Well guess what my friends,
the bad news – my property had a fire!!!
good news – I’m insured.
bad news – the tenants had to move, because the fire brigade said the chimney is unsafe, and dismantled it – so there is a big hole now and floorboards missing
good news- my property manager is fabulous and has already had it assessed, contacted my insurance, organised a quote to repair, put the tenants in with her relatives (!!!!) and is handling everything so I don’t need to do a thing! wow!!
bad news – it could take up to six weeks to get sorted, fixed, paid
good news – looking at my insurance policy, I seem to be covered up to $6k for any one event, and rent I miss out on while it is untenantable is paid out too if it was rented at the time of the fire, which it was!!
bad news – it was the only property out of three which is rented!!!
good news – the tenants have gone to stay with friends and want to move back in as soon as possible. not even possible for them to live their rent-free at the moment, though I offered.
Update on property number two….still not rented, but in immaculate pristine tastefully renovated condition, am going to put it on the market.
update on property number 3 – my boyfriend has done incredibly stylish and tasteful dump to mansion type wonders in a week, including a new bathroom!! yeh!! and it should be ready for rental in 2 weeks, and there has already been an enquiry through word of mouth….rental agent is frothing at the mouth.
I think I have learned soooooo much just from my first 3 measly bottom of the bottom of the market properties. (think ‘under 20K.’) I think renovations are the funnest thing. I especially like it when even thr labourers say ‘ugh’ when they turn up and by the end of it they are blown away and telling you they told their friend about how great it is that wants to rent a place just like it!!!
This tells me that even though to me it is bleeding obvious what an enormous amount of prep/bogging, a coat of paint or three, (my specialty being the humble ‘feature wall’) and a handyman for a couple of days can do to a place, a lot of people can’t visualise it until you show them.I read a story once about the iconic Aussie artist Ken Done. He was doing t-shirts and wanted to get into bed linen. His backers said ‘nah, can’t imagine that working’ and said no. So Ken bought some white sheets and painted them up a la Ken Done.Took ’em in to show the backers, they went for it, and the rest is history.
onwards and upwards!!
cheers-
MiniAren’t you glad you paid your insurance bill??!!! I am pleased that everything is working out for you mini. Keep up your work!
Steph.Here for a good time not a long time, just do it!.
Mini, just out of interest, what area do you operate in?
Well done Mini (no,not on the fire silly), your attitude is one that is obviously needed in any type of business and like I told you before, you are a glass half full type of person. I’m sure you will come through this a better (and wiser) person.
Regards
Marty
Mini,
Sorry to hear about the fire. Glad to hear your property manager & insurance co. are working for you.
It’s amazing how much you can learn about this industry in such a short time. Because you’re involved and organizing things etc, it’s something that you can’t just learn from a book or seminar. Priceless!
Good luck with the repairs etc, I’m sure it’ll all be a good conversation point in a few months.
Keep positive,
Del
Hi Mini,
A Fire!!! Man, when it rains it pours. I guess everyone who reads this post will realise the importance of INSURING your investment. Thank the stars you had the wisdom to do that!
It can only get better from here.Best wishes
Sooshie [
]“small steps make the journey” (SAS)
Hi Everybody
Hooray, I’ve found my password.
Dennis
In regards to Mini’s area of operations refer to the posts in the topic of NZ’s Suburbs which might give you more idea.Regards
Welcome back Muppet
i started to think you must have fallen off MtRuapehu.
regards westan
Hi Westan
No not fallen off Ruapehu but blown off.
Anyway I’ve been reading most of the posts that have been posted during the last few weeks.
Looking forward to the visit from you and Diamond.Roll on Crashy. Interesting re pa tae (can’t find the spelling checker) between you and Westan.
Am getting a feeling of doom and gloom pervading the posts. I hope it isn’t being driven by the press as Sooshie seems to suggest in an earlier post on another strand.
Anyawy I’m off to the Club for a beer and a chin wag. I’l clock in later tonight.Farewell
Hi Mini, Sorry to hear about the fire.
But did you realise you will be able to claim depreciation on the new repairs?
Terryw
[email protected]Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
hey muppet
Im a kiwi boy, a westy!
thank you terry!
crashy, I didn’t know you were a kiwi, hello properly!
A westy as in west auckland??Hi Crashy
A westie eh.Yeah, I went to Kelston Boys High about a million years ago.
Mini
Sorry about your chimney fire. My PM reminded me and then organized to get the chimney swept for a house we have in South Auckand. So hopefully we won’t have that problem.As an aside, an article appeared in the NZ Herald recently about putting in a purchase condition that suitable insurance can be had for the property you may want to be buying. It appears that after you have bought a property some insurance companies won’t insure your building because of where it is. eg in a mining area or an area prone to slipping etc.
Anyway something to think about.Regards
Yeah Muppet
I actually thought ‘was that my fault? Should I have had the chimney swept?’
Probably!Anyway luckily nothing happened to the *people*.
cheers-
MiniHi mini
you need to write a book also “the adventures of a mini mogul”.
i look forward to the next adventure.
who went to see Mini’s gig the other night and how did it go ?
regards westan
Hi there,
Westan, I went to Mini’s gig and she Rock’s![8D]
Chimney’s… hmmm…
Got to run, 2 ferral boys on the loose!Cheers
Sooshie []“small steps make the journey” (SAS)
Hi everyone,
MINI: That`s awful! How much damage was done to the floor surroundings? I suppose everyone who has read your post & isn`t insured just rang their insurance brokers!! Did you also take out insurance against damage by the rentors?? If so what did it cost, if you don`t mind my asking? Also did you get my message last night?? I will ring tonight if that`s OK with you.
MUPPETT or any other Kiwis out there: I would like to know if it is likely that there will still be skiable snow in the north island around 30th Sept through to 8 Oct. I assume there will be as it seems to have been a good season. Any comments would be apprecaited. Muppett , all seems to be organised for our get together. What was the Internet site for the place we are all staying in, i want to check that they have pillows, sheets & blankets. Looking forward to meeting you & your wife.hi diamond,
>MINI: That`s awful! How much damage was done to the floor >surroundings?
no clue as have never been to that house!!!!!!!!!!!! Property manager said firebrigade dismantled chimney and declared it ‘unsafe’ – so there is a big hole and house is unliveable. Says that brickwork people will do the rebuilding including floorboards.
>I suppose everyone who has read your post & isn`t insured >just rang their insurance brokers!! Did you also take out >insurance against damage by the rentors??
No Landlord insurance as such. I trust the battleaxe (i.e. brilliant) property manager who seems super-onto it to keep only good tenants in there. I guess you can never be sure of that however….I am happy with the 300 a year insurance I have now, for the time being.I was actually extremely lucky, because i didn’t look at the policy before I signed up – I used an insurance broker, and he said do you want replacement insurance or dollar value insurance? He explained that replacement insurance is so that if the whole house burns down for example you get it rebuilt (which is more expensive than the existing house cost.)
Dollar value is up to a value you specify. The difference was 300 per year versus 1200. I went for the cheaper option and insured it for 40K (bought it for 27.3). The first time we looked at the policy was when this happened!!! My dad found the clauses that said I was covered for what I’ve already mentioned, up to 6K ‘per event’ and obviously to a maximum of 40K all up. For 300 per year approx. It was with NZI.>Also did you get my message last night??
yep i did!!!!
>I will ring tonight if that`s OK with you.
cool!>likely that there will still be skiable snow in the north island >around 30th Sept through to 8 Oct.
My boyfriend says yes!!
Although the NI skiing is a lot more changeable than the SI due to conditions on Ruapehu.>Muppett , all seems to be organised for our get together.
I’m so jealous!!!love Mini
Hi Guys
Have been to golf today. Taumarunui has a very good course. Golf was b.. awful.Diamond
Yes there will be snow on Ruapehu. If interested I’ll guide you around. What level of skill do the boys have?
The web address is http://www.blackfernlodge.co.nz I think I can arrange blankets and a sleeping bag or two.Hey Min
When you are in NZ next, call in to say hullo.I might be able to twist your arm and get you to put on a gig for the children.Regards
Muppet
I will so!!!!!!!!!
December Jan, but maybe even sooner!!!!I will definitely think about this gig idea….hmmm……!!!!!!!
hey drop me your email address again???cheers-
Mini-MONGREL
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