Forum Replies Created
Hi
Maybe at this point you should try tackling one thing at a time. Your husband obviously handles all the money maybe you could sit down with him and explain how you would like to take a more active role in the money management. I wouldnt be talking about investing yet just that you would like to help pay the bill etc. Talk about your role in the household that it isnt just looking after the kids but learning to run the entire household. Tell him how interested you are in this and that it would give you some mental stimulation away from the kids. Tell him how it would make you feel , if you just demand it he may feel that his job in the family is being taken over.
When it comes to investing I would be researching which field you would like to invest in really well and when it comes time to talk to him show him your research , how you have calculated how much it will cost you and how you are going to pay for it. Show future projections for the value of the investment using past performance. Start small .Never give up, I have a friend whose husband is very negative to investing, like yours he doesnt want it to inpact his current lifestyle. They now own 2 investment properties and I heard him the other day talking like it was his suggestion to buy them in the first place.
I find it is better not to demand but to make them think it is thier idea.
Erika
Stay at home mum[biggrin]Hi All
The wording of a finance clause needs to be very specific. If you just say subject to finance the seller can find you finance. With the finance clause is there a date by which the finance must be sourced?In the case of your sister this sounds like it is an open ended clause which may be hard to get out of. The best way to use a finance clause is to be specific with a particular bank even a particular branch ideally the one you plan on using. This gives you a good out if they want lend to you, if you havent specified a particular bank wait until just before 5pm on the last day of the finance clause to tell them you cant get finance. I think you need to really read the finance clause and get your solicitor to tell you exactly what it says and how you can get out of it.After all you are paying the solicitor.
Jenwren
Once you signed the contract to buy the property not when you settle you become resposible to take out insurance on the property ( at least in Qld this is how it works)I am surprised your solicitor didnt mention this. From what I am reading you signed the contract then the house was broken into.Or was the house already a wreck and the breakin is just your way of trying to get the house for less.Hi jenwren
Did you take out insurance when you signed the contract, I dont know about other states but in QLD it is up to you to insure the property.I dont know anything about building in Mt Isa but I was just wondering if the tenants you have in the house know you plan to do this as I would be mighty peeved if I just rented the house and you then start building in the back yard.
Hi
What about also showing them your rental agreements which outlines the amount of rent the tenants are paying.Hi
Is your loan on the property P&I or IO, this may make a huge difference to yor repayments.Is the $1000 excess on the landlord protection part as that sound a bit steep.
Hi
In Qld when you make an offer you sign a contract and write in the price you want it then goes back and forth until both parties sign against the same price so the contract can get very messy. When it comes to finance you can write in the specific bank or other lender that you want to deal with. The other way around this if you havent specified a particular lender is to wait until 5pm on the last day of finance approval before alerting the otherside that you cant get finance. But remember they can ask for you to prove that you couldnt get it.Hi
We have just bought another property and the owner wished to rent it back. We informed them that this would be ok but that they would need to sign a rental agreement and the agent will need to do a property inspection at the beginning. This now means they are on a normal rental lease they paid their bond and we have landlord insurance in place. I am also a renter myself and have had landlords promise to fix things after I have moved in I makesure that it is written into the lease and that the work gets done. Maybe next time you shouldnt promise things that you cant do , I am saying this because if the tenant didnt know you were going to do the things they couldnt whinge.Make sure when a tenant takes the place it is as it is so there is no confusion over the condition of the property, this can also give you abit of leverage to raise the rent later when you do some more maintenance and improve the place.
All I can say is dont give up it may have been an expensive lesson but in years to come it will lesson the hurt.Hi
What are you paying this PM to do. If you feel the need to check yourself why use a PM at all.
With my PM they ring with prespective tenants and we discuss the pros and cons and make a dicission on whether wwe will let it to them why had your PM not rung the old landlord?
ErikaHi Cabo Wabo
We have done the letterbox drop and have had good results. We tend to just write that we are looking for a property in the particular area and if anyone is interested to give us a call.We have tended to get replies from people who were thinking of selling and this just prompted them. We dont mention price until we have looked at a property and evaluated what we think is the price we are prepared to pay. We have managed to buy undervalued because every so often a gem turns up. For example we purchased a unit that had had a fire in the kitchen but hadnt yet been fixed. The current owner had had it with tenants and after some negotiations we paid the price we wanted he got to keep the insurance money for the kitchen and three yrs later it has doubled in price and due to its location hasnt been vacant.
I guess what I am trying to say is I dont think people will respond to 85% of market value after all who says what market value is but if you are fair little gems will appear.
ErikaHi
How long have the tenants been in the unit next door. I own 2 townhouses they are practically identical except one has an extra carport.The one without a carport rents for more because the tenants have been in there along time before rents started to drop hense why they pay more, the other one has came up for rent a couple of times but the local situation means that I cant raise the rent thatmuch without having the townhouse vacant for toooooooooooooooooooooooo long. Maybe your agent is telling the truth yoou just need to dig deeper.
ErikaHI guys
We have had the bank ( which bank) accept a valuation above purchase price we just got the valuer involved to persuade the bank that hte property was worth more. As for seeing the valuation all you need to do is organise it yourself with one of the bank valuers have them put the banks name on it but send it to you not the bank, you can then look at it before forwarding it on to the bank.
ErikaHi Woodsman
We always discuss with our valuers before beginning major renovations. We outline what we are planning on doing what quality finishes etc and ask them for an on-comp valuation. This tells us if we are going to make money out of this or not. The more you do the easier it gets as the valuers get to know the quality of your work.
ErikaHi All
Just a quick question Greg, Do you have any type of insurance like car, building etc or is it just landlord insurance you dont have. Do you have contents insurance for the properties.
The reason I am asking is that I see it as just another piece of the investment puzzle. I have comprehensive car insurance because I cant afford to be without my car. This is the same rational for all the insurance I have but to be honest I have probably only claimed on all of my insurances a couple of times. So if I had just paid all this money into a bank account instead I may be way ahead but it is only with the value of hindsight that I can say this, I could have boutght an investment property and had a tenant do a runner a couple of months later after smashing walls and trashing the place then I would look at this insurance as a life saver.
ErikaHi Rose
The answer of a house or unit cant be easily answered. If you can afford a hose or unit same location then the house would be better, but you probably find you could afford a unit in a better location to a house, now you have to decide if the units location will give it better capital growth compareed to a house in a worse location. We have both and when we look for a new property I would be looking for the one that offers me the best location. Infact we have a unit with uninterupted city and river veiws in brissy and it has shown the best growth of all our properties and it,s land valuation has gone thru the roof.So the question of which is best cant be easily answered.I think you should have thought about the types of tenants that you want before you buy the property. We own houses in the burbs and they are usually tenated to families and have pets, We also have town houses and in these we get a mixture of young people or families and they also sometimes have small pets, then there is our units which dont allow pets. The ones that we allow pets into we usually require them to have professional cleaners( our choice) and fumigators inside and out when they leave. I cant say that we have had any more problems with the pets than we have had with some tenants. I myself rent and we have 2 horses, 2 rabbits 1 cat some fish 2 budgies 1 guinea pig and several chickens depending on how hungry the fox is. I would obviously not be looking for a unit in the city. So if you dont like children and pets maybe a 4 br house in the burbs is not the ideal rental property for you.
ErikaLet me guess you manage this property yourself.
It should already be written into the lease what they have to pay if they wish to break it signed by them when they took the property, not a verbal agreement when they want to leave.
Secondly where is your insurance for the occassions when tenants leave without paying their rent?
Maybe this highlights the benefits of using a PM.Hi Expat
Are you waiting for Peter S to tell you it is time to buy, only you know if it is time to buy property. I am a Peter Spann graduate and the main thing I have learnt is that you make you own deals, keep looking and you will find.
Erika
