Thanks for all your help everyone!

I have arranged for a second opinion to go through this afternoon and will definitely ask if the above has been done. We were also thinking it may be worth paying the $150 to get the sonar guy out as this amount *suddenly* sounds like a walk in the park if it reduces the cost of repairs by a lot and means we…[Read more]

Apparently the tenants keep running out of hot water despite the thermostat being replaced last month and the water metre continues to run even when all the taps are turned off. 

With locating it there is a concrete slab and no sign of damage…on the surface, which is why I am cranky at the insurance…how do I know there isn't damage that can't…[Read more]

Hi Joe,

Yes we have talked to a few builder friends this morning who have said the same thing. These are estimates he gave not actual quotes as this has just come to light last night however he was including the repair of the damage as well, so tiling in the bathroom, cabinets in the kitchen…what ever has to be ripped up to find it.

As it…[Read more]

Thanks guys for the advice!Mattsa, are there any that you wouldn't recommend so I can steer clear?Thanks,Peach

Hi Richard,Thanks for the reply…the help is much appreciated!We own 50% of the Freshie Unit so around $300k. Of that we owe $228k. For the same property my brother owes $155k of his approx $300k portion.We owe $276k on the Toowoomba place. So if we did get 2 x $50k splits are you saying that we could go off and buy, for example, a property in…[Read more]

Hi SC541,Our first property was 'offers over' and we secured it for 4% ($20K) less than the asking price a week after it went on the market. This property is in an area where the median days on the market is 21. Our second property was secured for 9% under the asking price three weeks after it was placed on the market. This area is regional and…[Read more]

Oh just to add…the unit we own is investment and in the same suburb as the one we rent. Our rental would be estimated to be worth approx $370-400k and the rental increase is exhorbitant (I think) at approximately 14% in one hit.

Thanks for all the replies everyone…very helpful!!

I will go in confident now and know that the most they will get out of me is the 0.25% on exchange of contract because I don’t think we will wave the cooling off period.

Thanks again!
Peachy[biggrin]

Thanks TerryW,

That is what I was trying to say and get confirmation on – but you just said it soooooo much better and made it soooo much clearer…could be the extra 5k or so posts you have on me (oh and a fair bit of experience too). [wink2]

Peach

Hi again,

Bridgebuff…if they don’t accept the offer how do you get your $1000 back. Do they usually just give it back to you or have you ever had to fight for it??

I only ask because it is not like the cheque is going to have the reason for changing hands on it. Oh and is it silly to give cash or a money order if you don’t have a chequing…[Read more]

Thanks everyone for the replies…your help is much appreciated.

I think I have confused myself more with this question than I intended!

I was under the impression that you make an offer – then when accepted and the contracts are formally exchanged the deposit is paid…be it $1000 or $50000.

I have been told at a recent course I did that (and…[Read more]

Hey Guys,

Thanks so much for the information…Linda wow…that is an incredible help.

It is funny, you read so much info over such a long period of time that when it comes to the crunch, the order of things that should be obvious are actually a bit overwhelming (to a new investor)!

We are waiting on our mortgage broker to get pre-approval -…[Read more]

Hi all,

Not new to the forum but since I haven’t got any property under my belt I am still just a newbie!!

Almost there…expecting to have enough cash to start the journey in the next few months…just waiting for the right property in the area we have decided on!

Will let you know when it happens!

Good luck to all
Peach[specool]

Hey Ems,

Good question as this is exactly the same plan as ours and the same decision we are trying to make.

Everything I have read over the past couple of years points to interest only. This is also what a couple of mortgage brokers that we have seen have adamantly suggested.

What I am not 100% sure about is…they seem like the same thing -…[Read more]

Hey Guys,

Thanks for the replies!

What you have both said seems fair…I am happy to get some knock backs, I just don’t want to offer anything that is ridiculous, where they will laugh in my face…I know I need to grow some thick skin for this business but having some general ideas to go by so that I come across as serious instead of silly…[Read more]

Hey guys…you are funny!

My little contribution Drac would be to seriously consider the advice that DLPP gave earlier on in this thread!! I 130% agree with him!

I am 25 (feeling quite old compared to you guys) & did a uni degree straight after school, because, well, that is what is expected of someone who is supposed to be intelligent, plans to…[Read more]

Hi Mike,

That was a really good post. I am yet to take the big jump and this website can be really informative and interesting for a newbie…you just have to be aware of what to ask and what not to ask (and fair enough too).

For someone like me, you have demonstrated that there are possibilities at the smaller end of the spectrum, relevant to…[Read more]

Kay

Sorry for the mix up, that is what I thought. Bit of a coincidence and prob lucky your name isn’t the other way around by the sounds of this article!!

Peachy

just a quick question to Kay Henry…maybe I need to do more research but are you Henry Kaye or a follower?? I just saw an article about him at the start of this months property investor mag and was curious???

Peach

I have the opposite problem, I have carried out a fair bit of research but have no money to get me started. The benefit is having done 6 months reading/researching/visiting this forum I am starting to gain an understanding of what is achievable and that has helped me focus on what I want. Now, I earn about 20k less than you a year and am…[Read more]