Forum Replies Created
Nope, no advice, you are doing the right thing having landlords insurance!!
A coupls of my wife’s friends have had IP without landlords insurance and it has bitten them on the b-m big time.
While we have yet to see an occasion that sees us claim landlords insurance in a significant way (a couple of windows replaced etc.) it would probably seem significant if we didn’t have it!!
I have seen far too many examples of the consequences lack of insurance (especially after the Canberra fires) to not have insurance.
As to the best policy for you, it depends on your situation, see a broker, they should find you the best product for your situation.
Steve Kerr
Opportunity knocks softly, listen carefully!
CRIN – Canberra Region Investor’s Network
Steve Kerr
Opportunity knocks softly, listen carefully!
What a load of B******t!
ALWAYS have a subject to building and pest inspection as well as a sunbject to finance clause in the contract! And they should aways specify that the conditions must be acceptable to you – otherwise if you just say “subject to finance” then they could provide you the finance… at like 30%pa and you could be bound by it. If it is just “subject to building inspection” without the acceptable to the buyer but then it is possable that they hold the inspection – inspection says condemmed- still might have to buy, as a building inspection WAS done. If you can’t get those conditions in the contract, walk away, Hell NO!! RUN!! There is most likely a BIG problem waiting to bite you. (But maybe I am too cynical)
Hmmm, did you tell the agent you were bringing your builder friend along? If so I can see a common thread here – wants to eclude building inspection clause and wants you to make an offer before you bring your builder mate along to look at it…. I wonder which structural defect it doesn’t have??[biggrin]
The Building & Pest inspection and finance clauses are standard in a lot of contracts, I know they are in all of mine. The “subject to finance that is acceptable to the purchaser” clause is a great way of giving you an “out” from the deal if it begins to smell, even in some other way, it even builds in a bit of value protection as the banks do a valuation prior to approving finance.
Iwould deal with the owner – you might even be able to beat them down as they could save the REA fees.
Steve K
Note: the above is opinion only and not advice.
Steve Kerr
Opportunity knocks softly, listen carefully!
Hmmm, how about a play one the place name, like “The rota-Rooter Inn” [blink][blush2]
Steve Kerr
Opportunity knocks softly, listen carefully!
Dear Golburnites,
In Canberra we have recently formalised a social group called the Canberra Region Investor’s Network. We get together and talk about investing etc. We are mainly from a property base, but also look at other forms of investing as well. If you want to keep up to date please email Ed Nixon (Loans Approved) on [email protected] and ask to be placed on the mailing list.
There are other groups of investors that hols seminars etc in Canberra such as Wise Investments http://www.wiseinvestment.com.au/htm/default.asp who sell properties to investors (negative geared) and Prime Property (who sell their own developments to investors).
Wise is good for basic education and I have bought through them (for capital growth/neg geared). Their general info is sound though and they do have some good info sessions.
The Canberra Regional Investors Network is a not for profit organisation who aim to gather investors with a like mindset together to discuss property and other investment ideas. We also get speakers & Panels to talk on subjects of interest to investors.
Hope to hear from you soon.
Steve K.
Steve Kerr
Opportunity knocks softly, listen carefully!
Villas & Townhouses(on strata title) are generally classified as “Units” for statistical purposes and are reported as such in API etc. Duplexes can be more tricky depending on wheather they have seperate title or not.
This has been my experience to date, please feel free to advise if your experience is otherwise.
[cap]
Steve Kerr
Opportunity knocks softly, listen carefully!
I recently got a 6.99% rate for no doc loan through RAMS, but my circumstances are a little different from yours, ask your mortgage broker to investigate options for you.
There is a JV wrapper in Newcastle who has an associated financier who does a fully disclosed wrap finance deal, I got to him from this saite omewhere… I forget where now, do a search.
Steve
Steve Kerr
Opportunity knocks softly, listen carefully!
Hmm well I just bought a new Honda Jazz (through the company.. of course!) for $22k as the Lantra was making expesive smells… like head gasket/broken head smells! (NEVER liked it much anyways…). Can’t really justify the expense but we keep cars untill they die so will probably have this one until some alternate fuel systems come on the market at a reasonable price.
For best value fro your car you should (do as I say not as I do…[biggrin]) buy 2 years old and keep till they die… but I wanted the Jazz and you cant find the b***ers 2nd hand!!!
Now to really show unjustified expense, we had to replace the 121 bubble (written off darn it! Why couldn’t it be the Lantra????[angry2]) in March this year, and my wife packaged a new Focus through work… so OUCH too much on cars this year!!
I suppose that the Jazz will save the company some tax, and the Focus is leased with pretax dollars.. but still locigally we could have gone with seconhand bang boxes for a while.
Steve Kerr
Opportunity knocks softly, listen carefully!
About to echange on my first JV wrap. Bought for $137k, onsold for $179k with a 2% interest rate margin. Cashflow to offset other properties!!!!!
Steve Kerr
Opportunity knocks softly, listen carefully!
I think that you have tapped into a source of some angst for folks, the adjustment to sucess and the changes it produces.. in attitude of self and others. This is why many of the “gurus” have life coaches as part of the support services that they can offer. Part of it is change management and part is accepting the changes that it produces in others and adapting to them.
My Mum cannot handle my investments, all debt is bad to her. This means that I now don’t stress her by telling her of my investment decisions.. she doesn’t get stressed and thus doesn’t stress me. I personally think this is unfortunate, as I can see the opportunities and wish I could help her see them, but she is very set in her ways and I accept that.
While accepting that some folks will treat you different if you own IPs or other investments and altering whether you diclose this to them, you also need to find some folks who support your decision to invest in your finacial future… hence these forums and local groups that meet to chat about investing, tips, strategies etc… I am fortunate in that most of my brothers and sisters are property investors as well and I can talk to them about investing.. just not when mum is about[blink]
If you find that some people are being too negative about your being an investor (which is , after all, about helping others, be they tennants or whatever) then avoid the subject with them, if they keep raising it in a negative way, you may need to consider whether you can afford to continue to listen to them.. after all 90% of investing is in the mindset of the investor and too much negativity can be very damaging to any investment strategy.
You can choose your friends… and do so for different reasons, mostly it is common interests, hobbyists for your hobbies, footy mates for footy, and investors (even different types of investors) for your investing, thankfully there are forums like this to provide a meeting of minds on property investing. If you encounter too much negativity when you mention your investments, then don’t mention them in that company, protect your mindset – sad but true.
Steve Kerr
Opportunity knocks softly, listen carefully!
Insure from the date of settlement. You will need different insurance depending on the type of property, consult an insurance agent. Generally you will need landlord’s insurance as a minimum, then if it is a single house, property insurance as well, in addition; if you furnish the property then isure that too. If it is in a body corp, then the body corp usually insures the actual building, all you need to have is landlord’s insurance… my 3 IPs are in this situation, however I would consult with an isurance agent as they will tell you any insurance that is available for your particular circumstances.
Steve Kerr
Opportunity knocks softly, listen carefully!
Originally posted by Aceyducey:
Note this is a group organised by volunteers (who are investors) for property investors – it’s not like Wise or other groups organised to sell you something.We’re a very social group & always welcome new people.
If you want to be on the mailing list for events contact Ed Nixon ([email protected]).
Either Ed or I will put an announcement of the next meeting (the dinner) with all details on this forum in the next two weeks.
GREAT!!!
I suggest that we interested folk tag onto the existing group… avaiod re-investing the wheel!
I also sugest that we email Ed at the above address to get on the mailing list… hope to see you soon!
Steve Kerr
Opportunity knocks softly, listen carefully!
OK we got some goers!
Now.. where to meet? Suggestions anyone?
Time and date as well? Suggestions please.
Steve Kerr
Opportunity knocks softly, listen carefully!
Welcome Matt, have fun in the forum!
I believe that the oportunity to learn investing skills should be offered, not a compulsory subject which I hated doing and generally forgot as they had little practical everyday application.. I have never used calculus in real life!
That way those who had an interest could learn about the subject and meet and talk to like minded people.
just my 2cents
Steve Kerr
Opportunity knocks softly, listen carefully!
Definately something on how to nivest/analyse deals etc.. even if it was just playing casflow 101
Steve Kerr
Opportunity knocks softly, listen carefully!
Originally posted by Shushar:
[
26) No one knows the origins of their metal coat hangers.Nu-Uh Garfield knows this one! Scene one Garfield and empty cubboard. Scene 2 Garfield trows 2 coathangers into cupboard, closes door. Scene 3 Garfield opens cuboard to reveal… a cupboard full of coathangers!!
Yep they BREED!
Steve Kerr
Opportunity knocks softly, listen carefully!
Originally posted by Rugbyfan:I think there are a few that are more deadly than the Red Belly.
The King Brown gives about 15 minutes before your heart stops, then there is the Death Adder, Taipan, Copperhead. I think they are all worse that the Red Belly.
There is one snake though which is not deadly to humans because I think it is either too small or does not inject enough toxins. It kills rodents and other small stuff. The venom is supposed to be able to stop a heartbeat in a matter of seconds.
‘Eat rich food, barbeque a yuppie’ [greedy]
I think the one that you are thinking about actually has small fangs set well back in the mouth, and can’t penetrate human skin, the MOST deadly spider venom is actually the daddy long legs, but it similarly can’t deliver it’s toxin (nuro toxin of some type I think…) through human skin.. lucky that eh??
The White tailed spider is tha one that causes continuing ulcerations (i.e. eats flesh) and that can deliver its toxin through our skin.. again both are found in Australia… the lucky country!1[blink]
Ever heard the Bill Cosby skit on bugs/roaches/spiders around the house? It’s a scream… basically reflecting the role Chan$ ( and I) get landed with.. the pest exterminator.
“It’s just a tiny spider.. can’t hurt you.”
“KILL IT!!!”
“but it’s not doing any harm…”
“KILL IT!!! Ewww horrible thing. KILL IT!!”
“Yes dear…” squit
“Yuck!! Now take it outside”Heheehe reminds me of a time when I DID get a bit creeped out.. I picked my Dad up from work and was driving home. Flicked the sunvisor down as it was sunset and I was driving into the sun.. just before a round-about (yep that Canberra for you..) a LARGE (well not as bit as that camel spider.. but about 5cm across) spider drops onto the STEERING WHEEL just as I enter the round about… some VERY interesting steering techniques were employed getting round the rounabout I can tell you!! But the worst thing was… I COULD NOT LOCATE THE SPIDER AFTER THE TURN!!! Heh![blush2] a quite erm .. tenuous trip home keeping an eye out for it on the dash.. around the feet.. in my lap…
Every get that skin creeping feeling that you get when you brush a cobweb?? Well thats how I felt driving the 25km home that night. Just a tad jumpy[eh]
Steve Kerr
Opportunity knocks softly, listen carefully!
LOL!
add in the fact that some words have different meaning but are spelled or sound the same.. such as “well” as in “are you well?” (state of health), “well??” (inquiry meaning get on with it, finnish what you were saying) and “drawing water from the well” (a hole in the ground full of water).
Blue and blew!
No wonder English is a second language to a lot but the only language for a heap more.. the poor suckers that learned it as a native toungue (look ant the spelling of that one for example.. NOT logical!! Should be tung[confused2]) don’t have enough left over intelect to learn other languages after coping with the English language structure and syntax!!!
Great post Geo!!!
Steve Kerr
Opportunity knocks softly, listen carefully!
Originally posted by geo:nah not 400…theres not that many things to reply to…hehhehe…need new tactics…any ideas???[blink]
“If You never never ask, you’ll never never know”
Hmmm, Start frivolous threads?? [confused2][evil4]
Reply to your own posts!!![grad] Oh.. wait that would mean you were talking to yourself.. the first sign of madness… .. . [upsidedown][withstupid]
Steve Kerr
Opportunity knocks softly, listen carefully!
Hmmm Chan$,
$5million for 3 stars… you got a JV development in mind???
Steve Kerr
Opportunity knocks softly, listen carefully!
