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VictoriaC
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@victoriac
Join Date: 2012
Post Count: 18
April 6, 2012 - 9:29 am
Hi Joe,
My solicitor charges $1500 including the searches, but that’s Sydney CBD prices, ACT may be a bit cheaper. Money well spent to ensure your deal doesn’t fall over.
VictoriaC
Member
@victoriac
Join Date: 2012
Post Count: 18
April 4, 2012 - 9:27 am
Have you tried Terri Scheer? They specialise in LLrd insurance – apprx $360pa.
I use them for all my clients properties in Sydney and they are excellent – I know they cover all states.
VictoriaC
Member
@victoriac
Join Date: 2012
Post Count: 18
April 4, 2012 - 9:23 am
Hi Joe,
Although there are kits, I wouldnt risk doing it yourself. Using a solicitor ensures its done correctly, so many potential errors you could make that could cost you a bomb. The solicitor that I use will only charge for a sales contract once, ie. if you dont end up selling this time you can use the same contract next time you go on the market (with a few minor changes made by the same solicitor). The only part you have to pay for twice are the searches if they have expired by then (eg: in Sydney the 149certificate is only valid for 6 mths), but you will have to pay the same price for these if you do the contract yourself anyway. You should ask your local solicitor if they will do this for you.
Cheers,
Victoria
VictoriaC
Member
@victoriac
Join Date: 2012
Post Count: 18
April 3, 2012 - 10:18 am
Hi NM7,
You can find out which agent leased your neighbours property (they are most likely still the managing agents) from RPdata or APM – both are software that agents use but you can get info from them too – you just need to pay them per search – http://www.rpdata.com.au.
Or, if you know a friendly agent in the area they should be able to look it up for you for free on their software…..I am a Sydney agent, I'd do it for you but we dont subscribe to WA!
Good luck,
Victoria
VictoriaC
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@victoriac
Join Date: 2012
Post Count: 18
March 30, 2012 - 11:30 am
Im guessing this is a franchise agency – which one?
VictoriaC
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@victoriac
Join Date: 2012
Post Count: 18
March 20, 2012 - 11:01 am
Hi Scha9799
That comment was kind of out of the blue! Why do you say that? Ive been looking for peoples feedback on Property Secrets (wondering if I should buy through them) – have you had a bad experience?
Labrador in love – sorry to hear about your bad experience but as a tenant it is key to remember that all promises made by Landlords and/or Agents are completely irrelevent unless they are written into your lease. I'm not saying this agent did the right thing, sounds like they were misleading or at a minimum not very competant but Ive been a Property Manager for 11 years (an honest one I swear! ) and I can tell you that we dont always know an owners real intentions and secondly, a property that looks like it will be an investement for years to come can all of sudden need to be sold (owners having financial problems, divorce etc), but an experienced PM should have explained to you that there are no guarantees rather than making promises they potentially couldnt keep.
If you want a long term tenancy you are best off asking for a 2-3 year lease or a 1 year lease with options to extend – these terms are legally binding, even if a home is sold to new owners. But keep in mind that to secure a long term lease you will probably have to agree to a rent increase written into the lease for each year – otherwise its no longer an attractive offer for a landlord, its give and take.
And ALWAYS read the lease before you sign. I dont think you will have any legal recourse because at the end of the day you only signed a 6 mth lease.
You live and you learn, hope you find a great new long term home soon.
VictoriaC
Member
@victoriac
Join Date: 2012
Post Count: 18
March 11, 2012 - 11:22 am
Hi Blade,
Im not an accountant but its my understanding that you will have to lodge your return for financial year 2010-2011 by end March this year – has to be lodged by an accountant though (you've missed the Oct cut off to do it yourself) and then the money usually has to be paid by May.
Regards,
Victoria
VictoriaC
Member
@victoriac
Join Date: 2012
Post Count: 18
March 11, 2012 - 11:16 am
Hi Engelo,
Congrats on your purchase. Let us know how you go once the reno is finished – really interested to see how long it takes you to rent out and for how much.
Victoria
VictoriaC
Member
@victoriac
Join Date: 2012
Post Count: 18
March 1, 2012 - 3:19 am
Thanks Terryw, understood, will NOT trasfer house into my name.
I understand what you are saying about the PPOR being capital gains tax free, but we only plan to rent for a few years then purchase again. In the meantime we will rent a property for less rent than the interest we get from having our money in the bank (or for less than the return we are getting on the investments we are using the money for) will give us, so we will still be ahead. We are also not that attached to our house and do want to sell and move on anyway (for various reasons) it has always been a case of when to sell and whether to buy another house straight after or wait a few years.
I am still confused about the ownerships structure – in Steve Msknights books it talks about the best structure being that one person owns the lifestyle assets and one owns the investment assets. If we keep our current house then we both own our lifestyle asset and if the new investment line of credit is against the house then I guess you are suggesting that we would both own the investment properties too.
Am I missing something or is it not that big a deal to both have ownership over all assets?
VictoriaC
Member
@victoriac
Join Date: 2012
Post Count: 18
February 29, 2012 - 12:23 pm
Thanks Jamie,
Ive been reading some other posts tonight – would like to speak to you direct in view of organising some finance for me. Ive sent you an enquiry with my details via your website.
Victoria
VictoriaC
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@victoriac
Join Date: 2012
Post Count: 18
February 29, 2012 - 10:14 am
Hi Tiger,
Not sure what state you are in but in NSW agents are legally obliged to give vendors all offers in writting so you should definitely submit it in writting or they may not be taking you seriously. Perhaps offer flexible conditions too – for eg. long or short settlement period, whatever the vendor prefers.
If your offer is still rejected keep in mind that its the vendor saying no, not the agent. But not a bd idea to keep reminding the agent that the offer is there every week by email, as teh weeks go on the vendor might be more likely to take it if they have no other interest.
Good luck.
VictoriaC
Member
@victoriac
Join Date: 2012
Post Count: 18
January 28, 2012 - 11:34 am
Dont do it. You said that the worst case scenario is that it will cost you $20K, I disagree. The worst case scenario is that other issues will be found and you get hit with many special levies.
Also if you find that you need/want to sell the unit you may not be able to get your money back – if you are concerned about the report other buyers will be too.
I had a friend buy a unit 2 years ago as an investment AGAINST her solicitors advise, major plumbing works needed in the building. After MANY special levies she couldnt afford to keep it anymore – sold for about $10K more than original price but lost a lot of money in interest, repairs, levies in the process, aswell as a few trips to Tribunal with a tenant wanting compensation for the inconvenience of the repairs! She too fell in love with the unit – now its just a bad breakup!
NB: get your solicitors advise.
VictoriaC
Member
@victoriac
Join Date: 2012
Post Count: 18
January 28, 2012 - 11:22 am
Im a PM in NSW so rules in WA will differ slightly, but in NSW you can represent yourself at Tribunal so I recommend you do that – the new PM wont be much help if they dont know the history anyway.
You will need to show the ingoing condition report and the outgoing report (or just a list of things that were different when tenant moved out), photos will help too.
Then, if you are claiming repairs or damages you may have to provide quotes (in NSW we need 2 quotes) or invoices if the work has already been done. You may also have to prove the age of the items in question ie. the Tribunal rules that carpets have a 10 year lifespan so any damage done to a carpet can only be claimed if you can show they are less than 10 years old – if they were 5 years old and the tenant had damaged them to the point they need replacing you may be awarded 50% of the cost.