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    @peachy
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    September 26, 2012 - 11:14 pm

    Thanks thecrest,

    I will be sure to ask about this too. I would much prefer $150! At the moment the first guy is suggesting re routing the plumbing through the roof at around $10,000 plus the cost of fixing any damage. We have already decided we are suss on him so even if this is the path we take if there isn't an cheaper solution we will go with no. 2 or 3. So I can sleep at night once this is all done.

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    September 26, 2012 - 12:07 pm

    Haha yes Janice what is your dog's hourly rate!?

    Who did you use for the sonar?

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    September 26, 2012 - 6:48 am

    Thanks Joe, will do.

    The second opinion plumber has had to reschedule until tomorrow so results to come. 

    We also talked to a plumber and a builder who are each friends of ours here and in Brissy who have said for $20,000 they would fly up there and do the job themselves. In other words that is ridiculous.

    So at least it is looking a little more positive than first thought. Fingers crossed!

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    @peachy
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    September 26, 2012 - 4:49 am

    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 don't have to rip into the bathroom reno :(

    I am worried that they think this 'rich property investor from out of town' can afford it and we are being taken for a massive ride. Reality is we aren't and were really hoping to save to have a family over the next year so this is quite shattering for us!

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    September 26, 2012 - 2:40 am

    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 be seen!?

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    September 26, 2012 - 12:24 am

    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 turns out there is only one guy I can find in Mackay that does sonar leak detection (Terrascan) and charges $150, which I thought sounded pretty good considering what we are facing. Unfortunately he thinks that with the slab he won't be able to hear the leak so we are back at square one. 

    Next step, two more opinions.

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    February 20, 2012 - 4:49 am

    Thanks guys for the advice!

    Mattsa, are there any that you wouldn't recommend so I can steer clear?

    Thanks,
    Peach

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    February 5, 2012 - 9:40 am

    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 QLD worth $300k and he could buy a completely different one in Sydney worth $300k? But then as the bank sees it we would have an additional $600k we are liable for if all of our names are on each loan?

    This is one part of doing a joint venture that feels like it has come back to bite us!

    Peach :)

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    April 17, 2011 - 8:19 am

    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 the turnover is nowhere near as quick.

    It is easy to be scared of what they might say when you are starting out and we still have a lot to learn but we found the 'offer valid for 24 hours' worked in our favour with the 2nd IP. Third time around we will be more aggressive and not worry so much what the agent thinks. Like everyone has said, they are looking out for the seller and will tell you anything to make a sale. Offer what you are willing to pay and think it is worth and stand your ground. We had the agent come back five days later saying that the price the owners early would NEVER consider he could "if we were really lucky, convince the owners to accept". Of course they did!

    Peachy

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    February 23, 2008 - 1:49 am

    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.

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    February 23, 2008 - 1:41 am

    ok so my post may have been a bit confusing…

    1. We are aware that at the end of the day we have to accept the increase or move as I have already tried to reason with them – having said that we were anticipating a rise, just very disappointed that they would increase it by so much in one hit when we already had a $20 per week increase last year and have been good long term tenants, painted the place etc and never ask for anything even though it is in poor condition (except for our professional paint job!).

    2. We have just purchased our own property in Nov 07. What I am confused about is if they are saying that units are subject to land tax then why are we not having to pay it? Our unit cost $510000 and is in NSW? Are these costs incorporated into the strata levis or should I expect some hideous land tax bill some time soon? I must have missed that one in my years of reading about property before finally being able jump into the market!??

    Thanks for all your comments!
    Peach

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    January 28, 2007 - 4:29 am

    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]

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    January 12, 2007 - 12:48 pm

    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

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    January 12, 2007 - 12:38 pm

    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 account?

    Cheers
    P

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    January 11, 2007 - 11:38 am

    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 the guy was refering to the Sydney area – specifically the Northern Beaches) that when the offer is made the agent may/will ask for a good faith payment of say a few hundred dollars to show that your offer is sincere – the deposit is still paid at the point of exchange (I am not sure that if you pay this good faith sum if it is deducted from the house price).

    I have never heard of this before as I thought you just paid the deposit at the exchange stage…or do most people pay the deposit when they make the offer – and if so isn’t this tricky if the offer is declined??

    Ah confused!!
    [blink]

    Peach

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    January 9, 2007 - 1:05 pm

    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 – apparently they need holidays too

    [wink]

    After that it is looking for the right place/s. I think the idea of * offer – p& b inspections – exchange of contracts – finance * is the plan!

    Thanks again,
    Peach

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    January 9, 2007 - 12:23 pm

    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]

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    January 6, 2007 - 7:09 am

    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 – that is, if we were to hypothetically pay $100 interest and $100 off the principal (P&I repayment) as opposed to $100 interest and $100 into the offset account (I only repayment) it would still calculate the same interest charges for that day/period in either situation…is that how it works?? Then the advantage of the interest only scenario would be that after a given amount of time we could then decide to either make an early repayment with the saved up lump sum (may incur some costs) but not be much worse of then if we had be actually paying the principal the whole time OR we could take it out and use it for a deposit or renos etc…is that how it works??

    Thanks for the help,
    Peach[biggrin]

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    September 12, 2006 - 3:46 am

    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 would definitely help!

    Thanks,
    Peachy

    I would love to here from anyone else…other [biggrin]seasoned investors??

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    September 3, 2006 - 2:01 am

    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 be successful and is doing what their friends are doing, right? Hmm…bad move.

    Long story short, I still have a $13000 debt (HECs) for a degree that I have NEVER used. While I was looking for a job in my chosen field I got an “in the meantime job” and things changed! I realised that I hated my chosen field & went on to forge a successful four year career in a totally different industry. Eight months ago I got a new job in another totally different field…again without a relevant degree and it is the best job in the world (I think).

    Ok so I know that there are many jobs out there that do not follow this example, where you definitely do need to go to uni first. However I know a number of people who started in the financial/commerce/accounting world straight from school and I swear they have done better than their counterparts who at 21/22/23 are only just leaving uni to go onto $30-35k.

    It is not uncommon for these firms to aid or even pay for your uni course, should wish to start one after you are already working for them! Plus you will have had the chance to gain experience in your field of interest so you are totally sure you want to spend the next 3-4 years of your life doing that!

    Anyway sorry about the essay…I am just a really passionate supporter of working and life experience, as opposed to going to uni without the full picture!

    Whatever you end up doing, keep focused on property and keep saving or spending wisely!!

    Good luck
    Peach [biggrin]

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