Forum Replies Created
Exactly how do I prove I am capable of doing such works? Why should I pay someone whos price my be inflated just to keep the bank happy?
If I negotiate a better rate than what the insurer can why shouldn’t I keep the left overs lol what should I just give it back to them. The amount of time I have spent on the phone to them and dealing with them it should be my payment for putting up with them..
Thanks for that Marc, I don’t have a problem with the bank being aware. I do however believe the money should sit in my offset account and that if I choose to do the work myself that I am able too. If I then come out ahead I should be able to use the money how I wish.
I don’t feel that I should be obliged to use a builder should I not desire it. If there is money left over I intend to use that to renovate another property.
I am hoping it would be a matter of ticking a box and I will get the money and use to fix the property.
This is exactly what I thought but a form is required to be provided by the bank to the insurance company.
I understand the risks of that. I want to sell the property on completion of the works. The works will be completed. I am more so after info on how the bank looks at the insurance payout.
I haven’t done it yet but am looking to sell a property soon. I think it will make a world of difference. I have got a couple of quotes and it really does not cost that much. You don’t have to stage every room. I think from memory my quotes were around 2500-3000 for 3-4 weeks.
I think it works exceptionally well in all homes but particularly well in lower to middle of the road priced homes. Especially if your target market is owner occupiers.
Well worth it.
Fully,
Congrats on taking a big step. Property can be a wonderful thing but at time an annoying stressful vehicle. If you are comfortable with Perth than look there. Maybe look at suburbs that are on the UP close to amenities and the beach etc. This is always a good way to make a buck. Even if Perth is flat at the moment there will always be areas doing a little better than others and where people are prepared to pay that little extra rent.You could even buy a one or two bedroom unit and give it a quick tidy up inside a month to make a bit of equity. Or alternatively buy a unit with a long settlement, is vacant and the vendor is happy with you to tidy it up before it settles.
Also if you are concerned about your wage dropping I would look at the unit option cause if you get to say four units, then your wage drops you could put the rent up on all four or sell one to help paying the other three mortgages.
I hope you do well and achieve what you are after.
Hi Sash,
That is a fair time blow out. It is 150K profit which is fab but do you think that with the time it has taken with it not even approved yet that another purchase would have been better?I have just had a property settle which I intend to subdivide. If I was waiting over 18 months I would be fuming.
Beans,
There are a number of things to consider. Your main concern would be time frames. It could take up to 6 months to have a subdivision done plus a build. So you are looking at around 12 months to turn key.Subdivisions can also cost a fair whack. Will the money be coming from the Botany house?
Subdivisions are a great way to make some cash but can be very time consuming and stressful.
Thanks Richard. Im assuming they are another company similar to RPData Residex or do they come up with a val using kerbside plus datat from the above mentioned?
Secondly do RPData and Residex most of the time come up with relatively the same figure?
Would the fibro then be sealed etc so it looks like plasterboard ie all smooth etc and without the strips running up and down the wall covering the gaps and the nails somewhat showing? I hope you know what I mean.
Interesting article. There is an article in the QT today about how vendors have already put properties on high ground up 10 to 30K.
There are soooooooo many pros and cons. There are less houses so does that mean there is more demand???????
Awesome thanks guys. Is MDF used anymore?? or is it replaced with plaster board. The insurance assessor who called but couldn't talk long mentioned quikly that the walls contained asbestos and removed arcordingly.
HI Reeen,
A good purchase is a must. It can hurt you more than you think in the long run. Im speaking from personal experience. Go to a couple of free seminars. Alot of the time they provide good advice on areas they think will do will in the short to mid term. You can also buy a property a little run down and do some cosmetic work on it. There are so many options it is hard to get focused on where to buy and also do well.Melb will always do well even though the market is cooling.
HI Sash firstly well done for having the balls to do somthing like this. Subdivisions are never easy.
I am tossing up whether to do a subdivision or buy a property in a hot spot high growth area.
You mention that you would make 100K plus. It has been over a year since the first post. Do you feel that you could have bought a standard property in Nov 09 and jumped on the boom train? Im not sure how much your initial purchase was but lets sat you bought a 500K property and got on the late 09 early 10 boom at 10-15%. You would have made an easy 50 – 75K without all the headaches.
What is your advice to someone looking to buy? Many people who have made bulk cash have done developments and it is a good way to move forward if your salary isn't extremely large to get the snow ball rolling.
A week on and a massive clean up well underway. It is surprising how much has been done in so little time.
Some of those properties could have been bought some time ago as ppor and now an IP or just a straight out IP.
From doing some research I think the walls are MDF.
10% is a bit ridiculous sometimes. Alot of agents are very adamant about it especially in Melbourne. I have found in QLD and Tas they are alot more flexible and deposit can start at only 2k. I have always found this a funny issue as the money sits in a trust account anyway.
Get a couple of big burly guys to go squat with her……………….. She will leave fairly quickly……..
dnshull wrote:With all due respect Fredo and Darren. As much as this information might seem important here and now, there are bodies that are not recovered yet in the two towns you are speaking of.Your investments are no where near as important as the Lives ruined by this tradgedy. Be thankful it wasn't your house or your loved ones washed away in this disaster.
Respectfully,
Dave
Dave I understand your concerns. My intent was not to disrespect those that have lost loved ones.
It was a mere question. And yes I have two properties under water up to the roof line. So im just trying to look after my families interest. Im sure alot of people are curious as to what my happen. I happened to be the one that asked it.
