Then find a new lender! There are certainly lenders out there who will give lists of valuers, enabling you to take exactly the course of action that you outline.I know it's annoying, I'm with you…. but to extend your analogy – you're not buying an apple, you're paying for the bank to have an apple, because the bank having an apple is one of t…[Read more]

I haven't taken out a landlord's insurance policy for a while (I have commercial properties at the moment), but I do find insurance brokers are generally worthwhile, and here's one that specialises in landlords' insurance (no affiliation, nor a recommendation – I just found them using google):http://www.terrischeer.com.au/Good luck,Tracey in…[Read more]

Geoff, there is a legal issue here. As correctly pointed out by SNM, the valuation ordered by the bank is for a specific purpose and therefore the valuers' concern is that if the owner has access to it, they may rely on it incorrectly – not understanding that it is not a market valuation, for example – to the owner's detriment, eg by selling a…[Read more]

ScottNoMates, I know I'm not Richard, but I hope you don't mind my jumping in and answering: my understanding is that the answer is "yes". This is why I've advocated several times on the forum that one should never pay off a loan, but instead deposit excess funds in a 100% offset, even on your PPR. Then if you move out of your PPR and decide to k…[Read more]

Welcome, morts! Thanks for sharing.

If you don't yet have landlords' insurance, I doubt you could get it to cover these existing tenants. It would be non-disclosure (fraud) not to tell them about the smashed window, and once they hear that, I can't imagine they'll want to take those tenants on. I could be wrong, but I think you've left it too late… make sure you have it in place…[Read more]

I wouldn't buy an apartment and I wouldn't buy one bedroom – I think that's a niche market. I wonder if you may have problems with the max LVR that you can borrow (ie may only be able to borrow 60 or 70%), but I'm sure the many mortgage brokers on the forum can clarify that.I'd buy a house instead, and I'd focus on a large regional town or an o…[Read more]

OK, Bronte, I'd like a bit more info, please:1) How much money are we talking about? What was the purchase price, how much do you owe, and what is the potential rental income if the work is done?2) Have you thought about paying a handyman or retired builder or somebody from elsewhere maybe $2 000 to go there for a week and do all the jobs that…[Read more]

It all depends on the price… There's a guy called Josh Hunt who I heard speaking a while back, and he told some stories about HV power lines. (If you've never heard him speak, and you get the chance, take it; as well as being knowledgable he's the most entertaining speaker I think I've ever heard.)Josh is now "big time" and bought Fitzroy…[Read more]

Oh, yes I improved the ROI! The rent appraisal as a big house was $400 per week on a $720K house. Now it grosses $3100 per week … So yes, even with my exceedingly high leverage, it's cashflow positive. It cost me about $1.1M to complete (purchase $720K plus refurbishment and furnishings plus holding costs $380K), was worth about $1.4M i…[Read more]

What kind of "colluding" were the real estate agents doing? I can't figure out what they were doing to disadvantage you…With regards to improving street appeal, then just paint the bricks – this can look almost as good! And add timber "faux shutters" aside the windows.Don't drop the price to $100K, but if you really want to get rid of it (why…[Read more]

Hi Geoff. I hate to break it to you, but I'm with LAAussie (Marc). Your price seems way too high from a cursory look at the numbers – and the fact that it's been on the market so long would seem to support that. Have you dropped the price in that time?The low rental yield combined with the fact that one couldn't get a low doc loan or high LVR…[Read more]

Hi S!All of these ideas have the potential to be profitable; to me the main disadvantage is that you can generally only get lower LVRs (usually from 0 to 60 on the ones you've mentioned, I think) and I like to leverage at a higher level. I do own a fully furnished student accommodation in Spring Hill (Brisbane), which I bought not because I was…[Read more]

Anthony, I think you pretty much already have your 2 investment properties, so well done! Reached your 2008 goals by the 4th of January! Seriously, I think Richard has some great suggestions and I would talk to your accountant. Ensure you ask them what the structures will do for you from both an asset protection and tax perspective. (I think…[Read more]

And Trent C is a good broker. Hi Trent, welcome to the site!Regards, Tracey in Brisbane

OK, first let's address the fundamentals:Do you have a (GOOD) accountant, solicitor, and mortgage broker? I think these are your key team, and the mortgage broker is "even keyer"  – plenty of people on the forum to give you recommendations on this front.Do you have structures in place? (Trust, corporate trustee, etc – as appropriate for your si…[Read more]

Is the vendor considering an offer, or have they accepted an offer and thus have a conditional contract? If the latter, then my understanding is that you can't do anything except be ready with a "back-up offer" if the conditions aren't fulfilled, at which time the agent can present you with the back-up offer. If the vendor hasn't accepted the…[Read more]

Personally, unless you think it's a fundamentally bad investment – ie negative cashflow won't be compensated by anticipated growth – then I'd refinance rather than sell. You'll get as much, or more, cash in your pocket, and you continue to benefit from the property's capital growth. Two years is not long enough for time to work its magic! Pundits…[Read more]

Phorsha wrote:
 charged $88 (and that was apparently pension rate – I made my dad call so I could get the discount). Now $88 for 20 minutes that equates to over $4 a minute, if that isn’t fraud I dunno what is.

Um… getting your Dad to call and get a pensioner discount that you're not entitled to???? Sorry, I'm not really meaning to be unkin…[Read more]

I've been in this situation and my legal advice was that, unfortunately, the contract in QLD only imposes (or imposed at that time) performance penalties on the buyer for not settling on time, but not on the seller!   Definitely seek legal advice; your lawyer should be "all over" this. If you're using one of those conveyancing mega-factories…[Read more]