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I did that in my little unit on the Gold coast. I got a quote for a builder to build a wall approx 3 m long. Quote $2-3k. Way too much for me. So I built the bloomin thing my self. Very proud. Bought timber framing. went on you tube to see how they build a wall. Went to recylcler and bought a door in a frame, and a louvre door (which I had chopped in half). Laid out the timber on the floor, stood it up, nailed off too the side walls. I had to make it a 'dog leg' to give it more support. Shoved in a couple of timber wedges at the top to support it. The Gibrock was too big and heavy for me to manouver, so I bought 3mm thin line instead. Plastered it, and wall papered over the top. On the bedroom side of the dog leg, a put in a freestanding Ikea wardrobe. And wholaa, a studio is now a 1 brm. The whole thing took a while since I was working full time, about 5 weeks, since I was living in there I could take my time. Never renovated before and the whole thing cost me finished around $400 or so.
Very proud.
darn Wont let me put in a picture of it.
Could be wise to start up a lawn mowing bussiness in Moranbah
Hi Andy,
Great Blog, good to see what/how other medium investor is doing. Had a look at the 'Karls Mortgage calculator' , could be good, but wasnt sure how to analysis if property was interest only repayments. Also have you sold property for less than what was owed on the mortgage. I have a property in Cairns Ive been trying to sell for months. The market is truely dead up there, no jobs and major oversupply. Agent says I will have to sell for $20k less than the mortgage I have on it. Im not sure if I could offset that against other IP's. Very frustrating, since like you said, you can see bargains out there.Cheers
AnitaHi Ive just bought a motel type situation in Surfers. Very small only 35m2. Cba was fine with the size. A little hasstle cause the broker said it was a serviced apartment, so it was declined at first. But turned out ok.
I only bought this one cause I have 4 options;
1. Owner/ occupy
2. Permanent let to general public
3. I can let out to holiday makers myself
4. I can put in the holiday pool.Im living in it at the mo' while Im renovating.
All the best
Fisher & Paykel was good when it was still owned and made in NZ. I had mine for 15 years, no hassles.
I know what you mean. I have 2 properties that are besa block. I definitely wont buy them again, there a pain even to put a screw in the wall. I bought a little hotel unit in Surfers and doing it up at the mo'. Ive used no more nails on the gibrock. Its expensive tho' cause I use one tube for only 2 sheets of plaster. I personally think it makes the room warmer , rather than just to a skim render. Im wall papering over the gib.
Does anyone no anyone in Brisbane or Gold coast?
Neety
Hi there,
Ive bought 2 properties in the last 4 months. The CBA bank took forever to get things sorted, but finally it all happened. The one thing that intrigued me was that on both occassions when I asked about the valuations, they said it was valued at EXACTLY the same amount of the loan I was applying for……
In both instances the people living in respected properties said no one came and had a look at the homes. On one of the properties I was told all the bank does is 'a drive by'. Im actaully having both properties now professionally valued ( for depreciation purposes) so it will be interesting what they come in at.Thanks Clint,
Great to hear words of encouragement. And also Richard for your knowledge.
Neety
Thanks Richard your very helpful,
I thought about line of credit but havent done a lot of research on it yet. The loan is stand alone but secured against other properties. So would I be wise to go to bank on Tues and ask to reconfigure loan as you've said above.?
Neety
Woops didnt realise there was a page 2 !
Yeah, but better homes and gardens probably have about 30 staff in the background that probably dont get paid for the work they do. So $500 is just for the purchase costs of goods.
Neety
Hi Ive had the opposite problem, where I am purchasing a property, and I had to extend settlement 5 times!!
I had a nightmare with the CBA, the Broker and the Solicitor were hopeless and not being pro communicative with each other.
I basically had to take over because mainly the CBA were really really behind in processing loans. Ive been told they have been working all this weekend to catch up. I was extremely lucky the owners DIDNT put on penalty interest, It would have crippled me and the deal probably would have fallen over and I loose my $10k deposit.
So think carefully about the whole thing. Ive learnt to try and save a couple $100 on a service may not actually be worth it, better of paying that little exxtra. Saves alot of stess.Neety
Hi Clint,
As a fellow Kiwi, very interesting. I live in Brisbane and purchased a 2bd villa in Cairns last year, 1 month ago a unit in Shailor Park, and hopefully tomorow find out if finance has been approved for a small apmt in Surfers. A little scary at the moment with job security, but I say 'Make Hay while the sun shines'.
I would like to in a few months, buy something in Auck for my mum to live in. And I am only on 35K pa. The only equity I really have is $40k in the Cairns property. So if the figures can work, it can work well for you. I have been to a few different seminars and read books, but would love to do this full time. I changed careers recently and have been doing drafting for nearly a year (mainly renos and low set new porperties) and have a Dip in Interior Design. So itching to combine my skills and move ahead.
Do you still live in NZ? Also I went to Property Investing 3 day seminar last year in Melb, it was great. I was surprised to talk to quite a few 'experienced' investors who went and said they got something out of it. Cant afford or have time , this year tho.
Cheers
Neety
