Hi Leonie,

To answer one of your questions. Your 19 year old could qualify for the FHOG by the sounds of it. We have done some wraps for people in a similar situation to you. The issue being that the property would essentially be hers. Sometimes this causes problems, sometimes not.

There are a lot of QLD wrappers around so I’m sure someone will have a look at your situation and see if they can come up with something.

We are in NSW but if you can’t get any local wrappers to assist feel free to get in touch with me at [email protected]

Cheers,
Bob

Try a search on this forum for “Reno Kings” and see if anyting turns up. I tried it but the function seems down at present.

Anyway, also try ducking over to the Jan Somers forum (jansomers.com.au) and search there too. Lots and lots of stuff on the Reno Kings.

Cheers.

Kay, there will always be distressed sales. It’s a fact of life and I feel sorry for people who find themselves in this situation through no fault of their own.

I don’t feel too sorry for those who make foolish investment decisions because they didn’t bother to do their homework. In my post it’s clear these are the people I was referring to. If you find a property in Wagga or anywhere else on the internet and buy it sight unseen with no due diligence then you are a dill. Many “investors” seem to do this.

If you become “distressed” as a result of your laziness and have to sell then you have learned a valuable lesson and hopefully wont repeat it.

If you think this is mean then I guess we will have to agree to disagree.

Wagga is one of the main areas I invest in and have for a number of years now. Mostly wraps but some rentals. I’m in the town quite a bit but live in Sydney.

Its not my preferred place for rentals as the cap growth has only been good over the past couple of years. Much better value in QLD in my opinion.

For wraps it was great but the recent boom has made a lot of property unaffordable for many purchasers. Still, a suitable property comes up from time to time.

You have had good advice for Edney st. Other suspect areas are in the “block” at Ashmont, some bits of Ziegler, Tichbourne, Chifley and other streets in Kooringal that escape me off the top of my head but in the general vicinity. Oh, also Raye and Bruce st in Tolland and around that area.
Watch out if anyone tries to sell you a place in Lonergan st. The whole st is built on fill and the subsidence has to be seen to be believed. Driving down the street may not clue you in though as there are some nice brick houses there.
Having said that there are no bad properties, only bad prices!

Termites are rife in Wagga so a good pest man is essential. I like Wagga as a place and have had virtually no trouble with any of my investments there. Like anywhere, you have to do your homework.

With the curent boom lots of “investors” are buying willy nilly and should provide some good distessed sales in the next cycle.

It is easy to get the FHOG in NSW and it is usually paid soon after the application is submitted after contract exchange.

It also helps to make sure the full contract is sent with a note to keep the contract intact. The mail openers at OSR have a habit of chucking everything after the front page into the bin. It then goes to the decision maker who says “hey I need the rest of the contract to make a decision.” By then the thing is in the shredder.

The following is what needs to be submitted with the application in NSW. This is applicable to the purchaser.

Hope this helps.

Name:……………………………………………………..

Property Address:…………………………………………

1. I hereby undertake to notify the Chief Commissioner in writing within 14 days if either party terminates or rescinds the Contract.

2. I hereby undertake to repay the grant in full to the Chief Commissioner within 14 days if either party terminates or rescinds the Contract.

Dated this………….day of……………………….2001.

Name:………………………………Name:……………………………

HUD= The Housing and Urban Development Department in the USA

http://www.hud.org for more info