Forum Replies Created
I think Steve meant he bought the property FROM the agent, not THROUGH the agent…so this guy was feeling personally ripped off perhaps? I would be surprised if Steve didn’t turn this around to a win-win…..but when will he let us know?????
WE WANT STEVE
WE WANT STEVE
WE WANT STEVE[jerry]
Is the house empty already Shelley? If not the owners would need a minimum of 2 weeks to get their wits together and get out…chipping into your valuable turnaround time. Could you squeeze a 4 mth contract out of them? I’ve not done flipping before, but I’d be cautious in the current climate to make sure I had plenty of time up my sleeve, AND the finances to just buy the place if I couldn’t find a buyer in time. Be careful…!
A solicitor once told us that covenants aren’t worth the paper they are written on. We bought a block without checking the covenant, which was brick and tile, and wanted to build a new queenslander but when we asked the developer they said NO. Ignorantly we submitted, and built a brick and tile, however our neighbour owner-built the most awful mishmash of a qlder, never checked by council, walls didn’t meet the ceiling, aaagh it was horrible to live next to. We complained to the developer, but they knew we didn’t have a leg to stand on. We learnt. It was a powerful lesson.
Developer’s wish lists, definitely. But check with the council, they may be averse to having villas in that area, and what they say goes!
I will remember that for future info, thanks, however this land is outside of TCC jurisdiction (wow, try typing that when you’re tired!!)
Thanks ‘though.
Redhaven.
Monopoly, the Whereisonline link I think was the one I used, but I was able to zoom right in and see the individual blocks…this time it wouldn’t go past the street size. The Vicgov link would be good but this is Qld…..I guess we may have to stick to buying a paper map after all? Thanks everyone for your efforts ‘though, it’s much appreciated.
Redhaven. (Kerrie)
Wow you guys are AMAZING. I spent an hour searching and then ended up ringing dept resources and mining, to see if they can sell us a map. THANKYOU![biggrin]
Toowoomba rural…
We had our first conversation in a cave 60ft underwater…
Thanks for the input guys, I can see why it could be a scam and will be watching carefully, Foundation.
Crj, I do think there’s potential there. Because he’s the only agent actually in town and because his interests are more into cattle[cowboy2], I suspect he could be a bit behind the eight ball with rentals. Could be wrong…I will be doing some more homework here.
Foundation, we are probably more cautious than most due to having once, many moons ago, been ripped off by a scam to the tune of 5K overnight. It was painful at the time, but a dear friend, a rather crusty and eccentric lady in her 70’s, just said gruffly “WELL?? DIDJA LEARN ANYTHING?????” and when I admitted we had, she just grunted and said “WELL IT’S WORTH IT THEN…” Can’t say it felt like a lightning bolt from heaven at the time [blink] but oh boy she was right. The amount of times we’ve measured things against that experience has been countless and yes, 8 years later, I can definitely say it was worth it. [grad]
Redhaven
Rental demand is exceptionally high. One of our IPs was rented last 12 months for 150, we have just put it up to 250 as of today with change of tenant and cosmetic renovation, and have been assured by 2 agents (both not managing it) that going rate is 240-250. Time will tell. Hubby and I both feel people would be willing to drive another 12 mins to rent something similar for 170 to save some money.
Re the agent, when we told him we were getting 250 for both our IPs his eyes nearly popped out of his head. Hubby and I wondered if this guys opinion of rental worth has sort of set the pace for this township, and we wondered if we bought in and upped the rent perhaps other landlords would be encouraged to as well? I agree, if I had him managing my property and he didn’t see the opportunity to upp the rent, I’d be disappointed. I think he’s probably truthful ‘though, because the cheapest rent anywhere closer to town would be 180 for a unit.
Thanks for the time for your replies, guys. I am tempted to buy a small cottage in good nick and whack 150 a week on it and see how it goes.Redhaven.
The agent said he gets people ringing up saying they’ll pay up to 170 for a place, but he rents them places for 120 and 130 because that’s all people are asking for them. Houses have doubled in price over the boom yet it appears rents have not moved up…yet. The nearby township where one of our IPs are has seen rents almost double in 2 years, same with the township 8 mins further away. I estimate (guess, think, hope…..) that the cheaper township won’t be far behind, eg within 12 months rents would all be around the 180 mark because it’s virtually impossible to find a rental that cheap closer to the main big town…but I wondered if anyone else had seen this happen. I know what you’re saying about the 5.2 and 5.4 percent bit, but if we bought for under 120 and within 12 months had rental income of 180 I’d be quite happy to buy a few homes there.
Just wondering if anyone else has been in this situation?
I do enjoy my time on this forum and certainly find it educational, but I have been disappointed by the amount of backbiting and snarling going on. Is it just that everyone’s a bit fed up with school hols and the Christmas rush? I find it embarrassing, to be honest. I wanted to share the Derivex information with my parents but apologised to them for the verbal abuse the thread contained. It certainly doesn’t give a great impression to others. Is it that we are all getting too familiar with each other and “familiarity breeds contempt”? There’s certainly not a great deal of respect between certain people. Sure, certain folk get on my nerves but I am not about to rip their heart out publicly and stomp on it.
I would like to think that just because I may post something quickly without putting it past an editor or spellchecker, that I wouldn’t be shot down in flames, but this has been happening a lot lately. We are all at different stages, so lets just accept each other as we are, instead of following the pack and verbally flicking spitballs at each other like school children. [baaa]
How about it, guys!?
Thanks everyone for your advice. We have realised this is probably not the right time for us to have a shot at flipping…perhaps even just a little bit TOO deep for us little rubber duckies.
Thanks again but we’re going to let this one slide.
Red.
Thanks guys, appreciate all the thoughts. Some things to think about!
So if we had a contract settling in 4 months time, can the new buyer settle earlier than that? And how to we get out of having to find finance (which we couldn’t afford right at the moment) for this property…..
Hi Karl and Rita,
Subdivision can be easy and it can be difficult. First you need to go to your council, find out if you meet their requirements, ie minimum size of blocks, road frontage widths and application fee, plus any other requirements eg Parks Fee (for us 10 percent of undeveloped land value). Speak to your town planner. It’s no good paying the application fees if you’ve got a snowflakes chance of doing it. Doing your homework first can save a headache. If the TP verbally gives you the go ahead, then ask for a name of their preferred surveyor (and yes, they do have favourites!!) and get a preliminary plan drawn up. I guess everyone’s scale of fees are different but we have just had a plan done that cost us $250.
Submit to the council with their application fee,
pray for approval, and when received, go back to surveyor and they’ll come out, put the pegs in and do the proper plan (costing us about $2000 but it varies dramatically) which then gets sent off to the titles office, new titles drawn up, and then stamped by council.Go for it.
Redhaven.
Thanks guys for the wisdom. We currently have an interstate developer researching our block, with some possibility of perhaps doing a deal. I know we have something very, very valuable and we would be reluctant to let it go unless they made it worth our while. At the moment we are digesting all this information and checking various avenues as they open up.
Thanks again
Redhaven.
Thanks everyone for the feedback, I think we would be best just buying conventionally. And to be honest I don’t know what gems and barter points are![blush2]
Redhaven
Definitely not interested in doing anything shonky. However if there is a legal way to reduce loss then that’s what I was after. Not to worry, there’s more than one way to skin a cat, as my daddy always says!!
Red.
Sorry Byron didn’t mean to ignore you, yes thinking of trading our property plus use a bank loan for the rest.
