Mon 25th June-STILL NO unconditional loan approval!! And here is the reason why: after chasing up the mortgage broker a couple of time, and sending even more last minute forms to the lender, and after being told that "this is the last thing we need for full approval", I still had not heard by 4pm, so I called and 4:15pm heard back that the lender…[Read more]

Didn't work.Just click on this link.http://www.flickr.com/photos/9273576@N06/Some inside photos will be up soon

Some Photos at last. Lets see if this works.Front of House:

Fri 22nd June-had another talk to my boss about getting the reno done. It seems we might be getting closer to a workable solution.I have some photos now to share, but not sure how to do it. If someone could tell me how to put the photos here on this post I will try to put some up very soon.Crashy, I love tools. Got a whole van full. I probly will…[Read more]

Thurs 21st June-got conditional approval on the loan!!! Yesssss!!! Very excited (or scared silly, not sure which!)The conditions are a valuation and 2more group certificates as the ATO tax return printouts were apparently not good enough.So we should have not probs on those 2 conditions.-spoke to a painter about spray painting the roof. He said if…[Read more]

Wed 20th June-yet more papers for the loan.-followed up solicitorThanks everyone for responding. I am getting a lot of good ideas from you all.In regards to the last few posts, the $25k reno that we are planning does not include much labor costs. Most work will be done ourselves. The $25k budget is based on prices that I can get "off the shelf"…[Read more]

Teus 19th June-talked to Mortgage broker and RE agent all about getting the loan approved. Jumping through hoops for lender. Having a junior loan assessor working on our case is a very large nuisance.Not much else to do for now except wait for loan and keep managing application process.

Sat 16th June-went to 5 house inspections to keep my head in the market. Learned some helpful things about the area. Still confident on our end value.Mon 18th June-got quote for carport – $4702- but I think I can do better.-called 2 agents to ask about sold properties nearby-Mortgage broker said loan application will take another week so I asked…[Read more]

Oops. Just realised I put the wrong date on the last post. Should have been 14th June. Fri 15th June (got it right this time)-chased up more papers for mortgage broker. He says our loan application has landed in the hands of a very inexperienced loan analyst at the lenders end. This will slow things down – hopefully not too much.-told my boss…[Read more]

Thurs 7th June-called conveyancer to to ask some questions and inform them of some details-continued some detailed costings and comparisons-had another inspection of the house to get a quote for a carport and to measure all the internal rooms for our estimating purposes.-asked the agent for his opinion on what we have planned etc.Hi MarcWith the…[Read more]

Wed 13th June-called the mortgage broker to touch base-Chased up some more docs for the loan application- called a solicitor to ask some questionsNot much done today. Work all day, work function at night. Work is such a big barrier to being able to focus on investing……Saima, thanks for comments. We have considered holding for 12-18months, and…[Read more]

oops. sort of messed up that whole "quoting the other person thing" didn't I?sorry

Teus 12th June-called insurance company to iron out some problems with the policy they sent us-called an agent to ask about some other properties in the area-started jotting ideas for writing a business plan (not directly related to this property I know, but still part of the journey I am on)-went to a gathering of property investors, heard some…[Read more]

Mon 11th June-Itemised the tasks to be done and estimated time needed for each- Total estimate 53.5days work for 1 person, not counting the hired trades eg electrician.-arranged the list of jobs into an approximate order-Did some detailed costings on certain jobs to see which way is cheaper.Hi Marc, good questions."Is this the estimated gross or…[Read more]

Thanks PaulIt helps a lot. When I speak to a solicitor to get a cotract drawn up, at least I will have a little bit better idea what questions to ask him/her. I had not heard of the "Assignment clause" until now, but it sounds like just what I might need.

HI JaffaThe loan application is still going, so I will put up those details when the loan is approved and the contract is unconditional. It will probly be about another week.The land size is about 590m i think. No scope for development, so just a straight out reno.We plan to have it on the market 2 months after settlement at the latest.Cheers

Sat 9th June-Spent morning with business partner, signing trust deeds, company constitutions, minutes of meeting etc and then went and opened bank account for the new structure.-2hours sitting in bank, yay, fun.-went to get prices on bricks and pavers-went to tile shop for a browseHad planned to look at some more houses, but bank took longer than…[Read more]

L.A Aussie wrote:
Hi guys,would be willing to put some projected numbers/budgets/time-frames etc on the thread for us to read. We may be able to help cut a few expensive corners on the new project for you.I love this stuff.

Hi LA.I put more detail on the post in the "Value Adding" forum. I would love to hear you ideas, but best on the other…[Read more]

I agree that the news items could be updated more often. But the new look is great.

Fri 8th June-confirmed appointment with Lysaght for carport quote-booked quote time with a painter to spray paint roof and driveway.-visited electrical supplier for prices on downlights, power points, light switches etc.-visited Good Guys for price on freestanding oven-visited Solver Paints to ask about texture coating systems, paving paint, and prices.