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Ok the pre settlement inspection is to make sure everything is AS IT WAS WHEN you signed the contract.
It is NOT for you to find faults with the property that you didn't notice before.
SO IF there are things that have changed- eg the dishwasher is now missing, someone has trashed the kitchen etc then you delay settlement until it's recitfied or you can hold back money. That's what your solicitor is for.
IF at the inspection you discover that the garage is made from asbestos- too bad.
Hope that clears up what the inspection is for. Many people think it's a time to find faults. It's not.
Hi, depends on the size really. Supply only from $1000- $3000 (one was huge). I get the cupboards assembled. I hate assembling things. They will install for a good price.
We get white poly doors C224 longline handles. Lately we have changed to pure mineralstone matt finish benchtops. Looks clean and fresh.
Our first couple we just painted, replaced the carpet in bedrooms, polished floors. One we painted the kitchen doors, put on new handles and put those timber look stick on strips on the floor in the kitchen.
These are easy things that you can do in a week and don't cost a fortune.
Adding/removing walls, new kitchen, bathroom all add value but take time and money. Depends if you want a quick tidy up or a full reno.
Sydney Kitchens and Bathrooms at Villawood. Can't beat them for price and quality. We have bought over a dozen kitchens off them. Take your drawing to them (not on Saturday as you can't move).
203 Woodville Rd Villawood NSW 2163
(02) 9725 7200
Sounds great. We typically spend $15K (no restumping or built ins- well sometimes one and we usually polish floors- except carpet bedrooms) and full painting. But we pay a tiler to waterproof and tile and a builder a few days (my hubby's too rough).
Why Vinyl wrap doors?? We go poly, much nicer finish. Where do you get your kitchens? Flat pack? I put together one cupboard once. Never again.
Yes you can just move but the contract doesn't run out. Read the contract and see how much notice you agreed to give them.
If you are going with another agency they will handle the changeover. Some even pay the 30 days to the other agent so you don't get hit twice.
It is not worth your hassle dealing with an inefficient PM. Move on.
When you pay a bill you get a receipt number. Write the receipt number on the bill. That should suffice.
Even if you were audited I doubt they'd go through your bank accounts and ask to see where it was debited from.
I write the receipt number and where it was paid from. eg Bpay St George.
Some people just want everything for nothing.
A friend of mine (a teacher) has a friend with a daughter who was having difficulty at school and asked my friend if she could help her.
My friend picked up the friend's daughter 2 days a week when she picked up her own daughter from school. She took her to her home and tutored her for an hour, then the mum would pick her up and take her home. This went on for months. No mention of payment. My friend then asked the mum if her husband (an accountant) could do her tax. She didn't say she wanted it for free. The woman said "No, we don't do that. It's best not to mix your professional work and friends"
Stop tutoring. End of friendship.
Why is the title Sydney Market update?
Who's Uncle Zally and Karen? Sounds like this should have been a personal message to someone??
Mark Coburn wrote:A woman walked up to me in a cafe, introduced herself (local Doctor's wife) and said that her friend (who she had been sitting with) had said that I was the person to talk to regarding an investment property transaction (don't laugh yet).She said "I don't want anything for free and I'm happy to pay you for your time".
So I sat down with her and spent nearly an hour going over the issue she was having.
I ended by saying "I would need another hour to research the details and get back to her later that day", which I did.
Now for the rub.
I emailed her the details as I said I would and called her directly, which went to message bank.
I called her the next day, which went to message bank.
I called her the next and it went to message bank, so texted her.
Two hours later she returned my call. Said she was busy and she would drop a bottle of wine into my office as payment and hung up.
Gosh I thought, it had better be a bloody good wine.
But she never did. She saved $70,000 and I am owed a bottle of wine, go figure? (now start laughing)
OMG. I would be fuming. How rude. I really can't believe some people.
I wish I was the karma fairy.
From what you have listed you don't need council approval.
Do you mean to replace the whole kitchen and bathroom?
If so get the bathroom stripped first. This takes the longest (not that you need to worry with 3 months). Why so long?
We generally completely renovate a 3-4 bedroom home in 5 weeks (mostly nights and weekends as we still work). That incudes new bathroom, new kitchen, new flooring (polish and carpet in bedrooms, fully paint inside.
I'd get the electrical looked at first.
First thing is strip everything out, carpet, kitchen, bathroom. We do this the first day. Bathroom (as mentioned) strip, resheet walls if needed) get tiler in to waterproof. This needs to sit then he comes back and does again. Then tiling, then grout so this takes a while. Then vanity etc go in.
Strip wallpaper, clean walls ready for painting.
If you are replacing the skirtings I would rip them out and undercoat and paint the new ones before fitting. Polish floors last then replace skirtings. Touch up putty and paint where nail heads are. Easier than painting the whole thing in place.
Work out what materials, appliances you need first. Especially after November as a lot of places close mid December to mid January.
Where are you located? I'm in Sydney if you need anything. I'm having reno withdrawals. LOL
Hi, sounds like you are thinking along the right path. Keep reading and you will find things that click with you.
Don't forget that rents go up too.
I remember Nathan Birch telling me that his initial goal was to buy 10 properties. He planned on putting the rent up $10pw on each one every year, so after 10 years he'd have $50,000 a year to live on. Nice initial goal. I think he achieved that in a few years. He made his first million at 21. He now has 150 properties and he's not even 30 yet.
Most people actually out surpass their goals. Set a realistic smaller goal and outline how you will get there. Then start at step 1 and go from there. The rest will follow.
Doesn't sound too good to be true to me. Sounds good but not alarming. Why is it not selling?
Have you compared it to others in the same area? Just check that it's not a company title or a serviced apartment.
Where is it located? That will make the difference to me. If it's regional and you don't experience CG then it's not a good investment (to me). However if it's well located and the price comparison stacks up, go for it.
If you care to give more info you may get better responses.
brmiau wrote:Idealy in 2 years I would like to have between 5-10 properties and in 5 years maybe 20 or so, maybe more if it is all going well. Looking at retiring from work to concentrate on property within 3-5 years after that with around 50 properties. Hopefully earning $4-5k a week.I know it probably seems a bit ambitious or naive or silly, but that's what I want.
It's great that you have a goal but it looks like pie in the sky stuff (correct me if I'm wrong). How will you get there? You need to have a plan as well as a goal.
How are you going to support yourself in 3-5 years with 10 properties? If you have, say 10 properties like you mentioned with $60pw cashflow then that's $600pw. Not bad. But is that clear? ie not including tax benefits? and including ongoing costs? What about maintenance etc?
In lots of low population etc areas rents (and prices) can remain stagnant. In order to keep up with the cost of living (inflation) rents need to be rising and/or you need CG.
You are on the right track. Keep researching and asking questions. There is a wealth of knowledge here. Agree with the bank comments. That's not the best place to go to for advice to get you where you want to go.
The loan you take out on an investment is fully tax deductible. If you pay it down then the amount is reduced. If you then take money out of it to spend on (say) a car or a new home that amount is NOT deductible as you spent it on personal items.
If you have the same account but with an offset you put any extra money into the offset so in effect you will be paying the same interest as if you were paying it down BUT the money in the offset is yours. You've just lent it to the loan. SO you can pull it out at any time and spend it on whatever you like and the loan then reverts to the full amount which IS ALL tax deductable.
Hope that explains it. The offset gives you flexibility without changing your goals of paying down the property.
Hi Willis, I'm assuming you live in your dream home then and never plan to upgrade or spend extra money on a car or a holiday?
Because if you do you will be paying non deductible interest on the new home. The thing is you never know when you might need that excess money. If you lose your job or need the money then you will be withdrawing money which is non deductible? The thing is you don't know what the future holds
That is the main reason people go IO and put excess funds into an offset account. If you then take it out all of the loan is still deductible.
There is no legal obligation for an agent to tell you a sold price.
If you subscribe to RPdata this information is freely available. Having said that I've noticed of late a few people are not releasing sold figures so the price is not updated on RPdata. But it does have the buyers name and sold date at least. You look up the address and it tells you all the sales, when it sold and to whom and the price. Not sure how far it goes back but my mum's is listed and she bought in 1963.
You can subscribe for any Australian state or Territory.
It's been very handy for me, especially when buying in the likes of Mt Druitt because you can see how many Housing Commission neighbours a place has.
You can get some info from Sold.com but it's limited.
Put your concerns and revised offer in writing and give it to the real estate agent. As others said- depends on how the market is as to whether they will accept.
No harm in asking but decide whether it is a deal breaker for you.
I used to do mine when it was simple. But property rules are ever changing.
I don't have time to keep up with the rules. I want my properties to give me passive income. I get it ready and know what's going on but I'd rather pay someone else to get it all organise for me and check that I am getting everything I am entitled to get.
I've got better things to do really (like travel the world).
