Forum Replies Created
Matt, welcome to my world, our Sydney house which was a standard 3 bedroom house until we addded 2 extra bedrooms and a spa ensuite, has not done well in the sale department either.
We started at $429k then $390k then $370k and now 6 months later its still not sold.
I think I have the reason though. Every tinme we list it, it gets viewed then the offers come on $20k below asking each time. So we are getting a loan on the house will revamp the kitchen(new sink, rangehood and stainless cooktop) and carpet throughout.
It has already been painted and the yards looik great. Hope this mini reno works as we really need the thing sold.
Just thought you would like to know you are not alone out there.
DD[guitar]personal violin sadly playing.
Don’t sweat the small stuff,and it’s all small stuff!!
Hi Rose, hi Jo, just wondering why the split in thinking. If you did get a bigger home near where you are now, i would only assume that you would not get enough rent out of your existing PPOR to cover the new mortgage.
Not being currently up on the Victorian market I cannot help there, but as Kay says there are other states and even NZ for you to look at for investment.
Tassie, Qld and the occasional WA property is worth looking at, and I know these well.
Good Luck, talk soon
DD(my 200th post yahooo!!!!!)
Don’t sweat the small stuff,and it’s all small stuff!!
I have several loans woith several lenders and all are the same *&^% different day. Their aproach to doing things is slightly different with each lender but they are all bad or lacking in some way and some excel in others.
I use a broker based in Sydney and he has also helped with about 30 loans for my clients in the last year. All with a variety of lenders due to which offers the best deal based on individual circumstances.
I suggest that whoever you use, with your low LVR (good one), that a 76% lodoc loan from Adelaide Bank is the best way to go. Damn easy to setup and its 76% interest only too which helps with future serviceability on other loans for your next investments.
Good Luck
DD
Don’t sweat the small stuff,and it’s all small stuff!!
Happy to get that last post in here about adding to topics via healthy discussion. I personaly feel the troll comment is another of the euphomisms for people you personally dont agree with. Lets see them all in here as I fell this is a healthy discussion between people of difering levels of knowledge and experience. Those with strong opinions will always speak loudest whether they are right or wrong.
I’m happy to contribute and i use personal examples to assist the novices to see the fuller picture. Some of these are left alone but increasingly they are moderated out. I have noticed this change over the last month or so and feel that the “troll” comment covers disagreement in this case.
It saddens me that the so called free speach is sadly lacking in some cases as I truly love to read all opinions and not just those that agree with me.
Steve, ths is a great forum as it is. If people want it more structured then let them go to somersoft(im not there at least) for those that value the input of other stay where you are.
Thanks for letting me share this small point.
DD
Don’t sweat the small stuff,and it’s all small stuff!!
wow advertising, and not moderated toi death, how do you do it????
Everytime i hint that i help people I get dumped where others can market their properties and services free willy. Bit too unfair is my comment.
Yorker, at least they arent promoting the dud end of this fine country, ie rosebury. Hehehe, just kidding.
DD[biggrin]
Don’t sweat the small stuff,and it’s all small stuff!!
Thanks Mini, couldnt have said it myself as our friend Derek would have moderated me to death AGAIN!!!!
Yes Mgr you can get ripped off, and some people use services like mine to get their initial comfort level up on the first deal or so then go get em themselves. Dont be shy, I dont bite but I will defend my comments on here. To get a feel for where Im coming from go and look at some of my old posts.(if you can find them)
Mini, thank you for your kind words, it means a lot to me, and I hope your current exciting project works well for you.
Talk soon
DD (happy to be heard)
Don’t sweat the small stuff,and it’s all small stuff!!
Thanks Geo, I basically fell into it really. Started by helping friends and business contacts through my computer business, then wife was asked if we could speak at a motivational group in Neutral Bay. 25 people there and one was Minimogul. She suggested some cool places to chat to investors and I tried this page and havent moved since.
I help people in QLD, Tassie and Perth. As wife and I have property in all three. Im most conversnat with SE Qld and have the bulk of our goodies there.
If you or anyone would like to chat further I am happy to help. Unlike the “NZ birddogs” who buy a deal and then assign it for an upfront fee, I organise bids/counters until agreement is reached, help organise legals/building/pest reports and refer people to brokers that need them.
Many on this forum use their quote as an advertisement but I feel that if people like my posts(those that survive deletion)they will contact me in the usual manner.
Thank you for your interest and yes I have been helping people for 2 1/2 years. Been investing for 3 successfully.
DD
Don’t sweat the small stuff,and it’s all small stuff!!
Ali, its always the way, as soon as you sign up for something or buy something, its a better deal or on sale down the road the next week, doh!!
I also have the backing of good property managers too. Thats where most landlords get caught out. We had a rental manager in Ipswich that had 10 of ours on the books and then within 6 months changed 3 of their management staff. Did service drop, yes to a non existent level where we would leave the same message with 3 people and the person we wanted to speak to got back to us a week and a half later. This was on a property that we were selling for part of this deposit here in Coffs. We needed action urgently and it didnt happen.
Another thing about poor communication is that rents had risen in Redbank Plains from the $160 we had a property on to $175 as average. We thought ok lets not hit our tenant with it all in one go so we told the agent $165/wk for 6 months.
When we got the agreement faxed through we didnt check it as well as we should(trusting the professionalism of the agent) as the agent had made it 12 months not 6. This meant that we couldnt raise that rent for a further 12 months and we are now falling behind with the current rental pricing.
The tenant has now defaulted twice and will be moving out in November when this lease expires.
Needless to say we have changed agents and are totally impressed with our new proactive rental managers.
DD
Don’t sweat the small stuff,and it’s all small stuff!!
Hey Geo, wouldnt transferring into a trust name mean double stamp duty??
DD
Don’t sweat the small stuff,and it’s all small stuff!!
Derek, if I make a reference to a property, I give examples only. Never have I said an exact location or which agent it is through or exact deal numbers. I have used examples and some of my personal property info to possibly assist others. To talk around subjects and not give examples on a forum supposedly dedicated to helping newbies is quite ludicrous.
For a whole I appreciate that you guys delete personal arguments and petty squabbles. What I objest to is deleting a whole reply that uses a ‘current example” of property deals. Leave the rest of the reply up and in place of these horrid examples, write a paragraph explaining why the original paragraph is actually missing.
How else can I and others that suffer this scathing assault on our free speech ever actually pickup where we are crossing over into sales speil that is not acceptable.
that where do i put the 15k string I had spent a lot of time and effort in giving possible and valid examples. what are all these questions for if not to get relevant replies and actual answers.
Please please help me as I am finding myself more and more frustrated at the extended use of the delete key no matter what your real motivation is.
DD
Don’t sweat the small stuff,and it’s all small stuff!!
Although at first glance a PM’s fees seem a bit high, maybe the real cost to you of your time, emotional attachment, dispute resolution and general well being are well worth the money.
They do the footslog every day. Always let someone who does a job daily do the hard work for you. What they do easily takes you twice as long and with less results. I always surround myself with people that are great at whatever they do and am happy to pay them.
Your time is better spent finding those deals rather than wondering if a tenat has paid each week. Use your valuable time to best advantage.
DD
Don’t sweat the small stuff,and it’s all small stuff!!
I have replied to this topic twice and been moderated to death. Who the hell is doing this as I put a lot of time and effort into this only to get back on and find my posts rremoved.
If you do remove posts at least have the curtesy to list who gets bumped and why.
A valid reason would be nice.
DD[angry2]
Don’t sweat the small stuff,and it’s all small stuff!!
Pumpkin I charge $1500/property for the sale and offer discounts on legals/building and pest reports too. If a reno is needed Southside I offer a service there too. Geo is right that some but only a few real estates offer rebates to buyers agents.
I get an average of only $100.00 on settlement from most agents. I disclose everything as it is always more simple that way.
Good luck and Westan and Minimogul and Castledreamer do NZ property. Send them some PM’s to chat about what they do.
DD
Don’t sweat the small stuff,and it’s all small stuff!!
I had a tenant robbed and the access was through the kitchen window. Through the agent I was asked if they could get a security screen for the window. 2 days later it was installed. These tenants have just signed up for a 12 month lease again so yes it does pay to listen to tenants.
The security screen cost me $80.00 plus install so 1) its the tax mans bill, 2) its happy tenants, 3) PM loves that we respond quickly when needed and 4) my house is more rentable later.
Win win win.
From what you have said you have a shonky landlord who needs a kick in the butt to get anything done. ok in 4 months find another property, in 5 months give a months notice and in 6 move. The shonky landlord is then up for another letting fee to his agent, and we both know he is loosing an intelligent tenant.
Karma wins in that one. Yeah baby!!
DD
Don’t sweat the small stuff,and it’s all small stuff!!
Regan, as with all of the other people in here it is great to see younger people with thier heads screwed on. Good on you for getting it into your head to invest as I wish I had even 20 years ago when I was 22.
Now 42 and doing ok with it all, I think that someone in your shoes is set to take on the world and win. With the reduced costs of living at home with your family you get on with(wow thats great too)you are in a better servicing category financially than someone in a flat with expenses and phone bills etc.
Get one then when you have some growth get a second and then a third. When all the yahoos of your generation are still renting and struggling with young families in 10 years you will be financially set with the then equity from your three investments being used to get into your own home.
Just remember that selling incurs tax where refinancing doesnt. So if you get there and have 3 and then consolidate into a bigger loan with a lender refinancing your IP’s then you will have (theoretically) good propeties with a great servicability for the expensive suburb purchase of your PPOR.
Dont forget thought at any mortgage on your PPOR is bad debt which you cannot claim any tax benifit from. So another thought would be to sell all three, wear the tax and have a tiny mortgage on your PPOR. Whatever works for you is the right solution. Keep researching as it never ends.
The only day you dont learn anything is the day they bury you.
So good luck and keep on with your dreams, they soon turn into reality.
DD
Don’t sweat the small stuff,and it’s all small stuff!!
Hi Geo, I didnt get a mention there and I am again sad[confused2]. I havent seen HHH posts in here much but im sure they could put you in touch with customers who are happy with their services. Just a thought.
DD
Don’t sweat the small stuff,and it’s all small stuff!!
Yeah for the same $235k I could get you a 3 bed house with a 12 month rental guarantee of $150/wk and a 2 bedroom unit in a complex of three with an expected rent of $110/wk for $185k and thats without trying.
Make sure that the investment you want is the real one you need. Thats all im saying as I initially misread your “Medina” as being the suburb in Perth south. I have a 3 bedroom unit there which I bought for $70k august 2002 now worth $120k and getting $145/week rent.
The property you looked at sends warning bells through my head the same as the previous responders as the less tha 50sqm footprint also means that you are guaranteed to hit LMI as well as only a 65% lend. Every time you have holiday or short term letting situations you have an incredible escalation of costs due to wear and tear. As it is fully furnished expect with the pool and other services to be super stung for the body corp fees and ongoing special levvies for things like lift repairs and security problems in carparks etc. You may find the ‘secure and dependable’ investment you seek becomes a bad cashcow mooing all the way to the bottom of your wallet very quickly.
Please just treat this as another investor giving an opinion, as I am sure you are researching other alternatives as well as this property.
The main thing is to hold off until all the relevant data can be deliberated. All deals with glossy adds make me question why they are trying the hard sell. Most deals you think are too good to be true, usually are.
Good Luck
DDDon’t sweat the small stuff,and it’s all small stuff!!
Got you covered KP, check your email.
DD[biggrin]
Don’t sweat the small stuff,and it’s all small stuff!!
Waysolid I have posts deleted all the time, one example is the “what to do with $15k” string. Because I gave an actual example of property available now that is neutrally priced if not positive, my post got deleted by a moderator in here who does what I dop and sources property for people. Seems that personal motivation is getting in the way of things for some at least…..
DD[blink]
Don’t sweat the small stuff,and it’s all small stuff!!
KP Kp, its Brizzy, if you know where to look, know what to buy, and know what to do with it to make it hit the 7.5% gross in my books.
Im a buyers agent so be warned, nothing worthwhile is free so PM me if you want to talk.
DD
Don’t sweat the small stuff,and it’s all small stuff!!
