Forum Replies Created

Viewing 16 posts - 21 through 36 (of 36 total)
1 2
  • Profile photo of akirkakirk
    Participant
    @akirk
    Join Date: 2009
    Post Count: 42
    May 23, 2010 - 11:03 am

    No, the REA said that he would recommend to any seller that they do the renovations themselves before putting their property on the market.  In short – that I was wasting my time looking for something that could potentially make money through a cosmetic renovation.

    Profile photo of akirkakirk
    Participant
    @akirk
    Join Date: 2009
    Post Count: 42
    May 20, 2010 - 2:18 am

    Hi Andrew,

    I'll be there with bells on!!  I'm not sure that we can actually start the buying process on that weekend – all of our paperwork will need to be organised and setup via Tony before we can make our mark.

    I was lucky enough to speak with Steve a few days ago, and there is a huge amount of content to go through….just make sure that you have all the questions with you that you'd like to have answered.

    Amanda.

    Profile photo of akirkakirk
    Participant
    @akirk
    Join Date: 2009
    Post Count: 42
    May 20, 2010 - 2:07 am

    I am actually looking at that exact strategy now – in Sydneys Upper North Shore.  Have had a look at a few properties, but none have stacked up…yet.  One REA did tell me that I was wasting my time, and that he would always recommend to a seller that they improve the property themselves before putting it on the market! 

    Now I have to add 'Proving him wrong' to my list of things to do!!

    Profile photo of akirkakirk
    Participant
    @akirk
    Join Date: 2009
    Post Count: 42
    May 19, 2010 - 3:46 am

    As far as I know, there isn't really any council restriction on this – within reasonable grounds that is.  (I'm based in NSW).  Having said that, in our block of apartments, we have as part of our by-laws that there can be no more than 2 occupants to any single room.  Would be a good idea to check with your Strata Managers, or Owners Corp first.

    Profile photo of akirkakirk
    Participant
    @akirk
    Join Date: 2009
    Post Count: 42
    March 25, 2010 - 11:30 pm

    You mention that you have floor boards!  I have 2 cats with me (which I dearly love) but they have scratched the life out of the flooring with their constant hooning through the house, and little spats at eachother.  When I eventually move and put my PPOR up for rent, then I'll need to have the floors buffed. 

    In my complex, pets are not allowed, but as long as two criteria are met, I've never seen a problem. 1. Get permission from the landlord. 2. No pets are ever on common property.

    Really, you can only allow for any pet if your property is suitable for a pet.  A friend of mine received an application from a tenant to have a german shepherd in a 2 bedroom unit in Inner West Sydney (to make her feel safer).  Not what I would call reasonable!!

    I have an IP (house) and the couple has 2 dogs.  I didn't stipulate the breeds (that's limiting them if they ever need to replace a lost one), but I did stipulate the number and general size of the pets.  They also need to be outside at all times.  The lease says that the tenant will pay for any damage caused by pets – but my PM told me that we can't legally hold them to that.  Maybe that additional bond would be a good idea!

    First inspection will be next week – hopefully you won't be reading a post from me on how a tenant trashed my house!!!

    Profile photo of akirkakirk
    Participant
    @akirk
    Join Date: 2009
    Post Count: 42
    January 28, 2010 - 9:25 am

    Actually, what I said isn't quite right – sorry!  There are 3 blocks, but on 2 titles.  One title has 2 separate buildings and 5 units (one with 3 and the one with 2), the other title has one building and 4 units.

    All single storey.

    Profile photo of akirkakirk
    Participant
    @akirk
    Join Date: 2009
    Post Count: 42
    December 16, 2009 - 2:07 am

    Hi Alyssum,

    All I ever do is pick up the phone and say to my solicitor…."I want this subject to finance, and subject to a building inspection and so on".  They then have the contract amended and work it out with the vendors solicitor.  You may find that some vendors won't accept these conditions – so make your own decisions on whether you want to pursue or not.

    Make sure that all your special conditions are listed and agreed to before exchanging!!  Also, ask for a copy of the contract now if you don't already have one and forward it to your solicitor.  They should be able to highlight any things that could cause a concern.

    Profile photo of akirkakirk
    Participant
    @akirk
    Join Date: 2009
    Post Count: 42
    December 13, 2009 - 11:43 pm

    I would be surprised if you could be accused of anything – but I would never discourage you from confirming that with any professional body that you are associated with.

    As for the Sinking Fund.  If you do a strata search, you will find out the financials and be able to see the balance of the sinking fund and the Admin Fund.  If the cost far outweighs the balance of the sinking fund, then they will call for a special levy.

    Profile photo of akirkakirk
    Participant
    @akirk
    Join Date: 2009
    Post Count: 42
    November 26, 2009 - 4:11 am

    I actually grew up right by there.  You'll find that there are good parts to Wodonga and bad parts – these will definitely dictate the kind of tenant that you'll attract.

    Profile photo of akirkakirk
    Participant
    @akirk
    Join Date: 2009
    Post Count: 42
    November 5, 2009 - 9:40 am

    Sure. 

    http://www.auction.com/auction_details_online_land.php?auctionID=L-001

    I'm really not sure if they are tax liens – they all seem to have deliquency estimates though.

    Profile photo of akirkakirk
    Participant
    @akirk
    Join Date: 2009
    Post Count: 42
    October 12, 2009 - 4:12 am

    I've also engaged Washington Brown to do one for me which is regional.  Check out their website – there is an online calculator and quote system.

    http://www.washingtonbrown.com.au

    Profile photo of akirkakirk
    Participant
    @akirk
    Join Date: 2009
    Post Count: 42
    October 11, 2009 - 9:58 pm

    According to the TaxPac Supplement for 2009:

    "You can claim expenses relating to your rental property but only for the period your property was rented or available for rent – for example, advertised for rent."  (S27)

    Profile photo of akirkakirk
    Participant
    @akirk
    Join Date: 2009
    Post Count: 42
    October 1, 2009 - 12:37 pm

    Thanks to everyone for their input.  I am pleased to say that I was clever enough to have Pest and Building inspections done, and include a clause for them in the contract. 

    In response to Pully above, it turns out that the vendor had defaulted on their mortgage, so it was kind of like a fire sale I guess.  I found out about it when settlement was delayed, and it was because the bank had referred this mortgage to the Collections Department (or something along those lines).

    Profile photo of akirkakirk
    Participant
    @akirk
    Join Date: 2009
    Post Count: 42
    September 25, 2009 - 9:18 am

    Hi Dimitri,

    Please don't take this as 'professional' advice, but I too had quite a bit of debt on credit cards (no personal loans).  My husband and I worked really hard to remove all of that debt and we did it by making the most of the low interest rates on balance transfers.  Essentially, we transferred as much as we could to a new credit card, and worked very hard to pay it all off as quickly as possible.  Of course, when we received the new cards in the mail – they were chopped up so I couldn't be tempted!!

    It's been a while – but I'm sure that these offers are still out there.

    For us, it was an easier way to manage our debt repayments, but it did take a while to get out of the red, and we didn't enter into any more debt until that slate was as clear as could be.  Since then, we have a pretty low limit on only one remaining credit card and always pay it off in the month that it's due.

    Good luck.
    Amanda.

    Profile photo of akirkakirk
    Participant
    @akirk
    Join Date: 2009
    Post Count: 42
    September 25, 2009 - 5:47 am

    Any rental increase needs to be seen as 'fair and just'.  The tenant can easily argue if the increase is substantial (eg. over 5%) or if the increased price is higher than a comprable property.

    You also need to weigh up how likely it is to find new tenants, and also how much you like your current tenant.

    Be sure to get the advice of your property managers before deciding on an increased amount.

    Profile photo of akirkakirk
    Participant
    @akirk
    Join Date: 2009
    Post Count: 42
    September 25, 2009 - 5:29 am

    Hi,

    I just thought that I would contribute what I learned about Dysart the other day. 

    I've spoken with Real Estate agents, and the general view is that things have changed from the case where demand for rental properties was so high, the rent was well over $1000.  (Focusing on 3 bedroom 1 bathroom with garage or carport)  Now, for a property that may have been getting $1200 rent, it is more likely to only achieve $800.  Now landlords are being told what the market rent will be – rather than setting it.

    I've seen a few properties for sale which emphasise the 'potential rental income', or list the current rent, but with a lease that is soon to expire.  Logic tells me that any new lease agreement will see a substantial fall in that rent.

    I'm now much more hesitant pursuing Dysart, but I welcome any information/advice from anyone!  I'm looking for those magical investments with a great positive cash flow!!

    Thanks,
    Amanda.

    BTW: There is great information on this forum – I'm constantly surprised at just how much I don't know!!

Viewing 16 posts - 21 through 36 (of 36 total)
1 2