Forum Replies Created
Hi Ronulas,
ask the REA for advertising stuff for the property. The should have a folder or something with current leases etc and outline any zonings and the like… at least the last few commercial we looked at did.
I can answer some of these Q’s for you;
1. tennant should pay these.
2. tennant
3. not sure
4. I read on this forum somewhere (from one of the brokers) that banks will lend between 60-75%
5. dunno
6. Hope so!Just check how the rents are increased. Are they linked to inflation, agreed periodical increases or …..other..
Hope this was some help for you. A Guru will be able to tidy up my ramblings and enlighten you.
[arrowhead]
Matt
Coops,
I am certainly no expert but I would say not.The 2 weeks or so that you have to perform building and pest inspections and you finance date should give you enough time to do your due dilligence and if needed you can then get out via these. Others don’t even sign a contract until they have done a due diligence.
[grin]
Matt
Hi all, we always have subject to; building and pest inspection and finance date. Although I do like tennants @ $$$/wk.
Also when looking to buy we look at the list price, research etc and offer a price that leaves our top limit the middle ground between our offer and the list price. (seems like double dutch)
eg house listed @ $200000. We reckon $190000 so we offer $180000 and negotiate our way to $190000!!! worked so far.
Also some years ago my dad found a divorce settlement sale and offered about $65000 on a list price of $85000(I think) and got it!!!
No negotiation, no hesitation.If only they were that simple.[cigar]
Matt
yeah Shaunwalker, thats a good one – what about something like building a hospital wing or “make a wish foundation” or ….
[medieval]
Matt
Hi Helen,
we just finished a reno – did it ourselves. We spent just under $40000 and added about $145000 (selling at the moment)
I’d say if I got tradesman I would have to come close to doubling what I spent.
The bonus would be that the tradesman would have had it done about a year ealier.
Matt
I think you are right Kay, you need to keep active when you are older and doing…. I suppose part time work at something you are good at will be a good thing.
I look at retirement as when you can decide to get “quit work” or the rut of it, and be paid for doing things you like to do, when you want to do them. Like investing, business ..whatever.
The measuring stick of “wealth in retirement” is the extravagance with which your buget can handle;
BIG holidays, a flash car etc.Another issue that comes with all this is estate planning but I’ll stop her cause it makes my reply too long.
[specool]
Matt
Hi, any shift workers??
I do 7am -7pm for 2 days then
7pm – 7am for 2 nights then have 4 days off.
If I try I can get 2hrs of solid reading in the crib room per day.[blush2]If you can sleep throught the day your laughin.
Days off are for renovating, looking for IP’s & playing with the kids.
Used to be in retail management…50-60 hrs easily.[agro2]
Matt
Another Question would be what AGE do you want to retire at?
And what do you want to do (or not do) in retirement?$60000 in todays money.
age……30….or 40 (it can be done!!)Is anyone keen on the Gov’s idea of encouraging 70 year olds to stay at work and get jobs serving at Macca’s [op] drive thru’s??
[mad]
Matt
You won’t need time to read “Richest man in babylon” …it will follow you until you’ve finished. You will take it to the toilet, read in ads and at the stop lights!…..Classic story.
Read it 3 times and couldn’t put it down each time.Kay, spekaing of logos on cars, I saw a business program where an ad company organised for your car to be painted with a businesses logo and paid you for the ad space. Good idea.
[medieval]
[medieval]
Matt
Hi there emcdonald, we have an amount go each month from our pay to an A/C that has only fees when you withdraw from it and bonus interest (probably 0.0000025% added to nothing) for having a balance over $500(I think).
For our first house we used a combination of the first home owners grant, refunds at tax time, $15000 personal loan and $4000 from the inlaws. We wanted to have 20% to avoid mortgage insurance.
I thought it a bit dodgy to use the P loan but it worked.
[pimp]
Matt
Sue, I don’t know about Rentcover, but oru insrer certainlly doesn’t mind if the IP is managed professionally or not.
.. and yeah, can’t see the difference.
better check the wording of mine. I think it was pretty straight forward.
Matt
Hi AlanRo, Companies are definately more expensive to set up.
You should talk to your accountant about the best structure for your business and anything else that fits into your plan.
Getting it right now could save you a lot of time, money and stress in the long run.
Matt
Hi Marisa,
we manage our IP. It is in our local area and so far have had no probs. As long as they pay their rent on time and don’t wreck anything we are all happy.
I guess a good PM comes into his own when you have problems!
[
]Matt
Good Q LifeX. Our ultimate goal is to have the choice to do whatever we want, whenever we want without a JOB (Just Over Broke) or money constraints to limit us – Financial freedom.
cheers[thumbsupanim]
Matt
why not include on the contract a tennanted by date, where the RE agent (or their rental section) must find you a tennant by a specific date to satisfy the contract. Like the finance date.
It will make the PM work hard to get a good tennant so the agency also gets the sale!
What do you think?
[medieval]
Matt
Something about “don’t judge a book by its cover” might be appropriate
[grad]
Matt
good work Steve – I like it. Let us know when it launches.
Maybe you could autograph one for me??[biggrin]Not sure I agree that income should be mentioned.
Surely the “average person” would think $1000000 in IP’s in a year was pretty good and interesting enough to want to read?
There are too many 0’s after the 1 for me to go past it.
[cigar]
Matt
Hi, good to see he fixed up those tax returns!
I didn’t know about online trust applications. We just had one drawn up.
I would say your solicitor can get everything drawn up for you but you have to talk to your accountant to get the right structure for your plan, including pty as trustees.
We got our accountant to write a quick note to the solicitor about what we needed. That way I didn’t forget everything. (too many big words for me).
If your accountant is not on the same page as you, find someone who is.
Have fun!
[medieval]Matt
Hi Doofus,
yeah, talk to your accountant about the best structure for you and you plan. We just started our family trust for investing and anything else was too expensive and had much more red tape – GST etc.
[medieval]
Matt
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