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I do not believe there is a cooling off for an exclusive agency in QLd and also if you sell or another agent sells in this period the exclusive agent is entitled to commission. It shall all be in your Appt To Act Form 22a and on the Office of Fair Trading Web site.
Hello
Probably low doc may be the way you would get it through, and if serviceability is the issue, then the banks are scaling back to 60%, and not doing 80% unless income/ serviceability and assets is quite high and can be proven.
The banks and the Mortgage Insurers at the moment have tightened up a fair bit and they will currently really assess serviceability, as the current circumstances is that you have not sold your house yet, tax return they are going of is not meeting their serviceability requirements and the bank is probably thinking it is not currently for sale, there is no contract on it or unconditional contract and what happens if you cannot sell or it sells for a lot less- so they are really looking at the current circumstances nor the projected or planned strategy.
If you really want the home- I would put it up for sale asap, try to get a subject to the sale of, and also as soon as you get an unconditional contract, put your case forward again to the bank for a lesser loan or different % low doc.
I have been termited out 2 x so far – on both occassions the termites invaded fairly quickly- we get inspections every 12 months – they can enter all different ways the little devils and hide and chew and chew until your house is nearly gone. I have one home at the moment that in about 9 months they have cause approx 15k of damage and got in behind walls, roof, beams, now I have gutted out the whole property, treated, and now rebuilding walls, sheeting up, cornices, skirting etc.
I would probably doubt you would have a case, as they may not have been present at all ont he day the inspection was done and could have invaded afterwards.I have sat on my houses lawns and cried a lot to try to sort through this as all up it has cost a fortune, I was just lucky that overall e havent lost any money, as the land val went up a lot in one home, and the other hoem it may have been a blessing as forced us to reno, and when I ripped down all walls I realised I had a huge home I could reconfigure and make more open plan and sort it out and instead of loosing a lot as market dropped a bit in this regional town, we shall now fix, sell and make about 25k- so I guess it was all learning. Both homes had no gardens around, good ventilation, ant capping, no water leaks- termite nests were up the road and travelled through nearly every home in the street.
Good luck – get a few quotes and make sure quotes very very specific what they will do and fix and also get costs to replace beams if needed and see if you need any structural engineer
I think parents put too much pressure onto kids for uni, grades, results, and try to make their lives happier or keep up with the Jones' through their kids results.
It casts my mind back to a tragedy many years ago when I was doing the HSC we had a lovely classmate that scored very well, was polite, a good young man, nice looking, into sports, music, surfing.
His parents pushed him so much and verbally abused him about his results as he didnt get high enough to go to Sydney Uni to do Medicine and how they felt shame, spent so much money on him, etc etc. This lovely young man went to near the Blue Mountains and hung himself. This was 20 years ago now but I think of it often, and just wish a lot of parents would chill out, have fun with their kids, communicate, go camping, spend more time together as a family, and realise that not all people are meant to be doctors, lawyers, accountants or have high grades, there are so many other options- business, building, trades, travel agent, teacher, fireman, painter, tiler, or maybe it is also good to travel and have fun, work a few jobs then go and study if this is what they want to do. Uni is not always the answer.
It is better to have healthy, happy, well adjusted, laughing kids/ teenagers that are alive than academic high achievers that are stressed out, taking drugs/ alcohol, unhappy in their relationships, and with their work and stuck in a money and pleasing the parents fascade.
Actually my friends that didnt go to Uni and had a lot of fun have actually turned out better finacially, have good businesses and have a more balanced life, than the highly educated, academics that work 15 hrs a day, are highly stressed, divorced by 35, and now trying to work out what is wrong with life, and deeply unhappy. Parents need to chill a bit and not live through their kids so much.
Look for land or an older home with a large parcel of land you can do something with down the track
Yes what sort of job is it ? and what needs to be doen and when. I have a few good building companies and builders we use, on North and Southside so best if you send me brief details and Ill see whom I think best
Thanks
KylieSend confidentially to
I have done Carlys course, I have also followed her work and results in her charity work and Say No to Drugs campaigns.
I dont think age or sex matters and you dont need a financial planners license to do deals or obtain results, or provide information on how to do some of the things she does do. A lot of it has to do with attitude, action, learn by doing, mistakes, and getting out there and doing the hard yards, of which she has done.To date I havent found any financial planner that is really experienced in property, their courses are lucky if they cover property for 1 day- so what does this really qualify them to advise you on? and there is no way I would take my finances, equity, subdivisions, deals and equity to them to advise on, as they would only put me into shares, or managed funds and draw a huge mgt fee from me, and gather a huge commission for achieving less results than I can myself by hitting the streets and finding opportunities.
Most earn their money by dumping your savings/ super into shares or managed funds.
Our financial planner 9 years ago put us into 50k worth of Great Southern Trees with every prospectus, fact, due diligence and approval from ATO / ASIC under the sun. I was only 29 and thought these guys are super qualified, and older than me, Ill listen to them. Now Gt Southern and my 50k has gone into bankruptcy and your lucky if you can get hold of any financial planner or company solicitor on the phone.
Our trees are probably wiltering away and dying, so wont be worth much anyway to harvest. Most of the financial planners have now ran for the hills, are selling real estate, working at ATO , Aus Post, or have became mortgage brokers. So I dont have much faith in Financial Planners. So cant see why Carly would want to get her financial planning license as the license and course has nothing to do with property and her focus at all.
Results must speak for themselves regardless of age. I'm young also and have been doing property since 20- so 18 years now full on, and would guarantee that I would have more equity, assets, and results than most financial planners/ accountants nearly double my age.
Before I did Carlys course I really did check out her deals, assets, results, some of her mentors, and business contacts she uses in her developments, and I knew one of her architects very well. She is a credit to young people, has a heap of energy, attitude and will stop at nothing to learn, listen, increase her knowledge, she gives a lot of money to her family, and differnt charities and whilst some are at home at night resting, she is out at dance parties handing out Say No To drugs books, brochures, helping young kids, and talking to those that need guidance.
The problem with our country is that we like to knock people down, judge people on age, etc rather than productivity, results, and attitude and I guess this is why most of our really good management, academic and business talent heads off overseas as they are pulled down here instead of encouraged.
A comment above from one of the posts is that real education doesnt come with reading books/ courses- This was an interesting comment- "Why are we all striving or going to uni then, and parents/ employers pushing get a degree, study, etc"?
as I went to uni for 4 years, have a honours degree, and didnt see many of my teachers taking much action in the business world and I seemed to be loaded down for 4 years with books, courses, seminars, conferences etcI think you have to follow and learn from those out there doing it, not just talking about it or financial planners sitting in a comfy chair in an office all day and making money by commissions of things they do not really even understand and will not back up if it stuffs up.
Bye
I am from a strong Irish background and my family came to Australia with nothing,my partners family also came to Australia from Greece and Lebanon with nothing and did not even speak english. You are a good father and trying to help your children, but sometimes kids do not wish to follow the same path as the parents or the culture and you have done your best with your offer and trying to help. Possibly they are not ready to commit to a loan or any responsibility or do not follow the same dreams or visions of security, financial responsibilities etc. Everyone is different and has their own way to pave. I would not think that the tax thing would be the primary issue, there must be something going on behind the scenes or possibly they do not really want to do it and trying to find an excuse. Also my concern is that they do not trust you? Possibly juts relax, look after yourself, your health, and just be a dad, and be involved in their life, do fun things together and maybe offer them an opportunity down the track when they are older or able to appreciate your help.
My family gave me an education, told me do whatever makes you happy, travel the world, dont get too money/ business focussed, and also gave me $10,000 to start my business. From this I have worked very hard, learnt a lot along the way and have built up a bit of an empire, but you cant drag a dead horse, or take the horse to water and force it to drink.
Do not be too hard on yourself and do not spoil your children, make them work, learn and face up to responsibilities in life also financially, I have never seen any of the spoilt kids I went to school with that were given anything amount to much as humans or in the business world- they are lazy, rude, arrogant, drink alot, take some sorts of drugs, do not support charities, would walk over a person dying, but the ones that were given a little bit only, made to work, set goals, went through ups and downs, and were motivated/ ambitious and greatful have built huge business empires in Australia. Just give your son and his wife time to enjoy life, save, work out themselves and their future and enjoy some time together without huge responsibilities, and family pressures, we have the rest of our lives for bank loans, taxes, commitments etc- just tell them you have decided to just do your own thing and one day when they save more money, get stable employments/ business, and have enjoyed their early relationship a bit more you will have a discussion with them. Bye hope this helps Kylie
Yes cooling off in Qld 5 days.
No I dont use or nominee on my contracts- my solicitor will not allow us to do this-as ther eis the risk of getting double stamp duty and this has happened many times to people in Qld.
I put a change of entity clause in which means I can change entity 14 days prior to settlement as long as I pay the sellers and my own legal cost in changing the entity, then there is no risk of ever getting a double stamp duty slam by the Gvt.
My solicitor is a head lecturer at REIQ and works on major crown law matters and contracts in Qld so I am guided by his knowledge, so I would not run the risk of double stamping unless you have a wad of cash as a backup in case they levy it to you, as they go off the contract.
Change of entity clause is a more protective and cost effective method to use in your contract if you are not sure what entity to purchase in
Bye
Kylie
I am a professional property advisor and also a licensed principal and deal with mortgagees, default, bankruptcy, and banks continuously as we are asked to appraise property, prepare it for sale and sell it off to recoup back the banks money.
Where I see the quick summary of all of this is- you have bitten off more than you can chew and cope with, and banks dont really view holiday rentals as a solid guaranteed stream, although yes you do average out more income. We own 3 holiday rental homes and presented recently our homes and income for reval, it was only that we had been doing it for 3 years had all booking evidence, sheets, bank statements, rent receipts that they took it as serious.
Where I see the sad thing is that you are totally stressing over property and walls and other people will be enjoying and loving your homes and furniture why your sitting at home worrying about how to pay for all of this. Where the main concern also is what if the values go down? or the bank calls in your loans and they can then sell it for whatever they wish in question as they have mortgage insurance to protect them, and sometimes will instruct agents, get me a sale in 7 days and clear the debt- so they could just sell for the debt price, not necessarily the market valuation.
It is a very risky path to use equity to pay expenses, capitalise interest and keep building up the debt- banks do not feel secure either in this situation. It is also possibility to service the debt.
Probably I would –
Sell 1 asap and sort out your finances/ jobs and when all gets back in order start again but on a smaller scale to build up your $$$
Rent asap unfurnished and try to get more work
Document all as talk means nothing to banks
Dont believe anyhing until you see it in writing
Banks have even got stricter today especially with low doc- AFG announced and Westpac no low doc lending unless 12 months of solid BAS history and absolutely impeccible credit history.I would go for a long walk and it is just really a quick decision and clean up exercise otherwise this starts to effect your health
and relationship and no amt of property/ assets worth this.Good luck
Kylie xfactory-edged tile, rectified tile has been cut to size after the firing process. This process creates a precise, 90 degree angle edge and, as a result, can be laid with a tighter grout joint than unrectified tile (as small as 1/16?). If you’re wanting a smooth, sophisticated and continuous look on your floor or walls, choose rectified tile.
Maybe look at the type of tile you are choosing- you need a heavy duty tile- I would prob be looking at coomercial/ industrial grade especially if you are driving things over it or forklifts- yes most tilers will charge more for rectifid/ porcelain etc- where is this job as I have a great tiler I could recommend he is in Sydney- not sure where your job is?
Get a few quotes- and ring an architect or draftsperson from possibly Newcastle or a larger town as many work also in smaller towns and their fees are better- has the architect included and listed all the other fees? from council or planning- maybe this is why it has got to this level.
I just built a multi mill home for a client and my architect design fees were about 7500.00 so not sure why a D/A if it is simple why would be at this range- but maybe there are council fees etc in there you have to get architect to break it all down eactly what and why?
I am unsure how an agent can ever be paid for verbal offers- nothing is signed or any agreed contract is legally in place- Id tell them to call your solicitor for any further correspondence, or ask to speak to the principal.
Thsi sort of behaviour gives agents a bad name, I pride myself in being a great principal and agent and this career has spanned me 15 years now and made me a millionaire by looking after clients correctly, and many clients I have had for over 10 years now and some Im up to the 10th or more sale or purchase. So I would just tell them put your principal on the phone, fax me the written offer and also it is a common fact- the law of offer and acceptance- you have not even seen an offer in writing so nothing exists, make sure you also put in writing to them you wish to see a fully signed up offer as you do not believe it even exists, and you cannot sell a house without sellers signatures, and initials. Stupid sales agent- needs to get out of the industry!!.I would go and get this sorted initially with the council planning officer and often they also have inhouse draingae/ water engineers that may be able to suggest the best option, or I would get a property barrister and they should sort it very quickly- but may cost you approx $1000 for their time and documents and interpretations. Thanks Kylie
Where are you anyway – State/ Area so I can see if I have any property specialists there to assist – as I do property development, advise, renos, subdivisions mainly in Qld/ NSW so not sure what state your in?WJ Hooker wrote:businessglobal,
Very sorry to hear of your experience, I guess that explains why you are now so parenoid, suggest you sell your rental and put your money in the bank or under your pillow, before you worry yourself to death.I dont just have 1 rental- I have about 25, plus about 7 homes being built now- so doubt Im going to sell them off and stash my cash, as property is my full time business- Im not paranoid but well see how you go ever if you have a 500k asset burn to the ground by a psych tenants ex wife. I dont appreciate your comments, I dont worry at all as have very strong systems in place now for correct checks of smoke alarms, termites, wood rot, decks, timbers, plumbing and I am a landlord that enjoys very long term tenants that love my homes, pay their rents normally a month in advance and I give them all $200 hampers for xmas each home.
I dont worry as have good staff highly trained and we use only professionals in our team and office and use outlook for everything, so I can sleep nicely as I know it is done correctly and not possible for us to be sued. Or if we ever are we have the correct checks and people in place doing their things required for each rental.
I have a degree in property and law so maybe you should see some of the prosecutions I work on for lax landlords and if they bothered to spend a little money and were more up to date with their maintenance/ correct checking they would not be sued.
A real estate office in Brisbane was recently sued 60,000 plus the landlord was sued 180,000 for not checking the decking boards more than 1 x per year and having them inspected and the tenant partly fell through the boards and sucessfully sued the landlord and real estate agency, so Im not going down all this path.
I call your paranoid description – actually correct due diligence and asset protection of a multi mill portfolio- and no Im not selling anything Im buying more now.I would get a structural engineer on site and pay for their time/ report and also a underpin quote- hard to say as I have seen jobs come in at 9k and others at 45k to fix-but I alwys get a structural eng on site to test, measure, soil test and work out all the issues and how to fix it
Quick summary- I would not only be focussing on the commission- you must also look at an agencies training, support facilities, access to the principal for help when you need it, what are the other sales agents like, reputation of the agency in the community, use of technology.
I started as an agent when I was 20- worked in residential, project marketing, commercial, industrial, then I left a 150k approx commission per annum in Sydney to work for a construction company for 45k per annum, so I could learn about development, building and have had my own business for nearly 10 years now.
So often many people use residential as a stepping stone to gather experience, learn about deals, meet good contacts, and if you are a dedicated agent, truthful, honest, return calls, and follow up follow up follow up- Number 1 rule to do- you will succeed.
You must also learn to walk away from sellers that are unreasonsable, priced incorrectly, wont listen to your research/ advice and concentrate on saleable stock- stock you can sell now and build up your $$$ commission kitty. Do not waste time with people or listings that are unsaleable within 30 days or opne listings with every tom, dick and harry.Good luck- I have found real estate an amazing, fun, interesting journey and when I started I was a manager with Mc'D at 20, and decided I did not want to be standing up 12- 15 hrs per day and putting up with people throwing gherkins, shakes, being unreasonable and got sick of smelling Mcs food 12 hrs a day- my goal was to maek money, have fun, learn daily, meet people daily, and build things. I think you have to get your goals and reasosn very clear and use this as a stepping stone and learning curve. The principal is also taking risk on you by taking you on- as you may waste 3- 4 months of their time in training, costs, desk space, overheads- so it is a 2 way street really. Kylie
I think you have to look at each deal on its merits and not generalise a whole area or town as good deals everywhere like apples falling off trees you just have to know how and where to find them, and put int he work and know what you are looking at.
I just picked up a site on Friday that has substantial profit it even in the current market with conservative calculations and it is in IPSWICH- I shall subdivide off 3 blocks, sell the house on it and sell the blocks off the plan.
I dont care where I buy as long as the deal stacks up and so does the due diligence- I bought a dump a few months ago for $200k- did a 28k reno on it, 3 mini skips of crap to clear things and sold it 10 weeks later for 330k! You need to look at the deal and you make your money when you buy- so look at the opportunity, how to add value, what you can do, do research, speak to lots of agents, call valuers, look at recent sales.
Also you have got to work out if you are trading property, or keeping- but I use my trading strategy in all different areas to pick up money for my bank and then use my $$$ to buy my holding stock in very good area.
I can make a very good practical imput on this topic- we recently had a tenants ex wife burn our 500k investment property down and leave us 4 walls!!! the insurance company tried every trick possible to reduce the claim, inspect every document, property managers reports, condition reports, when the wiring was done, last electrical works, any new appliances in the home and also smoke alarms and state, when tested, whom tested them and to prove everything.
Luckily all my docs were totally in place and my Property Mgr was very very thorough
It has taken 12 months of drama to rebuild this home for the insurance company and then they tried to scrimp on everything – appliances, tapware, blinds, not install hardwood timber flooring and polish it as our floors are worth about 50k. If they can get out of any of the claim they will alwys try and for $99 or whatever I would rather peace of mind that our asset is fully protected – plus it is 100% deductible anyway.I guess you have to also value your time and Im sure you could make more than $99 using the time to work, study, time with family, or looking for other deals and creating more $$$ for yourselves. Plus where the leagl issue arises also is that the insurer can deny the claim and has a right to deny your claims or part deny them if they deem you have not used licensed/ experienced professionals, or kept the home/ unit in a regular maintenance schedule for electrical, wiring, smoke alarms- so I would not be taking the risk.
I have always taken the opinion and book in my diary every year the following and make sure my suppliers nad property managers have things booked in also-
Yearly termite inspection
Clean gutters 2 x per year or more if required
Property Mgr to check all lights/ switches/ screens/ and see if any water leaks etc and report to me
Correct smoke alarm maintenance- Have a company sign off that they are all checked, in correct order, satisfy legislation and can prove I have fulfilled my duty of care 100% and make sure they fax me the paperwork every time they do it.Check all decking, stairs, timbers 3 x per year so as to check wood rot, loose timbers, danger for tenants
Make sure no bunk beds or bedding too close to windows for kids beds- as I had one tenants child fall out the window as was jumping on the bed and smashed through the screen and landed on the grass outside.
We have a few units in Granville, Parramatta and Rosehill – I sold one recently that was renovated, freshly painted, and had about 30 people at the first open and it sold no issues for 299k- it was 30 yrs old, small block, walk to all
If I was buying again there I would buy in Rosehill, Harris Park- small block, and the main thing people want there is parking, nice kitchen, bathroom, walk to transport, maybe one that was unrenovated so I would give it a fresh coat paint, new carpets, timber blinds, change power point covers, put in an aircond- little things really make the difference
My units I receive about $320- 345 per week in rent and mainly all rented to single professional women or young couples saving up for their first homes and have had very good long term tenants.
My property mgt company is Ray White Parramatta and have used them for 9 years
