I fairly certain landlords insurance only covers you when a tenant causes malicious damage to your property, the insurance company then covers your lost rent while repairs are happening.

re your current situation. Yes try a new PM but also you might be able to do something simple and cheap to attract new tenants ie a ceiling fan etc…[Read more]

It’s always worth while trying to negotiate with them particularly if you’ll be providing them with ongoing business.

BB

cheers
BB

I’m way impressed, I live in Canberra as well and haven’t found anything near +ve cash flow in the ACT.

Re your current problem. I remeber when I was first starting and had nothing behind me, I borrowed some of my deposit from my brother and the rest on my credit card. Then worked real hard to pay off the credit card…[Read more]

If you want to send me an email after this sunday on erutan.cielo@act.gov.au I’d be happy to have a chat with you about the possibility of providing you finance.

cheers
Betty[]

Spoke with the two agents. One guy had a totally awful attitude (not sure if he just reserves that for women) and the other guy had nothing near a pcp and was much help at all.

Seems to me you must have…[Read more]

Can’t help you out with a template as I think it is best that you speak with a solicitor re this.

With your other questions though re research vs $$. There are a few people around who are doing a 50/50 split on the profits and losses.

If you are going to build up a substaintial portfolio I would suggest you look at setting up a…[Read more]

BB

I guess it depends on what you like. Some people prefer shares others like bricks and sticks.

Me I like the later. I’m not a financial consultant, but it might be worthwhile looking for a positive cash flow investment property. But if you are receiving single parents benefit payment from Johnnie then you can’t own a property other then…[Read more]

Just a few thoughts to help you get connected.

1. Attend some educational workshops on property, such as the ones Steve and Dave conduct, not the type where the are doing the hard sell.This way you will meet loke minded people.

2. Keep on at this forum and make connections with people living in your area.

3. Get a mentor who knows…[Read more]

BB

As an aside, It might be worth seeing if your insurance premium will reduce by adding deadlocks.

Re the rental increase I would suggest you find out…[Read more]

The benefit of this for the owner is if there is an upward movement in rents you can adjust your tenants rent upwards as well. With a 2 year lease you are both locked in.…[Read more]

My Mortgage Broker who I use in Canberra is Stuart Green his company is Greenlight Mortgage. His contact details are
stuart@greenlightmortgage.com.au

phone 6259 0204
Mobile 043 977 1707

He is a good guy. Knows his products and has been in the business for years.

Tell him Erutan sent you.

PS Davo’s right about the info you will need…[Read more]

BB

I purchased a town house down on the gold coast. Now don’t groan. It isn’t on the strip. It is in a suburb called Benowa. It is close to…[Read more]

About 4 or so years ago I purchased a property in Qld through (Kevin Youngs) investors club. This was at a time when I was fairly new to property investing. It attracted me because I was time poor and liked the idea of having someone research properties for me. The points that they talked about looking for re purchasing a property…[Read more]

You could scan the papers in that region to get a feel for what is being advertised and for how long. Or you could contact agents and pose as a person wanting to rent.

It also depends on the quality of the property and how you treat your tenants. if your a slum landlord people aren’t going…[Read more]

I’d be looking at whether this person works on a commission and if so would tread carefully as they may be promoting a “great buy” when really they are just the front person for a development that is into ripping off…[Read more]

I recently upgraded my insurance cover (I’m with AAMI). It was in consultation with AAMI. They have a proforma guide re this.

Cheers
BB

BB

I think the best thing to do is grab a map. Identify the radius area from the CBD that satisfies the 30min travel criteria required and start researching. Look for any major developments ie roads (this will impact on the time it takes to get to the CBD), buildings, sport/entertainment complexes. Also look at transport routes. Check out the…[Read more]

I’m not sure of the advantage of an independent valuer prior to purchase particularly given that the bank will be valuing if your taking out a loan.

Re the builder, I think it is a good idea to see if they can come along with you and check it out etc. Otherwise you could put a clause in the contract about the purchase being subject to…[Read more]

Re a person on the pension I guess it depends on the repayment requirements and whether they can prove that they can repay to the banks satisfaction.

I don’t think being a…[Read more]

Another idea which I have started on is speaking with friends, partners etc who I know have spare time and like using the internet. I have told them my goals on wealth creation and the types of properties I’m looking for. I have then offered to pay them a spotters fee for every property I purchase.

The way I see it, it is a win-win…[Read more]

I can provide you with her details if you like. I have a couple of properties which are scattered around the country side, insured through her.

The prices she found for me were cheaper than anything I could find.
BB

I’d be tempted to buy the investment property first and have someone else pay off your mortgage for you. Plus you can get tax advantages from an IP then if you were living in a house that you were buying.

You also need to look at the figures and what type of returns etc you’ll get.

Betty Blockbuster

One would think in most cases that the utilities would be connected when you initially inspect the property prior to purchase. Unless I guess if it has been a rental property and has been vacant for some time.

I’m sure you could come to some arrangement with the vendor so you can ensure equipment is functioning, otherwise you may get an…[Read more]

Last time I brought a property up near southport I used a group called Martinez Solicitors. They seemed to be good and on the ball.
Betty Blockbuster

The letter of offer can just have the details of the propoerty ie address, how much you are offering and the expiry date of the offer.

Betty Blockbuster

I think it all comes down to working out the figures on rates of return, median prices, demographics and other developments around (Just to mention a few things).

Don’t forget to buy with your head and not your…[Read more]

I haven’t heard of the guy you’ve mentioned, but I agree with terry. If it is a free seminar it is always worth a look. And if you don’t like it or it does turn out to be a subtle sell you can always leave.

The way I figure it is that you are not going to get all your answers from one seminar or one book.But you’ve got to start somewhere.…[Read more]

1) By obtaining quotes from a few real estate agents and working out the average value. But with this approach you need to keep in mind that it isn’t neccessarily the true market value…[Read more]

My recollection of the 5% figure was a ball park estimate. I would say that it all depends on the condition of the property and the quality of the tenant.

I’ll check my notes tonight and let you know if I read anything different.

Betty Blockbuster

I think we met recently at Steve’s weekend seminar. How is the action plan going?

Unfortunately I can’t answer your question re the calculator but will be meeting with my mortgage broker later this week. He is a resourceful fellow so I’ll check it out with him and let you know if he has any suggestions

Chow
Betty Blockbuster[][]

Thanks for proposing the idea.

Betty Blockbuster[]

Thanks for the insight. Our team did have a plan, but as with lots of other people we got caught up in the frenzy and I think the plans flew out the window. I was a bit frustrated by the process on the day but once I had time to reflect on it on the Monday I realised that the whole senario was what one has to deal with out in the real…[Read more]

He is a great guy I stumbled across him about 5 years again. I trust him without reservation and deliberatly use him as a broker as…[Read more]