Forum Replies Created
Good Advice, Rob
But you know what? With the reality that is the price of petrol – and trust me, its only going to get worse – these suburbs at the end of town may quickly go out of fashion. People are already beginning to factor this into their daily expenses. So Balga is looking good. 11 Km from the CBD. So too are other fringe ‘burbs, especially the Cinderella ones, like Mt Lawley, Leedervile, Mt Hawthorn and even Victoria Park.
[biggrin]LizardKing
I am just bouncing some thoughts here.
I think, in any case, that a bank lends at around 80% LVR.
So this is what the banks valuation is coming in at.
My $0.02.
LizardKing
Are you sure the ATO considers the sale date of a property when it goes unconditional?
All my reading points to date contract was signed. Finance could take 2-4 weeks, which is a long time. So how long did your finance take for sale to become unconditional?
Give the ATO a call and give your heart a rest! [cap]
LizardKing
Hi Jo, Derek and Simon
Many thanks for your views,opinions and advice on this issue.
The REA seems to think like Derek – not to sweat on the small things in life[biggrin], saying ‘You get back what you give in life’. I do not know where the connection is. I said, ‘This is an IP and I am looking at it from a business case’.
Anyway, the following events unfolded today.
1. REA says Vendor/Sellers ‘don’t want to know about it’ and she is offerring $100 from her commission to fix it!
2. Rang the Real Estate WA (REIWA for those of you in the Wild West) and they basically said, ‘Bull<edited>’ – the vendor has to fix.
3. They advised I hold back ‘a sum’ at settlement to fix the problem.
4. The vendors are now refusing me right of entry to get a Retic Co to go in and qive a quote.
5. Trying to get legal advice – which is around $270 +GST per hr from a legal firm. This cost might in fact fis the problem and keep everyone sweet. You know what I mean? I do not know if yuo believe in people’s curses, but from where I come, folks it is said to have a profound meaning.
And I do not want any of it from anybody with this IP or anything else.
6. Oh yes, I was advised by Consumer Protection I could delay settlement by 3 days in an attempt to resolve the ‘impasse. Trouble is I have tenants lined up to move in the next working day (Settle 25/2; Tenants in 28/2) and they have advised their removalists to have their container from the UK to arrive at 8:00 am at the property.So in a bit of a fix, folks. Push it on a ‘matter of principle’ and have moral victory or heat humble pie and settle for a beer at the pub to drown my sorrows!
Ever heard someone say, Discretion is the Better Part of Valour???!!!
Muchos Gracias once again and Adios
LizardKing
PS: Next time any of you sign a Contract for Offer of Acceptance, do so only after you have checked all and insert as Special Conditions if you think something needs fixing. It could also give you bargaining power.
Drambo
We put an offer on a house in Ellenbrook before the one in Mindarie, 4 odd weeks ago. Beautiful house in the Bridges Estate. The bid was cheeky because I found out that a new road was going to be built from Gnangara Road into the estate and it was going to be 100 odd mtrs behind this house. No, the RE Agent did not hide this (it is illegal), but kept saying the impact was negligible. I thought otherwise.
Rents in EB are around the $220-$250 mark with a lot of people building in Vale.
EB is about 20 Km to the City along Lord St, which is a +ve. I think it gets kinda hot, though as it is in a valley and the air gets trapped there.[confused2]
Another estate or development sprouting in no mean way in EB is further up inland at Charlotes (sp) Vineyard. Good homes, but heck, far from Gnangara Rd.
Hope this helps. My two bits.
More later
LizardKing
Hi All
This is my first posting on this forum so go easy on me[blush2].
We have just purchased an IP in Mindarie, paying top $$$ for a house on a cottage block we just fell in love with. I know the cardinal rule in property investing – don’t buy with your heart, buy with your head – but I do believe if you liked it, so will a prospective tenant.
The IP will be heavily -ve geared, but have put my money on CG of around 10%pa, which should cover my ‘losses’ at the end of say 5 odd years.
The IP is 4 yrs old, close to all amenities and a stones throw from the Mindarie Marina.
We have managed to secure a tenant thru the RE Agent that sold it to us at $285 pw.(Read: Goodwill).
Questions/Opinion/Please Comment on:
(a) Am I correct in assuming 10% pa growth rate in Mindarie for the next 10 odd years (past stats said so)?
(b) Any thoughts on managing the property ourselves, especially as we have already secured a tenant for a year?
Muchos Gracias in advance.
Phillip (aka The LizardKing)
Go in peace and prosper[cap]Hi Guys
My wife and I bought an ‘up-market’ apt in Perth 2 weeks ago and I am in the process of installing a 2.5 HP Daikin Split R/C Inverter AC that is going to cost us $2730 including installation.
This is a top-of-the-range AC and the apts are all ‘wired’ for this brand, being a luxury complex.
The simple fact is that the apt will not rent without an AC and rentals factor this. There is no question of getting an additional $10 – $20 if an AC were installed in the apt.
This is West Perth I am talking about.
This reply is only a comment and may not add value to the discussuon thread, I am sorry.
Cool Regards
Godzilla[8D]
