Great advice Wilko, you are helping me to learn as well!  I have to add my 2 cents worth on top up loans.  Be sure you are clear on your lending institution policy on top up loans before you get the loan.  I say this because we recently refinanced our home and then shortly after decided we wanted to get a top up loan.  We found out that our lender…[Read more]

Hello Jye and Tahnee,

I came across your pot and it caught my interest because I have recently decided to buy/reno/sell as a property strategy.  It is not where my thinking started.  We (hubby and I) were thinking of a basic buy and hold strategy.  Then we saw this unit that we liked, but it needed to be renoed so we were then thnking…[Read more]

Hello Jane,

That is a great article. I do have one question, why not have multiple trade come in at one time to give a quote?

thanks. 

Great article!

Hello,

Well I never put in offer originally. Once she said there was an offer at asking, I said goodbye. If agents tell me there is on offer on a house, I say I am not getting into a bidding war. I immediately walk away.  First of all I don't trust agents so I assume the other bidder could be fake and I am not about to start bidding against…[Read more]

Hello Woody,

We built our home 4 years ago and I tell you that there are a lot of costs that are involved.  And what is included in a basic build varies from builder to builder.  As stated by others, there is a fact sheet that the builder supplies that will outline what is included in the build.  It gives all of the specifications.  A very…[Read more]

Well Well Well!

A few weeks ago we, hubby and I, had a second viewing on a property.  And surprise, surprise, surprise no less than a few hours after we viewed the property I was told another party was interested in it as well.  Then the very next day I was told the other party put in a bid at asking price and did I want to counter.  I said no…[Read more]

Thanks Jamie!  With the interest rate being so low right now, I was thinking it would be a good time to fix. What other things should be taken into consideration?

Hello Shahin,

Can I ask why fixing a loan hurts serviceability?  Why is wrong to do?  I am still learning, so can you please explain.

thanks!!

Hello Jon,

Welcome and good luck in your investment journey!  I am at barely on the investment road, but I will get there one day!  When it comes to renovation there are others on this board that are far far far more knowledgeable than me.  Just reading through this thread you will see that Catalyst, JP Morgan and Christianb have all renovated…[Read more]

Sundance we will start the crazy wives club together, lol!

Hello JP,

"The brave man is not he who does not feel afraid, but he who conquers that fear."

My knees were knocking together so loudly when we submitted our offer that I was sure the neighbours heard them!  I hope it gets easier. Funnily I had never considered Reno as apart of my investment strategy. But I am learning a lot as I go through this…[Read more]

Thanks JP and if this was going to be my fifth or sixth reno I would feel more comfortable and would know if the property warranted a bit extra in order to make a nice gain at the end. But as this was too be my first Reno I wanted to be very conservative.  I don't have a firm handle on costs and I didn't want to risk underestimating  what the Reno…[Read more]

Yes PLC my hubby thinks the same way as you. He thinks that the "other buyer" will fall through due to financing.   I see now that I should have had Jac do all my negotiations, lol. 

Thanks for the advice Catalyst. I was terrified about the reno but a bit excited to see how could improve the place. This has been a big learning curve.  We evolved…[Read more]

You got fire Jac, lol. To be clear there are 2 properties   Property A, the fixer upper with buyers stuck on their asking price. Property B that suddenly got an offer on it just hours after we took a second viewing.  I didn't think it would be this tough getting a good property. Hopefully as Derek said, fewer buyers will be in the market as we get…[Read more]

Well got another text saying the other party put in an offer at asking price and would I like to counter. I said I couldn't counter at that price. On to the next property!

Thanks Derek for the encouraging and helpful words. I just wanted my first deal to happen. All of the build up an excitement and then someone burst my balloon, lol. The offer was submitted with a 24 deadline which has long passed.  Hubby and I went to a second viewing of a house that we are interested in. Well lo and behold, a few hours after the…[Read more]

Hello,  I am looking in the northern suburbs of Melbourne. 

Hello Johann,

You make some really good points. If you don't mind me asking, how were you able to get the house for $220?  The reason I am asking is because we made an offer, yes it was below asking, and the owner just rejected it. No counter, just a no.  

So buying well is really the key and Reno would be the icing.   I have seen dumps go for a…[Read more]

Thanks Christian, I have printed out your post and put it on the wall. I like things that helps keep me focused on the end goal.