Well done. Good advise for the newbies.
Important note; Speaking from experience on both sides of the fence, When starting out have your property managed by a real estate agent and have the contract state that trades men are to quote all repairs / maintennce above $250.00. If you set your price to far below this you will end up paying more as in…[Read more]
Hi, sounds OK. How much interest are you paying on what amount and how much if any do you have to put in yourself to make the payment each month. These are the imortant questions especially if your caught in the slow market areas.
Top value adding, would love to here about the type of renos you gave the place.
130k is a great start and if used properly will fire you ahead. I would look at using most of the 130k for a bricks and morter purchase, leave a little in reserve. Now you will be able use the equity in your new purchase plus the rent you draw to increase your borrowing power. You now have equity plus extra income to borrow against. Also a word of…[Read more]
It fits my bill, good solid constructiuon, Hi trafic volume, possitive cash flow etc. Am I missing something other than the low population. If so please advise me as I have not exchanged on this one yet. Any advise appreciated.
My last purchase was listed on the market for over two years, Brineen and I had recently purchased our first IP in my name so we still had the first home byers grant for Brineen in stock. The property belonged to a lady that was now living two doors down in the same street with her new found love, and so the property was empty.This home…[Read more]
Ive just had a very bad experience with a insurance company, in that they print in bold black ink on there front page a standard list of what you are covered for under Landlord insurance, but dont outline in any way that extra charges apply for all the listed coverage. I will let you guess the result when I tried to make a claim for…[Read more]
I am new to IP and have only done 2 deals, in both cases the Financer required the town population to be over or as close to 10,000 as possible. I believe even 5000 or so would be OK providing the township or neiboring towns have good employment figures and solid inforstructure.