[kennykennykennyParticipant@kennykennykennyJoin Date: 2012Post Count: 23]

July 26, 2014 - 3:37 pm

Hi Jamie,

Do you mean a written loan agreement? If you do then no, we don’t, only verbal. Does it have to be written?

Cheers,

Kenny

[kennykennykennyParticipant@kennykennykennyJoin Date: 2012Post Count: 23]

July 25, 2014 - 6:40 am

Thanks for your answer Richard. I’m still learning about the intracacies of property investing and learning a lot on these forums. Cheers!

[kennykennykennyParticipant@kennykennykennyJoin Date: 2012Post Count: 23]

July 24, 2014 - 1:42 pm

Anyone else with an answer?

[kennykennykennyParticipant@kennykennykennyJoin Date: 2012Post Count: 23]

July 23, 2014 - 4:32 pm

Hi Jamie,

Sorry but I think I made the question confusing and misleading. My mother-in-law took out a LOC; my partner and I bought an IP using $70000 borrowed from that LOC. My mother-in-law has nothing to do with the IP my partner and I purchased. Does that make sense? She lent us that $70000 taken from her LOC. Only my partner’s and my name are on the title of the IP.

Kenny

[kennykennykennyParticipant@kennykennykennyJoin Date: 2012Post Count: 23]

July 23, 2014 - 9:30 am

Thanks for answering Mark. I had some bad advice from a previous accountant so I am a bit wary this time. I didn’t want to claim for something that I wasn’t entitled to so I wanted to double check.

[kennykennykennyParticipant@kennykennykennyJoin Date: 2012Post Count: 23]

July 8, 2014 - 8:57 am

Thanks for everybody’s answers. I guess IP holding costs eat into rental income and there’s no way around that.

[kennykennykennyParticipant@kennykennykennyJoin Date: 2012Post Count: 23]

July 3, 2013 - 6:43 pm

Thanks to everyone for their valuable comments. It is a good lesson learned and I will be careful in the future about authorising such work without getting extra quotes. And The Dark Knight hit it straight on the head, it is regional Victoria!

[kennykennykennyParticipant@kennykennykennyJoin Date: 2012Post Count: 23]

July 3, 2013 - 8:21 am

Hi Jamie,

It was over $2000. I'm concerned he took way too much time since they all charge by the hour.

Cheers,

Ken

[kennykennykennyParticipant@kennykennykennyJoin Date: 2012Post Count: 23]

April 14, 2013 - 5:40 am

Thanks Richard and Terry.

[kennykennykennyParticipant@kennykennykennyJoin Date: 2012Post Count: 23]

April 13, 2013 - 12:16 am

How lovely. Congrats!

[kennykennykennyParticipant@kennykennykennyJoin Date: 2012Post Count: 23]

April 4, 2013 - 8:55 pm

Thanks for your suggestion bugeye. That's something I have not considered either. Good tip.

[kennykennykennyParticipant@kennykennykennyJoin Date: 2012Post Count: 23]

April 4, 2013 - 8:54 pm

Hi Scott,

Thanks for your response.

The house is in a residential zone, and behind the property there are light industries on a large block of land. You wouldn't even know there was an industrial area at all because all the buildings in the industrial zone are low.

The upside is that the property is easily manageable and sits on subdivideable land.

I've never considered the rezoning strategy but I guess it's a possibility. How do I go about finding out about rezoning?

Cheers,

Kenny

[kennykennykennyParticipant@kennykennykennyJoin Date: 2012Post Count: 23]

March 28, 2013 - 4:30 am

Thanks Terry.

[kennykennykennyParticipant@kennykennykennyJoin Date: 2012Post Count: 23]

March 28, 2013 - 2:39 am

Hi Terry,

I would have thought "near the start" would mean when we gave the contract and Section 32 to the solicitor to peruse, not after they've had the contract amended and we've all signed it. Anyway, we have not signed the costs agreement yet because we only received it yesterday, two weeks after engaging the solicitor to do the work.

[kennykennykennyParticipant@kennykennykennyJoin Date: 2012Post Count: 23]

March 27, 2013 - 7:30 pm

We did receive a costs agreement, but not at the beginning when we engaged their services. We only got a costs agreement and disclosure statement halfway through the process (after contracts exchanged and deposit for the property was paid). If we cancel their services now, they will charge me for the work they've done up till now; can I challenge that since they did not provide the costs agreement upfront?

[kennykennykennyParticipant@kennykennykennyJoin Date: 2012Post Count: 23]

March 27, 2013 - 9:55 am

Thanks for your comments everyone. I might get a quote from someone else, but lesson learned. So many to learn on this property investing caper!