Forum Replies Created
Hi Viral
Have you checked with the “Dial before you dig” number (1100 I think) to see if the pipes are actually there? And where they are if they are there?
I am surprised someone in Sydney Water can’t help. Try to find someone who knows about easements and the conditions imposed. Possibly the Land development or building approvals section may be somewhere to start.
Also need to consider that when company eventually decides not to renew lease, then value goes back to ordinary unit. Has happened to a number of investors here in another complex (not Quest but had a better lease for investors).
Hi Carlin
I use Gemini Management. email me for details.
In the 10 years I have used them, have had problems with only 1 tenant and GM got everything I asked for when they went to tribunal.
[smiling]I agree with Brahms also on this one.
And, if Interstar Non-Conforming have limited LVR to 75%, then there is more to this than has been disclosed since I believe INC lend higher LVRs to lodocs although at higher interest rates than 9-10%.
Mum
Hi Redwing
Thanks for the site. Got a good laugh.
I’m a miniature Bull Terrier. Considered ugly by some and gladiator by others. “Despite its fierce appearance and strength it makes a faithful and devoted pet.”
Oh well. Back to the drawing board.
Mum
Personally, I don’t have any prejudices against either. Although I notice I have generally bought at about 5-8 years old when the property needs a good paint job and general maintenance and the original owner is selling because they can’t be bothered with either.
My Q. When would you prefer to buy a unit instead of a house?
The normal strata fee covers the day to day stuff like administration, insurance, normal maintenance, etc. Most strata corporations also have a sinking fund for the big maintenance items like painting, roof, carpet for the common areas, etc. Funds accumulate in this fund until needed and are then spent after the owners vote on what needs to be done and who should be hired to do it.
Thanks Jenny
The site is currently unavailable but will try again tomorrow.
Hi Dohicky
Personal mortgage proptection in case of illness, death, disablement and unable to pay type insurance.
The question arose from someone who had a really bad experience with CGU and wanted to know if there was an alternative.
The experiences I have read here just reinforces my decision not to have Landlords insurance. It is supposed to cover the disasters but doesn’t seem to do so. I have full building cover (including landlords fixtures and fittings) and keep that updated.
I have found it worth reducing my risk by employing a good PM. Have had only 1 claim against bond monies in the past 10 years across all my properties. And nothing that would have been a claim against Landlords Insurance. So far, I am ahead.
I would agree with Michael.
Unless you love the property and want it for other reasons, it is too much hassle to ensure completely free of termites.
Once there, there is always the possibility they will come back. The nest can be 100m away from where you actually see the activity and hence almost impossible to be sure you have everything.
You need to factor in the cost of repairs plus cost of periodic inspection and spraying as well.
Hi Erwanjg
One strategy for saving faster is to have it taken from your pay before you receive the rest. It may take a few paydays to get comfortable again but you will soon learn to make do on less. This works best if your payroll office can divide your pay between multiple accounts – not all pay offices are willing to do this.
We are 2 car family. Husband drives 2001 Commodore white. Nice and comfortable and plenty of room for the tools, timber, etc. I drive 1990 Camry with no power steering. Deliberately so as no one else in the family ever wanted to drive it and I could always be sure of having a car when I wanted it. Now the children have left home, I don’t have any excuse not to upgrade so I am seriously considering another Commodore. I might even be nice to hubby and get his favourite colour and swap him for the white one. Basically on the grounds that I spend more time in supermarket car parks than he does and that is where our cars get more damage than elsewhere.
I have driven a Jaguar and a BMW but did not find them at all comfortable. The beemer felt cramped. And the Jag seems to be built for a man at least a foot taller than me. I would much rather have comfort than brand name these days. Oh, and space for the timber, tools, luggage, paint, etc.
Hi Richard.
What is the difference between advice and information?
No, I do not have a “Proper Authority” to give advice but I didn’t think I was advising, only giving information gleaned from people who do this sort of thing.
Correct me if I am wrong.
Hi Mossie
Another strategy might be to use any extra equity you may have in the properties to invest in low risk high return (or at least higher than the interest you are currently are paying) investment(s). That should reduce the amount you are outlaying each month, at least.
***Edited***
Securitisation happens when a wholesale lender packages a number of loans together and sells them to investors. There is a lot of money out there doing this including superannuation funds and some of the small banks.
All securitised loans will require mortgage insurance. Some of the banks also ask for it even if they don’t securitise their loans. The larger banks may self-insure.
Wherever you get your finance will turn up on your credit report. It is difficult to hide anything these days.
Some tenants cope with small problems and some don’t. I have found it worthwhile to get in before they become complaints if I can.
I usually do a wholesale change to washers between tenants. That way I rarely get the leaking tap complaints. If tenants are there longer than 12-18 months, then when we may get a call re leaking taps or the PM lets me know after the quarterly inspection that it needs looking into. A handyman for half a day to fix all the recurring stuff once a year or so I find a good investment to keeping tenants happy and therefore paying more for rent.
The main call out problem I had with a couple of properties was that the water heaters were on the western side of the flats and the pilot light would blow out whenever there was a decent wind. We are slowly fixing that by replacing the heaters when the complaints get too bad. 2 down and 2 to go. Haven’t had a complaint for the last 4 months.
Steven
Thanks for the article. It reiterates what I said – keep the investment and personal parts of the loan clear (either separated or good records – the former is preferable) and redraw loans are fine. Keeping the parts separate makes it easy at tax time for you and for ATO to understand what you are doing.
Margaret Wilson
[email protected]Hi Ed
Further to my earlier post, some redraw loans can be structured to clearly delineate between the personal part and the investment part. As long as you keep the personal for personal and the investment for investment, then the ATO is satisfied. There are some schemes that ATO no longer allow but structured properly you can redraw for investment in a tax effective manner. My loan on my PPOR was like this (it is now fully investment).
Margaret Wilson
[email protected]If you have a redraw loan (rather than an off-set account) you can always dump all your spare cash into the loan and redraw it later whan you need it.
I agree with the others here. Shop around for finance options before applying for finance. Just like youwould shop around for properties before putting your first offer in. Investigate but don’t sign anything. Be aware that each time you apply for finance, there will be a notation on your credit report. Do your homework before you sign so there will be only one or 2 notations.
Margaret Wilson
[email protected]
