br \/>\nAnd then when we get into that final analysis on the suburbs, I get students to get the last year\u2019s worth of sale data and actually put down that data on a map of the suburb and find out where the townhouses or semis or units getting the higher prices. What side of the street is actually demanding a higher price?<br \/>\nThat kind of analysis, you can leave the kind of gut feel at home when you get down to that level, and then hitting the streets and doing the inspections and validating is really the last point of call. So, 90% of the work can be done from numbers alone.<br \/>\n<b>Kevin:<\/b>\u00a0 What\u2019s occurred to me listening to you now is the data is out there \u2013 it\u2019s been out there for quite some time \u2013 but it\u2019s actually knowing what questions to ask about the data. I was just listening to you say then which side of the street is going to appreciate greater and why. They\u2019re the kinds of questions, I guess, you can learn at things like your\u00a0<a href=\"http:\/\/yourpropertysuccess.com.au\/l\/suburb-hotspotting-workshop\/\" target=\"_blank\" rel=\"noopener noreferrer\">Hotspotting Workshop.<\/a><br \/>\n<b>Jane:<\/b>\u00a0 Absolutely. And it comes down to things like there might be a suburb that has 20% public housing in it \u2013 not such a bad situation, but just know where that is. Often, obviously, people in public housing are renting, so if you\u2019re looking into finding the area or the territory that you want to find properties within, it may exclude where the public housing is.<br \/>\nIt\u2019s actually looking at the data and getting down to as an investor\u2026 And we\u2019re in a changing market at the moment, and I am an absolute believer that there\u2019s so much opportunity while people are worried and stepping back, and the people who buy now and buy well will be the people in three to five years everyone\u2019s saying, \u201cOh, you were just lucky.\u201d I\u2019m happy to be lucky, but I know the data is behind it and I know that\u2019s what my students have.<br \/>\nBut the analysis that goes into it, and as you say, the questions to frame the analysis around\u2026 Let\u2019s just actually get down to the right property that people want, that\u2019s in demand, that will continue to have the growth, and apply that trident strategy that we do.<br \/>\nBuy under the market, which has been hard in recent years because the market has moved so quickly, but now market intelligence allows you to know an area and take opportunity. Market reluctance is allowing me to take the opportunity while people are pulling back.<br \/>\nRenovate and add value to push up the rent, so you have a better cash flow position while you\u2019re waiting for that long-term growth to come because you\u2019re in an area where people long-term want to live.<br \/>\nFor me, it\u2019s about getting the right analysis, asking the right questions, coming down to having the right property to purchase to put in your portfolio.<br \/>\n<b>Kevin:<\/b>\u00a0 I told you about the workshop that\u2019s coming up. I\u2019ll give you more details on that in a moment. Just before I do that, Jane, what can people expect to get from this workshop?<br \/>\n<b>Jane:<\/b>\u00a0 Essentially, we jump boots in. Everyone<b>\u00a0<\/b>collaborates. We do a dot map together for that city \u2013 so Brisbane will have a dot map \u2013 we\u2019ll go through all the software and paid reports that we cover the cost for, and we\u2019ll come up with three suburbs and we\u2019ll go into a lot of detail on one suburb. We\u2019ll jump on a bus, we\u2019ll go and do an inspection and show how to inspect with our four-checklist process.<br \/>\nBetter still, we\u2019re having students \u00a0\u2013 and it\u2019s only limited to 12 people to a workshop who are actually taking this data \u2013 some of them decide that it\u2019s a bit hard for them, and they\u2019re handing that data and the criteria of the suburbs and the streets and the suburb over to a buyer\u2019s agent, and they\u2019re buying properties within two to three weeks \u2013 targeted properties that go into their portfolio \u2013 and they\u2019re following us around the country and attending every one and purchasing property.<br \/>\nIt\u2019s a great testament, I think, to the workshops themselves that people are actually coming out with the properties very quickly afterwards.<br \/>\n<b>Kevin:<\/b>\u00a0 Wow. A lot to get through. Jane, I want to thank you for being with us. Let me tell you about the workshop. Go to the website. We\u2019ve set up a special website for you to go and get all the information you want. It\u2019s called\u00a0<a href=\"http:\/\/yourpropertysuccess.com.au\/l\/suburb-hotspotting-workshop\/\" target=\"_blank\" rel=\"noopener noreferrer\">HotspotsWorkshop.com.au.<\/a><br \/>\nThe\u00a0<a href=\"http:\/\/yourpropertysuccess.com.au\/l\/suburb-hotspotting-workshop\/\" target=\"_blank\" rel=\"noopener noreferrer\">Hotspotting Workshop<\/a>\u00a0is going to be on in Brisbane at this stage. It\u2019ll go to other areas around the country a little bit later this year, but in Brisbane on the 26<sup>th<\/sup>\u00a0of August at the Royal on the Park in the city. That website again is\u00a0<a href=\"http:\/\/yourpropertysuccess.com.au\/l\/suburb-hotspotting-workshop\/\" target=\"_blank\" rel=\"noopener noreferrer\">HotspotsWorkshop.com.au.<\/a><br \/>\nMy guest has been Jane Slack-Smith. Jane, thank you so much for your time.<br \/>\n<b>Jane:<\/b>\u00a0 Absolute pleasure.<br \/>\n&nbsp;<\/p>\n<h2>Mobile Home Park investment &#8211; Jefferson Lilly<\/h2>\n<p><b>Kevin:<\/b>\u00a0 I\u2019m going to introduce you to my next guest. He is Jefferson Lilly, and Jefferson is a self-made millionaire, mobile home park investment expert, educator, and industry consultant based in the U.S.A. He joins us to talk specifically in the show today about mobile home parks and the investment opportunity they offer \u2013 particularly in the U.S.A.; we\u2019ll try and explore a little bit of that in the Australian and New Zealand markets as we move through.<br \/>\nJefferson, thank you so much for your time. Great to be talking to you.<br \/>\n<b>Jefferson:\u00a0 <\/b>Cheers, mate. Maybe that\u2019s as much Australian as I speak.<br \/>\n<b>Kevin:<\/b>\u00a0 You had to get that in, didn\u2019t you? Jefferson, let me firstly just mentioned that you have a very successful company called Park Street Partners that specializes in this type of investment. But interestingly, too \u2013 and this is how we met \u2013 you have a podcast called MobileHomeParkInvestors.com. That\u2019s a nice little adjunct to your business. I know it\u2019s you and your partner who actually cohost that each week.<br \/>\n<b>Jefferson:\u00a0 <\/b>We do, Kevin, yes. We get between 10,000 and 12,000 downloads a month for our quirky little niche of mobile home park investing. Yes, we\u2019re both helping other folks in the business operate their parks better or get into the business, but we also have folks call us then just wanting to co-own parks with us by investing in our fund, or we occasionally also get deal flow.<br \/>\nWe got our park in Raleigh-Durham, North Carolina, from some folks who had listened to our podcast and knew it was off market but coming up for sale. We podcast both to raise money and to raise deal flow.<br \/>\n<b>Kevin:<\/b>\u00a0 Jefferson, just explain to me the ownership of the parks. Do you know the freehold to the parks and then you lease out the homes, or do people actually come in and buy the home in some kind of a strata scheme?<br \/>\n<b>Jefferson:<\/b>\u00a0 We really view this business, frankly, as being a parking lot business. Approximately 90% of the folks who are in our communities own their own mobile home, so obviously all the proverbial leaky toilets and leaky roofs and that maintenance is on them. And then we do own approximately 10% of the mobile homes, but all of those are on rent-to-own agreements, so we have folks really who are buying those homes from us.<br \/>\nHopefully, call it five years down the road, all of those homes then will have passed into the hands of the residents, and we\u2019ll be back to just owning the land that, again, more responsible homeowners then pay lot rent into. In the long run, we just want to own the land.<br \/>\n<b>Kevin:<\/b>\u00a0 Someone who has a mobile home in your park, are they able then to sell it in situ. In other words, if they decide they don\u2019t want to be there anymore or they have to relocate, can they actually leave it there and then on-sell it? If so, how does that happen?<br \/>\n<b>Jefferson:\u00a0 <\/b>Yes, they certainly can. Once they own the house, it\u2019s their property. I suspect it\u2019s similar in Australia. At least here in the States, mobile homes have a VIN number, vehicle identification number, and they title trade through the DMV, as we call it, the Department of Motor Vehicles, just like an automobile.<br \/>\nAnyway, once they own it, sure, it\u2019s their personal property \u2013 it\u2019s not real property; it\u2019s personal property \u2013 and they could sell it. They might sell it back to us; more likely, they would sell it through Craigslist or a local newspaper ad and sell it to someone else.<br \/>\nTypically, it stays in place. Even if ownership changes, the mobile homes do, almost always, tend to stay in place. That means, of course, our cash flows continue: either the previous or the subsequent owner is paying lot rent. Frankly, we don\u2019t care.<br \/>\nThey are sort of movable. It\u2019s expensive \u2013 maybe $4000 or $5000 to move a home \u2013 but occasionally someone will move the home out to another park, but again, they virtually always stay in place and the title trades through the DMV and people find other folks through Craigslist or newspaper ads, and that\u2019s typically how homes change hands.<br \/>\n<b>Kevin:<\/b> \u00a0As the owner of the park, how much control do you have over the ongoing maintenance of each of these homes? Because I could imagine if one gets run down, it\u2019s going to pull down the value overall of the park.<br \/>\n<b>Jefferson:\u00a0 <\/b>It could, although at least in the U.S., mobile home parks are not generally quite as downscale as they might be in Australia. Probably our average tenant earns between $30,000 and $35,000 U.S. a year. In general, we\u2019re not dealing with the real bottom feeders or folks really completely down and out on their luck.<br \/>\nBut indeed, we can and do enforce park rules, and if a house is particularly bad on the outside \u2013 it\u2019s rare that it happens \u2013 we will require a tenant to repaint the house or, frankly, we might just go ahead and repaint it on our own. So far, nobody has really objected to getting a new paintjob.<br \/>\nIt\u2019s rare that we have to do that, but with our average lot rent being, perhaps, $300 a month and it being maybe twice that to repaint a home, if the outside is really bad, we\u2019ll just go ahead and do it and, again, we\u2019d have all our money back in a couple of weeks, but, hopefully, the tenant would, in fact, just paint their own house and keep it up.<br \/>\nWe do also enforce things like requiring tenants to mow their lawns and not have cars up on blocks, as we say. The cars all have to be running. So, we really work to build a basic middle class neighborhood. We try not to run these as real junky properties. That\u2019s not typically the way it goes, certainly not our properties.<br \/>\n<b>Kevin:<\/b>\u00a0 You obviously have some standards in place from what you\u2019re saying there. It\u2019s an area of investment that we haven\u2019t really focused a lot on, and no doubt, there are parks within Australia, and there will be people who are listening to this podcast who will want to input into this conversation. You\u2019re more than welcome to send me an email through the website, kevin@realestatetalk.com.au. We\u2019d love to have your feedback. If you are involved in this type of investment, I\u2019d be keen to know what\u2019s happening in the Australian market.<br \/>\nLet\u2019s look at the investment opportunities with you just for a moment, Jefferson. Anyone who wants to know a little bit more about it, we\u2019ll give you that website again at the end of this interview. What sort of returns can we expect if we were to invest with your company?<br \/>\n<b>Jefferson:\u00a0 <\/b>Our funds have been returning between, say, 12% and 14% cash per year, and then appreciation we estimate might be another 6% or 8%. We think overall, our investors should be compounding their money at approximately 20% a year.<br \/>\nAgain, more than half of that paid out in cash quarterly, but there will be some lumpy payouts as we sell or refinance properties and recognize that appreciation, which again, should bring their overall return from the low teens upwards towards about 20%.<br \/>\n<b>Kevin:<\/b>\u00a0 Is there a minimum amount of investment that someone would have to make into the company?<br \/>\n<b>Jefferson:\u00a0 <\/b>$50,000 U.S. and they would need to be an accredited investor or whatever. They don\u2019t have to meet U.S. standards. If they\u2019re Australian, there is a somewhat similar standard in Australia for investing in these sorts of funds. $50,000 U.S. is the minimum.<br \/>\n<b>Kevin:<\/b>\u00a0 It\u2019s been great talking to you, Jefferson. We are out of time, unfortunately; we\u2019ll have to go. But just to repeat those websites again, ParkStreetPartners.com is the website, and the podcast, if you\u2019d like to have a listen to, a lot of good information there, too, and a way for you to reach Jefferson and his team, as well, is mobilehomeparkinvestors.com.<br \/>\nMy guest has been Jefferson Lilly. Jefferson, thank you so much for your time.<br \/>\n<b>Jefferson:\u00a0 <\/b>Great to be with you, Kevin.<br \/>\n&nbsp;<\/p>\n<h2>Finding &#8216;off market&#8217; properties &#8211; Liane Fletcher<\/h2>\n<p><b>Kevin:\u00a0 <\/b>I guess it would be fair to say that when they\u2019re looking to buy a property, most buyers would love to know about listings before they hit the Internet. Well, here\u2019s a great opportunity for you to do exactly that. I\u2019m talking now to the co-founder of a new website called Property Whispers that specializes in doing that. Joining me to explain how it all works and how you can take advantage of this, Liane Fletcher.<br \/>\nLiane, thank you very much for your time.<br \/>\n<b>Liane:\u00a0 <\/b>Hello, Kevin. Thank you.<br \/>\n<b>Kevin:\u00a0 <\/b>Tell me about Property Whispers. How does it work?<br \/>\n<b>Liane:\u00a0 <\/b>Property Whispers is a very simple platform, four simple steps. Buyers register for free on the platform, and they list their property requirements. Real estate agents list their off-market property specifications, and an instant match occurs when a buyer\u2019s requirement matches the off-market property.<br \/>\nThat\u2019s where the job of the platform ends, and after that, the buyer and the real estate agent connect, they speak, maybe arrange to meet with the property, and hopefully a sale will follow.<br \/>\n<b>Kevin:\u00a0 <\/b>Okay. So, it\u2019s not available for people to put their own properties up there, but buyers should go there and register so that when a property is listed on there by a real estate agent, they\u2019re advised straight away. Is that correct?<br \/>\n<b>Liane:\u00a0 <\/b>That\u2019s correct. It is listed by the real estate agent, yes.<br \/>\n<b>Kevin:\u00a0 <\/b>I know this specializes in off-market properties. Off-market properties \u2013 purely by the name \u2013 means that they are on the market but they\u2019re not publicly available. Is that correct?<br \/>\n<b>Liane:\u00a0 <\/b>That\u2019s correct. There are two definitions for off-market. One, they are a quiet listing. That is a property that is not publicly advertised. Those properties are vendors who never want to go and spend money on advertising, for whatever reason.<br \/>\nThen there are those properties who are listed pre-market, and that is those properties for sale before they are listed potentially going to an auction campaign. So, they are given that opportunity to be sold off-market.<br \/>\n<b>Kevin:\u00a0 <\/b>Just from a buyer\u2019s perspective, how many of these off-market properties would you estimate are available at any point in time?<br \/>\n<b>Liane:\u00a0 <\/b>Nationally, reports indicate that around 10% to 20% of properties are off-market or sold off-market.<br \/>\n<b>Kevin:\u00a0 <\/b>That\u2019s a lot of properties, isn\u2019t it?<br \/>\n<b>Liane:<\/b>\u00a0 Absolutely.<br \/>\n<b>Kevin: <\/b>\u00a0Would you say it occurs more in one price range than another?<br \/>\n<b>Liane:\u00a0 <\/b>It\u2019s across price ranges. We have properties that are uploaded on the platform now from as little as $250,000 up to tens of millions of dollars. So, it does cover across ranges, and it could be for investments or family homes or development site blocks of land. It does cover across the spectrum.<br \/>\n<b>Kevin:\u00a0 <\/b>I\u2019m talking to Liane Fletcher about the website called Property Whispers that specialihes in putting you as a buyer in touch with off-market properties. These are properties that are maybe pre-marketing campaign or where the sellers don\u2019t really want to make it too public.<br \/>\nLiane, I\u2019m curious, how did you come up with the idea to do this?<br \/>\n<b>Liane:\u00a0 <\/b>Kevin, when I was an active agent, I spoke to many buyers who were struggling to find a home online, and they would ask me to let them know if I knew of anything that was off-market. So, I\u2019d take their details, put them on my database, and get back in touch when I\u2019d have a property that was suitable for them.<br \/>\nAt the time, I thought, \u201cWow, these buyers need to do a lot of work to get in touch with as many agents as they can in their area to find out about the off-market properties that are available.\u201d At the same time, when my vendors wanted to sell off-market, there were times when I just didn\u2019t have the right buyer on my database who would suit the property.<br \/>\nSo, I was thinking about how I could help agents find the right buyer and also at the same time, help buyers have access to off-market properties in the area. This is how the story was born, matching buyers with off-market properties listed by real estate agents.<br \/>\n<b>Kevin:\u00a0 <\/b>I\u2019d just like to make the point that you are working with agents. This is not an opportunity for sellers to put their properties up there and cut the agent out. The agent is still very much involved in this transaction.<br \/>\n<b>Liane:\u00a0 <\/b>Yes, absolutely. It\u2019s the agents who are listing the off-market properties, and they\u2019re the ones who are having the communication with the buyers.<br \/>\n<b>Kevin:\u00a0 <\/b>Okay, so if you\u2019re a buyer, all you have to do is go to the website. It\u2019s called PropertyWhispers.com.au. You can register there, then you\u2019ll be advised of any properties that suit your requirements. And if you\u2019re a seller, I suggest that you talk to your agent and tell them that they need to get your property onto Property Whispers, PropertyWhispers.com.au.<br \/>\nLiane Fletcher has been my guest. Liane, thanks very much for your time.<br \/>\n<b>Liane:\u00a0 <\/b>Thank you very much, Kevin.<br \/>\n&nbsp;<\/p>\n<h2>Protection for new home buyers\u00a0&#8211; Paul Corn<\/h2>\n<p><b>Kevin:\u00a0 <\/b>Paul Corn from Handovers.com joins me. Handovers, of course, is a company that will come in and make sure that everything is okay prior to you taking over a property that you\u2019ve just had built. This can be a bit of a minefield, having spoken over the years to a number of people who have had some real big problems with builders and new buildings and what happens when they eventually move in.<br \/>\nPaul, from your experience, what do you see are some of the major frustrations people have when they\u2019re dealing with a builder and they\u2019re going to take over a brand new home?<br \/>\n<b>Paul:\u00a0 <\/b>Kevin, one of the main things we see is lack of communication from the builder. They get caught in limbo, they don\u2019t know what\u2019s going on, they ask questions. That is the number one that we see.<br \/>\n<b>Kevin:\u00a0 <\/b>I want to talk to you about how you actually know that you\u2019re getting a good builder, and I guess good builders aren\u2019t necessarily good communicators, which is really what you\u2019re saying. Lack of communication. What are some of the other frustrations?<br \/>\n<b>Paul:\u00a0 <\/b>A lot of clients want to go to the site and have a look at their house, and the builder sometimes doesn\u2019t let them do that. But as per their contract, they are entitled to do that.<br \/>\n<b>Kevin:\u00a0 <\/b>This wanting to go and have a look at the property, even though you have a builder who you\u2019ve engaged and they\u2019re building it for you, it doesn\u2019t become yours until you make that final payment.<br \/>\n<b>Paul:\u00a0 <\/b>That\u2019s correct. You have to get permission to enter the job site at any time, and it is in normal business hours.<br \/>\n<b>Kevin:\u00a0 <\/b>Is that just a safety rule?<br \/>\n<b>Paul:\u00a0 <\/b>Safety is the main one but also disrupting trades while they\u2019re working, that sort of thing.<br \/>\n<b>Kevin:\u00a0 <\/b>Does the same apply with renovations?<br \/>\n<b>Paul:\u00a0 <\/b>It depends on if you\u2019re still living in the house. Normally, that area should be locked off. Yes, it\u2019s all to do with workplace health and safety.<br \/>\n<b>Kevin:\u00a0 <\/b>As well as safety, I imagine there are other risks as well, like materials being taken. I imagine this would happen quite often on building sites as well, materials and tools that just go missing. I\u2019d imagine builders would be pretty concerned about that.<br \/>\n<b>Paul:\u00a0 <\/b>Yes, theft is a big thing. A lot of people treat building sites like a Bunnings Hardware: they just take what they want.<br \/>\n<b>Kevin:\u00a0 <\/b>Without the checkout.<br \/>\n<b>Paul:\u00a0 <\/b>Yes, that\u2019s it.<br \/>\n<b>Kevin:\u00a0 <\/b>That\u2019s terrible.<br \/>\nHow do you know that you\u2019re getting a good builder, Paul?<br \/>\n<b>Paul:\u00a0 <\/b>Research.<b> <\/b>You have to do your research. I always recommend that if you see a house being built by the builder you want to go with, and if you can go and knock on their door and ask what their experience is like, you can\u2019t beat research. It is the main way to find out how a builder is.<br \/>\n<b>Kevin:\u00a0 <\/b>Research, and also talking to people who have had that builder, do you think?<br \/>\n<b>Paul:\u00a0 <\/b>Yes, word of mouth. The best advertising for anybody in our business is word of mouth. But saying that, Kevin, the supervisor is the person who builds your house. If the builder has a good supervisor, then you\u2019ll get a good house.<br \/>\n<b>Kevin:\u00a0 <\/b>Yes, that\u2019s a really good point. The name out the front doesn\u2019t matter.<br \/>\nTell me about supervisors. What is their role?<br \/>\n<b>Paul:\u00a0 <\/b>Exactly what they\u2019re called, supervising. They need to supervise, they need to forward plan, they need to control the job. Their job is to control the quality of that house. We see some shockers, but the worst part is we meet supervisors who haven\u2019t come through the industry. I met a guy the other day and asked him his background. His background was banking. Now, no disrespect\u2026<br \/>\n<b>Kevin:\u00a0 <\/b>Nothing wrong with that, but how long had he been in the building trade?<br \/>\n<b>Paul:\u00a0 <\/b>Three months.<br \/>\n<b>Kevin:\u00a0 <\/b>Wouldn\u2019t it be better to get supervisors who have practical, on-the-ground experience? You as an example, you have good background, you have good experience of the building trade.<br \/>\n<b>Paul:\u00a0 <\/b>Yes.<br \/>\n<b>Kevin:\u00a0 <\/b>If it\u2019s that important, why aren\u2019t they the highest skilled person on the building site?<br \/>\n<b>Paul:\u00a0 <\/b>Honestly, I don\u2019t know. I\u2019ve met a tiler who was a supervisor. Once again, no disrespect to tilers, but he wouldn\u2019t know anything about the framework of that house.<br \/>\n<b>Kevin:\u00a0 <\/b>That\u2019s right. The thing that scares me is that when you get to a building, there\u2019s lots of stuff you can\u2019t see behind. We had an experience recently with someone who was on the show. He\u2019d had some frustrations with the building company. He and his son had a lot of complications, and a lot of the stuff was actually hidden where you couldn\u2019t see. That scares the hell out of me.<br \/>\n<b>Paul:\u00a0 <\/b>When we do our inspection, we\u2019re looking at the finished product, so everything once again is hidden. But you hope that the builder\u2019s certifier or the engineer who certifies the slab, the frame, the roof trusses, all that is doing the right thing by the industry.<br \/>\n<b>Kevin:\u00a0 <\/b>In the event that you have a successful claim against a builder, how much liability does the inspector carry? Is he liable? Does he have to have any professional insurance to cover it?<br \/>\n<b>Paul:\u00a0 <\/b>No, that\u2019s under the builder\u2019s umbrella. He\u2019s working for that builder, so the builder is responsible. They\u2019re the ones who carry the can.<br \/>\n<b>Kevin:\u00a0 <\/b>What\u2019s the difference between them and a certifier?<br \/>\n<b>Paul:\u00a0 <\/b>The certifier is more highly trained. He probably does a university degree to become a certifier.<br \/>\n<b>Kevin:\u00a0 <\/b>Who does he work for?<br \/>\n<b>Paul:\u00a0 <\/b>The certifier is independent. He works independently. He\u2019s probably engaged by that builder to say, \u201cYes, it\u2019s okay to pour the concrete,\u201d or \u201cIt\u2019s okay to sheet the walls.\u201d<br \/>\n<b>Kevin:\u00a0 <\/b>Is the inspector on site the whole time?<br \/>\n<b>Paul:\u00a0 <\/b>The supervisor?<br \/>\n<b>Kevin:\u00a0 <\/b>The supervisor, sorry.<br \/>\n<b>Paul:\u00a0 <\/b>In today\u2019s world, no, because he might have anything from 20 to 60 jobs. Now, any building company that gives a supervisor 60 jobs is nuts because they can\u2019t do it.<br \/>\n<b>Kevin:\u00a0 <\/b>So, you have the supervisor, but then you have got the certifier. At what point does the certifier come in?<br \/>\n<b>Paul:\u00a0 <\/b>We\u2019ve got the slab, the framer puts the frame up, puts the roof on, then they come in and have a look at the frame, and it has to be certified. You have to get the okay to sheet that house with the gyprock, and that keeps the process going. You can\u2019t go any further until the frame has been given the tick of approval by the certifier.<br \/>\n<b>Kevin:\u00a0 <\/b>So, all the way along the line the builder is the one who carries the can. He\u2019s responsible. If anything goes wrong, they would sue him not the\u2026?<br \/>\n<b>Paul:\u00a0 <\/b>Well, they\u2019d probably work their way backwards. You would start with the builder and then to the certifier.<br \/>\n<b>Kevin:\u00a0 <\/b>So you could actually sue the certifier.<br \/>\n<b>Paul:\u00a0 <\/b>If they put something through that\u2019s not right, I\u2019m sure they\u2019re in the firing line.<br \/>\n<b>Kevin:\u00a0 <\/b>Do they have insurance to cover them for that?<br \/>\n<b>Paul:\u00a0 <\/b>Yes, they would have to have that.<br \/>\n<b>Kevin:\u00a0 <\/b>Okay. I\u2019m just trying to track through the areas of responsibility here, because if you have a problem with a property and you have your builder, that\u2019s a minefield of people who are involved in it.<br \/>\nAt what point does someone engage with you and your business? Are you willing to get involved and oversee a lot of the project?<br \/>\n<b>Paul:\u00a0 <\/b>We are licensed builders. My company is licensed, but we can\u2019t give any certification information.<br \/>\n<b>Kevin:\u00a0 <\/b>No, but you could give some advice.<br \/>\n<b>Paul:\u00a0 <\/b>We can give advice. We can ask questions. If we see, let\u2019s say, a bracing ply that\u2019s not correctly nailed, I can ask the question \u201cIs this bracing ply nailed as per the code?\u201d But I can\u2019t put in writing that it\u2019s not nailed as per code.<br \/>\n<b>Kevin:\u00a0 <\/b>But you\u2019d see it and know that it\u2019s there.<br \/>\n<b>Paul:\u00a0 <\/b>Yes, we see it.<br \/>\n<b>Kevin:\u00a0 <\/b>If I were building a property, I\u2019d want to get someone like you to help me with that process, because I know that we have certifiers and all those, but I\u2019ve seen a lot of this come unstuck too.<br \/>\n<b>Paul:\u00a0 <\/b>Yes. The building bush telegraph is very good and you hear all the rumors of what\u2019s going on. But yes, the certifier is responsible, and if he gets it wrong, then it\u2019s his responsibility.<br \/>\n<b>Kevin:\u00a0 <\/b>Okay. We\u2019re going to take a break. My guest is Paul Corn from Handovers.com. You can go and check out that website if you\u2019d like to know more about how they work.<br \/>\n&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>&nbsp; Highlights from this week: Without doubt, one of the most commonly asked questions we get is \u201cHow do I get ahead of the market, and how do I find out where these hotspots are?\u201d We tell you about a new website that helps you&#8230;<\/p>\n","protected":false},"author":176692471,"featured_media":12402,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[10,11,13,24],"tags":[101],"class_list":["post-13044","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-kevin-turner-sponsored-channels","category-kevin-update","category-latest-story","category-shows","tag-podcast"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Did you know you can have more than one PPR? 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