Forum Replies Created
I too attended the seminar in Perth, my wife and I nearly joined the Mentor program but a red flag went up so we didn't. Upon researching her and her business partner there seems to be a fair bit of negative reports of unscrupulous dealings, the seminar does have some good ideas but no more than I got from Steve's books.
I believe that through this forum and the many good books out there we can learn and achieve just as much.
Qld007, I believe we wanted a Mentor as a way of validating the choices we have made or are making by someone who has already achieved what we are aiming for. As all the good books( Steve's, Rich dad Poor dad) mention that you cant beat having a good team, and a mentor is just part of the team.
What I have learnt from my last post is, don't give up, do not take NO for an answer and point facts in there face and they will pay more, I have had GIO say NO to multiple parts of my claim and each time I have proved them wrong and they have paid. They rely on people giving up because its too hard, so don't, fight the fight.
Cover for pet damage is also something to look at, GIO state that if myself or the tenant authorize for an animal to be at the address then the damage that animal does is not covered, so to summarize, if as a landlord I say no pets and the tenant decides they want a horse, they let that horse inside and it trashes the house, then I would not be covered for a cent……….Food for Thought.
I have two IP's that are both 300k each and insurance is $550 each, recently a wonderful tenant did $8000 damage and no rent for the last 4 months, insurance as painful as experience as it has been is paying all the rent, bar 1 month, and about 23 the damage. so it is worth it, what I have learnt is to ask,
1. Do they cover pet damage.
2. What is malicious and what is poor house keeping
3.Any other stupid scenarios that you can think of, as a crap tenant will find a way to expose it.
They say IP's are always a learning experience, so please learn from my experience.
Also as a final note, don't trust the NTDB as gospel for weeding out poor tenants.
I am currently going through a claim at the moment with GIO, they cover first $4000 of rent owed and malicious damage, everything else they call house keeping. I am not that impressed at the moment.
Lessons learnt, ask about pets, even if you say no to pets, if the tenant gets an animal and it trashes the house you are not covered. Only holes are covered not scratches or dents in the wall they call that poor house keeping. I will be looking are AAMI after this claim and also have been told CGU are good, but don't quote me.
When asking about what is covered really make sure you cover every possible extravagant scenario.
I am just going through this at the moment, I have 2 IP in Melbourne, 1 of them was handed to the hands of hell (god knows how) and has now ended up with no rent since November and many $$$$$ damage. We are being told by our Manager that the last time these people damaged a property (A different Company put them in the house, the new Managers had previous dealings with them) they did $$$$$ and that persons Insurance wouldn't cover because they said "It was the Tenents lifestyle not Malicious". Anyway we will see what GIO say, fingers crossed. But my point is ask the question before you sign up. GIO has told me that if they have damaged walls then they will pay, Stay tuned.
Cheers Paul, great help, will let you know about the licensing part.
Hi Paul and Alex,
Paul is there a standard interest rate that is charged as in I pay 6% and they pay 7%, or do you just do same rate but you I/O and them P&I?
Is the RESULTS program still running?????????
Cheers for that Duckster, will book that chat next time I'm in the big smoke.
Hi Santh, do you mean $1300 a week, I really hope so.
Scott No Mates, thanks so much for that, would you know, if you have read it, is "Trust Magic" still a current book for todays world? Would or could you recommend any other literature to read to raise my knowledge level on this subject?
I believe a family trust? what is the best trust to set up? as per Steves book, to set up the trust to buy the IP and the company guarantors the purchase (this bit I get) Sorry all, very green and just getting my footing..
