Forum Replies Created
Hi all
Lets hope I know what I am doing!! As I have just signed up my 1st rent to buy tenant/buyer!!! and she is thinking about rent / buying nest door and it's not even finished!! Not even 1 week from my 1st ad.
Yipee!! Lifes good!!
Thank you for your help over the last week, wish I had heard of it earlier!
Hi Mr fair go
I have prepared the following:
– a facts sheet outlining the basics with a list on the back of why it's good for them
– a sheet with 3 differnet options – different for them pretty much the same end result for me.
– a brief contract – more like an offer/acceptance form, which outlines the main option points ie: the option premium / rent / option amount / what gets credited / expiry date / rates who pays / maint who pays etc. I also have a bit on the bottom which they sign saying I have explained to them and they understand what happens if they default / do not take up the option etc. – basically if you default you loss the credits etc.I have a solicitor on the ready to draw up the option. I also, keep $1k of the premium for legals etc.
I had 2 thru on the weekend, but they can only afford $250 pw ? no way will they get a mortgage for around 300k.
I took a couple thru last night, they signed up. Then when I looked at thier income and his work history (she told me she was on a disability pension due to a disabled daughter / I was a bit sus and asked her a couple times – is it a pension or single parent ?) , I thought they can afford a mortgage so why not just buy it right away!! The fellow said yes. But oho I didnot have my offer and acceptance for sale with me, so I said I will go home draw them up and pop around.
As I was driving home I thought to my self – these guys a really young and not real bright, I should organise a broker to go see them and sort a mortgage out for them, I do not want to put anyone in a position where they loss thier money. I rang them and she said – we have decided it's to small!! I was right it's a single parents payments – she not supposed to have a fellow living with her. So no way would they get a mortgage now or by the expiry date.
Anyway, I will carry on trying. to either sell or rent to buy.
Can I send you PM's with questions?
Celeste
Hi Mr fair go
I am still getting phone calls today – excellant.
I still haven't got the offer in writing, very frustrating waiting, waiting.
Especially since the response to rent to buy has been so good. I am champing at the bid to sign some one up!!Celeste
Thanks my fair go
I had a home open today, advertising the rent to buy option. I have had 3 replys and would you beleive the REA rang to say he has a couple wanting to put in an offer to buy Monday!!
no.1 – just cannot afford a mortgage of more than $150k and he is 75yrs lod, so he will not do
No.2 – wants 4 beds, all tho she is going to call me tomorrow to see if it is still on the market.
no. 3 – was an internet inquiry. I have just answered it, so waiting on his details,So looking good so far, I didn't think anyone knew what a rent to buy situation was!! I even spent 3 hours typing up a very professional looking fact sheet !! That I haven't needed
If I sell this one the normal way, I still have the one next door which will be ready in 3-4 weeks.
I have found a lawyer thru my accountant who knows all about it.
Anyway thanks for all your help.
Celeste
Hi all
Another question, On the rent side of things, do you still charge the bond and rent in advance? Is the extra rent amount that is used as a creit included on the rent docs or the option docs?
Basically is it a standard rent situation in regards to $ bond / rent in advance / rent and then you add an extra contract which is the option and includes the option deposit and the extra rent that is to be credited?
Celeste
Hi all
I am in WA and are pondering rent to buy option for my current reno that is on the market.
Can anyone recommend a scolicitor in Perth that is familiar with these?
Also, is there anyone out there who has done this in WA that I could have a chat to?
Celeste
Hi Steve
I use Mack & Co in West Perth – excellant
Celeste
Hi all
I thought I posted on this the other day ? where it went.
Anyway, there is a co. called ” Village life” that works the same, they are in every state. The have about 3 grades of accommodation with cleaning and 3 meals aday etc. The rent is approx. 2/3 of the age pension.
You can buy them for investment. I looked into them for my mum, I would be in like flynn, if I was alone and over 55.
Some of the retirement villages you cannot buy them if your are not over 55. I checked this out also.
Celeste
Hi tools
I have a copy of the diding fence Act for WA. email me your email address and I will send a copy.
Tho I had a quick read and it appears notice etc should have been given B4 the fence was erected.
Celeste
Hi all
I picked up some at auction and intend putting it thru my next 3 projects ( I buy,reno,sell), the 3rd is an apartment and I think it will be my wow factor. It’s easy to lay, you can float it same as the laminates. It is a hardwood not fake wood. It pre finished so no sanding and vanishing.
There are plenty of sites on the internet on how to do it.
Celeste
Hi bren the builder
GST only kicks in if you do a reno that constitutes “making it new”
My accountant made me aware of this when I started. He sent me some examples from the ato it is GSTR 2003/3
The renovation needs to be substanstial and needs to effect the building as a whole.
If you send me your email address I will send you a copy of it.
Basically, I gut kitchen / bath / laundry and refit, then patch / fix / paint everything else and this does not consistute New.
Celeste
Hi simond11
check with the council on rezoning (to higher density) within 5km of the train station.
I looked at dudley park last year, I think it worth a look, if you buy and hold. Lots for sale in mandurah should be able to neg down.
Speak to a REA in the area, there are good bits and bad.
Celeste
Originally posted by fingerscrossed:Hi Emil
I recently had two seperate valuations done on my home. I have always referred to it as a 4 bedroom house – but both agents said that I could not call it a 4 bedroom home if it didn’t have a built in wardrobe.
They both completed my valuation as a 3 bedroom plus study !!
Even though my “study” was as big as two of the other bedrooms.
I’m in Vic, could be different in your State.
good luck
debbie
Hi all
Thats odd, that means the duplex I am renovating is a 3 study 1 bath ? – no robes at all
Celeste
Hi Timwr
have a look for the web site of your states dept of land.
Ours has booklets you can down load on how to.Celeste
Hi Fatman
1. knock off the old tiles – hammer and old chisel, leave the floor tiles there. if floor is tiled
2. patch the wall so it is even.
3.by a water proofing kit from bunnings to seal the shower approx $70.00 follow the instructions. seal over floor tiles
4. re-tilehint – remove waste and place rolled up cardboard in the hole to stop muck going in there. Leave it sticking up so its easy to remove.
there are plenty of diy sites with pictures and instuction on tiling.
hint – absolulely do the step where you nail or screw a straight edge to the wall. so you only cut the bottom row.Celeste
Hi Lesia
Things to do B4 you look.
My current projects – pair of duplex’s I spotted in the paper, they were labelled srcuffy (try disgusting) anyway, I thought they were really cheap so hopped on the net checked all the ones for sale on 2 sites, check the council web site for new developments in the area and checked latest sales figures from REIWA and a couple of bank sites.
Info obtained – all 3 x 1 sales were 260k + , they are in between to new developments ( 1 extremely large ski park estate) the suburb name is to be changed and all sites I looked on predicted double digit growth, even with the slowing market.
So I rang the REA and had a look on the Monday – the 1st looked fine could not see anything major -except illegal carport and termites in the 2 patio posts – the 2nd had tenants and was so disgusting I did not go in.
I put offers on both subject to inpections ,building, pest, finance, with staggered settlements – offers were accepted and past all inspections – except termites in tree stumps and patio posts – stumps fixed by seller and $ 340 fixed the patio posts.
I do 90% of the work my self, so I have relatively small budgets, I try to make them look like a display homes, Everyone loves something new.
My last reno -1 bed apart – I have B4 and after photo’s in the gallery and also, the 1st duples’s B4.
If you take a look around some display homes, they will give you an Idea of what the market wants. Also, each state is different – Perth hardly any front fences, definitly air con (38 today 43 tomorrow) Melbourne heating is more important then cooling etc.
I actually haven’t asked a REA anything. I look for totally disgusting places that nobody wants.[blink]
Celeste
Originally posted by rose1610:Sounds great. Although perhaps rose pink wasn’t the best description. My husband describes it as a sick candy floss pink. Hmmm. It’s givng me nightmares trying to work out what to do.
Post a photo and I will give you some suggestions.
Grab some paint colour phamplets and see if you can work out the colour and let me know.
Changing the grout can change the colour of the tile, making one colour receed and another come to the fore.
celeste
Hi all
Personally I do not like painted tiles.
but knights paints do it.
Have you thought about stripping all the paint off, then dig the grout out and change the colour, repaint – maybe add a border tile.
Rose pink is one of the new designer colours – have a look in Bunnings paint section at dulux’s little flip books. I was looking this morning.
I did this with lovely grey wall tiles, rose floor tiles – I changed the grout on the floor tiles to one the matches as close a possible ,found a border tile the incorporated the grey and rose with the addition of a lovely blue, then painted the wall a fawny/grey white – looked brand new.
Celeste
Hi Ty
I am currently reno’ing a pair of duplexes, they have different settlement dates, one has settled, the other in a couple of weeks.(this settlement has been delayed because the tenant will not get out, so I have had to modify my plans a little)
My plan is
– to start one gut and prep.
– when the other settles gutt it ready for any modification – electical / plumbing etc so I can get them done whilst working in the other one.My aim is to try a get things I do not do, done to both at the same time; to cut down tradies disruptions and trips.
– all modification to elec, / plumbing
– fences fixed
– new carports
Also, shopping for both at the same time – hopefully to get better discounts.So basically work on both at the same time to a point and then finish off one, put it on the market and then finish off the other and put it on the market. I think you will get a better price if you stagger the sales – if you put all on the market at the same time, you have the same buyers.
I went to an auction once, 3 blocks of land side by side, the 1st got the best price, 2nd less, 3rd less again and that was at the top of perths boom.
celeste
Hi Dee Dee
I use Mack & co. west perth, I have been a senior bookkeeper for 25yrs here and melb and they are one of only 2 I would recommend in Perth.
I have never been shocked by the bill – value for money and they offer advice B4 you ask. We have a family trust, a co., SMSF, IP’s,Share and now my little business. So lots for them to consider for our structures and tax
Celeste
