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Stuart Milne
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@stuart-milne
Join Date: 2006
Post Count: 196
December 18, 2006 - 9:18 am
Originally posted by carpe_diem:
He has since offered me a below market price also and I’ve said get lost and comeback to me via mail to gpo address with an offer I cannot refuse.
You told him to get lost and stonewalled the negotiations in doing so. Now you need to re-pen the dialogue and come to the table without putting your cap in hand. (or at least this is my take on your point of view?) Going to him cap in hand and showing face can be the biggest negotiatins winner you have. BUT you must do it correctly. I note with interest however you call him a vulture as he purchased a deceased estate before it was advertised. is it the case you wanted to purchase it as well but he beat you to it? sit down with him and discuss the sale of your property. have it valued by 5 real estate agents and pick the median value as your base. At least then you have something to show him and a basis for your price. After all as property owners we all want our to be the Mayfairs of the world don’t we? And it does hurt to discover sometimes we have got a Kent instead…
Failing that keep your property or sell it to someone else….
Stuart Milne
Stuart Milne
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@stuart-milne
Join Date: 2006
Post Count: 196
December 18, 2006 - 8:57 am
ok depending on what state your in will depend on the order of events regarding contracts etc: In Qld the contract is subject to building and pest inspection and finance provided you put that in your offer which will be in most cases on a contract. I have my own form on which I make a formal written offer and fax that signed and dated to the real estate agent handling the sale. They then have it in writing and can discus it with the vendor prior to going to contract.
Always make sure you have 14 days building and pest and 21 days finance although over christmas i would ask to extend these timeframes by seven days using the holidays as the reason and explain this to the agent. I also personally settle 45 days minimum but offer 60 to start. If they want a quicker settlement it gives a great excuse to knock another $5k off your offer!
Stuart Milne
Stuart Milne
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@stuart-milne
Join Date: 2006
Post Count: 196
December 18, 2006 - 8:51 am
go to http://www.shieldcoat.com.au and follow the links to their section on application of covercrete stencilled concrete that will basically transform your existing mess into a tropical wonderland! (Well not really but it will tell you how to fix that problem…)
Stuart Milne
Stuart Milne
Member
@stuart-milne
Join Date: 2006
Post Count: 196
December 18, 2006 - 8:47 am
The ability to sell, and more importantly to listen. I am selling a property as we speak and the agent I had first listed the property with had decided to shotgun everyone and anyone through the doors in the hopes of getting a contract. to the extent that he took a mother and son through who wanted a two storey house with self contained downstairs living unit (granny flat) through and then wondered why i delisted the proeprty with him?
Basically if you cant listen to the customers you sure as hell cant listen to your clients. therefore no deal…
Stuart Milne
Stuart Milne
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@stuart-milne
Join Date: 2006
Post Count: 196
December 15, 2006 - 10:25 am
I just did 2 bathrooms, materials cost me $3000 Approx and labour including plumbing about another $3000. these were big jobs though as I had to remove and fill a sunken shower cubicle, replaster and sheet a couple of walls, and remove three walls and a wardrobe. it also included full tiling. I’m happy to say it was worth the cash to pay for the work to be done as the ime saving was well worth the expense.
Stuart Milne
Stuart Milne
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@stuart-milne
Join Date: 2006
Post Count: 196
December 15, 2006 - 10:18 am
does your roof need to be replaced or can you re-seal and paint it? the sealing and painting can be done yourself if it doesn’t need replacing? I would suggest 2 coats of acryllic bitumen followed by an under coat and two top coats of paint. A good airless and some PVA Wood Glue will assist with the finish and texture and the PVC when mixed with water and then into the paint assists with the flow and can thicken your coats considerably for minimal cost. it also seals exceptionally well and doesnt affect the longevity of the paint…
Stuart Milne
Stuart Milne
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@stuart-milne
Join Date: 2006
Post Count: 196
December 15, 2006 - 10:13 am
ok you said you have had the property for 5 yrs and rented it out for 3? did you owner occupy it for the first 2? if so speak to your taxation professional or Terry W from this forum re nil capital gains payable due to the owner occupation. I would suggst this is the case but not knowing your situation exactly I won’t speculate.
If you are wondering about finance there a quite a few brokers on this site who can assist should you need it.
Stu.
Stuart Milne
Stuart Milne
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@stuart-milne
Join Date: 2006
Post Count: 196
December 11, 2006 - 10:01 pm
Originally posted by queengucci:
I have gone all through every piece of documentation and contract and it is outlined NOWHERE not even at settlement that $10,000 was being taken out of my equity loan. They simply dumped the funds into my account minus $10,000.
The bank and the mortgage manager are stunned, and have confirmed it is not in accordance and that refinancing was completely unnecessary. My broker still has no answers for me but to “not worry about it”.
I have sent his complaints manager a 5 page letter including all emails to confirm that he told me “Not to worry about it” and sections of the law applicable…… with a letter of demand requesting they reverse out the transation which is not that difficult considering the loan has been refinanced with the SAME bank for the SAME AMOUNT.
This broker has cost me the following unnecessary fees, that I shouldnt worry about
1. Mortgage Stampe Duty
2. $10,000 worth of break costs
3. Fixed loan for 3 years. I was planning on selling the properties early next year and will have to pay further break costs
4. 0.75% increase in interest rate on $800,000
Now tell me guys, would you not worry?
Sounds to me like the broker charged you $10k in brokerage fees. I would suggest you check the page detailing his/her commission on the loans. To refinance a loan even a fixed term one to a higher rate would incur no fees with the majority of lenders break costs or not. Maybe a $700 fee but that would be able to be waived as well.
You may be able to apply for a mortgage duty exemption as you have already paid duty on that amount of money check it out with your local office of state revenue or the Govt Dept who handles these taxes they can advise you on this.
I would also be upset and speaking to the Ombudsman in relation to the other fees you will incur in relation to the extra $6k/yr (approx) in interest charges and break costs with selling next year.
Good Luck,
Stu.
Stuart Milne
Stuart Milne
Member
@stuart-milne
Join Date: 2006
Post Count: 196
December 11, 2006 - 9:48 pm
Thanks Marc, I checked their employment and whilst 2 of them have only been employed short term (1 for a week and the other 2 months) they came up ok. I also checked with their current Landlord and the reason for leaving there is a genuine owner re-occupation so that came up trumps as well. Great payment and maintenance history so what can i say apart from the place is theirs for agt least 12 months…
Stuart Milne
Stuart Milne
Member
@stuart-milne
Join Date: 2006
Post Count: 196
July 17, 2006 - 2:50 am
If the debt is repaid on those terms they have no right to list it on his baycorp file. I would take the terms and then appeal the listing. Baycorp will remove it and give them hell for that he has repaid the funds owed, so there is no requirement for listing…
Stuart Milne
Non-Conforming Specialist
READY Mortgages
http://www.readymortgages.com.au
[email protected]
Mob: 0404 056 055
Stuart Milne
Member
@stuart-milne
Join Date: 2006
Post Count: 196
July 17, 2006 - 2:41 am
Market Value = The absolute maximum price the market will bear for the goods at that point in time. This is why it fluctuates so wildly.
With regard to valuers on one of my recent purchases the valuer was kind enough to bring in the Valuation at $4k OVER what I paid for the property, and that is before We started on the clean up!
Stuart Milne
Non-Conforming Specialist
READY Mortgages
http://www.readymortgages.com.au
[email protected]
Mob: 0404 056 055
Stuart Milne
Member
@stuart-milne
Join Date: 2006
Post Count: 196
June 15, 2006 - 7:57 am
I believe you get a BCC Rebate
follow this link:
http://www.brisbane.qld.gov.au/BCC:BRISWATER::pc=PC_1460
but be quick time is fleeting.
As for tax? Speak to your accountant…
Stuart Milne
Non-Conforming Specialist
READY Mortgages
http://www.readymortgages.com.au
[email protected]
Mob: 0404 056 055
Stuart Milne
Member
@stuart-milne
Join Date: 2006
Post Count: 196
June 15, 2006 - 7:51 am
Terry you would probably be amazed at which lender had that fee. They may have changed it now, but it was on a five year fixed rate regardless of when during the fixed period the loan was discharged…
Stuart Milne
Non-Conforming Specialist
READY Mortgages
http://www.readymortgages.com.au
[email protected]
Mob: 0404 056 055
Stuart Milne
Member
@stuart-milne
Join Date: 2006
Post Count: 196
June 13, 2006 - 9:04 pm
Only 3% gee you guys are using the really nice lenders!
There are soem around who range up to 7% and this includes an internal refinance. Now that seems to be the pineapple treatment to me…
Good to see someone isn’t just focused on the rate and you’re looking at all of the options along with the full package…
Stuart Milne
Non-Conforming Specialist
READY Mortgages
http://www.readymortgages.com.au
[email protected]
Mob: 0404 056 055
Stuart Milne
Member
@stuart-milne
Join Date: 2006
Post Count: 196
June 13, 2006 - 9:00 pm
You may (read should) still be able to obtain the FHOG as long as you have never lived in the Properties you invested in. I posted a link a while back to the Federal Govt Website on the FHOG Rules.
Thats a lot of Rent to be paying out. Are you perhaps in a position to purchase more property and move into cheaper accomodation? would this suit your needs and/or lifestyle?
If you can afford to invest more Personally I say do it. It is however hard to give advice without knowing your full circumstances. Which is why this is only very brief and general advice.
Stuart Milne
Non-Conforming Specialist
READY Mortgages
http://www.readymortgages.com.au
[email protected]
Mob: 0404 056 055
Stuart Milne
Member
@stuart-milne
Join Date: 2006
Post Count: 196
June 13, 2006 - 8:54 pm
<u><i>Originally posted by Rexilla99:</i></u>
I am looking for my next investment property number 2 , I am looking for a house and land package, I would like some advice on anything to look out for and tips.
1.how long is settlement date for house and land package.
2. What happens if the builder does not finish in time for settlement?
3. If I buy directly of the builder is there a cooling off period? (property in Brisbane)
4. They are wanting $315k for the property ( 3 bed, 2 bath, 1 garage), I would like to buy it for $295k, should I come in with an offer of $280k?
5. What are the steps when buying a package?
I hope I can learn from other members..
Jason
Settlement depends on the builder, although traditionally I think you will find you will purchase the land followed by 5 or 6 “Progress Payments” or “Drawdowns” on you loan at each stage of the Construction Period. This depends on your builder and the contract you sign with them.
2. If the builder doesn’t finish in time you may have some remedy under the contract for damages, although most give themselves about 6 months longer than they will need in the worst case scenario to finish the construction.
3. NO. New homes have no cooling off period in Qld. The land component will, but the contract for the Construction generally won’t.
4. You can try, but I doubt it would be effective. Unless the builder is about to own the land and he doesn’t want to your chances of negotiating the price down AND retaining the full package are about the same as me winning the 100m sprint at the Olympics…
5. Same as when buying anything else.:
1) Homework, Research, Everything.
2) Ensure the investment is RIGHT FOR YOU
3) Obtain Funding for said investment
4) Negotiate (if possible)
5) Sign Contract
6) Pay Money
7) Inspect stages sign off on Draw Downs for Bank/Lender
Final Inspection – Collect keys, Give them to Property Manager, Make Money on Investment…
9) Buy more investment properties and retire young…
Jason, If you wish to discuss in further detail, I’m more than happy to, let me know.
Stuart Milne
Non-Conforming Specialist
READY Mortgages
http://www.readymortgages.com.au
[email protected]
Mob: 0404 056 055
Stuart Milne
Member
@stuart-milne
Join Date: 2006
Post Count: 196
June 13, 2006 - 10:43 am
NRMA is my preference Pay by the Month…
Stuart Milne
Non-Conforming Specialist
READY Mortgages
http://www.readymortgages.com.au
[email protected]
Mob: 0404 056 055
Stuart Milne
Member
@stuart-milne
Join Date: 2006
Post Count: 196
June 12, 2006 - 4:20 am
Bonnie if you are building two homes through them I would suggest you use that as leverage to get the tiles which are noted in your contrct at no extra price at exactly that.
Remind them the contract is binding, and you wouldn’t want to not use them next time…
Stuart Milne
Non-Conforming Specialist
READY Mortgages
http://www.readymortgages.com.au
[email protected]
Mob: 0404 056 055
Stuart Milne
Member
@stuart-milne
Join Date: 2006
Post Count: 196
June 12, 2006 - 4:18 am
I believe “Reasonable travel Expenses” are allowed.
And I also believe that yes you can claim more than one trip per year if they are in different Areas.
Best to speak with someone like your accountant first though…
Stuart Milne
Non-Conforming Specialist
READY Mortgages
http://www.readymortgages.com.au
[email protected]
Mob: 0404 056 055
Stuart Milne
Member
@stuart-milne
Join Date: 2006
Post Count: 196
June 12, 2006 - 4:15 am
I do. All my friends were supportive and still are. My Parents well they have their own as well and so it is a case of they don’t stress and my Father is always handy for advice. (The man is very strange but brilliant when it comes to businesses and running issues day to day). I also speak with my other associates with businesses and network with them for problem solving solutions as I believe most businesses should. It helps.
finding them is the interesting piece of the puzzle. If you know what you want then it can be simple. Or not. My last two were purchased against the advice of my Accountant and he is still stunned that I have managed to make them viable so quickly. But then I find it is amazing what can be done when everything is on the line and how I just seem to make it happen.
The best advice I can give is this – Know what you want. DO NOT settle for anything less. DO NOT compromise. Otherwise you may find it won’t work for you. Oh and research, research and more research. Like any investment a thorough understanding of what you are getting yourself into is paramount to success!
Stuart Milne
Non-Conforming Specialist
READY Mortgages
http://www.readymortgages.com.au
[email protected]
Mob: 0404 056 055