Forum Replies Created
Hi marytsa,
did you find anything on ABC, or have any dealings with them?Wayne, Thanks for the perfectly logical andwer. Maybe I should have read your post a little closer.
Good Luck, Hope it works out well for both you and your parents.
Keep us posted.Regards
Ron
“Today Is About Creating Tomorrow”There’s probably a perfectly logical answer, so please pardon my ignorance, but how do you own a block, but not on paper?
Regards
Ron
“Today Is About Creating Tomorrow”Hi AnnaShu,
from your description, it sounds very much like a readily available “textured” paint finish.”Fibro-Charm” sounds like a brand name. If you are able to remove a small piece from the existing ceiling, (about 50mm square) a good paint specialist should be able to match the type and colour for you.TeacherK6 – The coating you are describing sounds like a “spray on’ coating which is also used in many commercial buildings as a fire retardant. It is usually sprayed on to structural beams and ceilings as protection. Some types do contain asbestos, depending on the age of the application. Asbestos was banned in the late 70’s; so if the building is of a younger vintage, you may be ok. However, if the building is older than that, then the coating may (only may)contain asbestos. Quite possibly it will only be vermiculite, which is not considered a health risk.
I suggest you have a sample of the material – including the top layer AND the fibres, analysed at a licensed testing laboratory. Their technicians should take the sample as they will have all the appropriate protective clothing. They will also provide a written report on their findings and any relevant measures which need to be taken.
If asbestos is present, you are obliged under OH&S regulations to inform any contractors or persons using the premises of its location so that they do not inadvertantly disturb the asbestos, and present a risk to their health.
If the material is asbestos and it is currently friable ie crumbling and flaking, then it will need to be either totally encapsulated, or removed by a licensed removalist. This will depend on the state of the material.
Either way, the possibility of asbestos opens a large can of worms.
If the material is not asbestos, then you are free to patch / repair / paint at your leisure.
Just another item to add to the list of things to check when purchasing some types of property.
hope this all helps and good luck
best regards
Ron.Hi Dingles,
It’s my belief that the deposit should be included as part of the cashflow to get a true accounting of ALL your actual costs. Any cash going into or coming out of your pocket during any part of the transaction is cashflow.
The P&I or IO payments for the balance of the purchase price are classed as cashflow, the deposit is part of the purchase price so therefore should also be classed as cashflow.
Despite what others will say, you can’t pay a 10% or 20% deosit for something, then just forget about it for the sole purpose of saying that the property is +CF.
Just my opinion for what it’s worth.
regards
RonBen,
As Tikki says, check the fine print in your documentation.
This should also tell you what obligations the BC manager is under in respect of frequency of meetings, distribution of minutes and proposed or approved works to the property. It is my understading that there should be regular meetings of the BC to discuss exactly the type of maintenance issues you raised, along with any other BC business.
If you are still unsure after checking the docs, you probably should consult your solicitor / conveyancer who handled the transaction. They will be able to steer you in the right direction.
It may pay to also speak to some of the other owners in the property. You may find you are not alone with these concerns.
Good luck
RonHi Gatsby,
Sounds like you need to manage your manager. I see them basically as contractors. They take your hard earned and in return they are supposed to provide a service. You have every right to expect them to properly do the job for which they are being paid.
In my role as a commercial property maintenance manager, I have found that Communication is the key. A good regular two way flow of honest communication usually works well and lets the contractor, in this case the PM, know that you as the client have an active interest and that they are not just running their own race.
You need to clearly define your expectations and requirements, (albeit they should already have a fair idea) and also encourage the PM to provide essential and timely feedback so that any potential issues can be nipped in the bud.
It can be beneficial to foster a “strategic partnership” type relationship. As others have said, PMs are the meat in the sandwich (or vegie burger)and we are all are only human,(including PMs – they too have feelings) so if they feel that they can have a good relationship with the landlord, without unnecessary grief, they are more likely to do a better job for you.
It’s all about managing people.
Good Luck!
Ron
I agree with all the previous replies. However, my personal motivation is twofold.
1)Financial security for retirement. I don’t think any one will argue that the pension will be a viable option to provide a remotely comfortable retirement. By the time retirement comes around, and having worked for the best part of 45 – 50 years, [glum2] raising a family and keeping an eye on the pennies most of the time, I look forward to my wife and I being able to live comfortably for our efforts. [strum]
(my eldest daughet always says she is going to put me in a nursing home when I get old, so I will need the passive income to pay for that)[lmao]2)Further, property investing, apart from the financial rewards, also provides a stimulating interest outside of work life, which can then be carried right through into retirement to provide a profitable interest and purpose. After all, we all need a reason to get out of bed in the morning, and probably more so in retirement.
On the subject of happiness, we all set our own different goals in life and place a differing importance on each of them. Achieving my goals will provide satisfaction and a sense of achievement, which I believe everyone looks for, but will not necessarily provide happiness. I echo the thoughts of Aussiemike on this.
“Will it make us happy. Well in and of itself of course not. Happiness is found in believing in oneself, living your dreams (and these dreams don’t have to cost money – it can be as simple as watching a sunset over Bondi Beach – free), caring for your friends and family and trying to help others as we share this world for a short period.”
Happiness is in the heart, not in the wallet.
Anyway, enough of my thoughts, what about yourself Freedomfinder, what are your thoughts on the subjects you raised?
regards
RonHi Jaffa,
Nope Didn’t miss it but you said you can’t edit it so what’s the point of picking on it?
HOWEVER try these two. At the bottom of the calculator, just above Steve’s pretty face (depends on your fancies, I guess!) “press on the banner to take you too (should be “to”) the Property Investing forum Board.” and just above that in the line of text below the arrows “Links take you directly too (Should be “to”)
I’ll leave you alone now,
Have a great one
RonG’day Jaffa,
I just looked at the changes. In the words of a famous fruiterer “BEWDIFUL”Thanks for taking the changes on board.The use of “your” relates to possession as in “on your way” whereas “You’re” is a contraction of “you are on your way.
So there’s no need to change the header section banner ” where your house and land counts” That one is correct.
So much for the English lesson, lets get back to making some money!!![thumbsup2]
Best regards and thanks again for the [specool]calculator
Ron
Hi Jaffa,
just a couple of thoughts.1)percentage you estimate vacant per year” – The percentage shows occupancy rather than vacany, ie 3 weeks vacany/year equals 94.23% occupancy. should that line read “percentage occupancy per year”[biggrin]
2)there’s a grammatical error in the banner near the top of the page – “You’re five steps away from you’re (this one should be “your”)…..[ohno2]
Damn, there’s no smiley face to insert for me being a “smart-a…!
Apart from those two minor items, the caculator looks great. Thanks for putting in the effort to develop it and give everyone access.[thumbsup2][thumbsup2]
Regards
Ronwould it be possible (or worthwhile) for Leo to refinance or convert the IP loan to IO, and use the tax deduction and income from the IP to pay down the PPOR, even though the interest payments on 15K would not be that large.
Would this be preferable to paying down the IP and losing the deduction?
this way there would be no need to sell.am I correct in saying that it would be better to have initially financed the IP as IO and paid down the PPOR first?
regards
Fixit.Hi Kylie,
Firstly, welcome!
As a newbie also, and after reading Steve’s book, I have been looking around different regional areas (including Ballarat – I came up with the same result as you) for +ve cash flow properties.
I have found the major regional towns in Vic. have also enjoyed a certain amount of the property boom, so you may need to look a little way outside the town to the ‘burbs.
Although I have not bought yet, I have found a couple of properties that may add up, or may be very close.I think that, given the current market prices for a reasonable property, if the numbers on a good property don’t quite add up to +ve cash flow, maybe we need to be a little flexible and do the -ve thing for a little time, whilst turning the property into the +ve as quickly as possible.
Just my thoughts, maybe some more experienced people may like to comment.
Good Hunting
Fixit“Good enough is NOT good enough”
Deborah,
I think you made the right choice to hold! I agree with most of the other replies. The offer sounds to me like an agent trying to drum up business by throwing some bait.
The only way to be sure, if you were to consider selling, is to tell the REA to get the offer in writing from the other party and then do your numbers.
I wonder if you would hear from him again?good luck and good investing
Fixit
“Good enough is NOT good enough”Thanks to all for all the replies and advice.it seems like you all hit the mark, which Siacci’s comments confirmed.Siacci,I appreciate your first hand comments. Sounds like not much has changed in 4 years.
Pisces and Derek, thanks for taking the time to put together so much advice and so many questions that should be asked.
as a “Newbie”, all this info will be well heeded. thanks for the “Heads Up”[^]“As my dear departed dad used to say, “GOOD ENOUGH IS NOT GOOD ENOUGH”
Hey, Blokes,
with all the requests you’re getting, I better have a look as well. I’d hate to miss out on a good thing. [8D]i promise to give you some feed back once I amputate the kids from the PC[:0)] and spend some time checking it out.thanks and regards.
