Elysium,
The agent was actually selling for the principasl of agency who had bought several of these units! Yes the agent wrote up the contract, and thelawyer obviously needs to go back to law school. I am pretty sure I can sue, but who has the money to do that!

Brett, not sure I want to divulge ‘on air’ If you want to email me perhaps we can…[Read more]

I have been using CUG, but not direct as it is cheaper to use an agent. I have been using Anon, ANZ also an agent but Anon seems better. Found out that RAC also does Landlords. Their deal was even better except that they wont cover fibro must be brick. A friend of mine is a property manager and she prefers St. George.

Hmmm, Well I think I need a lesson on how to cut and copy. Never mind it got there. So, Simon, any light you can shine on that will be appreciated.
Bye and thanks. [?]

The lease agreement is very important with commercial properties. It’s going to have to be part of your due diligence. It should deal with stuff like who’s responsible for maintaining which parts of the property, default procedures, etc.

There are also additional risk factors with commercial property, some of which may be unique to the particular…[Read more]

Mia culpa!
Sorry, Simon. I just got so excited at getting answers I mixed up the names. It was on the reply I recieved from my mail on the 13th of this month!
(I think) now I’ll go and check that post.

Simon, what is a ‘pro package’.?

Thanks, Simon you are a gem! I now have a nice little list of ‘to do’ and now I won’t look like such a twit when I go to view this depot. Looking for an accountant that gives better advice than the one I used last time. Her answer to most questions was ‘ring the tax department, they’ll know.’ I’m not sure of what the GST is you mention, as I’ve…[Read more]

Damn if only I had logged on earlier!! Of course it is Perth! that’s me waving at the camera from the penthouse just above the M! Well, it could be!
So Scremin, looks like a lot of teachers here! I taught in UK in ’97 on my backpacking trip. Thought I was going slowly mad! Now at a private school which has a great discipline programme, so quite…[Read more]

Thanks mortgage hunter, you always come up with the goods. Yes, it is to get + income, but I’m just not sure what I do with the tax problamos when my income goes over the 50,000 as it seems there is no tax relief on commercial, that I know of. Then again, I suppose it is not unheard of (is it?) to give the tax man some money back? Just remember…[Read more]

Thanks Picja, I am overwhelmed, teary eyed at the very thought that someone out there in the ether has replied!![]
Hmm, so I can check that out with the manager. So Let’s say I could come up with the 40% are commercials as safe as houses (Ha! finally a literal meaning to that expression!) I shall stay on line for a few minutes more with baited breath!

Er, um what’s LVR??[]

Nothing worse than no replies so here goes. what I have done with both my (negative sob sob) homes is had a ‘tenant only’ deal with the PM. a few don’t do it, but most will. the deal is you pay one weeks rent, and any advertising. They do the bond papers then hand over. My agent sent me all the tenancy application to check and then I made my…[Read more]

Unless your father trusts you implicitly how can he put his home on the line for your benifit. You need to pay the advice fee with a contractual lawyer, as you might have to sign some sort of contract. You could go tennants in common, or joint tennants; one being if you ‘fall of the perch’ your dad get your share, the other if the above happens…[Read more]

quote:
Patricia

Welcome to the forum, two things; first I would not finance 100% with that much equity, you would be wasting it. Use the 170k for 20% deposits on more than one property of course this is best if the properties are +cashflow.

Work out what your goals are that will help you to determine your future strategy.
Thanks for message, but…

[Read more]

Thanks for that part of the question Simon. I don’t have a mortgage on my home, and after buying half a unit with my sister, and a small rental in the country (bad planning it is negative,) I now have about 170Ks of equity left, so I guess I could, if I can find them, buy two or three rentals on 100percent loan.Not sure how the offset would be…[Read more]

Thanks for taking the time to answer this. I have now been to a conveyance lawyer on this matter. My deposit was sent back, and no discussions would be enterered into. It would seem that someone is trying to Gazump (?) me which is illegal over here. I also had mail telling me as a new owner I could put 150 into marketing the property for…[Read more]

Thanks for taking the time to answer that, Steve.
I am still a little tempted to hang on to it. One because I will be managing the rent aspect, and two because I have full equity in my home, three I do have a little capital to help if things go wrong, four as each time a new canlal lot gets built the prices start at around ten to twenty more than…[Read more]

Hi, Brett,
Yes I saw the story and read the paper. I managed to stop myself from opening my veins. I have put a post up regarding the Perth investors, and hope to rectify my problems, if it is not too late. I listened to too many people talking about negative gearing, when I was in the perfect postion for postive. Never mind, hope to fix all…[Read more]

Well you all make me feel ancient! I am in my fifties, and am just learning all this. I live in Mandurah and have watched a few hundred possible homes go to people with your smarts. I have just made a bad deal, but would like to join in with all your information sharing. I am quite happy to host a meeting at my home here in Mandurah. You could…[Read more]