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What's it all mean in plain English? Any regional towns benefiting what spots do you see as going good in the future from any of it.
Elders would not insure the property (strange!). So i read through the policy and applied online at Westpac at a $10,000 excess. Then i took a stroll over to NAB the same morning, to see how the mortgage application was going and dumped the Westpac policy in front of the manager. He went through and compared everything and got the excess down to $900 and a cheaper deal for the same amount covered. A free period covering untill settlement. So i went with that based on it being linked in with the same mortgage account for convenience as well.
Thanks for your help.Yep, nothing wrong with old school… old school is GOOD.
Ben you need that dogged determination to find the deal. 20 to 25% is minimum i would be looking for. There is deals around to problem i find is that people don't have the bravery to do it.
Does your agency provide a guided tour the same as we are accustomed to with our agencies?
I'd like to be picked up free and flown to Egypt to asses some of the sights to establish a development business plan.
Getting a Licence to Occupy to renovate before settlement is not as easy as the theory. Agents do not know if you will get stuck half way through a gutted house and everyone will loose and the vendor stuck with a house they can not sell for the price they want. The Vendors solicitor also advises the Vendor and will probably advise not to allow it. You have not done them before so no experience would not help your cause. I'm pointing out the negatives but you need to overcome these to even get early access and reno's can take a while to do. It goes on and on!
I like the adage that small fish taste sweeter and that's what i've done till i can get into a different league. If you did manage to bag it… id make sure you achieved these.
Save like hell.
Negotiate a much lower then market purchase price.
Long settlement and extension clause if possible.
Get as many helpers as possible and save buy costing out and saving everything on materials and or work. Negotiate costs and labour prices, quotes etc on everything here to.
Have your end market in mind. So lots of comparison prices research done.Agent says that letter offers out here are rare (in the bush). I bought the only and last two deals with offers over the phone!
So if i'm talking to a bloke and we have a beer and draw on the back of an envelope and it's signed it's a done deal.
Really!
Agents pull out of accepted offers all the time or i should say either the agent talks the vendor out or a vendor changes there mind. I had one accepted then rejected couple weeks ago. It is when the contracts are signed and exchanged that it is more concrete i think. So i would not be scared to have a few out. Though no right or wrong you could put a short sunset clause in and say to the agent you need a reply within one working day this time etc as you are keen on another property. This could go in your favor for the vendor to want to accept so you don't go somewhere else.
Or chat to someone in the neighborhood. Locals often know lots of things esp if you find the gossiper in the street.
What criteria suits your fancy Richard?
Good one Richy!
API publish it in the magazine for all suburbs each month.
Also if you ask the rental places how many rentals are on there books then count there paper print list from the office of the vacancy's, then calculate the percentage. Then if you do this for a few agentcys you will get a very accurate idea! Still it could come down to how well to seek out and find yourself a tenant.
It's a horrible term. Could you think of a better way to describe it that seems more relative to these times?
Yes i put it to you to serve couple of purposes!
For me, I am curious to learn as you unfold with this as it's interesting and something i know nothing about as well as putting the question out there for anyone else that might answer it for you.Thank you. Thanks for your post!
That's right i don't want to whinge about it later on i want to know i am responsible for the decision i made and lump it later on if i got it wrong.
Your post sounds like a credible one! What kind of things was it that you compared that you wanted in for your investment properties?
What information could you inquire about from people that have built similar houses not to much distance away along the coast?
No it's a title problem. One number on the title is incorrect!
Looking at the property from standing on the street a measurement is taken from the left corner to the right corner. Instead that number on the title measured spanning across including the next doors property. Because the title was not updated years ago when the block was larger and not yet sub-divided. Two digits caused a big problem.
You are right Terry. Consumer Affair made a call to me today and said that it was not Adverse Possession as he first explained but that he wasn't sure what it was but just a title error.
The agent said the deposit was in the trust account and that he didn't know my address. Yeah right is that why I've seen him five times and asked him about it including his wife and at the auction as well as him physically knocking on my door to track down a sale when i gave the offer to buy it and received letters sent from them previously.
Anyway $200 cheque in the mail and a big learning experience. Thanks for your help. This would actually be a good problem deppendant on what situation you are in. If you want a good long settlement!!
Go for it and great that you are dong it. And DON'T change your mind. I only wish i had of started when i was 18 when i wouldn't listen to dad telling me to buy a house. I actually can't even remember it but he says he did.
I think proving money management and savings is very strong to the banks but you just want to do it for yourself as well. Make some sacrifices. it's hard and a long road but it's well worth it. I'm only calling myself a beginner myself as well.
Read heaps of stuff most of all you need to know is either online or in books and stay in tune with the market via online subscriptions to various commentators, mortgage broker newsletters and API etc so it lands in your box and you stay up with whats going on.
I think if your serious it's worth moving out into either country towns or the edge of the city where prices are less and more affordable and working your way to greater things as they come.
I kept on saying screw saving for years then when i started doing it many things started to change and many doors opening thus far and i think it's early.
I'm with you that the T.V show should offer you some sort of payment. A skilled investor does not need a T.V program to sell a property. "We live in the real world".
