I've implemented this strategy.  The vendor was so blinded by an obsession with wanting a particular price, the offer was immediately accepted with little attention paid to the fact there was a 6mth settlement attached I said I'll give you $x in 90 days or $z in 180 days,….. in both cases "subject to finance, building and pest and all the rest…[Read more]

ps you won't have to come up with the whole $30k… just 20% of it (or whatever your required deposit percentage is that the bank is demanding)

How long would it take you to save the extra $30k plus the extra tiny bit of stamp duty?  Would a longer settlement give you time to come up with that extra cash?  If so, try offering them two offers at once.Offer 1:  $300k, 6 week settlementOffer 2:  $330k, 180 day settlement (don't say 6 months, it makes it sound like a long time.  say 180 days)…[Read more]

If Fred has been the legal owner since 1989, then wouldn't the council rates have been adressed to him?  And if so, how come your dad hasn't noticed he hasn't been sent a council rates bill for more than 20 years?

It depends on the concrete situation, but also where the meters are going to be positioned.  If they have to go in rear courtyards that the water-meter-reading person cannot get to, then you have to get a radio-controlled meter.  They are about $310 and a regular non-radio-controlled is a little cheaper.  Then you have to pay plumber labour to sp…[Read more]

Why not target suburbs that give both decent rental yield and also decent capital growth?

Hi JessicaThe build prices, the sell prices, and the land size required will depend on the suburb.  This is because in some towns, labour costs more than others.  Sell prices will be impacted by affordability.  Minimum block sizes council will allow in a subdivision will depend on the council.  That considered, perhaps pop into your council, smi…[Read more]

I think you'll find that with some careful front garden planting, you will not notice the architectural shapes of the building so much.  I'm thinking some architecture plants.  Perhaps a small "Spiky Tree" .  There is a particular plant that I am thinking of but don't know the name of it.  Will try and get a photo of one.  But in general, I think…[Read more]

Qlds007 wrote:
Unlike JacM we refurbish all of our older properties and over half of my properties are multi unit blocks where we have purchased the entiire block inline from the original or current owner and then refurbished each unit to not only increase the rent but create equiity.

Already renovated one of them.  Will renovate the other 3…[Read more]

Building insurance + some contents insurance (carpets, window coverings, etc… discuss what "contents" you ought to cover with your insurer), plus landlord insurance WITH TENANT PROTECTION CLAUSE (to cover rental defaults, malicious damage etc).  Remember, when telling the insurer "how much it would cost to rebuild if the place burned down", y…[Read more]

As an alternative to refinancing, you could instead simply take out a second mortgage against one of the existing properties when you go to buy your next property.  Richard can explain in more detail if you're not across this method.

Pity!  Would have been a tidy solution if they had any commercial property.

One option is to transfer a couple of them into a SMSF(Self-Managed Super Fund)…..  you would of course need to do the numbers to see if it was worth it.  The transfer would trigger a CGT event and also require a stamp duty payment due to change of ownership.  One in the SMSF the income would be tax-free at retirement, and taxed at 15% until th…[Read more]

Agreed – you should have gotten insurance straight away.  This would apply if you were buying a regular non-DeptOfHousing property too.I am surprised your solicitor didn't advise you to do so….May I ask about the extent of the vandalism/damage?  Is it graffiti that can be sorted out with cleaning products and a bit of paint, or has the b…[Read more]

Qlds007 wrote:
Make sure the maintenance is kept upto date and you comminicate in a hard but fair manner with the tenant to ensure they make regular rental payment and longevity of tenure. I have many a Tenant that has been in the property for 5 years + and each time the rent has increased we are at pains to explain to them the reasons why.

As…[Read more]

Shape wrote:

propertyboy wrote:
no restrcitions and is a full featured loan, only limit is can only pull out minimum of $500 from offset account. I get no charge on pulling out of offset account either.

Min amount for offset? doesn't sound like u got an offset account…more like a "redraw"??? Regards Michael

It might be something like the…[Read more]

No worries.  The process is now so routine for the solicitors they forget to mention to the buy that they are handling this for us!

Oh ok.Regarding the council rates:  the council will know that you are the owner and they will send the rates to your home address.  All this gets sorted out by your solicitor during the purchase process.  If you are worried, just call the council and ask them to check the details they have on file.The same applies to the water rates bills.If th…[Read more]

Huh?  Sorry, cannot understand your post.  Can you explain a bit more clearly?

I'm confused… you mentioned budget is up to $300k but that Geelong was too expensive?  Plenty of properties under $300k in the immediate peripheral suburbs of Geelong.