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Matt
Hi Robert,
I saw that web site but I haven’t used them. Their site is http://www.webuyhouses.com.au/
They promote a fast sale, whether the buyer is themselves or as an agent for a buyer.
I suppose you put your house on the market for a while then see them. If they made an offer you didn’t like I’m sure you could just turn it down.
As for lower income earners, well I suppose it would be harder so satisfy the banks but if they +ve say, 10% – 11%, I can’t see why not – unless anyone else can.
[mario]
Matt
I know what you mean darls_666;
Q: Has anyone bought their IP’s at a distance, another state, whatever, without having to do anything to the IP on or after settlement.
A: no mine is local.Q: Who do you rely on to give you reliable info about the state of repairs etc, the finer details of the place & future potential.
A: Get your solicitor to recommend a solicitor in the town you buy.
Ring building inspectors in the area for a price and ask what it covers and what sort of insurance they have. The guy we use is fantastic. He is so picky and detailed – you know the exact condition of everything.
Talk to the REA/council about the neighbourhood, area, history, flood zones etc
See a Borker for finance.Residentialwealth, I understand that the english might be a bit lacking but surely you can read between the lines?
[grad]
Matt
Hi all,
just a quick note to say the house sold!!! ended up getting $256000. The cash buyer had to pay a fee for getting his money out of a term deposit A/C and because we wanted to keep the settlement dates, we agreed to the lesser amount.We moved in 2 weeks ago and it is great! Lovely view of the river on our doorstep (except for the stench of coral spawn ATM).
And to keep a long story short, the cash buyer did want to play silly buggers, but we stuck to our guns and won. [thumbsupanim]
Matt
Hi there Wylie,
Why are you going to move the front QLDr to the back and put a movable one in the front? Couldn’t you just put the moved one out back and save the cost of moving the both?
Also if you do build new, does the neighbourhood have any/many newer homes in it. A new home in an older home area might look out of place….best house in the worst street sort of thing.
Just a thought.
[8]
Matt
Good work SIS, you look to have definately taken the bull by the horns!
I applaud you big goals. The only way to make it big is to plan big. You obviously plan your work and work your plan.
How Rich do I want to become?
next 5 years – 5 pos IP’s average buy $200000, $100000 trading & med term shares, start & finish brand new reno (cost $317000 + $100000 reno) value will be around $750000.Longer term net worth $10M by 40.
Another question, how many of you have written these goals down with a time/date. Or smaller shorter term goals to lead you to the bigger one?
[bike2]
Matt
Hi all, great post! I read Anita Bells book and found that she lived a very deprived live in that time. [axe]
I couldn’t do it!I spend on little toy cars for the “kids”, beer, wife and kids. and various other things that are too many to mention!!!!!![freak]
[drummer]
Matt
Aren’t builders display homes usually the flasher homes in the newer suburbs?
If you are going to rent it out, what is the market like for these sort of homes? What do the PM’s say about its rentability & rental price?
[
]Matt
The message I got from my solicitor was that it, the trust deed, is just set of rules on a piece of paper…heaps of paper.
It didn’t matter in the past because it never traded – it didn’t exist and you didn’t play by those rules.
If you have it drawn up and don’t sign and you if for years you can still sign it and activate it.
It buys things that you control, enjoy & profit from.
It seperates you from creditors if trouble looms.
It is friendlier on tax and can help with estate planning.But again, talk to your solictor.
Cheers[medieval]
Matt
I forgot to mention that I agree with you Terry. This IS what my brother did. And yes I think he did pay a bit of tax. But the property was way positive… helped pay for his next one.
[medieval]
Matt
What is wrong with owning a house that you occupy, say, 10% of and rent the other 90% to tenants. The FHOG is helping you buy that room.
The FHOG was intended to help people buy their own home. If you can substanciate that you lived there, bed/matteres, personal stuff and mail why would they question? [strum] Or is there a secret FHOG police force I haven’t heard of?
If you were 18 and wanted to buy your first home aswell, just like everyone else, and the Gov introducted a scheme to help people so that, wouldn’t you try to qualify??
I don’t mean blatently cheating but satisfying the rules to suit yourself.[biggrin]
It gave my brother a good start and he has used it to its fullest.
Matt
dunno Shawn, I have had 2 contracts fall over recently and have not paid a cent. Maybe you could put the point with the principal (as we did) and let them know that you will be using the services of a solicitor/conveyancor (?spelling?) MANY TIMES PER YEAR for all the IP’s you are buying.
If they want your business they should earn it. While you are at it ask for a reduced fee you all the business you are going to bring!
Matt
When forming our trust we were asked what date to start it from. You could back date it if it needs to be formed before the contract is signed.
But talk to your solcitor first.
Matt
M brother bought his first house using the FHOG while still living with mum and dad. He occupied a room downstairs ( mainly for his tools for renovating) where he sometimes slept. He chaged his mailing address to this place for 6 months to satisfy the FHOG. He managed this IP himself.
Matt
Hi Ali G,
It certainly wasn’t easy – I learnt from making mistakes!!
I will never plaster again (my wife plastered and she will never do it again)…too precise and I can always see the defects.
We waterproofed and tiled. Word of warning though..as of last month (not sure if its a council regulation or only QLD) if you do a reno you must either have a professional waterproof you shower etc or have it certified as being properly waterproofed!!!
This was a big surprise for us. Lucky we took photos. Take photos … heaps of them. If you have a buyer digging around for faults etc so they can get a better price – the photos will back up your claims.
Also it seems just by having the council involved and checking your work with reguard to council regulations, is not enough for some people. I have just been asked to provide an engineers report to certify one or 2 things.
Next time I plan to get an engineers report on the next house and get him to draw a plan of the structural mods for me to follow and check when complete.
Have Fun!!!
Matt
Hi Ali G,
We hired a carpenter to work for cash at first. We had a major deadline and I got to pick his brain and learnt HEAPS.
My Dad is a plumber and this saved us $000’s and I got to learn from him. My mate nextdorr is the sparky and I don’t touch that and for tiling we picked the brain of a couple of tile guys, got the right tools and had a go!! I did have a “practise area” for the tiling – the outside laundry.
Hardware shops have heaps of handouts for different types of jobs – “how to do’s” and Bunnings Warehouse even run hour long courses on weekends.
Although I am considering doing an Owner Builders’ course at tafe for this next house. It is much much bigger than the last.
[medieval]
Matt
Hi Kattan,
I saw a few programs at Hervey Normans that might be good. It looks like you design your own top to bottom and can see it all – that sort of thing. They look USA so it might not be relevant.
[computer]
Matt
Hi all,
Firstly Steve; like the newsletters keep them coming, love the site – great ideas, great people[cowboy2] and I can’t wait to read the new book!!
While the renos would be easiler to do if there no tennants, my accountant says that its more tax effective if the work is done with them there.
What do you think?
Maybe reduce their rent for a time before you put it up when done. Or even, do as much as you can with them there eg; garden, deck, garage/shed, A/C
and do the kitchen, bath, paint etc later?[^]We have just finished our first reno and have refinanced along the way to buy or first IP and now have the reno house (PPOR) under contract ….as explained in another thread.
We lived in this house for the reno and did everything walls in & out, doors, tiling, plumbing (Dad’s the pro), Electrics (mate next door), painting, plastering and I have to say before this house I didn’t have a handy bone anywhere. Now I can do everything[biggrin]….with in reason. Our next home we will use a little help from tradesmen.
It worked well (apart from the mess). I am on shift so I have 4 day weekends to get stuck in. The kids are young so I can keep an eye on them so my wife can work part time when I’m at home.
And yes doing renos yourself is like another job, but it has to be worth it. I suppose the CG – costs = your wages / the time took. It was worth it for us.
Sorry I took so long.
[medieval]
Matt
Hi guys, thanks for the replies.
I do feel better thanks you Scottyb. I’m not that stressed…my wife is. I must say I haven’t been near the red but the amber has caught my eye, er, tongue.
Yack, my friendly REA is putting together our case for us. The valuer said she could build for cheaper. But she has to buy the land first. And I did think about getting another property valuation but I think valuers under value so the clients (banks) will be sure to collect their money if they foreclose.
[arrowhead]Matt
Is it worth contacting the Local council for a head count? Would they have this sort of info freely available?
[hmmm]
Matt
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