Forum Replies Created
Hi Lizzie
I use Specialised Business Solutions in Brisbane Central. My accountants are Timothy Munro and Susan Banks. I can't speak highly enough about them and their knowledge of exactly what I want to achieve. Their number is 07 3221 1100.
Cheers
K
Hi Glen
I would think not. If your offer has been rejected without a counter offer just prior to auction, I would seem that the vendors have their hearts set on going to auction.
As a last ditch attempt though, your three conditions are building, pest and finance. You could try removing any or all of the conditions (if you are game).
Cheers
K
Hi there
TAFE does run a course called Property Investing. I did it last year and it was fantastic. It covered everything from building inspections to general economic principles to property management to developments. It cost about $3000 and was worth every cent. I did the course in Adelaide but I know it is also run on the Gold Coast and I think also in Sydney. Call the lecturer, Peter Koulizos on (08) 8207 8388. The course is advertised in the API.
There is a bias in that each individual lecturer has their thoughts on the best way to invest in property. For example, the accounting lecturer was all about buying and holding rather than "trading" and their was a slant towards negative gearing (but I think that is only because most property investors negatively gear). There was no barrow to push and the lecturers were all investors themselves.
If you are serious about investing, then education is an essential part of investing. $3000 may sound like a lot of money but I learned so much from it.
Cheers
K
Hi all
The crux of the Privacy Act is the purpose for which a person gives information and the use to which that information is put. A tenant provides information in the lease application so that the landlord is able to make a decision on whether to lease the property to that person.
Firstly filling out all the relevant information on the form, the applicant is consenting to that information being given to the landlord. The purpose for which the information is given is to allow the landlord to assess the application. The agent's job is to recommend an applicant, not to make the decision. The landlord is entitled to EXACTLY the same information as the agent is entitled to. The only exception to this would be if the applicant specifically stated that the information was for the agent's use only and not for the landlord (and in this case why would you have them as tenants?) I, as a landlord am also able to conduct my own enquiries about an applicant. I do not have to rely on my agent's recommendations and only on the information they give me For that reason I am entitled to the same "relevant" information as the agent is. What if I want to find out from the applicant's old next door neighbours what they were like as a neighbour? I am entitled to do that. For that reason I am entitled to a previous address. What if I don't want 18 year olds renting my property? So I am entitled to know the date of birth. What if I want to hire a private investigator to check out the history of my applicant? I need the same information as the agent knows. I also am entitled to the information which will enable me to check the credit history independent to the agent.
The first issue is consent. The applicant consents to that information being disclosed for the purposes of ascertaining whether their application is successful.
Which leads me to the second issue, which is the purpose to which that information is put. Once the agent and/or the landlord has that information, it can be used only for the purposes of assessing whether the landlord wants them as a tenant. It cannot be used for anything else. If, in doing my own research I find out that the applicant has grown dope in the back yard of the last place they rented, I cannot give the police the applicants details (although this is where the Privacy Act gets complicated. Information can be passed on to "enable justice" or words to that effect). But you all get my drift.
The view of the agent's solicitor and the Office for the Privacy Commissioner are taking an unworkably conservative interpretation of the Act in relation to this issue. Trakka, I don't know whether you spoke to a solicitor at the OPC or just an admin staff member, but their interpretation is VERY narrow. The agent is my agent. I authorise them to act for me in my absence. The agent is just a conduit between the applicant and me.
I stand by my words in my first post on this subject.
I hope this all makes sense.
Cheers
K
I'm with everyone else. Unless you have actually purchased at auction, it would be a standard contract with the normal cooling off period. However, I cannot fathom that a vendor would accept an offer with a cooling off period only one day before an auction and risk the contract falling through simply because the purchaser decides not to proceed. If the vendor did accept an offer the day before auction and wanted the cooling off period waived, that would have to be specifically pointed out the the purchaser and I expect that the purchaser would have to specifically waive his or her rights to the cooling off period.
The cooling off period pertains only to the purchaser. It does not pertain to the vendor for him or her to waive. The period can only be waived at the purchaser's request. I guess what I am trying to say is that a waiver of the cooling off period couldn't just "slip through the purchaser's net".
Cheers
K
I was just looking at one of my property management folders yesterday on another matter and I saw that when one of my properties is leased and I get a letter of confirmation of lease from my PM, the front page of the application is always stapled to it.
I would be reluctant to engage a PM whose solicitors misinterpret the law!!
As to confidence in PMs, I have had my share of bad ones. I will never again invest in a town of less than 10,000 because of the lack of competition amongst PMs and the subsequent poor quality of their work. But in a capital city there is plenty of competition and some very good PMs. To my mind, commission is not a factor to be taken into consideration when engaging a PM. A good one will do the whole job for you, an incompetent one will make your life a misery.
So if anyone out there is looking for a GREAT PM in Darwin, I have just the girl!
Cheers again
K
Hi xpine
Unless the contract specifically says that GST is payable on top of the contract price, then the price stated in the contract is the purchase price.
Are you sure there's nothing in there about GST. It is part of every standard form of contract that I have ever dealt with. Look and see whether in the standard part of the contract (not the special conditions) there is anything about "Margin Scheme".
Cheers
K
ABS is also trading at close to $2.00. On Monday it was trading at close to $4.00.
Cheers
K
Hi Daedalus
The solicitor's interpretation of the RTA is bollocks. The application for tenancy is, by its very nature, an authority for the customer's (tenant) information to be supplied to the client (you). You have instructed the PM to be your agent (agent being a person who acts for you), so if they are entitled to look at the information, of course you are also entitled to look at that information.
Having said that, I have had over 40 tenants over the years and I have never asked to look at an application. When my PM calls me about an application, I just ask her "is there any reason not to lease the property to this person". If my PM thinks they will be fine, then I go with her judgment. I have a great PM and she is worth her weight in gold. I absolutely trust her judgment.
I also have landlord protection insurance in case there are problems with the tenant.
Cheers
K
(2) Subsection (1) does not apply to information—
(a) used or disclosed for a purpose authorised in writing by the client
or customer; or
Hey trakka
No consideration is required to enter into a contract. Consideration is required only in exchange for the thing you want to receive, ie, property.
A deposit shows only that you are serious about entering into the contract, that is, it makes your offer more attractive to the vendor.
Chappell, I've got to ask, if a family emergency has depleted your deposit of $1000, are you sure you can afford to even purchase this property? What happens if interest rates go up by another quarter of a percent or, as is entirely possible, a full one percent?
Cheers
K
Hi xpine73.
GST is only relevant if you are buying in the name of a company registered for GST. If you are buying it in your own name then it is not an issue at all.
Cheers
K
You can go whatever you can get away with.
I have never paid more than a $1000 deposit. In some circumstances I have said that I will pay a $1000 deposit but the agent has never chased it up.
What would be the benefit to you of not paying a deposit, even a small one?
Cheers
K
Hi Amber
PM me if you like. I may have some information on the block you are looking at.
Cheers
K
Hi Amber
We have used Earl James & Associates before and they do a great job. They do quite a lot of unit titling up in the NT. Their number is (08) 8981 2494.
In a (very basic) nutshell, if the building conformed to requirements at the time it was built, then it can be unit titled even if it does not meet today's requirements. The thing you really have to watch out for is if the unit block was built in the few years after 1974 (Cyclone Tracey). Apparently lots of unit blocks were built without council approval and not to requirements. This means that they cannot be unit titled unless they are amended to conform to today's requirements.
Just a word of caution though. I am quite familiar with the unit and unit block market in Darwin. If there is a unit block for sale that hasn't been unit titled/strata titled, I would think that it is because it can't be done without substantial cost. The market has been done over and over and over in the last few years and everyone up in the NT (including us) has reaped the benefits of individually titling units. I would think that the only exception would be an owner who has owned the block for several years and may not be aware of the market. Even then though, the RE Agent would know the value of going through the process so the whole block would be priced take into account the added value of future subdividing. The market seems to have really slowed down now.
I would recommend getting the block individually valued by someone like Herron Todd White. I have used them before and they do a good job.
Cheers
K
Hi Dave
Call the RE Institute in the state where you want to buy. I know that sometimes the agents want a bank cheque for a deposit. If the auction is on a Saturday afternoon, obviously it is impossible to know how much the property is going to sell for and therefore impossible to have a bank cheque for a 10% deposit.
Depending on where you are and therefore how hot the market is, you may be able to negotiate terms before the auctioneer. For example you may be able to show the agent a bank account statement showing that you have sufficient money. if doing this don't show the agent until after the auction. Tell the agent prior to the auction that you don't have a cheque but if you are the winning bidder you will show him that you have sufficient funds to cover the deposit.
I know in some circumstances you can approach the agent beforehand and ask if you can buy but not on auction terms. I have done this before. I didn't end up buying the property but had I bought it I would have only paid a minimal deposit and had the purchase subject to various inspections. Don't expect this request to be met favourably in a hot market though.
Cheers
K
Hi mixedup
Try putting a post in the developments forum asking for building costs in the area you want to build. Costs vary widely around Australia.
Cheers
K
Specialised Business Solutions. 07 3221 1100. They are in central Brisbane. I use Timothy Munro and Susan Banks and they are excellent. They are one step ahead of what we want to do.
Cheers
K
Hi Salil
You can ask the agent whatever you want. However, I doubt that the agent will answer!
In theory RE agents act for the vendor, that is, that their job is to get the best possible sale price for the vendor. In my experience, most agents act for themselves. They get the highest price they can for the vendor while ensuring the least work for themselves.
If I have a house for sale for $350,000, on a 2% commission the agent receives about $7,500 (including GST). If an immediate offer comes in for $320,000 and I accept it, the agent gets about $7000. If the agent thinks that it will be hard to get a purchaser at $350,000 the agent will try to get me to accept the lesser offer. The agent will receive about $500 less but may have to work for 2 months to get the higher price. When I buy a property I always bear this in mind.
There may be a higher offer or there may not. If the agent does tell you, he or she may be honest or they may not. If you ask straight out, that is an open invitation for the agent to make up any figure they want.
There are however, other questions you can ask to try to get more information, such as:
– whether the vendors are likely to accept the other offer
– what can you do to make your offer more competitive
– whether the vendors are more interested in the price or terms, ie, will the vendors accept a lower offer if you are not subject to any conditions, including finance
– how long the property has been on the market
– why the vendors are sellingIn my experience, I can often get the exact information I want from agents by asking a whole bunch of questions and then sitting down later and joining the dots, in a manner of speaking.
Cheers
K
I think the stand alone is the best choice.
A few years ago I bought a unit in a block of flats in Darwin. It was one of about 16 and mine was a ground floor unit. There was also a stand alone unit in the block that was for sale for about $5000 more than mine. The people who ended up buying the stand alone unit did some very clever landscaping and erection of trestle walls on the common property, making it look like the stand alone unit had a private courtyard area while not actually closing it off from the rest of the common property. The end result was that the "walls" looked private enough to the other tenants that they didn't use the area near the stand alone unit and the unit recently sold for about $60,000 more than the others because of the appearance that it was a "cottage".
Cheers
K
Hi trakka
If you don't mind my asking, where do you get your income from? Also, what is your portfolio? Positively geared, neutrally geared, residential, commercial, developments etc?
Who knows, the next question I may ask is the name of your mortgage broker!!
K
