[elvesMember@elvesJoin Date: 2003Post Count: 507]

January 18, 2004 - 8:40 am

I often find that the costs blow out.
Recent home renovations told me the truth.

I have a friend who is a builder and told me that adding an additional room to my existing house would cost in excess of $60k. I chose not to.

On a block of land, and the desire for an architect home (to live in later) I approached two for “drawings”, one cost $1,000 and the other nearly $2,000. I havent even started yet! Now, both of these were told to work on three bedrooms, longe, dining and kitchen and bathroom. the block is pretty flat. I thought $200-$250k would be a reasonable price (land owned already) but this is the budget range.

My only warnings to you, factor in an additional 20% to cover incidentals. I didn’t pull them out of thin air, it was based on friends experiences of building.
Make sure council approves it, there are often hidden nasties be them council, costs, builders, weather etc…they can vary, they can change.

Just make sure you have crossed the t’s and dotted the i’s before you do anything drastic. in Theory, everything works.

Elves.

[elvesMember@elvesJoin Date: 2003Post Count: 507]

January 18, 2004 - 8:24 am

HI

can I add as a previous renter on a sole parent income, I struggled to pay rent. My rent was $165 and this was over 10 years ago. Not much room for food and utilities.

The agent, luckily knew my family and me, and the landlord was agreeable to maintaining rent at that rate, they knew there would be times when I was going to be short or late, and there were times when I tried to pay a few dollars extra to put me in some credit.

The key for me as a tenant was trust, loyalty, flexibility and a good all round easy landlord. I looked after the place, it was well cared for, I never complained, and I kept to myself.

Most people panic, but from experience, what most people lack is the communication skills, talk to people, your PM, tell them your expectations, tell them what you are prepared to accept, maybe even suggest that you are negotiable eg in terms of payment date.

You know sometimes for a centrelink client to pay by direct debit, means an additional charge(some banks chage $5 per transaction for this). If centrelink is late, or stops their money, the direct debit fails, and the bank hits them again witha fee, this can be $30, like a dishonour fee.

Most people on benefits are living in my opinion below the poverty line. Now two of my renters ( two properties) are centrelink clients, while they have some catching up to do, they pay each fortnight, even a day or two late. They are happy for the flexibility because some things are just beyond their control.

Now for someone not receiving a benefit, you really dont know their situation, maybe you dont need to know either, but if your property is cared for, and the payments generally come in, go with the flow.

Most people are out to make money, only a few really try and do the ‘dirty’, but it will all catch up to them in the end.

Personally, I rather pay the 8-12% property managers fee and be removed from it all. After all the fee is a tax deduction adn it leaves you free to think about other things….

At the end of the day, we can all worry over rent not being paid, and our own pockets hurting, but you cant do much under 14 days anyway, then it takes longer to try and evict someone. So I can really only suggest to focus that energy into something more constructive…

LOL
Elves

[elvesMember@elvesJoin Date: 2003Post Count: 507]

January 18, 2004 - 8:02 am

Hi Phil

Its called persistence!
Not sure if the following helps.

I hate mornings, but hate wasting my days, make sense? No? Well I get up because I want to, because if I get what I need to done before a certain time, the rest of the day is all mine!

I start work by 730am, now for me, getting up around 6 or 630am is my time, and I dont ever need an alarm clock. I have no clocks in my room, I used to tell myself before sleep what time I wanted to wake for, and bingo, it works. For the skeptics or those that turn over and hide beneath the sheets, thats your fault.

I would say to those people “Your body woke you, but you ignored it”, and went back to sleep. Personally I find it hard to sleep past 7am, 5 am however is not on my agenda or schedule.

Some people function better on less sleep, others need more, so maybe thats you? Or are you a night owl like me? I like the quiet of a night I feel I can think more, I study at night, after working. I often go to bed at midgnight or later, the last two days have been 3am bedtimes and thats not partying. I was working on my home and computer. I just wasnt tired. By the way I was up Sunday, yep this morning at 700am and washing clothes, on the line and up to the Blue mountains by 10am.on less than 4 hours sleep.

So, try going to bed earlier, try and relax before you do, have a reason for getting up early each morning — I could say something here but maybe not…lol!
(try motivating yourself and obviously a newspaper isnt working!)

I just wish there were more hours in a day! Better stop here because my err warped sense of humour might end me up in hot water!

I thought mornings were a good time to get up?[):]

Elves

[elvesMember@elvesJoin Date: 2003Post Count: 507]

January 18, 2004 - 7:20 am

With a good accountant, they will organise a depreciation schedule anyway. As for QS’s, I am led to believe, in order to claim a depreciation, and to get the full benefits on your property, is to have a QS and not just a regular depreciation schedule.

From the comments here, it would appear that opinions differ. Well I have an accountant, and like a lot of people, they aren’t infalible.

I assume also the cost of have a QS do a schedule is also tax deductible (cost incurred).

You might liek to check out those QS who are members of an association…eg the Australian Institute of Quantity surveyors. This lists surveyors in each state, their contact details etc.

cheers

Elves

[elvesMember@elvesJoin Date: 2003Post Count: 507]

January 16, 2004 - 3:00 am

LOL!

You are the only one with the guts? courage to say anything, but I was thinking the same. Yes I looked, Yes I emailed and yes I thought the same, good earner and only a header so far. No offence to DD for their efforts and agreed research cost time and why shouldn’t someone pay for that?

I would want a receipt in anycase.

You think how hungry we are for that edge, that extra property adn that extra dollar….after all we have seen the titles, we have seen how many books…sorry Steve…LOL!

From Margaret Lomas to Robert whats his name (cant spell it) Paul CLitheroe and our good Steve. Now, don’t tell me these poeple havent made it on the wave of free publicity. ANd good luck to them! They have all had incredibly great TV and news articles of them and their books, many sold out as a result of consumer demand…not a bad way to earn a living when most of these books are retail $30 a peiece.

Add to this the tantilising promotions….day or weekend seminars….join the new enterprise…

Example, Financial GuruX goes on Tv, promotes self and any selling aid, ususally a book or a free/cost seminar, might even promote a new franchise possibility…or property management scheme….followed by a sign up agreement…and confidentiality agreements…followed by…give me all your personal and financial history….but I wont give you mine…pay a fee for this up front before too much is given away….and bang! Money gone, they know all your details and you might have nothing…

Now this might not be the case for all, but be warned, it does happen, and while I have experienced part of the above, I refused to give my full details without further info, (it has to be mutual! )$25, I can handle, and that could well be the gist here, its small enough not to bother too much about, about the price for a case of beer isnt it? ( I dont drink beer), an amount you wouldnt be concerned about losing? small and enticing? The carrot dangled…but is it on a string?

for most people, you might say yep, what the hell, not expensive…so yes well thought plan I guess…

Anyway, might be a good opportunity, you never know, but we all deserve to be paid for our research and time? just have to consider it an individual choice and can you afford to throw it away? Can you afford to miss a possibly good opportunity? remember there is no such thing as a free lunch!

consider it said..

Lol
[]
Elves

[elvesMember@elvesJoin Date: 2003Post Count: 507]

January 16, 2004 - 2:39 am

Can I ask a really stupid question?
I understand the stars are related to posts, but do the colours mean anything too?

And golly, you lot must sit on here and do nothing but read and type!
Elves not Elvis…lol

[elvesMember@elvesJoin Date: 2003Post Count: 507]

January 16, 2004 - 2:32 am

I bought properties within the last twelve months, ranging from 135-151, all are now able to be placed for quick sale on the market (recent appraisals) for over 210k, that was a min increase in 6 months of 60

However, I consider timing was the key, and not good planning. Luck? well whatever it was, I was happy and tenants are good in some, one bad apple in there.

I think the hype and all these books and these DYI shows have created an artificial boom. I am of the beleif that some are seriously going to suffer for taking on financial projects that could end them in hot water.

Rather like gambling on a poker machine in my books…if you cant afford to lose it….dont spend it (or waste it if gambling on the pokies!)

Do your sums, do some research and make up your own mind. That way you cant blame anyone else for mishaps, and you can take all the credit

Cheers

Lynn

Elves

[elvesMember@elvesJoin Date: 2003Post Count: 507]

January 16, 2004 - 2:21 am

I have recently used AAMI, and I get a good discount because of good rating and multiple policies, but I also suggest you shop around.

My Policy covers tenants and damage and rental loss, some might include tenant relocation (after all it might not be a tenants fault if a house burns down and they find themselves without a home)

Also one I am seriously considering is Terri Sherer, not sure on all the spellings, but do a google search for OZ. They do give a discount for multiple properties and are well known with real estate agents, most propably because the real estates get a kickback or commission for their part in sending prospectives….

Anyway, best advice, shop around and do your homework as prices and inclusions vary considerably.

Cheers

Elves

[elvesMember@elvesJoin Date: 2003Post Count: 507]

January 14, 2004 - 2:27 pm

You are right, I did refuse to pay for the broken window, and I have no intention of claiming on insurances for no reason.

Yes they could have told an untruth, I guess that was a good thing that they didn’t.

As you say, I will wait until tenancy end…I am now waiting on fireworks for the last water usage….yowch!

Thanks to all who replied. Cheers

Lynn

[elvesMember@elvesJoin Date: 2003Post Count: 507]

January 14, 2004 - 2:16 pm

I have been off for a day or two and my mail box is brimming….

Someone ages ago mentioned retirees….well frankly, I would be asking why would someone want to move there to retire, what facilities are there, what is the growth prospects and I dont mean aged!

While there are self funded retirees out there, and I aim to be one, those on a government benefit (and no not an ex employee!)will not have the income to pay the rental returns….necessary, correct me if I have it all wrong!

Given for instance a block of units…full of retirees, self funded? or government? for some loans you will find difficulties in getting finance if it is a block of flats or units or whatever. If it is viewed in terms of a retirement situation, you most likely will have problems financing.

I was once interested in a unit, with a mound of others, I was warned that if most of the tenants were of one particular group, I would have problems raising finance…

just a thought, and maybe i was given a bum steer…but certainly a block of aged tenants/retirees is not entirely looked favourably upon….

[elvesMember@elvesJoin Date: 2003Post Count: 507]

January 12, 2004 - 11:33 am

You can get information from I think it is residex, but you have to pay.

The prices in Logan have increased dramatically, properties are now over 210k and increasing, Daisy Hill is not far from these, but why dont you seek info out from a real estate agent?

Just to give you an idea. Don’t commit and be careful about exactly what you want to say, other wise they may want to do what you do. Vacant blocks of land in Logan are a rarity. (but nowhere near Sydney Prices)

On another note, large property may be what some investor is looking for, or a family. SAd really to split up land for the sake of the almightly dollar, but thems the beaks.

I guess I like space adn it is rapidly running out where I live.

Cheers

Lynn[]

[elvesMember@elvesJoin Date: 2003Post Count: 507]

January 12, 2004 - 11:19 am

Hi All thanks for the advice.

I do have a property manager and they are truly up to the eye balls with this tenant. They told me they will be happy when they go.

Like someone said, if they go.They told the real estate they will be moving. I do have insurance, but I am not about to be a mug for tenants of this nature, but happy to go out of my way for those that are appreciative.

I take on board all comments, and understand I rather have tenants who care for the property, but there is care and there is, I will report it to save my skin- type. The pickers, not genuine tenant problems if this makes sense.

I have had everything fixed with 24 hours of being notified, I have my own tradesman to take care of my properties, but only one is managed through a property agent. The others I manage.(family)

I am happy to keep rent stable for a good tenant. Unfortunately this is not one.

Cheers all.

[elvesMember@elvesJoin Date: 2003Post Count: 507]

January 12, 2004 - 10:57 am

Hi

I rent two properties to my family, all at market rents, where they would not have been able to get rental accom. By doing this, I provide them with a rental agreement, a lease, no bond, and a property report. The money is banked directly into a bank account so there is always proof and records.

For those on benefits, centrelink require a copy of a lease usually and I have had to complete forms with details twice for one party and not for the other.

My properties grow and at this time are looked after, but I also have landlord insurance to cover me. I do not pay an agent, but in some cases I would advise this to remove yourself from the emotional issues that can arise.

My family know I am hard but fair, there are no ifs or buts about rent, pay it or suffer the consequences.

I also rent with an agent to other people who are not tenants.

AS for my family, paying regular rent and being “in the market” gives them some rating for any further possible moves.

cheers

[elvesMember@elvesJoin Date: 2003Post Count: 507]

January 11, 2004 - 3:28 pm

Hi

Missed payments are a problem, but usually can be explained, but this will depend on who you are dealing with.
Did you catch up payments? was it long overdue? Was it a lapse in your thinking, or shortage of money? I dont need an answer, but I do know that when I explained my late payment it was accepted.

I have rental properties, using equity, as a single person on a ave wage getting my first loan for my own home was the hardest. Single female, low wage, no employment history after being self employed for years. No one wanted to know me. $80k was the offer and that would have bought me a dog kennel.

I had defaults, but not through lack of payment, disputed account. Now I make the effort to pay all dues when they fall due. Even if it means shuffling accounts.

I did start mortgage broking, and changed track, but yes one missed payment can be enough to knock you back on finance. As I said depends on WHO. And often if you build an alliance of sorts, a broker or bank manager is more likely to be flexible and help rather than hinder.

I love my bank manager, and how many people can say they got a bottle of red brought to their door![:p]

I’m looking to more fun in my future! And no not with my bank manager.

[]

Lynn

[elvesMember@elvesJoin Date: 2003Post Count: 507]

January 11, 2004 - 3:14 pm

Thanks for the welcome!

And yes, they asked for this at the start of the lease, and when I was buying the place, you know- ask the tenant problems with a house and they are quick to tell you, (especially if they think they might get you on side[])

I wont regret the purchase, or their moving. Thanks for the reply

Lynn

[elvesMember@elvesJoin Date: 2003Post Count: 507]

January 11, 2004 - 5:12 am

Personally, I think meeting up and sharing ideas is a great one, but looking at towns over a short period of time, in groups, is like being herded- and lets face it, surely we aren’t sheep?

There is no such thing as free anything, there is always a catch, in this case, I think inflated property prices that you would well do with going it alone and making informed choices and not to their towns of choice.

cheers Lynn[]