Forum Replies Created
- Take Marc’s advice about not doing the job yourself. I did it once 15 years ago and saved bugger-all. It took me ages, too – especially the edges. The finished floor looked okay, but I could definitely see where the machine got the better of me – that big belt sander takes some wrangling
Sure if you are only going to do one house. However, if you have mulitiple properties or intend to buy multiples it is a skill well worth the learning.
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The equipement hire is supercheap these days and yuo can find the poly finishes on sale if you look around.
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A couple could do a house in two days easy after a bit of practice. One day for punching a prep and the next for applying the finish. Maybe even a day if yo are keen. (Second and third coats next morning – so maybe two)
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Good Luck.
.Hi Smithy,
You can get a direct flight to Dunedin for around $200 plus tax and accom for around $80 a night. Invers is certainly doing well right now but it is definitely a town that I recomend seeing before you buy (as with all places).
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Even if you leave the buying to someone else if you go there you could pick your street or even the block you want your investment in and have someone find it for you. That way you have the hardest part out of the way.
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If you are going to map the place out I suggest at least 3 to 5 days to get a feel for the place.
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Average rents are on the rise at the moment according to the local property investors association. This means that yields will again improve. Hopefully, there will be some good buying before this translates into price pressure.
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However, if you have already invested in invercargill then you may be in a position to sit back and take the improved yields as well as some capital growth.
.Hi Alaine,
Found one property in Hamilton with current tenants paying $260/ week and asking for $209,000.Hopefully you would be able to find a better return than this. Might pay to use the search function to see where some of the other forum members have been investing. Purely for the types of return achievable and the discussions about pros and cons.There is alot of valuable information out there.
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Good LuckI know property investing is long term but in Steve’s newletters he seems to be recommending that people sell underperforming assets now (ie: before further interest rate rises). Isn’t this house underperforming given the cash on cash return and return on investment?Not really. You say there is no debt associated with this property and therefore there is no presure from interest rates.
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What would your alternative use be for the funds? Would you buy more property, shares, managed funds put it in the bank etc.
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Not sure I would sell this one at this time but that’s just my opinion.
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Good Luck.Picking the colours and how you will redecorate your IP, no matter how ‘cheaply’, is one of the most fun parts of property investing and one which is really rather satisfying!Agree, if you are not having fun why bother really. Got to make the place somewhere the tenant likes living. Give it a bit of a personal touch.
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Good Luck.Sounds Good. Not sure about the forms you are talking about as we are not from SA and don’t have any property there.
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Don’t know if going to vendor direct at this stage would be appreciated by the agent. Might think you are trying to exclude him/her.
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I think that you have to keep your goal in mind. In this case are you looking at this particular property only or are there others around that could fit the bill.
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I think if you are honest and ethical during the negotiation you will have a better chance at a win win outcome. This does not mean that you have to give away your position without reason or make unreasonable concessions.
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The details of your finance are personal to you and you may/should not need to disclose them . You could mention that finance is pre approved and the name of the institution if you like or even who you deal with if it happens to come up.
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3 working days is probably long enough for the agent to reach the vendor and the vendor to discuss the offer with all the parties involved.
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The reason for the time is that perhaps your are looking at other properties and because you are honest and sincere your want to now the outcome before you make serious offers on the other properties you have looked at? It is not because you are super anxious and need a house to live in ASAP. If you are interested in other properties make sure you are familiar with the details of them and don’t generalise. Research everything around that area. The more info you have the more confident you will be when dealing with the other parties. eg this property has features I like but such and such also has those features. The other property may be listed at the same price but may need no work etc etc. So do the reseach so you can be honest about it. If not agents will see straight through the “spin” and you won’t achieve anything. It takes one to know one etc.
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I would engage you solicitor/conveyancer now so you can include their details in your written offer with the name of your contact person. Adds credibility. You wont get charged any extra for a few phone calls or a sit down before you make your offer and it will help you get things straight in your mind before the whole thing goes ahead.
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Maybe you could rent or borrow a fax machine that runs off your home phone line for a week or month until the property has exchanged. It will come in handy for you over the newxt few weeks.
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Have you thought about a plan B alternative use for this property. ie what would it rent for if you move interstate again etc. Just a thought.
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Good Luck.
.Hi Breej,
So do any of you think I should just do the negotiations myself through the phone and fax?
Should I just ring up the agent myself ask if the property still on the market and I’d like to make a written offer?Just a few extra things. If you go this way try not to make the agent think that you are a seperate and new party in the negotiations. You could start by saying that your friend has introduced you to this property and now you have done your research and have a serious interest in it.
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Might be a good idea to develope a rapour with the agent and then tell him that you are goinf to present a written offer by say “the end of the day” or some other time after you have spoken to your “higher authority” ie the bank/wife/girlfriend etc.
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Present the offer in writing. Do what you say when you say you are going to and make sure you remain credible. Create the impression that if the deal is not to go ahead it will not be because of you but because of some other factor that can be identified eg building report/valuation etc. ie your mind is made up subject to these things.
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Also mention that you are moving to the area but you have alternative accomodation in the interim such as a friends of relatives. It is not a good position in other party thinks you need to settle just to get into the house to live.
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Good Luck.
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