Forum Replies Created
Ah Calvin, I think it supports why we can’t rely on capital gains and therefore should be looking at +ve cashflow!
Either that, or I’m lost with you. It’s been very interesting reading though, well done on strting on this thread.
Hi Sandyman,
What is the trend for the population in the town you are looking at. HAs it been stable and likely to stay that way? I’d only be concerend if it’s declining and can no reason why it would change. But if it’s not declining then go for it.
When you say your figures are +Ve geared, have you allowed for the fact that if you are getting finance then it will most likely be a comercial loan rather than a residentail loan, therefore higher interest rate over shorter term?
I say best of luck and hope it all goes well.
Regards
PKgrega,
Is everything you listed in your intial post in the ad ie: the situation, what it’s near etc. It mgiht make a long ad and it might cost more but it also might get poeple in the door. Might be worth trying for one week anyway.
Secondly, is it in the Homebuyer magazine? I couldn’t see anything in those areas when I flipped through taht sounded like your description above. If you’re going through an agent, why hasn’t he got it in the homebuyer. He may have it in the paper already but many like to see a colour photograph and then decide whether they will look or not.
While on advertising, is your advertised on the same day each week, I notice that Maylands has a reasonable amount of ads on both Saturday and Sunday so if your aganet has alwsy been putting it in on Saturday then try Sunday or vice versa, it amy attract a different set of people.
Thirdly, how did you pick your agent? Did you take him as the price he said he could get was higher than anyone elses? If so, it could simply have been a pitch to get your business and when you don’t have luck then he may start conditioning you to sell for less, which if he’s overpriced it will need to happen. Are you on a fixed price contract with the agent ie: his commisoon is fixed regardless of the price he gets, if so, then he has no incentive to try for the higher price.
Good Luck. Don’t get too downhearted but do try different things.
Regards
PKCOntact your land tax office (whoever tha is in Victoria) as all states are differnt ie: different rates, different cutoff points etc. Also,a s you intend to live in part of it, you may be exempt for that half.
As for the amount of land tax, it also depends upon what other land you hold as to the final assessment, so it’s really osmething you need to talk to the proper body about.
Good Luck.
PKPS. Perhaps someone in Victoria can advise where ajsov1 should ring.
I thought they were supposed to show all offers, well in WA anyway, don’t know about anywhere else. But then I think our system is different, some states seem to do things verbally until an offer is agreed and then it’s put in writing, wheras over here we start with a Offer and Acceptance form, so you write it up and then it’s presented to the owner, who can either sign their acceptance or change the areas they don’t like and send it back to see if you accept their counter offer, you can then change again and send back and they again etc until it’s finalised that way.
Perhaps RE’s from Perth can clarify the above and hopefully RE”s from other states will state what the rules are there.
Regards
PKHi Jenny1,
Stick with it. Every home loan we’ve done has some kind of “glitch” in it. Most are annoying little things, but it’s such a regular occurence now that it just seems a normal part of property investing!
Hang in there.
PKjhopper, I did not take anything you said personally, it was your opinion , just as my comment was my opinion. Glad to see some onthers have now added comment as well. Flight paths was an interesting comment. I attend a craft class on a Thursday evening in South Guildford and the planes there sound like they are just over head and well, I’m sure if you stood on a ladder you’d be able to touch them! Kidding there, but if a flight path does go other these other areas at low attitude then it’s deifintley got to be taken in to consideration as it’s mightly loud because it is so close to the airport.
I’ve found Midland and some of the areas around it have already gone up considerably, whether there’s still room for growth or whether it’s already grown in anticipation of all the changes…..I guess time will tell.
As for bad areas, bad tenants, just screen your tenants well and have landlords insurance.
Good Luck Suzieq. Let us know how you go.
Regards
PKThanks all.
We had movement on the IP last night. The lady rang at 7pm and asked where she could pick up the keys, as she wanted to move in there and then.
So arranged that side of things.
Appears only the lady and kids moving in, so perhaps “Just Learning” was ont he right track when he mentioned relationships issues, splits etc.
Both names are on the lease. Will wait and see what happens now, but well, from no news for several weeks to suddenly there was interesting. Will just see how it goes.
(Interesting note, not that neighbout should ahve checked the mailbox but she did and all mail was addressed to the lady only and nearly all was from Centrelink).
Time will tell now, we’ll wait and see whether the bloke also turns up or not.
Thanks for all your ideas etc. If anything else happens I’ll keep you informed.
Regards
PKKelly,
Ring the council, I think you’ll find they’ll say something like, “There are no guarantees, but it’s most likely that leases will be renewed” or that’s soething like the answer I got. I assume you’re looking at West End (Point Moore).
I decided got to go with it as I didn’t want to pay off the house and never own the land it was on, what ahppens if the lease isn’t renewed, do you then have to remove the house? I didn’t get to asking that much as I chose prior not to go with it.
Also, if you seel, the length of remaining lease is less so I assume you may need to seel for less, as the next person is then taking on the risk of getting a renewed lease.
Good Luck with whatever you decide.
PKI lived in the same block of units as him, his wife and my fiance’, this also happened to be the very first property I ever purchased.
No, we didn’t have an affair, but when the other relationships were over, we then started seeing each other.
Oh, and we sold that first property for a loss after getting married! Many lessons learnt and so far, have had a great 11, nearly 12 years together and not had another property loss either.
PK
Thanks thecrest,
OK, references with their current agent were fine. When checking the reference I didn’t ask waht date they were leaving, it’s not normally needed.
Also had the Landlords Advisory Service run a check on them through the National Tenancy Database, this check was also clear.
Will trun off the electricity switchin the meter box jsut in case and see what happens.
All rooms look clear though as blinds are still partly open (how I left it when I locked it up) so if you go right up to the window and peer in you can see it’s totally empty.
Just one thought though, could it be a social security scam? Could they be saying they live here to be able to claim a single parents pension while living the partner elsewhere? WOuld this be worth their while. I ask because the neighbour rang earlier today and said the letterbox is full of letters from Social Security. I’ve left a message for the tenant at what should have been their old address (their answering machine still answers) but again, no reply.
This is wierd! Not a problem I’ve ever had before.
PJ
OK, I know they haven’t moved in and therefore not growing dope because…. “they haven’t picked up the keys!”
The neighbour is doing a good job making the place looked lived in ie: lawns watered and junk mail out of mailbox. (Costs a carton every now and then). Point is, this is their repsonsibility as part of the lease really and they could get upset about her being on the porperty if they knew, which of course they don’t becasue they havne’t picked up the keys to go there and they won’t be making a quick trip to go there and see if someone’s watering thier garden as it’s three hours away from where they currently live.
Grafitti, always a possibility, but would normally be covered by your insurance. Whether or not it would be as the house has been empty for longer than the insurance allows I don’t know and will check. When I took out the insurance it was stipulated that they didn’t cover for theft if a property was empty for longer than 30 days. I agree there’s not much in there but theft is still a possibility ie: the garden taps were stolen 6 months ago. I know I wouldn’t even bother claiming taps on a policy but when you think about it there’s the following that could go: taps, HWS, gas bottles, bin (the shire does not supply, you have to supply your own) and if there was abreak in, then there’s blinds, more taps, coat hooks, stove, the broken window etc. All sounds little but would add up if it all went. Most likely won’t happen but well, it’s an interesting situation.
Marissa, thanks on your point of a handover, but I have a feeling I could make a time with these poeple and they just wouldn’t show, that’s what’s happened with the keys so far, they’ve said what day they’d pick them up and they just havne’t shown up. Thankfully it’s not put anyone out.
I’ve spoken to them and asked if they were wanting to break the lease and they’ve pleaded with me not to, that they really want to move there, that’s where she grew up and she wants to move her kids there etc. Tells me how much she’s looking forward to it. Her first reason for not moving in was, she hadn’t packed everything, then it was that her kids had a final sports game they wanted to do before moving, then she was waiitng for her final pay cheque, then it was last Thursday “for sure” she said, well, it didn’t happen and we havne’t heard a thing since.
Next rent is Wednesday but am guessing it will go in just like last week and the two prior, and just maybe she’ll move in this week?
Will keep you informed, but if anyone else has any other ideas, let me know and I’ll speak to the insurance company as well.
Regards
PKT access your equity, you eithr take a loan out on another property for the full value (and costs if need be) and the new porperty as well as the one you currently have are listed as the security, therefore using the equity you have in the current home to cover this home.
Of you could take out a credit line on this home for the deposit and fees on the new home, however, this means two lots of loan costs etc. The first option above is probably the easiest.
Should you take aout an IO loan. that really depends on your situation. If you have a PPOR that you low eon then I’d take out an IO loan on theIP as all extra money should go on the PPOR first as you can’t claim any of the interest on that one.
I’m sure others on here will give you ideas as well.
Other than that, I’d suggest you talk to a broker about what you want to do and they can suggset what would probably work best.
Regards
PKYes, I thought the title meant the tenant was killing the trees too, interesting play on words really.
Anyway, glad no-one was hurt, I guess tenant was a bit shocked too.
If you ever find o ut form your insurance what they would or wouldn’t have covered, please let us know.
PK
I agree with your ideas, I’d also add Manjimup.
PK
Well, I haven’t done lots either, but if the places had a fireplace I actually painted this as the feature. I figured if it was too hard to take out, I may as well make it stand out. So instead of a feature wall, I had the walls of the fireplaces as the feature colour. Came up a treat.
Regards
PKyep, that was it, hope you didn’t blink.
Was a few other things I remember about growing up there:
a) Bush, snakes…..as a kid it was exicitng to walk through the bush, but I guess that may be goin if the area is developing.
b) Hot – the sea breeze seemed to float over it to the hills
c) Safe – everyone knew everyone. That’s probably changed too or will be if it’s devloping.Ah well, memories….
PK
Yep same ones missing here and our stores out of cards too!
PK
Well, well, well, Byford. This is where I grew up as a kid and back then it was definitely never heard of!
Expansion of the train line is interesting. The train line already goes through there and the train used to actually stop there. Somewhere along the way, the train stopped stopping there and only went as far as Armadale instead. I think the railway station was pulled down when it became a bit derelict. Would be intereting to know where a new station would be built (or if one has already been built), if in the same spot, then it’s not near the main shops, it’s about a km up the track from the shops.
Cruiser, 250K would be for an established house and land. It’s a small town that’s grown over the years into the next suburb after Armadale. Type of housing varies considerable from Fibro, Weatherboard, Brick etc.
Regards
PKWell, I have 2 properties managed and 2 properties I manage myself.
As for the middle of the night calls, I have yet to receive one. Most tenants are asleep in the middle of the night and only come across the problem (whatever it may be) when they wake up in the morning, hence I get phone calls during the day.
Of the 2 that are managed, I chose to do this because of the distance they were from my own home. Having siad that, I spend as much time managing the PM’s of these two properties as I do managing the other two properties. One of them is listed with an agent who has had more PM’s than I’ve have tenants (5:1), so realisitcially, who would know that property best, I think it would be me. So much for due diligence on the first PM, who left within weeks of me signing up with that agency.
So what to do for the futre, I will probably do the saem, those that are too far awayf or me to manage effectivley I will hand over to a PM and those that are close enough I will do myself.
Regards
PK
