Forum Replies Created
Hi PK,
are the sites comparing apples with apples?
Maybe one is looking at he town and one at the district or postcode … or something like that. Do they show specific populations?
[saywhat]
Matt
you are right Derek. You have to have the belief that you can succeed.
“If you can believe it, you can achieve it” I’ve heard this before but not sure who said it….but it makes sense to me.
Matt
geo has mentioned some calssics.
some others that I like (not all investing books)
How To Be Rich & Happy – Hans Jakobi
The Green Bench – Matt Rawlings
Cash Flow Quadrant – Robert Kiyosaki
The Instant Millionaire – Matt Fisher
Wisdom of the Ages – Jim Stovall
Gung Ho – Sheldon Bowles & Ken Blanchard
Take 5 – ” “[grad]
Matt
“I’d always been of the impression that “species” were for builders and tradespeople. Is there enough margin in them for “laypeople” to take them on?”
Good point Marney, a mate at work was talking about doing the same thing and I questioned the same as you.
I suppose if the market is running hot then you can make some $$ but at the moment when its flatter it would have to be less rewarding. If you kept it and made it +cf
Althought with duplexs/units you can rent them all out for multiple incomme streams. Check whether you could also sell these seperately as this might be an option.
Matt
Hello Hello,
I have mentioned this on another topic but our Landlord Insurer is Hollard Insurance 1300360190.
I copied the following from their website about the product. [grad]
Our Landlords Cover policy offers cover for loss due to fire, flood and other similar perils, including theft and malicious damage caused by your tenants, plus we will cover you for loss of rent following an insured event.
You can also choose our optional Rent and Legal Expenses cover for protection against interruptions to your rental income.
Special features include:
Cover for furniture, carpets and blinds (contents cover)
Cover for landlord’s fixtures and fittings (home cover)
Cover for accidental breakage of glass
Legal liability up to $10 million
Rent and Legal Expenses option covers you for:Loss of rent if your tenant defaults
Loss of rent if your tenant fails to surrender possession
Loss of rent if your tenant vacates without notice
Legal expenses incurred to minimise loss of rent
* The cover is subject to limitations, exclusions and excesses.One good thing I noticed in the booklet is that it is easy to understand. Things like “flood” are clearly explained and I can’t seem to finda any grey areas.
Hope this helps.[thumbsupanim]
Matt
Matt
Hi Luke, thaks for the reply.
If all the buyer does is reduce the price by the commission amount and negotiate a bit we would be very happy with that. As it is, things are a bit slow and we set the sale price not the REA.
We are in QLD and to my knowledge there is no regulations like VIC.
I have offered “low ball” deals in the past where the seller has demanded the agent reduce his commission before he will accept my offer – I just thought it would be something like this.As far as I can see, if he wants to drop his costs for selling my house, that’s fine with me.
Anyone else?
[beatnik]
Matt
Hi there,
We use Hollard Insurance. Our Landlord poilcy covers all sorts of malicious damage, loss of rent and building insurance.
ph 1300360190
http://www.hollard.com.auhope this helps
[medieval]
Matt
Hi Scottybe,
don’t worry of your loved ones they aren’t going in the same direction as you are. I wouldn’t even mention anything else to them about property investing as you will probably get more of the same and you don’t need to hear it.
As for a mentor….well… thats not me but there is a wealth of knowledge and experience here on this forum. Just ask heaps of questions!
Matt
Viralk, We just did the same thing (not with 3 houses though).
We signed in our own names and included a nominee.
We had a change of plan. My Dad said he would like ot buy it so we rang the solictor and REA to say we were going to exercise the nominee clause and nominated my Dad. The solicitor sent us a form to sign to say what we were doing and that was that.
Your solicitor should be able to help you.
By the way we are in QLD.[medieval]
Matt
hello Picklesam,
we always check on the cost of local builders to replace the house. At the moment builders in our area are charging around $1000 per sqm for the finished product. We estimate this plus maybe $10000 to demolish the remaining structure.
This should be enough… don’t know never burnt one down…..where’s some wood.
[fire]Matt
Hi Regrow,
don’t know about WA but in QLD the buyer has 5 business days and the seller has none.If you don’t get the answer, a quick phone call to a local REA should answer your question.
[bandana]
Matt
The guys at work reckon we are all semi-retired…we work 4 days then have 4 off…not bad but we still have to go back.
To retire is to get out of the “rut”. That is, going from home to work, work to home, get to bed early so you can sleep, hit snooze 3 times, get up to go to work.
If your “work” in retirement means that you decide what you do and when you do it and not having to worry if $$$ come from your work – well then I think you are retired.
But you do need to work or be kept busy in retirement.
Does a mother/housewife who goes back to the workforce “retire” from home duties? Or when she does “retire” from the workforce again is she then considered retired when she resumes (probably never stopped) her household duties?[saywhat]
*** no sexual inequities here…read him/her & he/she if you like***Matt
Welcome friend.
I’m shhoting for 30 too.
I’d better get moving.[whip][pimp]
Matt
g7, ask the REA what the go is.
If unsure, don’t sign it, take it to your solicitor and see what they reckon.[medieval]
Matt
yep all good advice.
How much of a reno does it need? I assume being built in the 1900’s it would be fairly major restoration.
Is it heratige listed or have any other limits?
You might want to get someone experienced in this type of building. Do the building inspection with him so you can ask heaps of questions and find out more than you would from reading a report.Also ask the builder if you can work with him(if you have time). It will teach you some skills and you will find, with the right guidance that you can do more than you think.
[builder]
Matt
Hi guys,
secretgnome, that is a different way of profiting from th reno. I suppose you are banking that the bank will value you house at what you would get for the sale.
Our theory is that after costs everything else pays for your labour. And yes tradesman will each up much of your profits. We did everthing…building, plumbing, tiling, painting….with the odd helper.
I suppose if you aren’t going to do the work, or aren’t prepared to pay for it probably look at doing uup place that need fairly simple changes.
It is amazing how much materials end up costing.Matt
Hi Guys,
I am in exactly the same boat and I second the previous posts.
Matt
thanks guys.
I always assumed that the bank would want the whole contract, signatures & all.
Matt
Kay,
How do you get the balns approval for a purchase if you haven’t got a contract for them. Banks have always wanted a contract before they can do anything.Even when we’ve spoken to a broker and he say “yep no worries, they’ll approve you”, we still need a contract to take to them for them to approve.
[saywhat]
Matt
Just thought of another – does the building have toilets? Are they in each shop or a common toilet block?
If common do they all pay for the up keep through a sinking fundetc or is this cost borne by the owner?
Matt
