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Viewing 11 posts - 1 through 11 (of 11 total)
  • Profile photo of RandJRandJ
    Participant
    @randj
    Join Date: 2005
    Post Count: 14

    Hi, the box sets are put out by Propertyinvesting.com, this website

    I am not in Sydney, but we could see that regular mail with tracking would cost. Will be cheaper than driving 2 hrs to get them
    Cheers Jo

    Profile photo of RandJRandJ
    Participant
    @randj
    Join Date: 2005
    Post Count: 14

    mmm.. really not sure on that. I have one eng I can tuse for sign off as he isnt a member or something.. shame as he is a very exp mech eng in undergrd coal mines….. 
    i think you would have to be cert pract to get the insuracnce sorted…. which BTW can be painful.  Thats why I subcontract… its cheaper for me and less risk as well.
    if u contact a insurance brokng firm they will have speciliasts in your field that will advise you on what you need and what cover u can get.  You will need Prof indemnity, Public Liab. plus workers comp if you are an employee of ur own compy.

    Profile photo of RandJRandJ
    Participant
    @randj
    Join Date: 2005
    Post Count: 14

    Hi Jeffery,  I am just a humble draftie :)  didnt even complet my Assoc Dip in struct eng LOL  ..lol  what made me a success was the abliltiy to work out what my client is trying to achieve and then draw them up something they can use.  I dont do domestic stuff.. avoid commerical like the plague ! 
    I work in the manufacturing and mining sectors.  I was lucky to do a drafting apprenticeship at a coal handling facility so I guess my focus is bext described at materials handling.
    I have had the company going for 18yrs or so.. last 12 yrs free lance working for lots of clients.  I use subcontract engs as I need them.  bit odd that the draftie wins the work but thats how it is here.  I sue a firm different engs, depending on the job and their skills.  I also have a contract draftie who works 20hrs a week or so.. I am after more from him but he has other commitments so we have an udnertsanding LOL   I dangle a good hourly pay rate to help him focus on my work :)
    I get to work from home.. yes!!!  and just go to site as I need to..
    very lucky i have great clients and they respect my abilities
    hope this helps you ……

    Profile photo of RandJRandJ
    Participant
    @randj
    Join Date: 2005
    Post Count: 14

    there is no magic formula as to how many or how long.. do your homework.. read the papers, go to auctions, take to agents…
    and when the deal comes along grab it :)  we just purchased 2 at once.  Was after 1 in our local area as its going to grow a lot over the next 2-15 yrs.. new major suburb for the region planned just a 1-3 kms away.
    offered successfully on 1st place I saw, but kept looking as a back stop… went to look at 3rd place out of interest.. found out  the 1st place had a successful offer on was directly behind and a subdivision was a peice of cake with access perfect and over 2000sq m to work with in total.
    so i brought both :)    2 weeks for renos and tidy up and tenents moved into both on same day.
    keep looking.. keep out there and its like all things .. you get back what you put in !

    Profile photo of RandJRandJ
    Participant
    @randj
    Join Date: 2005
    Post Count: 14

    Great bones to work with !!  I agree re kicthen , check out bunnings and also budget kitchen suppliers.  Some places have a standard kitchen that may work for you.  In bunning you can get kitchen guides with grid and sized cupbd to layout.. dead easy to use.
    Hunt around at Joyce and Harveys for kitchen package bargains.  We got an oven, ceramic cook top, range all in stainless steel, plus a bosch stainless stl dishwaher all for $1500 !!!  the dishwasher was the old model and was $200 under cost price.  cheap and looks great in a IP.
    wash the walls well.  Use a quality brand 3 in 1 undercoat sealer prep coat.  Spend the extra $20 on a good brand… you get less splatter and a better new surface to start with.  If you want to u can use this on the celing too.  It may be worth getting 2 smaller tins and having one tinted to your wall colour.. saves time later as you only had to add one top coat to the walls.  a good celing paint is worth as welll nothing worse than needed to recoat 2 times to get coverage.
    consider panelled splashbacks in the kicthen as they are easy to fit.
    love the idea of a brekkie bar.. so usesful in small flats.
    make sure u take lots of before and after pics so you can enjoy your hard work later :))  and once you select a colour scheme, use it again and again so any left over paint goes to teh next job – store paint up off the floor and never on concrete  !!!
    good luck.. love a reno job :)))

    Profile photo of RandJRandJ
    Participant
    @randj
    Join Date: 2005
    Post Count: 14

    Thanks… my accountant suggeste quickbooks as it easy to use so I think I will head that way.

    and I will trial the programme as suggested… I know what you mean abt programmes asking for data in a certain way..try using 3D modelling programmes LOL  I know what i want to do but i cant always work out how the programme wants to do it.. so annoying ! 

    Profile photo of RandJRandJ
    Participant
    @randj
    Join Date: 2005
    Post Count: 14

    thanks Paul,  can u run 2 different businesses within either programme ?  I already run a business ( Engineering and Drafting service ) and will be buying a programme for that ASAP

    Cheers Jo-Anne

    Profile photo of RandJRandJ
    Participant
    @randj
    Join Date: 2005
    Post Count: 14

    go for it goldie !! do the checks and balances but its a goog buy,.. 140K is not much really for a $200 rent…
    laughin so long as u get good tenant.. bring strict !!!

    Profile photo of RandJRandJ
    Participant
    @randj
    Join Date: 2005
    Post Count: 14

    dont put aside mid st blocks.  I was lucky enough to pick up 2 places back to back.. !  2024 sm total,  we can subdivide to a battle axe with dual occupany in the middle block easliy as we have 4.5-4.7m from the side boundry to the eaves… our council has a min of 3.5m for driveways on battle aex so its a no brainer.  the min block size is 450sm but 650 for a battle axe blk so we can onlhy get 3 blocks but we can do dual occupanies so its 4 rents for price of 2 plus building :)

    Never thought I would score a deal like that :)))  but i did just by checking out all the properties for sale even after I had palced the 1st offer, naturally didnt tell the agent I had secured 1 blk hahahhaa  the 1st agent knew as he was family friend as was thrilled we got a break :)
    and I am just an average investor.. these bring my total to 5 so hang in there…. it will happen for you too if u believe it in :)

    Profile photo of RandJRandJ
    Participant
    @randj
    Join Date: 2005
    Post Count: 14

    We have been using them for 4.5 yrs and up till now ( well april 2009 ) , no probs… :(  very disappointing they dropped the ball and failed in their duty of care..   the hard part with this was by the monthly statements all rent was paid… so its deception by their part as to the rental arrears.. I had no way of telling until I asked then requested a copy of the tenancy ledger which shows the truth.

    cant wait to be rid of them… ended up using flyers at mine sites to get my own new tenant, and they will take 1 weeks rent for that too… but its all for long term gain.. $6K in my bank not theirs.  My this time next week they will have a 30 day termination notice as my managing agent.

    Yes the only person who really cares is the owner, but when u pay a premium of 10% managing fees ( closed market and they know it when they charge ) you do expect something back for it.  They have a large number of properties they manage in that area… so I hope they are not doing this to other investors as well.. look after the locals at our expense !

    Profile photo of RandJRandJ
    Participant
    @randj
    Join Date: 2005
    Post Count: 14

    hey Guys, 

    I have 2 investments in Moranbah, one for 4.5 yrs the other 4 yrs.  No issued with tenancy up till now, 3 weeks vacant on 1st  brought after original tenants moved out.  3 weeks is not a problem for after 4.5yrs full rent.  2nd home still has same tenant – company lease.

    The problem is the agent !!!!!  long story so heres the short version.
    1. My monthly rental statements show the tenants being paid up as they should be.
    2. rang the agency the week before tenants moved out to find out if they had stop paying rent etc ( as they can sometimes do in the last week or 2 before moving out ) to be told by the girl answering the phone that the rental arrears was to the tune of 2 months !!!
    3. I know you are asking why didn't  I notice the money not coming in?  Well as the rents are big ( $760pw ) a missing $50 this week, $20 next week wasn't notice.  The rental arrears goes back to April 2009 when they where 1 week behind!!!  yep thats right.. more than 12 months in arrears with it increasing slowly over time.
    4.  Yep I BLEW up…   no breech notices sent .. nothing… the principal agent still has not spoken to me to explain, but I do have emails.  No explanation at all as to why the rental arrears was allowed to start let alone increase to 2 mths.
    5. I have it in writing that the agency will make up the short fall – they know they are in breech of The Code Of Practise so its easier to pay me than me to go Fair Trading.  Not that this will get them out of the problem as I intend to make it known my problem to other investors as I am sure if I hadnt asked I the question in the 1st place and gotten the right person who innocently answered my questions I would never have found out.

    Suggested solution for the future – I will be asking all my managing agents for a copy of the tenancy ledger say twice a year. 
    PS  new managing agent lined up to take over as soon as the funds are clear in my bank this week !!!!

Viewing 11 posts - 1 through 11 (of 11 total)