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April 22, 2010 - 6:06 am

sasha.hopkins wrote:

Wow they are some pretty good numbers!! Is this rural or city? In other words where should one be looking?!?!?!

Hi Sasha, Rural or any regional town 5000-10000 population upwards i guess could be a good place to start looking.

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April 19, 2010 - 12:17 pm

There are commission houses. you would not believe it! When you get into town and you get involved things start happening.

Just before we we're to walk down to the auction i arrived at mums a few others there that are going to auction. Mum comes flying out the door there was an auction yesterday that was passed in on a vendor bid of 55k on 1 1/2 acres of land in town. I dropped my folk and said Suzanne (my sister) we've got ten minutes before auction lets jump in the car and go out there and have a look at it. Ate lunch quicker then anyone that hasn't eaten any lunch before, glad it wasn't hot. "I'l show you the house i submitted an offer on today on the way out" sister said.

Then went to to auctions. The same person that was there ten years ago bid and bought one they own about 50 properties in town now so they say could be more or less. The sign on the front says "Must Sell". First one went 90k, second i bid 50k (first bid at auction) and silence! "Any more bids above 50k" agent says. No. Auctioneer annihilate me with a vendor bid of 90k and knocked me out and pass it in. Hey what happened to 'Must Sell" agents must have a different dictionary to everyone else. Next one i bid $71,500 and went to 99k. Third not sure about 90k and last passed in and relisted at 76k but it's in another town and not a location id buy in on those numbers.

O'well that's the way it goes. I was only ever only going to bid to my limit.

We arrived home. Almost time to say our parting goodbyes to everyone. And agent rings to let sister know her offer was accepted. Exciting feeling yay it's all happening. Getting just on dark i decided i would just get a quick look around the back of the yard at the other house in the fading light. Then text an agent an offer and got an offer in on another property that was rejected. Other agent rang back yep vendor will accept that offer. 

I only left my house for one day i never go anywhere i've been stuck out here for months doing this renovation and only go into town for food and supply's. I wasn't even looking hard for deals. 72k and will rent for $220 week or more when updated. And land lots of land i got 1 and a half acres. The yard goes way back to way back! Bought in my name!

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April 19, 2010 - 11:11 am

You have swayed me keiko they have had all day and on a Monday to respond and no one in the office till answer my call. Look i haven't got the time. I had plan b ready so will opt for that… I've ditched them! I just had to dig the email response up from another group that was very responsive.

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April 18, 2010 - 2:07 pm

900k and 40 litres is good as well. I want to set up a traveling van.

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April 18, 2010 - 1:43 pm

Yep, i will pass that on Monday. Thanks Paul.

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April 18, 2010 - 6:44 am

In Victoria here mate.

Will pass that info onto the conveyancing. I guess it's to secure the rent, they seem like pretty good people but you can't take any chances. The rent will be covering the mortgage and some $60 extra per week. If the contract had the clause that settlement would occur at any point that rent ceased to occur then risk mitigation could be to settle then and get another tenant in perhaps.

I don't know, will hear what the conveyance says. Maybe get a standard residential tenancy agreement as well. Just had a thought. Maybe the clause could include an adjustment clause if the full rent amount was not paid in full by a set settlement day. The purchase price would be adjusted accordingly. Settlement could then be in next Christmas holidays 2010 if this contract signs!

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April 16, 2010 - 10:07 am

Banker wrote:

Refer example above ( I wrote one yesterday) for an example of short term crossing. You do this by limiting the cross-collateralisation to 1 of the contracts / loans. When that contract is paid / refinanced the balance of debt is uncrossed.

 Sorry… actually did not read that ! Thank you that's excellent.

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April 15, 2010 - 11:30 pm

Can a property be crossed for 12 months, 2 year time frame? Until the bank is confident there has been enough repayments. Can a property be in the contract as crossed for X amount of time. 

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April 15, 2010 - 1:48 pm

I believe i should bring an Client Application Fees Document for the bank to sign of my $600 fee. It takes a considerable amount of time to collate updated documents, scan and send then driving and talking over phones, get to the appointment, etc. I thought banks made money on Interest.

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April 15, 2010 - 11:02 am

Quote:

At least one applicant occupies the home as their principal place of residence for a continuous period of at least six months commencing within one year of the completion of the transaction to which the application relates.

That's right you could move in and begin living in the property for the required 6 month period beginning on the 365th day after the date the transaction was completed if you wanted to. You could also rent it during that time and or have people renting rooms while you live in it for any of that time.

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April 14, 2010 - 11:15 pm

The manager gave Provisional Approval to a Basic Loan. Would not budge on fees. Might have to get back to that NAB manager . Might not be for this loan though.

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April 13, 2010 - 11:00 am

I wish i had those sort of offers here down south!

I could show you some tiling in the next few weeks. How to install bats though there is not much to it. I could show you a basic bathroom upgrade and tonight some plaster hanging and this Saturday the beginning of stopping up of the plaster (filling the gaps and sanding smooth for painting). Then obviously painting. Then skirting. Kitchen upgrade.

I usually get fired up at night 6-7-8-9-10 o'clock at night and plod along to do little bits at a time and or various time during the day but enjoy it more at night! A lot of things are not to hard to do just need to think things out and often get great advice at the shop you buy materials off while buying things for that next job.

If there is something else need to know often can find informative videos on the Bunnings videos web site online DIY or YouTube. A  construction course at TAFE can be handy to pick up some skills and tools.

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April 8, 2010 - 12:33 pm

To send a private message to anyone in the forum:

1.  Click on the user name in any post. A menu will appear!
2.  Click 'View Public Profile'. From their click 'Send Private Message' button.
3.  Type your message. Click 'Send Private Message' button. 

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April 8, 2010 - 10:01 am

It seems every time you talk to a lender the question arises sometime during the discussion, "do you want to use a property as security". My answer to date has always been NO. I think they must be taught to do it. There very cheeky! I was asked again today.

That does not mean that i would not cross collateralize for example if i new i was selling a reno property in 6 mths- 2 years  i might offer that security if it meant getting the deal across the line. I would know the security would be released once the reno property proceeds paid down the loan.

For now if it means not getting a loan i say no because currently i am purchasing for income and slight growth and or added equity via improvements, over the longer term.

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April 8, 2010 - 8:31 am

That's some wicked Avarta you've got Dwolfe looks like it's stuck it's head in a power socket.

EV not on your shopping list, mmmm how much power will these things use. That is the question?

Also another downer is… out with a tonne of motor "you beauty i got a light car", in with 20 batteries!

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April 7, 2010 - 1:35 pm

Though bells and whistles would be good. I don't mind a basic straight out simple 30 year, P&I paying direct debit weekly and no annual fees or monthly fees, set and forget. This how my NAB loan does now at 5.24%. But these recent rises will kick in August. I will often have savings building up between saving deposits so offset would be good. Not sure amounts under 100k support that?

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April 7, 2010 - 12:57 pm

As it is now have an application in process with CBA, an appointment with Westpac in the morning and NAB appointment on Monday. I will take what i can get but if i know before going in i will suggest that. Only got till April 16th to get pre approval.

I usually ask for a free application. Was $200 at NAB last time, a $400 discount but that manager has moved town and to business banking.

7% in this climate that does suck!

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April 4, 2010 - 11:50 am

Hi Troodyg,
                    Thanks for the post and the insightful comments.

Certainly going for a low cost Lino for the kitchen area that meets the lounge room, used it in the last unit in the bathroom at $5.99 a meter. I thought even possibly put some hardy vinyl/ lino fake timber flooring as you say but just around the edges of the room and the cheaper 'fill' underlay boards or something then the mat over the top.

White paint? I thought it would need to be darker so as not to show dirt wear and tear etc, i guess not. Possibly could just paint all the bedroom floors and just do the lounge room floating floor or something.

Decisions, decisions. Just need something low cost and effective enough to be perceived as reasonable… not a high standard of finish for this rental property.

Actually i would do it all floating floor because that would bring the place up well but it is so damn expensive. I can't justify it unless i can get some secondhand bulk lot deal somewhere.

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October 2, 2009 - 3:36 am

Fair enough…. hook up and hock a house!

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August 26, 2009 - 1:53 pm

I wished for this few months ago. I hope that it spreads across all the states. The report should be able to be accessed from the agent at the counter and be done by a totally independant builder pest inspector (somehow).

I think a manatory cost would not be so bad to incur. I am all for this because it's a real good for consumer protection.