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  • Profile photo of vik_famvik_fam
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    @vik_fam
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    September 2, 2003 - 9:20 am

    Thanks for all of your advice…

    Another thing that concerns me is finding a reputable builder. I am very green, and don’t want to get ripped off. How do I judge what is a reasonable price and what is ‘she looks blonde, I’ll add on 25% dumb tax’.

    Other than location, what factors do I need to take into account when choosing land?

    Thanks again,
    Victoria

    Reason can answer questions,but imagination has to ask them. — Ralph Gerard

    Profile photo of vik_famvik_fam
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    @vik_fam
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    August 30, 2003 - 12:46 pm

    Thanks for the heads up, Gary.[:I]

    Would this be the same deal with buying an existing 6 pack? How about if it was 2 or 3 duplexes on a block?

    Thanks,
    Victoria

    Reason can answer questions,but imagination has to ask them. — Ralph Gerard

    Profile photo of vik_famvik_fam
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    August 14, 2003 - 1:07 pm

    I think Andrew asked an important question about what the current tennant is doing.

    With higher costs your negative cashflow could break you if the current tennant moved out. How long could you afford to keep up the payments if you were unable to find a tennant straight away? 1 month, 2?? (I don’t know what your situation is, you may be able to cover it much longer, just something to think about.) The reason I say this is that my Mother taught me to look at the worst case scenario first. If the worse case scennrio is still comfortable, then you should be fine. Just don’t assume that the best case will stay forever or you could end up in trouble.

    One question that springs to mind, why is the current tennant paying so far above market value?

    My final word is, research… Make sure you know all the nitty gritty before basing a decision on what the real estate agent tells you. You know that their agenda is!

    Good luck, I hope it works for you. Let us know.

    Victoria

    Reason can answer questions,but imagination has to ask them. — Ralph Gerard

    Profile photo of vik_famvik_fam
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    August 14, 2003 - 12:59 pm

    I think that this is the silliest advice I have ever heard!!!

    For the owner/occupier or for the investor, there is no need what-so-ever to pay top dollar.

    Generally when selling a home, the vendor will add a bit on to their expectations in order to play the game. By offering the full asking price you will most likely pay more than they really need to be happy to sell. By offering every dollar you can, you leave no room to move and may end up paying too much when the seller decides that they want to play the negotiation game.

    I think it is important to remember that there are thousands of properties for sale, and hundreds coming on the market every day. The home you see will not be the last you will ever see. Even if you miss an excellent deal because you tried to negotiate a better price, there will be another along soon. If you had offered your very best price, would it really have been THAT good of a deal anyway.

    Does anyone on the forum think that the advice is valid??? I’d be interested to hear your opinions, maybe I am just closed minded?

    Regards,
    Victoria

    Reason can answer questions,but imagination has to ask them. — Ralph Gerard

    Profile photo of vik_famvik_fam
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    @vik_fam
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    August 12, 2003 - 7:39 am

    Hi all,

    Having worked in insurance this topic makes me feel a bit worried. Please, never take advice from a consultant over the phone as to what your sum insured will be. They can’t see the property and are working on VERY broad averages.

    Best thing is to get a builder to quote you on building a property to the same size and similar materials.

    With regard to removal of rubble, the company I worked for cover this and many other things (like loss of rent, temporary income, builders costs, legal fees etc.) on top of your sum insured. Check the fine print and don’t pay for anything you don’t need. If in doubt, get the conultant to quote to you EXACTLY what is covered within the sum insured and what is not. Clearly define what is building and what is contents (sometimes you would be surprised).

    Hope this helps,
    Victoria

    Reason can answer questions,but imagination has to ask them. — Ralph Gerard

    Profile photo of vik_famvik_fam
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    August 10, 2003 - 5:48 am

    Well I think the whole issue is an interesting one, and I have written to the author of the 3 articles asking his opinion on a lease-option, which in my opinion is a whole lot nicer for all concerned. Wrapping to me just sounds a bit scary. 25 years is a heck of a long time.

    What if I wrap a property to someone (is that the right terminology) and I die in a car accident. Where do they stand? What if they die? What if, in 10 years time, they still can’t get a loan from a bank to pay me out? What if they decide to move? What if I want to get out of the deal if my situation changes?[?][?][?][:O][?][:I][?]

    In the lease model, offered by Steve in his book, it is so much more flexible. I own the home, I am the landlord. They rent the home. One day the situation changes? They either buy, or they move out. They don’t lose anything out of the deal (except perhaps their option fee), and I don’t lose anything either (except a long term tenant, who is totally motivated to pay on time). Doesn’t that sound a whole lot cleaner?

    Let me know what you think of this.[:)]

    Profile photo of vik_famvik_fam
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    August 9, 2003 - 9:18 am

    PS, excellent book, very easy to read and very informative for the newbie.

    Bought it on Thursday, finished reading it on Saturday.

    Profile photo of vik_famvik_fam
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    August 9, 2003 - 9:17 am

    Hi kids,

    I bought the book from QBD – the book shop. They are having a sale, 12% off everything, so I paid just $26.36, even though they had to order it in for me, as it was out of stock.

    What a deal!!! Check it out![:D][:D][:D]

    Profile photo of vik_famvik_fam
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    @vik_fam
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    August 9, 2003 - 9:00 am

    You know, I am looking into this and my age seems to be a barrier in the oposite way. I am 25 and people might look at me and think ‘she’s too young, I don’t trust her’ etc, especially when offering wraps etc. Would married couples in their 30s be threatened by a successful person my age? Would those in their 40s wanting to buy a home trust the word of a young wipper snapper [:P] like me[?]

    Anyone out there making a go of it? What have you done to overcome this?[:)]

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