[kong71286Participant@kong71286Join Date: 2009Post Count: 261]

October 31, 2012 - 10:20 am

Good point

Probably don't want to charge too low, but also don't want to charge too high .

Need to find some middle ground

Ballarat Share Accommodation are charging $190-$250 per week for each room, and it looks like they are in fairly high demand, so I'm thinking maybe $150 per week.

Just have a few questions:

Would it be OK for me to use the 'House Rules' listed on their website and modify them to my needs, or would I be violating copyright laws?

Also, what are your thoughts on the following 'Tenant Application Form'?

Greatly appreciate the help!

[kong71286Participant@kong71286Join Date: 2009Post Count: 261]

October 31, 2012 - 8:19 am

Haha…  thanks for the encouragement DWolfe

This is my first time doing this, and its a good learning experience for me.

My neighbour came in to help me setup some bedroom furniture today and she was quite impressed, and thought charging $135 per week and including all utility bills, internet, appliances, utensils and furniture seemed a bit cheap and when I delve on it I think she might have a good point.

Weekly rent is $320, bills are about $60 per week, and spending for shared items in the house such as fridge, washing machine, microwave, furniture etc is roughly $4,000 – What would you recommend charging?

[kong71286Participant@kong71286Join Date: 2009Post Count: 261]

October 31, 2012 - 8:06 am

Lounge Room:

Couches were bought from colleague's garage sale, but I'm still undecided about whether to replace them with black leather couch, or whether reupholstering them might a more cost effective solution or to just leave alone

[kong71286Participant@kong71286Join Date: 2009Post Count: 261]

October 31, 2012 - 7:54 am

Thanks for the reply DWolfe

I dropped by the council today on my way from Target and I was told that I did not need council permission unless the room had more than 4 people (not sure if I heard this correctly or whether they meant house) but either this shouldn't be an issue since there will only be 3 people living at the property – maybe I should try to get this in writing like you mentioned

What do you think about my amateur attempt to stage the kitchen?

[kong71286Participant@kong71286Join Date: 2009Post Count: 261]

October 28, 2012 - 8:48 am

Thanks for sharing the website JacM

Will come in quite handy when it comes to filtering through potential tenants to sublease rooms to 

[kong71286Participant@kong71286Join Date: 2009Post Count: 261]

October 25, 2012 - 11:26 am

I think 'Analysis Paralysis' all comes down to 'Fear of Failure'.

Here is an article with useful ideas related to this topic

You could also consider enrolling in the the RESULTS program with your own personal mentor

[kong71286Participant@kong71286Join Date: 2009Post Count: 261]

October 25, 2012 - 11:13 am

Looks like Terry is in the lead now, and its going to stay that way

[kong71286Participant@kong71286Join Date: 2009Post Count: 261]

October 24, 2012 - 12:13 pm

I was under the impression that once a valuation has been done it is very difficult to dispute it, and you would need to wait at least 6 months before you can revalue your property again

[kong71286Participant@kong71286Join Date: 2009Post Count: 261]

October 24, 2012 - 12:08 pm

You're welcome

[kong71286Participant@kong71286Join Date: 2009Post Count: 261]

October 24, 2012 - 12:07 pm

Welcome Jason, Glad to have you onboard

Not going to bother telling us a bit about yourself?

[kong71286Participant@kong71286Join Date: 2009Post Count: 261]

October 24, 2012 - 12:06 pm

The last 2 weeks has been quite an interesting experience for me.

What I have learnt is that agreements should be made on paper, rather than made verbally, so that there is no misunderstanding from either side, and there is something to refer back to in an event of a dispute.

[kong71286Participant@kong71286Join Date: 2009Post Count: 261]

October 23, 2012 - 9:31 pm

Haha…

That's a lot of money, and if I won that much I probably wouldn't want the world to know about it…

Not that I would, since I've never spent a dime on lottery tickets

[kong71286Participant@kong71286Join Date: 2009Post Count: 261]

October 22, 2012 - 11:36 pm

With all Terry's credentials I wonder how much he charges

[kong71286Participant@kong71286Join Date: 2009Post Count: 261]

October 22, 2012 - 11:33 pm

Depends on what your criteria are

Based on the information provided on the above property, the maximum I would pay is $88,000

[kong71286Participant@kong71286Join Date: 2009Post Count: 261]

October 22, 2012 - 11:24 pm

Interest rates are quite low in comparison to what they have been historically, and the Reserve Bank of Australia still has a lot of room to slash interest rates depending on how things unfold economically.

As Jamie and Shahin mentioned, whether you should fix interest rates or not will depend on your property strategy,  personal circumstances and whether you think interest rates are likely to increase or decrease.

In my view it appears that interest rates are trending downwards, and I wouldn't lock in more than 50% until that downtrend shows signs of reversing.

[kong71286Participant@kong71286Join Date: 2009Post Count: 261]

October 22, 2012 - 11:03 pm

Problem with 1 bedroom unit/apartments in Melbourne is 2 folds

1. Demand is limited to a smaller market such as investors, students, young professionals etc
2. Supply is expected to outstrip demand according to BIS Shrapnel’s Inner Melbourne Apartments 2012 to 2019 report

Personally I would not buy an inner 1 bedroom apartment in Melbourne for capital growth, especially if it is negatively geared.

[kong71286Participant@kong71286Join Date: 2009Post Count: 261]

October 22, 2012 - 11:24 am

Price = Annual rent / Yield

For capital gains in commercial properties you would need to find a way to increase income and/or find a better use for the property

[kong71286Participant@kong71286Join Date: 2009Post Count: 261]

October 22, 2012 - 11:15 am

Did you have any 'subject to finance' clauses in the contract?

[kong71286Participant@kong71286Join Date: 2009Post Count: 261]

October 21, 2012 - 10:39 pm

Why did you move around so much?

Isn't it very time consuming and costly to move homes so many times?

[kong71286Participant@kong71286Join Date: 2009Post Count: 261]

October 21, 2012 - 10:36 pm

Maybe start with your end goal and then work backwards

E.g. if you want $50,000 in passive income, and can 8% yielding assets, you would need $625,000 by the date you want to retire whether that be 10, 20, 30, 40 years from now

You can then determine what strategy would suit you best based on your circumstances and preferences