Forum Replies Created
Hi All,
These tickets have been registered and reserved. They are still for sale for $298.
The conference is for the 10th to 12th of June.
Jamie,
We had a family member who was on a lease and about half way through we put it into the hands of a property manager when the tennant started to have other people start living in the house. We had stressed to them that we wanted them to have the property manager screen any person they wanted to share the house with (minimise damage/risk) We then found out he bailed on the lease and left it to the shared family/familes( we were told by next door neighbour upto 17 people living in 3×1) then spent the next two weeks organising new locks and getting the other family out so we could do an inspection and blast said family member and hit them up for the money for repairs. of course they didn't do any damage so had to suck it up and do all the repairs at my cost with insurance only covering some of the repair costs.
Kinda sucked big time but i've learnt several good lessons
1 Insurance isn't everything. you can have top cover and still be putting your hand in your pocket.
2 Never lease to family/friends
3 Always jump on things urgently like rent not being paid etc
4 Always take bonds and register them with the REI of your state and tennancy boardall the best with your decision and don't be afraid to put your foot down with the tennant on issues if needed.
Cheers
AirstrikeHi DHCP
Been there done that never again!!
The tenants totally trashed the house to the point I was out of pocket $10k after insurance etc. was fighting the insurance co over every thing and after 2.5years have given up and moved on. I've put it down to a learning experience.I don't intend to put you off however i suggest that you get your insurances, landlords, building and specifically contents as most insurance company's offer this as a secondary but don't tell you things like carpets are contents, up to date. Also get a good Property manager or screen your tenants extremely well. It took me nearly 6 weeks full time to fix the damages to a liveable state again (all done after hours and weekends) so after the whole scenario was execeptionally depressed and unmotivated to do anything else – eventually we ended selling the house after about 18 months.
My wife was in tears for nearly a week after discovering all the damage to the house that we had spent so much time renovating for ourselves.Take care and do all your due diligences
Hi VSdabhi
I Live in the City of Gosnells (shire for Langford) check the city's website at http://www.gosnells.wa.gov.au/default-gosnells.asp
Look for the section in Hotlinks (on the main page) called zoning enquiries and download the R-Codes that are applicable to the City and this document will explain all the relevant details i.e how many blocks(Houses) you can put on the block you are looking into. If you live locally pop into the Head office and have a chat to the town planner – they are usually very good however sometimes they can be very abrupt as per my dealings with them.This information should be available from all the City's/shires in WA and across Australia.
Newmoney FYI as well
Cheers
AirstrikeTe
I completely understand your position being another self employed person as well. The only thing i can suggest is get a good accountant, try to improve your cashflow and save every cent you can.In my opinion only the uncertainty of mortgages is going to severely slow to stop lending in Australia. The introduction of this new legislation is going to cripple many hard working self employed people because they do not match the criteria of being in a "good credit position". I myself work all year turn over approx 100k a year – but because most of this money is made between Sept to April the banks don't like my serviceability. However the money i make over the summer months carries myself over the winter months and i usually end up living of a credit card at the end of august/september before we start to make our money and repay all our debts to start stockpiliing our savings to start all over again. How is someone like myself supposed to find money for investing – well we approached a bank and a financial plamming expert and the basis of their reports consisted of was to earn more money than you spend. like we didn't know this originally.
Sorry to hijack your post but does any financial people (Richard, TerryW etc) have an opinion on this. I had spoken to ANZ to look at borrowing to invest in an IP – but basically got told that most of the "borderline deals" would get refered to business banking for approvals and unless you have a lot of equity it would look like the deal would fall over.
JacM – surprised by your comment as CBA would not approve any loans but ANZ did!
Hi Eyefour
Only certain sections are currently being rezoned. According to TPS6 (town planning scheme) the idea is to encourage people to commute and use public transport so any area within a 10 minute walk of the train station (my house is 3 minutes stumbling distance) is being rezoned.
Unsure as to exactly when but have been advised by coucil it will be within the next 18 months. Currently council has plans in with WA Planning Commission so could be sooner or later than this. i am still unable to confirm an exact timeframe as to when. Hope this helps !
Cheers
SteveHi Wayne,
I did stumble across a package called Smart Draw. it does do basic floor plans etc. I actually designed an office fitout on this programme as a guide for the client in about 3 hours after downloading it that day. it does come as a free trial, with full usage, but after 7 days you need to purchase the programme. It costs about aus $250 after conversion from US dollars. the only draw backs to this programme i found in the trial version was if you wanted to print or email the plan you had sample from Smartdraw printed over the plan but you could work around that.
website is http://www.smartdraw.com.This is not a recommendation, try the free trial to see if it suits your needs.
Cheers
SteveHi Kimandglen
Which lender is this??
Cheers
AirstrikeGarry,
Sorry to sound Richards bell, but on this forum there have been a lot of first time posters with glowing reports on what this company is like or what this other company is marvellous. I can't speak for Richard on his understanding or knowledge of this company but i think he, along with many others including myself dont approve of these timewasters posts here.
have a look at https://www.propertyinvesting.com/forums/community/opinionated/4324800 and understand why Richard bites at all first timers and look at all posts with regards to an organisation and gauranteed there is always a first time poster with a glowing report in the first 4-5 posts. i recall one where the first timer posted within 45 seconds to the question. Sounds a little bit biased.Cheers
AirstrikeI also attended the Sydney seminar and was intrigued by Aussie Rob's trading system. His wife was on stage and made a few trades to show how easy it is.
My question is; Is short selling of shares legal in Australia.? My understanding is that it wasn't. I understand that he teaches you how to place your own trades (i think on the US market) and thus leaves the legal implications behind as not trading in Aus market.
Can anyone who has used this program verify this?
Cheers
AirstrikeHi Wayne,
if you are adding a stud wall i am pretty sure you don't need council approval. I am in perth and i put my own stud wall in my house. I think that if you are removing structural walls your are required to get coucil approval but if you are replaceing what was an exisiting wall you don't.
I definately would suggest contacting your local coucil regarding this though.
Let us know how you get on as i am curious on the legality of my own wall, and would be a good idea if clients ask regarding this as well, i do ceiling fixing / suspension ceilings and stud wall frames so if you need any help message me.
Cheers
Landlords insurance is only as good as the company behind it. I am arguing with a company regarding damage to carpets. i have full landlords building and contents insurance and the company in question will not replace the cigarette burnt, motor oil stained carpet as it terms it "dirty living"
I agree that not doing your own inspections is just asking for trouble.
Cheers
Where are you located? have you tried contacting some of the smaller niche builders and one man teams as these guys are always trying to source good help. Being able to only work weekends may cause a few issues with some of them and also council issues (i cant work before 7 am or after 4 pm on sat and not at all on sundays.)
Good luck with a great idea at trying to advance yourself and get some valuable hands on experience.
Hi Azalia,
as they say another bus is just around the corner.
I would like a copy of that option template and its good to hear from another Perthite. I'll pm you my email address.
Cheers
Hi Guys,
Been a little busy with work and have realised that i didn't thank any one for their responses so "Thanks guys and girls'
appreciate the info. The property ended up getting a cash offer so lost out on this one……. next!Cheers
AirstrikeHi
If you are purchasing the property, then you can charge penalties if they are delaying settlement. usually this is appropriated into payment of 2 weeks rent or similar. if you are selling the property then you can put penalties onto the settlement. The best thing i would suggest is get some independant professional advice from a settlement agent/conveyencer or lawyer. I also think it has to be written into the contract but not 100 % sure on this.
you've got a lot of courage to do a settlement on your house especially if your a first homebuyer. I know a few settlement agents who employ other agents to do their settlements for them.
Cheers
AirstrikeAzalia,
This EMF company sound a little bit like Wealth Guardians. My parents were looking at something similar to this which i advised them not to get into. They source the property, sell it to the investor on the cheap (read expensive) and then split whatever profits if you sell 60/40 favouring themselves. the investor pays to keep the property including all payments on loans rates etc and they get the sell fee, 60% of the pofits and they take first option to repurchase the house to then onsell the whole deal again.
my only suggestion is do your own diligence regarding any company or person offering you a deal!
What was the CCorp course like? I've read a few conflicting stories regarding CCorp and Carly Crutchfield
Cheers
Airstrikeif i read this correctly you are paying 3 mortgage payments a fortnight? how long have you kept that up for as you would have built up quite a lot of equity in your unit if its been more than 12 months. i think that you should approach/evaluate another broker and get their opinion on your finance side of things. if you have a reasonable amount of equity you could refinance, buy your mates place and rent them both out while you live with your parents for 12 months or so, to build up some more equity to duplicate your plans.
good luck and i hope it works out for you guys
Firstly the rule is a rule. Rules can be broken and bended to suit what requirement you need. Just because it doesn't fit Steve's 1% rule now, what about future redevelopment potential, annual rent increases etc where the rule might fit.
I understand exactly where you are coming from that some of Steve's rules dont always apply, but look outside the square and you will be surprised what you might be able to negotiate.I live in Perth and at one point I lived some 200 metres from a train line and we never noticed the trains until around 10pm or so. these are ambient noises which get amplified later on at night.
If you did redevelope the block look at extra insulation on the back units for sound proofing and many builders would/should suggest good building designs to limit this sound as well.
