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Sonja
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@sonja
Join Date: 2004
Post Count: 338
December 11, 2004 - 11:12 pm
Hi Chris,
I wouldn’t be panicing if I had the two IP’s described above. That said, is there any way of increasing the rent via minor/low cost improvements? This would start to take you closer to +CF.
With people leaving town at Christmas can I assume that you live in a “university” town? I ask because as a uni student I learned that the best deals on accomodation came along if you were willing and able to take out a lease some time around January.
If finding a tenant over Christmas is a problem in your area then consider putting your tenants on a 9 month lease (or 3 months with a 12 month option, or some other odd length) so that you can aviod the Christmas vacancy problem in future years.
Regards
Sonja
Sonja
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@sonja
Join Date: 2004
Post Count: 338
December 11, 2004 - 6:49 am
Hi Anthony,
Insuring a duplex must be one of those grey areas. We recently bought a duplex building (not strata titled) and found that some insurers wouldn’t cover it at all, some would only insure the two sides on separate policies and others would insure it as a single building. The cost also had up to almost 200% variation.
Although our situation is somewhat different to yours it has made me aware that insurance for a duplex (or half of) is not a simple business. Perhaps an insurance broker might be helpful if you are still in doubt.
Regards
Sonja
Sonja
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@sonja
Join Date: 2004
Post Count: 338
December 5, 2004 - 12:32 am
Hi Marita,
I’ve been told that it will be available again in early 2005.
Regards
Sonja
Sonja
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@sonja
Join Date: 2004
Post Count: 338
November 9, 2004 - 1:40 pm
Take a look in the yellow pages for your local area under “house relocation services” to find someone who does this professionally. As they work in the industry of moving houses they may know of someone who is looking for a house at the moment or some will take and hold the houses until someone comes along who wants them.
Regards
Sonja
Sonja
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@sonja
Join Date: 2004
Post Count: 338
November 6, 2004 - 1:36 pm
Thanks for all the interest in my problem.
I’ve been away for a bit over a week now and have just started to catch up on what I’ve missed here.
Eventually we did get a copy of the report and it didn’t indicate a price to fix any damage. It was also hard to figure from the report how anyone could come up with that figure. A lot of it was apparently word of mouth between the inspector and the prospective purchasor.
Either way we have the peace of mind that our relos have had a look, said they’d be happy to buy it and do nothing but paint and clean.
Just so that the thread has a bit of closure, we have decided that there are a lot of ways to add value to the property (without too much time, $$$ and effort), most of which will also increase the rental return. This is the course of action that we have dedided on for now. Our PM agrees that even without any improvements there is room for about a $10 – 15p/w increase in rent when the existing tenant moves out (some time in December probably). So it will go close to +ve CF without even doing a thing.
Once again, many thanks to all
Cheers
Sonja
Sonja
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@sonja
Join Date: 2004
Post Count: 338
October 24, 2004 - 10:50 pm
Goodmorning All,
Here is the promised update…
Our relos enjoyed a weekend away and checked out our house while they were there. The verdict is basically the same as our original inspection. There is a very small amount of old/inactive damage that is in no way significant enough to warrant any repairs.
There is a bit of movement in one (and only one) of the floorboards in the kitchen but from undrneath the house it can be seen that it is not glued (they glue those things?) properly and can be fixed with a nail.
Apart from that the outside could do with a bit of cleaning and a coat of paint, the carpet is a bit ratty (bush rats got in and chewed it about a year ago while the tenant was on holidays) but basically everything is fine and they would buy it if they wanted to move there.
So, a bit of relief and now a decision on what to do next as there are no longer any interested buyers (I guess word gets around?). We are wondering if we should just take it off the market, fix it up a bit and perhaps sell later. BTW it is rather near Merimbula which has been mentioned in a recent thread here. Any growth there would have to be good for us
Cheers
Sonja
Sonja
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@sonja
Join Date: 2004
Post Count: 338
October 23, 2004 - 11:59 pm
After years fo abuse by our young children it was my husband’s cup of coffee that finally killed our last keyboard. No amount of cleaning, washing, shaking and drying could fix it. We got a new cheapie (about $20 from the post office) and it is standing up to the use and abuse just fine so far.
Regards,
Sonja
Sonja
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@sonja
Join Date: 2004
Post Count: 338
October 20, 2004 - 8:18 am
Hi Derek,
Nice joke !
Seroiusly I don’t know how to say what I have gained since first logging on here at PI.com – so many benifits. Both from the forum in general as well as from the many helpful and genuine individuals (such as yourself) who have given their time, knowledge and encouragement via PM and/or e-mail.
My simple stand-alone “thankyou” to Steve & co. for hosting the site is most sincere and is merely a summary of what I’m not sure how to list or put into words.
Just thought I’d like to put my name on the thankyou list. PI.com is most appreciated by me.
Cheers
Sonja
Sonja
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@sonja
Join Date: 2004
Post Count: 338
October 19, 2004 - 10:56 am
Hi Steve (and associates)
Thankyou
(understatement)
Kindest Regards
Sonja
Sonja
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@sonja
Join Date: 2004
Post Count: 338
October 16, 2004 - 9:15 pm
Hi Mark,
Congrats on your baby boy! Also congrats to him for giving you the motivation to improve things for the whole family. Welcome!
We used to live in Sydney and I like the letter box example (he he) so true. Is there somewhere else that you could live, find work and have access to family and/or friends? If you intend to use the FHOG you will need to live in the property for a minimum amount of time. Not sure but I think it might be 6 months. We were not able to qualify for the grant ourselves as in a previous life (about 15 years ago) I bought a PPOR with an ex – I only lived there for around two months before left in fear for my life but it still counts as a PPOR.
A lot of people continue to rent while using their money to invest in property (us included although I can’t wait to have the stability of our own home). Again, I’m not so sure as it didn’t apply to us but I believe that you are able to buy IP’s without forfiting the FHOG.
Good luck and I hope you enjoy your PI journey
Cheers
Sonja
Sonja
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@sonja
Join Date: 2004
Post Count: 338
October 16, 2004 - 8:30 am
True or not, I’ve been told that following California USA, NSW Australia is the most litigious state in the world. Therefore that would make us one of the most likely to be contributing to the frivolous lawsuits that are doing the rounds. Just take a look at some of the disclaimers on any product you buy… They are there for a reason – some idiot has probably tried it.
Cheers
Sonja
Sonja
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@sonja
Join Date: 2004
Post Count: 338
October 16, 2004 - 8:07 am
Thanks Brenda I love it! …(and I really don’t care how old the earth is or how to calculate it or explaining the dinosaurs)
Cheers
Sonja
Sonja
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@sonja
Join Date: 2004
Post Count: 338
October 16, 2004 - 7:13 am
I don’t usually search realestate.com.au for my own town as I know what is here. However, out of curiosity (and boredom) I decided to have a look at what was listed. Some current properties but what really scared me was seeing one that sold at auction in December last year. I know that it sold because we were interested in it (I also know it is not on the market again now).
That said, I believe the internet is a good starting point to get an idea about an area that is too far away to visit on a regular basis. It is also a good way to make contact with agents. Apart from the nationwide sites such as realestate.com.au there are local sites that are a collective of listings from agents in a particular area. For eg I live in Leeton NSW and while some agents in town have their own sites and/or list on the larger sites, all (but one small agency) list on ‘Splash’ or http://www.riverinahomes.com.au/splash.html which, as the address suggests, lists properties from any agents that are located within the Riverina area of NSW. I know that this is not unique to my area as I once came across something similar covering Rockhampton Qld when playing around searching there.
If you don’t mind making phone calls then http://www.yellowpages.com.au lists all agents in the area that you are looking at – internet or not. Personally I have found that if you are willing to talk on the phone the agents see you as more serious and will call if something comes up that fits your requirements.
Cheers
Sonja
Sonja
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@sonja
Join Date: 2004
Post Count: 338
October 16, 2004 - 6:32 am
I am very blessed in one sense. Over her lifetime my mother has come up with countless ways to make her million (and in hindsight probably more than that). When she was younger she let her parents talk her out of these ideas. Later it was my conservative father who put the wet blanket on them. Although she never did get to follow through on any of her ideas, she still believs that it can be done if you think differently to the rest of the crowd and are willing to follow a different path.
When I bounce my ideas off her she tells me that one of these days I’ll make it work and never look back.
On the other hand there is the rest of the family and friends who ask questions ranging from “do you think that is wise?” to “why don’t you just settle for living within your means?” so I know only too well where you are comming from. Personally I have dealt with it this way… When they offer their discouragement and criticisim I just think to myself “do I want to be you?” (the answer has always been “no” so far) and then I resist the temptation to waste my time, energy and breath justifying my ideas to them. Either that or I just keep my mouth shut and my ideas to myself to begin with (problem here is my husband’s enthusiastic need to talk).
Lucky for so many of us there are forums like this where there is abundant support from “strangers”.
To quote something someone here once wrote “keep the chin up even if the neck is dirty”.
Kind Regards
Sonja
Sonja
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@sonja
Join Date: 2004
Post Count: 338
October 16, 2004 - 4:39 am
Thanks for all the replies, the only news so far is that our very accomodating builder relos have offered to go down there next weekend and see what all the fuss is about. They will give it a very careful inspection and give us a very honest conclusion. If necessary we will then employ an independent inspector from out of town to write up that third report. This is all assuming that the purchasor delivers that damning report that she has been talking about…
I’ll keep you all updated.
Cheers
Sonja
PS I know the contact details of the inspector that the purchasor is using but thought it best not to contact him myself. Any thoughts on this?
PPS Ali G the seeds of doubt are well and truly planted in my mind and I am terrified that the house may have become termite fodder despite our best attempts at taking protective action since buying it. I’m just hoping and praying that the pest guy that has been looking after it has done a good job and knows what he is doing and talking about. He is licenced but that is not always a garuntee I guess. Ironic that he was appointed by our PM at the same agency as the agent who is selling it.
Sonja
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@sonja
Join Date: 2004
Post Count: 338
October 15, 2004 - 9:37 am
Yes, stats and 1st year psych – that is as far as my psychology career goes… but I’ve gotta say even in first year they were pedantic about it. All calculated from scratch – no comupter analysis. I can understand how you got caught in this current situation. Correlation is not causation (if I ever forget that I’ll be surprised). 2nd year stats (no psych involved) was much more to my liking – just stick it in the computer and it spits out all sorts of interesting stuff!
Anyway, given my experience with psych and stats and your (vastly greater than my) psych academic achievements I have no doubt that there is a statistical anomaly lurking somewhere for some reason. I just know that it won’t be as simple as it first appears…
Cheers
Sonja
PS Even though you are probably right about the stats (whatever the cause) it won’t save you from that paperwork
Sonja
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@sonja
Join Date: 2004
Post Count: 338
October 15, 2004 - 8:37 am
Thanks alwayscurious, I did get the impression that the agent wanted me to accept the offer. He actually said “I know what I would do…”
Anyway, 5 pm has come and gone and no word from him. The purchasor was meant to deliver her inspection report to him today so that he could forward it to us… but still waiting (not) with bated breath. From many different sources I get the general consensus that the purchasor is likely to be trying to take us for a bit of a ride.
Our pest inspector contacted me and said that he was quite familiar with the property (as he should be) and in his opinion, there is no work that actually requires attention although there are small areas of inactive damage in both one section of the roof and one section of the joist subfloor. These are long standing and not of any significant consequence. At best he suspects that the purchasor’s inspector has quoted a maximum amount to repair the greatest amount of damage possible. He suspects that she is hoping to reduce the price using this inflated and unrealistic quote and can not imagine how there could be anywhere near that amount of damage. He is also confident that there is no active termites. So…
I’m now waiting to hear from the agent again or to see this report that is supposed to show up in the mail…
I’ll keep you updated.
Cheers
Sonja
Sonja
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@sonja
Join Date: 2004
Post Count: 338
October 15, 2004 - 4:06 am
As luck would have it our builder relos live about 7 hours drive from the property – not even a weekend trip to be fair. Although we could ask it of them.
Yes, we are scraping the bottom of the financial barrel and the 15k would mean that the deal we are thinking of is off… of course there are always others.
I guess it’s just a gut feeling I’v got that someone is trying to pull some sort of a scam on us. I’m trying not to get emotional about it and just tell her to stick the offer where the sun doesn’t shine. I don’t want to come off as being rude or unreasonable although that is how I feel ATM. This is why I’m waiting a while before I get back to the agent. I thought I’d make use of the time out and gather a bit of info and a few opinions as my experience is really quite limited. I have contacted the Master Builders Association and am waiting for a return call. Either way, we are not going to drop the price (as we are not convinced the 30k in repairs is legitimate. Even if it is, it would prove better value to take it off the market and wait ’till Jan when we can fix it with our relos together with some other minor repairs and reassess putting it back on the market then). I haven’t written off the idea of getting a third report either.
While we’d like to sell the house, it’s no great loss if it doesn’t happen – just a change of plans. I just wondered if others had experience and/or info with this or similar situations so thanks for the replies techa, Simon, PropertyGuRu, C@34 and collector j. I’ll give you an update when I’ve got an outcome.
Cheers
Sonja
Sonja
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@sonja
Join Date: 2004
Post Count: 338
October 10, 2004 - 10:53 pm
Hi Martine,
Would you consider selling to vacant block? I’m not sure what your plans are but vacant land, while providing equity, will not help with servicability on a new loan.
Regards
Sonja
Sonja
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@sonja
Join Date: 2004
Post Count: 338
October 10, 2004 - 8:15 am
You could try http://www.wealthtipsonline.com.au (if I recall correctly – if not you will find it in the web links section of this site). There is a free download on selecting an accountant.
Regards
Sonja