Forum Replies Created
If nothing left, he gets nothing?
I understand that the first mortgagee is only interested in recover their loss.
What if the father in law had registered as a secound mortgagee or had put a caveat on it?
Does it protect his investment money?It was my first time to buy IP, so I don’t know how it is like normally.
If the conveyancing job costs only $300, I was really ripped off. (and they are asking more?!)
This firm had all the records of incoming and outgoing calls with charges.
I was getting so many calls from the firm a day.
My parents said, “we never got so many calls from solicitors when we bought houses. Everything was taken care of by them. What’s wrong with this solicitor?”
I am very scared of buying another house now….
What could I do when the vendor could not release his mortgage? What options did I have?Terryw.
The reason why I got the estimate repair cost from the solicitor was that the solicitor arranged the building inspection and the inspector sent the result to him (or N).
The inspeciton was done only on the due date for the inspection (subject to inspections) and I heard the result only at 3pm.
I was panicked.I had to make a decision whether I should terminate the contract or go ahead with it.
I thought that I didn’t have time to call up to get another estimate repair cost from another source.Yes. I learnt a lesson here. I am not trying to recover the fee I paid to them which was about $1,400. But I just feel absolutely unfair that they are charging me the extra $660 because the vendor could not settle in time.
Even though the vendor was at fault, I still have to pay?Thank you everyone.
If the solicitor contacted me, I would say “let me talk to Department of Fair Trading.” and see how it goes.
If they didn’t, it means I don’t have to pay the extra, so I will just let it go.
Thank you.Thank you for the reply.
Why did I use the inexperienced girl?
When I had to terminate the first IP contract because of the termite problems, they sent me a report of money transactions.
I saw everytime I spoke with this solicitor on a phone for a few minutes, they charged me more than a hundred dollars because of his high rate $195/h.
So I was scared to get charged thousands dollars for just one conveyancing job. So I kept going back to N. Her rate was $40/h or somewhere there.
But after a few times of her mistakes, I sent a complaint to the solicitor and asked someone who was more experienced. I was a first time investor on my own and needed proper advice and guidance.
The solicitor said that she was actually very experienced (lier!!).
I didn’t want to make troubles, so kept quiet.
But it cost me a lot.
When I protested to pay for the penalty fee to my lender asking N to ask the vendor to pay for it, she said “you can terminate the contract.”
I said, “I don’t want to terminate the contract. I want to settle. I am ready to settle. I want to settle now! Today!I spent so much money and time for this property.”
N laughed and said, ” you can’t settle because the vendor cannot release the mortgage. You can sue the vendor.”
I asked whether I could win if I sued him.
N said, ” I don’t know. I’m not the solicitor.”I am a Japanese, but now live in Sydney with a permanent visa.
Do you think it is possible for me to get loan in Japan to buy IPs here in Australia?
Or I have to live & work in Japan to get loan?
Or do you think it is possible that I ask my sister to get loan and joint venture to buy IPs here?
I didn’t know that the interest rate was so low to borrow money from a bank in Japan. I learnt all about investing in properties here.
I should do some research when I go back to Japan next time. But where to start? Who should I talk to ?I live in Epping, NSW.
I’ve got a good saving habit from my mum.
Since young (probably around 8 or 9), I put all my money into term deposit accounts and enjoyed the number added up.( I don’t know whether children are allowed to open term deposits here, but it was allowed in my country, Japan.)
Now I have 2 boys 8 & 4, and since I commited myself to investing in properties, I stopped buying any toys at all.
I felt sorry, so I started delivering local newspapers in neighbourhood with them and let them earn some pocket money for themselves.
At first, they spent the money on tiny things as soon as they received, but now they started saving to buy a bigger thing.
They are slowly learning how to save, plan & control.
Children are provided everything they need by their parents these days. But is it really good for them? Doesn’t it make them lazy and expect too much from others?
I wouldn’t be doing their washing and cooking once they became adult (21 here, isn’t it?).
They need to learn how to survive.Thank you for your reply.
I have bought an IP recently, and since it is negative gearing, I am sort of stuck at the moment.
And I am reading here and there to get more knowledge to move forward, and I came across this idea of “sandwitch lease” which I don’t need to put any money down from my pocket.
The solicitor I used to purchase the IP was a real headache, so there is no way I go back to her.
So, I don’t have a solicitor who I can talk any concerns about properties.
But for the moment, I will keep learning and try to find solutions.
Thank you again.Why is it disgraceful?
I did a bit fo research to buy an IP in Rockhampton about 7,8 months ago.
My budget was about $100,000, and I still saw several properties under $100,000 at that time.
And then one magazine (was it Your Mortgage?) put Rockhampton as a hottest area, and after that property prices went up a lot.
One investor from Rockhampton said to my husband, “Lots of investors rushed in to buy properties and the price went up so much in 2 weeks. But they are buying in “flooded area”
without knowing it.”I have been to a seminar which collected very good speakers, such as Micheal Yardley, Ed Chan, Bill Zheng, etc.
They talked about finance, developping, structures, depreciation, all sort of stuffs.
Even those experts in one area were learning from other experts in another area and it was just great.
I found a seminar which will be held at Noosa in Sep, where Rick Otton will be there with those speakers above.
If interested, you can visit
http://www.worldpropertysummit.com/When I read Mr. Rick Otton’s “rent 2 own” pack and “the wrap pack”, I was very excited and loved the idea of helping tenants to own a house while I could make some profit out of it in shorter period than just holding it to wait for the capital growth.
I have read some articles which were against “wrapping”, but some points they mentioned were clearly wrong. Even I , a beginner investor, could tell.
So, I’d like to think that the wrapping itself is not a really bad idea.
I’m still learning about it, but have no intention to rip huge money out of tenants who really want to own a house but have problems getting loan from a bank.
We all are in money making business but if we could help people along the way, it is better, isn’t it?I am very interested in “Lease Option” and I actually tried to close the deal in Logan area, QLD.
I put an ad and received about 20 calls, but nobody had any money aside for an option fee.
Anyway, my question is that how to make tenants to pay for the repairs while they are just renting the place with an option to buy later?
I have read Mr. Rick Otton’s “rent 2 own” manual, and currently reading Mr. Steve Mcknight’s “The wrap kit”, and both of them said the repairs are the owner’s responsibility. Only when they get onto “vendor’s finance”, we could redisburse the repair costs if we arranged it in that way in the contract.
Well, if I could make them pay for the repairs, it is better, so I’d like to know how to arrange it in the contract.
Thank you.Eagleby… I read somewhere in a newspaper saying that the area has very high criminal records and cops can’t handle it.
I recently bought a house in Logan Central, and agents said that they don’t have enough rental properties and the vacancy rate is less 1-2%.
But people who are renting the area can only afford the rent and nothingelse.
I tried to do “lease option” there,but despite of many calls, only 1 or 2 families had a few thousand dollars aside for an option fee.I read Anita Bell’s book and in there she wrote something like : You can find someone who wants to buy a house using FHOG, and swap the house for 6 months with you to make use of it.
Yes. Ed Chen is very good. Full of knowledge about property investing and structure, of course.
He also speaks at property seminars.
