Forum Replies Created
Karl and Rita
It always comes down to compromising. You have a responsiblity to make sure the property is secure for your tenants, but this can be done by a deadlock on the door or window locks, that would be a cheaper alternative.
I would also tell the tenant you have a maintenance program in place and would look at the door screen in x amount of months. That would also make them happy to know that you have addressed the situation and not swept it under the carpet. [biggrin]
Hope this helps
Jenny1
Hi Vivaar
Mortgage insurance is not all that bad, besides you can claim it back as a legitimate tax deduction, and that way you can keep your properties separate.
For me personally, I would never go guarantor for anyone. Please think of the worst possible senario, like boyfriend defaulting on loan, you are then responsible for not only paying your own loan but someone eles’s mortgage all because you said you would guarantee payment. Lot’s of senarios come to mind, just be very careful before putting your name on anything.
Good luck
Jenny1
Just added a pergola to one of my IP’s. Costed the materials at a hardware store and then went to a recyle place, saved $400 on the cost of the timbers, also found out that recycle place had new clear looking shower screens (needed for other IP), which cost $110 instead of $400.00 at bathroom place.
So big savings can be had when you start to look for materials.
Good luck
Jenny1
Thank you Westan and Waz11
He’s a nice boy to boot! Forgot to add to the list of his accomplishments he has sold shares for his businesses (to family members)and will get our first divident in Aprl.
He deserves his success, I am a v proud aunty[biggrin]
Jenny1
Thank you Guys and Girls
for your thoughts. You are right need to hang in there. Just heard that I will hear by Monday (at least I will know!). Watch this space [biggrin]Jenny1
Thanks Tonw wpb
I will look into that, hopefully it works the same way in ACT. [biggrin]
Jenny1
[biggrin] I am in the process of buying 2 investment properties so needless to say had to have my other properties valued. The wait for the valuation to come back was excruiatingly slow [confused2]when it came back after 9 days I found out that the valuations came back too low and the bank knocked back the loan!
Further investigation found (which bank)had sent their panel valuers out and all they did was a drive by assessment [angry2]!! So now more time is lost (lucky vendors are patient people)while they go back and do the job properly…I can’t understand how they thought they could get away with being paid (by me) and not do my properties any justice by only doing a drive by valuation…Very very frustrated
Jenny1
I have just read Reno Kings latest book Real Property Real People Unreal Profits. Nice easy reading book show casing different scenarios.
Happy reading[biggrin][biggrin]
Jenny1
Hi Zac
All good advice given, with property investing it is YOUR business, unless you watch the figures carefully you will soon be in the red.
I have a huge property calender and I write in when rents are to be paid in by the PM and when mortgages are due. Infact I rang PM to ask why rent 24hrs late getting into my account. And his computer system didn’t flag my property and tell him the rent was overdue!
Lessons are a learning curve.
Happy investing
Jenny
Jenny1
Just found prior to Dec 2004 the property I was interested in (townsville) was zoned 2. Now since the change I have seen the same property zoned res 3. I don’t know if it effects all property in TSV all I know is it is v confusing[confused2]
It just pays to ask individual councils re zoning on a particualr property. I found the agents are just as confused
Cheers Jenny
Jenny1
Thanks Jo, that’s what I was after
Chhers
Jenny
Jenny1
No problem whats so ever Rick, we all help each other out and learn along the way.
Seen a few of your posts replies and you too help alot on the forum.[biggrin]
Happy investing
Jenny
Jenny1
Zoning codes are different all over QLD. Townsville has just changed their zoning prior to Christmas. What was once a Zone 2 is now a Zone 3.[blush2]
As previously stated you are best to ring the council in that particular area.[biggrin]
Jenny1
When it comes to investing I think you pick up something from every book you read – knowledge is power[biggrin]!
I like different books for different reasons, obviously Steve’s books 1 and 2 whet your appetite, then there is Peter Spann’s book and I have just finished the Reno Kings book-Real Property Real People unReal Profits. Like Steves last book (in particular) it deals with real situations and how people worked their way through problems. It goes on to cover no cash deposits, and niche markets such as boarding houses, duplexes etc.
I recommend all of the above to broaden your outlook.
Happy hunting
Jenny1
Hi Guys
live in the nations capital beautiful canberra! A great place to live, don’t blame us for the politicians they only work here!
Take care
Jenny1
Hi Rick
Just fin reading Reno Kings newest book Real Property Real People UnReal Profits. It talked about niche market and explained all the things that went wrong and what they did to turn it around.
Worth a read to have an understanding what dangers/rewards may lie ahead.
Cheers
Jenny
Jenny1
Hi Gonnaberich (you won’t be Gonnaberich for long if you don’t take some action!)They have already cost you approx $160 for addtl rent they are not paying since Oct and more if they are not regular with their rent.
Firstly, are these people on a lease (esp if you are going to have a clean up after them)?
Tell your agent your not pussy footing around any longer, you need for him to communicate to tennants they need to pay the increase now or they are in breach of their lease..How long are you prepared/afford to support these people. We all have sad stories to tell but unfortunately some people play on it.
Don’t get involved with the tennant that is what you pay an agent for.
Take care of yourself first.
Good luck
Jenny1
Hi Dan_76
I know how you feel it can be a bit intimidating your first IP. [blush2]
Dazzling is right as well, the agents can tell if your a bit green (we all have been green at some stage or other).
I am in the middle of negotiating my 5th IP (doing 2 at the same time lots of fun!!)and the agents started to say up here in QLD we put 10% dep and 30 days settlement. I said no, being an investor I only ever put down $1000 and I want 60 days([thumbsupanim]- as going up in my hols to paint and will stay at IP until it is painted), he started to argue but I stood by my guns and he weakened and wrote up conditions exactly as I wanted!
So pull in the reins and go for it..after the 1st time it gets alot easier (that’s the same with everthing I guess)
Jenny1
Thank you Steve/Terry for your advice all taken on board.
Cheers [biggrin]
Jenny
Jenny1
Hi Thames
Just recently I saw my Solicitor as I have been burnt before (not getting any younger to want to start from scratch again) and having more assetts than my partner (he suggested Pre Nup as he has no assetts)
A Pre Nuputial agreement is binding in Aust and will stand up in a court of law. The idea behind the PN is that you declare what each assets/liabilities and funds etc you both have prior to going any further with properties etc. The cost at the time was over $1,300 [confused2].
I have looked also on the net and found a Pre Nup kit for just over $200.[biggrin]
Well worth looking into as things do tend at times to get ugly once you start dividing up assets. Emotions get in the way.
Hope this is helpful
Jenny
Jenny1
