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  • Profile photo of karen.karen.
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    @karen.
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    February 23, 2012 - 3:36 am

    Ive gotten onto Richard.  We are leaving the cash as it is.

    But with this purchase Im getting an equity loan with CUA for the purchase costs and deposit, then getting the home loan with that.

    Problem solved …. a different route … but the same destination in mind :)

    Profile photo of karen.karen.
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    @karen.
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    February 22, 2012 - 11:32 am

    Yeah but derek we have to move, and I refuse to pay rent :)  No room in our house for the next baby which is due to arrive in June!!  Who said having four kids wouldnt be too much of a life change haha!!  We are currently in a three bedroom house with a family of five (soon to be 6) …. the new house is a 5 bedroom with a granny flat out the back.  Plenty of room for a family of 6, plus the 5 dogs. 

    Plus my husband is losing his work car in three weeks, but if we purchase on this particular road my husband's work bus will pick him up and take him out to Hay Point for work (45 min drive each way) for free each day.  So it saves us buying another car + fuel + rego + insurance.

    So thats all the reasoning we have for buying again so quick.  On the plus side, hubby is on a great wage so servicability isnt really a worry.

    Yes she worked for CUA.

    Ill get onto a broker tomorrow.  Looks like I need to do a bit of shuffling to get this to work.  Id much prefer to have to change the plan for getting the house, as opposed to renting.  Rents in Mackay are just ridiculous at the moment.  Its cheaper to buy when your looking at the bigger houses – even the old ones.  The cheapest 5-bedroom house is $700 a week.  Even the 4 bedroom houses start at about $500 a week.  Dead money when you can pay off a house for that cost.

    Profile photo of karen.karen.
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    August 16, 2011 - 1:55 am

    hubby crumbled … toilet it is :)

    Profile photo of karen.karen.
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    July 29, 2011 - 10:50 pm

    i live in moranbah and the crap has hit the fan with this FIFO thing.  if FIFO is approved itll be terrible for the community here.  we already struggle to keep businesses in business here, with rents mostly over the $1000 mark.  its too unsettled in the 'bah at the moment, I wouldnt invest here until its all sorted and we know whats happening with FIFO. 

    if 100% FIFO doesnt happen itll be a great place to invest ;)

    Profile photo of karen.karen.
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    April 4, 2011 - 3:09 am

    fabulous!!  i have that mg but havent read it yet.  still in its plastic :)  what good timing! :D  thanks for that

    Profile photo of karen.karen.
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    @karen.
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    December 10, 2010 - 3:22 am

    for us it made MORE financial sence to get tradies to do all the work.  with us it woulda taken months to get all the work done, but only one week for all the tradies to do it – and they did a better more professional job.

    so if it had taken 12 weeks (at only doing it on weekends cos hubby works, and we live 2 hrs from investment prop) we woulda lost $4200 in rent that we coulda been recieving, plus our expenses for getting the work done (and all the stress).  it probably woudla cost us about $1000 roughly in products/tools. 

    instead it cost us $8000 to get it all done in a week by professionals. 

    $8000 – $5200 = $2800 …. roughly what it cost us extra to get tradies to do it.  so for the sake of our stress levels and NOT losing our weekends (only family time), it was well worth the expense.

    Profile photo of karen.karen.
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    November 14, 2010 - 4:30 am

    Cant get to email away from home sorry.  ive got just about everything crossed :)  the house is perfect for our next investment,  hopefully itll work out.

    Thanks Richard

    Profile photo of karen.karen.
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    @karen.
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    November 14, 2010 - 3:27 am

    thanks richard – unfortunately i ran out of time to come back here and check ur message!  so i went to the meeting without viewing here first  –  bummer.

    my husand wasnt comfortable leaving off a finance clause, so we added one, but only made it 14 days.  im not sure if all towns are the same but the norm here is 21+ days.  and we did the pest/building condition 7 days, cos the guy i use does it in 48 hrs.  within 14 days i would know if i found a bank or not.

    i did offer a $5000 deposit, i think the other ppl only did $1000

    so hopefully itll work out.  if not, oh well i tried.

    richard, ill contact u on tuesday and get the ball rolling, cos i would love to use u as our mortgage broker.  i cant do anything tomorrow cos im out of town away from all our paperwork.  if u could message me with what i need to provide u with thatd be fabulous.

    the REA said that if the other lady gets the contract and it falls, the bank would most likely contact me and take me up on my offer.

    thanks!

    Profile photo of karen.karen.
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    November 12, 2010 - 7:24 am

    ok time for an update:  they agreed to the extention til monday but requested early entry.   they got in there this arvo.    phew!

    Profile photo of karen.karen.
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    November 7, 2010 - 6:42 am

    u can call ur blog anything u want :)  as if i would mind :D haha

    had a quick look at ur blog and i love the look of ur reno!!  ill come back tonight once the kids are down and have a proper read and comment.  im in the middle of the nighttime routine …. which im sure u know what its like haha.  dinner cooking, kids running around naked after baths, general chaos :D

    thanks!

    Profile photo of karen.karen.
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    November 2, 2010 - 3:09 am

    thanks jess :)  sounds great!  ur plan is similar to what im wanting to do with my next house.  u should blog so i can follow u  :)

    Profile photo of karen.karen.
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    November 1, 2010 - 7:40 am

    yep as soon as it was out of contract we would only have to wait a week or so then itd be under again.  they all dropped cos of finance.

    Profile photo of karen.karen.
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    August 31, 2010 - 5:05 am

    k thanks.  just askin cos we have had another contract fall through due to finance on the house we are trying to sell.  its costing us so much in advertising but the house keeps going under  contract.  then by the time the contract crashes its been a month and we are due again for another lot of advertising.  was hoping to recoop some of my costs through the deposit they paid on the contract.

    oh well :)  was worth a thought!

    Profile photo of karen.karen.
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    August 18, 2010 - 1:47 am

    ouch thats a bit harsh.

    id come along if i was there. sounds like a good social group for ppl who have similar interests.  where i live ive only managed to find one other girl who is happy to talk property alot.  i wish there was more girls here to bounce ideas off!

    have fun! :)

    Profile photo of karen.karen.
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    August 6, 2010 - 1:44 am

    we did our first reno last year, and plan on doing another 2 next year.

    we were looking for a house that fit the following criteria. and the house we bought had to have all of the following:

    1.  floorcoverings needing to be replaced
    2.  needing an internal repaint
    3.  outdated window coverings/light fittings
    4.  because it was our first reno we personally didnt want to do kitchen or bathroom so they had to be of an acceptable standard (didtn have to be new, but just not falling apart)
    5.  badly presented
    6.  been on the market for awhile

    we chose those criteria because we wanted to make profit in just the purchase alone by buying it under market value, but then also add on even more value through the renos.  we wanted desperate sellers.

    in the end we got a house in mky for $250, spent $8k on renos (could have been significantly less but hubby couldnt get time off work so we had to get tradies in for painting etc), and got it revalued straight afterwards for low $300s and got a tenant in for $340 a week.  It was only vacant for 6 days after settlement and in that time we did all the renos. 

    my advice would be to be very picky.  do up a criteria before u start putting through offers and make sure every house abides by the standard you have set yourself.  dont cut corners cos if the house isnt perfect for your purpose you may regret it later.  and be patient.  i was looking for 3 months and put through a tremendous amount of offers below market value on every house that suited my purpose before we got this one.

    hoping to do it again at the end of this yr and then again early next yr.

    Profile photo of karen.karen.
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    August 5, 2010 - 7:29 am

    u are correct about 6 yrs of CGT free.  its a great loophole hey :D  i bet the government takes that away at some stage cos its too cozy ;)

    Profile photo of karen.karen.
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    August 2, 2010 - 3:42 am

    i wish i was into property investing 5 yrs ago when i arrived in moranbah.  i would be a very happy woman :)

    Profile photo of karen.karen.
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    August 2, 2010 - 3:26 am

    we got a house lastyear that was listed at $330k and we got it for $250k.  so ya never know unless u ask!!!!  if i wasnt ballsy that day i very well may have paid a hell of alot more for that house. im soooo glad i risked offending cos it worked in my favour :)

    good luck with your offer!  let us know how u went

    Profile photo of karen.karen.
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    August 2, 2010 - 3:20 am

    word of mouth worked for me.  my PM is awesome.

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    July 27, 2010 - 12:19 pm

    wow linar i love stories like that   :)  motivates me!!  and also makes me frustrated that we arent ready to purchase again just yet!  its so bitter sweet haha

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