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i have a funny story for you, i live in a block of 6 units. myself and one other owner/occupier got new quotes about a month ago, valued at 195k, the third owner/occupier found out about this and refinanced her loan as well, her value came in at 185k, all the units are the same, and in fact hers is the nicest out of all of ours.
am off to the bank (which bank?) to get a copy of the valuation for her.
no idea why hers came under value from ours.
cheers
shaunLead, Follow or get out of the bloody way
never attempt to renovate whilst drunk. seemed like a good idea at the time, but the paint job was crap and i had to do it again.
cheers
shaunLead, Follow or get out of the bloody way
i’m coming up to darwin in june to check my ip, am happy to meet up with you guys (and girls?) and let you in on a few things that i learnt the hard way.
just email me if you want to catch up.
cheers
shaunLead, Follow or get out of the bloody way
Good one you steve,
i for one am glad someone did something about it. i respected her opinions, but at times they were a bit harsh. on more than one occasion i was tempted to tell her what i thought. she made the mistake of posting messages that were personal, not logical nor really helpfull.
just my thoughts
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shaunLead, Follow or get out of the bloody way
i have an ip in darwin, i pay 764 in council rates a year. this is standard for all units in darwin.
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shaunLead, Follow or get out of the bloody way
i liked steves news letter the three p’s certainly make sense.
my only problem is i want it all now!!,
but as they say time in the market is all you can do… for the moment.
the plan is in place ie company and unit trust set up, 2 ip’s plus my ppor.
the purpose is the z3 bmw convertable plus a new house to park it in,
2 more years,, and i should be financially free.
cheers
shaunLead, Follow or get out of the bloody way
my mistake, thought he was talking about a company. i will contact the ato today and see what they can do for me.
cheers mate
shaunLead, Follow or get out of the bloody way
just set up a company.. and no you dont need an ABN, however the bank will NOT release funds from a company account without an ABN. I know what you are all thinking, but myself and 2 others who set up a company at the same time all had this problem. this was two – three weeks ago, and i am still waiting on the ABN.
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shaunLead, Follow or get out of the bloody way
same thing happened to me.
had two places valued 3 months after the last valuation. one came in 45k more than i expected with no work done on it. the other one had capital growth of 8% in the last quarter, and i even had the RE agent go with the valuer. place was revalued at 2k more than what i purchased at.
i spoke to my mortgage broker who has told me they do this all the time, and just do a “top up” in 6 – 8 months time.
bugger i needed the money, but what can you do?
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shaunLead, Follow or get out of the bloody way
i liked it!propertyguru,
am going to copy it and put it on my wall at work
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shaunLead, Follow or get out of the bloody way
i just had the same thing happen to me.
what i did:
50 dollars bought me 50 kilos of fab laundry detergent.
split it into 3 kilo bags (the sealable type i already had at home)
sold 3 kilo bags for 10 dollars down at the woolies carpark on the weekend.
16 x 3 kilo bags (@ 10 dollars)= 160 dollars
50 dollars given to charity (the salvo’s)
50 dollars kept for my out of pocket expenses.
60 dollars left in bank account for next ip.
cheers
shaunLead, Follow or get out of the bloody way
i do remember hearing something from the reno kings once. and they had a formula for ip’s. it was something like dont spend more than 3% of the purchase price on a kitchen etc. i dont know their web page. but i would be worth checking out.
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shaunLead, Follow or get out of the bloody way
you will only get one third each… you are in a partnership. if you were in a trust then you could divert it to the person who needed it most.
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shaunLead, Follow or get out of the bloody way
i got a valuation done 3 months ago, as the block of units are unique to the street, there was no information. i then did research on the area, same number of bedrooms, area size etc. handed it to the valuer (who didnt care) valuation came in 150k. three months later place has been revalued through a new bank valuation 195k!. i hadnt done any major changes etc. quite suprised by it as i was only hopeing for 165k. at the same time i had a valuation done on an IP in darwin, CG for the area (Larrakeyah) was around 12% for the last quarter. the place was valued only 2k more than i bought it for!
so i guess my advice would be to find a good mortgage broker who can help you get a fair evaluation.
shaunLead, Follow or get out of the bloody way
i would always get a QS in. if it costs you 400 dollars to have it done, and the report comes back with only 1000 dollars worth of depreciation a year, thats still 1000 dollars.
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shaunLead, Follow or get out of the bloody way
its 12 months and 1 day.
it was on one of these threads a couple of months ago.
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shaunLead, Follow or get out of the bloody way
another thing with 1 beddy units. make sure there ISNT A PHONE BOX OUT THE FRONT. trust me on this. at 105 p/w the area is more than likely where the low income earners live. with a phone box out the front, theres yelling and fights etc at all hours of the night, cars were getting broken into and general mayhem as they congregated around the phone (i dont know why)
we ended up getting telstra to remove the phone box and havent had a problem with the place since.
just my 2 cents worth anyway
shaunLead, Follow or get out of the bloody way
i wouldnt give out the location.
however some info would be nice ie:
the general location (outback sa etc)
purchase cost
capital growth
tenancy vacancy rate
expected rent
body corp/council rates etc.
i may be interested.
am happy to pay for information after that, if its what i am looking for.
cheers
shaunLead, Follow or get out of the bloody way
i have to agree with chan$ on this one, i use rentcover and have found them very helpfull.
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shaunLead, Follow or get out of the bloody way
i did my first deal on an ip in darwin sight unseen.
as i had been in darwin 3 months earlier and had looked around, that and i had lived there for years. i had a good idea of suburbs etc.
problems i had were,
RE agent told me the rent was under value by 20 p/w, i should have rung other agents to confirm, (i didnt)
didnt get a written rental appraisal which would have helped in the decision making.
didnt confirm RE agents commission fee on renting, darwin is about 10%, cried to RE agent and got him to knock it down to 8%. i should have checked this also
the map i had used was old, there was no uni 2 blocks away. other than that i bought in a good area (larrakeyah), with solid tennants.
hope this is of some help
shaunLead, Follow or get out of the bloody way
