Forum Replies Created
make a list of what you expect from property and the day/time you find it, is the right time to buy. Rest is all speculations.
Regards,
Thanks ProInvestor for the info.
the guy I got kitchen made from tell me that installation charge is $25 per cabinet. I don’t believe that for second. He wants to get max money of the agreed amount and according to my logic this will yield him more profit without even doing installation.
Regards,
Thank you all for your advise. Answer to all your questions are as below:
v8ghia,
1.The person who represents me is conveyancer. He is very particular about his work and is straight to the point guy. No Bull…..
2.I am in NSW.
3.The example you gave is the reason they advised us for not being able to settle. How could that happen. Everyone knows where they stand with their finances and figures. How come two days prior to settlement they know about this. I just don’t get it.
4.Contract sates 14 day notice. Failing of which, ball is in our court. Well, it still is.
5.The word “renovation†use by me is not appropriate. What I meant to say is, I already have kitchen ready to put in, and few other things which I got it measured and ordered so that it could be put it straight after I get keys.Terry,
Thank you for your broad explanation. I got the picture. Thanks again.
Elka,
Lets see what happens. Your question is answered in my answer to v8ghia’s questions.
Marc,
Good suggestion. At the moment, this whole thing has given us a very disappointing stroke and we are very depressed. Not sure if we every dare to buy property again.
One thing I have experienced in RE industry, if it goes wrong it leaves life time impression on your mind. Oh, and there isn’t much of ethics in this industry.
Regards,
cumon people, I really do need help and opinions.
Regards,
Terry,
If I choose option (C), how long it takes for resolution in court and what are the cost involved taking them to court?
With option (
, what if they don’t want to pay my losses?Regards,
Wake,
That is the link I mentioned in my earlier post and had briefly gone through that page but it doesn’t have any forms to download. e.g. Tenancy agreement etc.
I did a search on google and couldn’t find site equivalent to “Residential Tenancies Association” site of QLD for NSW. Can someone tell me what is the site name for NSW?
Please note that we already have tenants ready and know them for few years now. I suspect nill to very little trouble with them.
wylie,
you mentioned that you get forms from RTA site. What has RTA to do with property investment? If possible, can you please provide me links.
Regards,
I just found below link which will give me starting point but would love to hear advise from you all who manage IP themselves.
http://www.fairtrading.nsw.gov.au/realestaterenting/tenantslandlords/managingapropertyyourself.html
Regards,
maxolau,
Indeed that is 4th option but not for us and we don’t have business either. It is a good way though for people having circumstances similar to yours.
regards,
ctaing,
How do I get valuation done? How much am I looking at to get valuation done?
Also, can you please elaborate on your suggestion to have a look at ato site before making existing PPOR an IP.
I have booked appointment with my accountant regarding structuring best strategy.
In regards to using mortgage broker service, I did called one who was referred to me by friend and when I advised him that my lender is Homepath, he basically backed off and advised me that he can’t do better deal then Homepath offers. With Homepath, I will have two separate accounts and loans, one will be IO and other will be I&P. Not sure how it can be structured any better.
Your thoughts on this matter would be greatly appreciated.
Regards,
celeste,
I don’t have hardware but will have to do more investigation. Thanks for your suggestions.
Anyone else want to drop their 2 cents!!
Regards,
all,
I did some further investion and found that council has previously only approved up to 1.2 m high fence.
celeste,
Is it really easy to put fence ourselves? Even if it requires bit of physical work, I am willing to do it. Where do I get some kind of instructions to put fence myself?
Regards,
Hi All,
Just wanted to give you all an update.
We signed contract for 3 bedroom house over weekend and are in cooling-off period now.
Our existing unit is all renovated except bathroom. Once that is done, will rent it out. Will pull out all equity from existing mortgage and put it in new property. Existing will become interest only and new one will be principle & interest.
Fingers crossed. Now, the hard part, pay off mortgage for years and make banks more richer[angry2].
regards,
Munno
Freeman Cooper,
It would be difficult to find that key person in Parramatta council as it is huge and lots of politics involved. I will try it however.
Anyone, please give me just a ballpark figure.
Regards,
v8ghia,
I am in NSW. Why do we need solicitor to put an offer?
My questions are related to purely what happened to me last week and we lost the deal because we were not prepared to pay more then we offered. REA knew that there are slim chances of him getting more money out of us but still he got us to sign contract and made us to pay deposit. One hour later he called and advised that the other party had offered more then us. I then had to go to their office next morning and collect deposit and in doing so, I was late to work. He could have avoided all this simply not playing game but instead they used us as bait and got more money out of the other party.
Hope I have provided all info needed to get some feedback from you all.
Regards,
mentee,
Offer valid days should be decided by you depending on the situation. If you know that the owner is keen to sell quick then shorter term works better. The more info you can get about owner from REA, the better for you.
Regards,
Hi mentee,
I totally agree with queengucci. It happened to me and from there on I learned a lesson. Don’t believe a cent what REA tells you. Work out bottom line price based on your own research and stick to it. Try pressuring REA advising that this offer is valid for so many day/s only.
regards,
Tammy & fbd1,
Thank you both for your reply.
I think we will keep current property, rent it out and will move in to new property. However, as per fbd1’s formula, out rent yield comes down to 5.2% and hence it will be negatively geared. I can’t sell it now as we won’t be able to recover the amount we invested so far.
Looking at my figures, do you all think that we should buy another property of @ 360K or considering current economic downfall play safe and try to finish off existing mortgage asap.
In above strategy, it is also possible that we won’t be able to buy house in Sydney if we miss the boat now.
What are your thoughts?
Regards,
Etcetera,
thanks for your reply.
Investors/Members,
There is alos another option where we could buy land and then build home on it. Would this be advisible? What are the costs involved? What are pitfalls?
Regards,
Munno
, what if they don’t want to pay my losses?
