Forum Replies Created
Yea a couple I looked at under $500k still had a range of over $100k
RobbieP wrote:grantos_champos , lets paint a picture for you..A few years back you bought your property for $100k and got a mortage of $80k. You loose your job and your debts (credit cards, car repayments, electricty, water, gas) are pilling up. You are unable to service your mortgage repayments and the bank is about to start the process of repossessing your home.
Time is running out for you. You consider selling your property via an estate agent, but you are advised the average days on the market is 2 months.. you dont have 2 months.
You know your property has a market value of of $200k, but this is not going to help your siutation. If you wait 2 months to sell your property, the bank would have already stepped in to reposses your home, leaving you with $0 and a bad credit history.
If an offer comes in at $150k, you have $80k to settle your mortgage, leaving you with $70k to repay all your other outstanding debts as well as some spare cash to keep you offloat for a while until you get back on your feet and the piece of mine of being debt free.
What would you do in this situation? Its a no-brainer.
Yea definitely a no brainer – back on topic, http://www.onthehouse.com has a new property valuing part to their website, but as has already been highlighted, not too sure on the accuracy. Better than nothing I guess. If anything it is another price/price range to help you determine an accurate figure for the property's value
Unless I was really desparate I wouldn't sell my house for $150k if the bank valued it at $200k.
Hi Jess,
I'm not sure of his forum name but I follow him on Facebook. His name is Michael and seems to do alot of work in the Hunter, he may be worth having a chat to.
http://www.facebook.com/#!/KeyStrategistThere is a good article in the Nov 2011 YIP magazine page 54, "how to whip your property manager into shape"
Hunter Valley
Structural engineer will be able to tell you if it's going to fall down or not, whether or not they know the BCA and can sign off is another thing. I'm guessing it would be cheaper if you could get one person to do both if they are qualified to do so.
In everyone's experience, how many properties is too many for a PM to properly manage and keep both sides happy? Any numbers someone can throw out there?
A few qualms with my current PM as a tennant –
– Having to follow up issues 3-4 times and over several weeks.
– Not being informed that the PM had moved on and that someone else had been managing for the last 2 months.
– Property not inspected by PM before we moved in. There was obvious mess still in the unit including crumbs on the bench and food wrappers behind some furniture.
– Overall poor communication. I have heard a few people say the same thing up here (Darwin). I think with so many IPs up here the PMs just take on way too much work focus too much on the property part not the management.
– Inspections agreed to quarterly yet we have our first one this week, 9 months into the tenancy.
– The unit came fully equiped but half the equipment was rubbish and unuseable. For $500pw we were expecting to get at least a vaccuum cleaner that worked, a mop without a scungey head and an ironing board that didnt have a scrap bit of material duct taped to frame!I'm half tempted to try and contact the owner once the lease is up and let them know my thoughts about the PM. If I was the owner the PM would have gone a long time ago.
My 2chttp://www.planning.nsw.gov.au/LinkClick.aspx?fileticket=eCNg9MQW0UU%3D&tabid=315
This should give a little more clarification if you haven't read it yet
I was looking at doing this but further investigation found that the retrofitting everything that needed to be fire rated would cost too much. I got a few quotes for insurance through some different brokers. The best was $1399 (inc. $39 broker fee) that covered building+contents+landlord for 2 leases
Have a search for user:"number 8"
Always has something interesting to say on here. http://www.birchcorp.com.au/ is his websiteLook after your kids!
Thanks Jamie
Thanks Terry, CBA is what our broker came up with as our best option, but it was never bought to our attention that they are not fully transactional. I'll have a word to him about it on Monday. We've had an offer accepted on a place and would like to get the ball rolling on that. Hopefully this isn't going to be too much of a hassle.
And no we do not have a home loan, we are renting at the moment.
CheersI've got onto someone now but thanks anyway Don
Hi Thommo,
Ive talked to a number of agents in Kurri Kurri and all have said rentals are as scarce as hens teeth and getting even tighter. The Hunter Expressway will have entry/exit interchange in both directions at Kurri, most of the other interchanges are only in one direction. The Eastern section (Kurri to F3) is 13km @ 110km/h = 7mins travel time. At present I think it takes roughly 20 minutes to do that trip so its a significant saving, due to finish end of 2013. Coles and Aldi have recently gone in, there is also a Mcdonalds and KFC. There are also a few mines close by (not as many as further up the valley).
Just my 2 centsWhat did he seek? and was his name Jack? Did he have a wife named Jill? Did he live on a quiet farm with a dog that went woof woof here and woof woof there? Ah to live in a fantasy land…
hbbehrendorff wrote:People will still need to keep themselves warm & clothed (True, Though it doesn't mean everyone will buy the latest dada attire)
i thought dada went out with ghetto blasters and marky mark?
Yep I think ill just wait it out. Managed to find someone else to inspect today but rea says its too late notice for the tenants and they wont accept so ill have to wait until Friday. After speaking to another rea in town I found that the properties are listed as an open listing and rea#2 has had 3 people through each but no offers and doesnt think there was real interest in them. That does concern me a little but ill still wait it out. As JacM said, plenty more fish in the sea!
Thanks for the tips on clauses too. I just did a search on "clauses" on this site and found a few more to consider.
Thank again!
