[miikeParticipant@miikeJoin Date: 2008Post Count: 111]

April 9, 2009 - 1:18 am

Hey Carpe,

On the other side of the coin, you should really spend time on doing research to maximise profits and target the correct demographic.

No point targeting middle income families in an area that is high end.

Invest your time in contacting local real estate agents and rental managers, contact town planning and see what is currently in the works.

Good Luck.

Cheers,
Miike

[miikeParticipant@miikeJoin Date: 2008Post Count: 111]

March 29, 2009 - 9:57 pm

Hi Glen,

Thanks for the reply.
I went with option 2 and started the work over the weekend.
Although the glass is more expensive, depending on the apartment and demographic, spending the extra can be worth it.

Let you know how it goes.
<br /:)” title=”>:)” class=”bbcode_smiley” />

[miikeParticipant@miikeJoin Date: 2008Post Count: 111]

March 26, 2009 - 1:15 am

it's a buy, add value, rent and reinvest equity strategy for this property. Given the current climate, theres always a possibility of selling if it comes to that although highly unlikely.

Mirrors is an interesting alternative to glass, i'll take a look around to see some examples.

[miikeParticipant@miikeJoin Date: 2008Post Count: 111]

March 25, 2009 - 11:27 pm

I thought that would give a nice look, but it doesn't match well with my color scheme for the place

floors, jatoba wood
bench, ceaser stone – expresso
cabinetry – white matte
wall paint – antique us white

not so easy, …at this stage leaning to a plain glass , no background, color or distortions

[miikeParticipant@miikeJoin Date: 2008Post Count: 111]

March 25, 2009 - 10:43 pm

The bricks would need a lot of work to have that done. It was something I thought as an option for asthetics, however the appartment is aimed at up-market trendy studio feel.

[miikeParticipant@miikeJoin Date: 2008Post Count: 111]

March 13, 2009 - 12:44 am

Another place to start is on a budget….Start estimating and grow the budget…don't forget unexpected charges and insurance.

Cheers,
Miike

[miikeParticipant@miikeJoin Date: 2008Post Count: 111]

March 12, 2009 - 9:29 pm

Hi Aisha,

If your asking questions related to the economic future of a country, try a fortune teller.

If you are asking for hidden costs, then maybe you should research and perform due diligence.

Educate yourself, stop relying on people to tell you what to do!

A good start is reading some of Steve's books, although not all up to date with the current market, you will learn a solid base.

Good luck,

Miike

[miikeParticipant@miikeJoin Date: 2008Post Count: 111]

March 11, 2009 - 10:11 pm

Hi Anthony,

Do you think the rule applies if you add value to the property (allowing equity for reinvestment) and increase the rent?

– Look at properties in the area and see what kind of demographic the area is getting and what kind of changes to the property will give you the largest increase in rent or equity.
 
– Speak to property managers and see what the market is doing in the area and what properties are in demand and less likely to be empty.

Good luck.

Cheers,
Miike

[miikeParticipant@miikeJoin Date: 2008Post Count: 111]

March 3, 2009 - 2:51 am

This query applies to me as well.

I recently removed lino flooring. Pretty sure I didn't see any asbestos or fibres. My kitchen was built in 63.

My query is in general to asbestos.

1) For removal if it is disturbed what would be recommendations, i.e. how can it be contained and decontaminated.
2) Is there a form of testing a person can take to check if they have been exposed and inhaling asbestos etc.

Cheers,
miike

[miikeParticipant@miikeJoin Date: 2008Post Count: 111]

February 11, 2009 - 12:53 pm

Haha, good pickup Terryw.

Maybe I should proof read before I post…was in a rush when I typed it up, anyway, LVR was what I meant!

Cheers,
Miike

[miikeParticipant@miikeJoin Date: 2008Post Count: 111]

February 11, 2009 - 12:21 am

Hi Rambo1,

I myself am in the same position.

My understanding from what I have picked up from my mortgage broker is that banks will base this on their evaluations and LMI values.

i.e.
Property 1:
Value: 400k
Loan: 300k
LMI: 75

Available borrowing:
LMI: 90
Loan: 360k
Extra: 60k

Proposed Property 2:
Purchase: 300k
Costs: 20k
Loan: 260
LMI: 87

– Take into consideration costs of any renovations you require and startup costs.
– Remember your ability to service loans will be checked, (rental income, personal income).

Is it not as straight forward as we all wish it could be.

Hope I'm correct with all of the above. Can anyone with more experience confirm please.

Cheers,
Miike 

[miikeParticipant@miikeJoin Date: 2008Post Count: 111]

January 22, 2009 - 12:30 pm

Thanks Reece for providing as much info as possible.

Will keep an eye for your updates .

Josh, I'm still on my way with things I need to get done. I'm more than happy to discuss anything with you on the forum or privately….PM me or reply a post to the thread.

Cheers,
Miike

[miikeParticipant@miikeJoin Date: 2008Post Count: 111]

January 22, 2009 - 12:19 am

Hi Reece,

Had another browse through the program.

One thing if your able to answer it at this stage.

Have you received a schedule or agenda of any kind which outlines the times and dates for the meetings and webinars, etc.

I'm interested to see what the time line is like.

Cheers,
Miike

[miikeParticipant@miikeJoin Date: 2008Post Count: 111]

January 21, 2009 - 12:11 am

Hi Reeco,

I am extremely grateful that you have put in the time to keep on pushing for answers in this thread as they are the same questions that I have been trying to find out over the last 2 years!

Much like you I am the horrendous gen-Y's, that don't save, expect everything on a silver platter and don't wish to work for anyone but ourselves…more seriously a bit about my position…
– 25 y.o
– purchased my first PPOR early 2007 (a 2br unit)
– am now around 60% through my first renovations
– have read every book in property you can think of
– have even met people through this forum
– I currently receive 4% rental for a single room and have turned my property to positive cashflow without even finishing renovations
– My PPOR is in a fantastic location, has high-demand and extremely low rental vacancy regardless of the current climate

Similar to you I am very obsessive on due dilligence and therefor ask many many questions before commitment is made.
I have goals to purchase another property of similar nature, moving into it, renovating and turning my current PPOR into an IP (which will be positive cash flow). I have set one of my goals to further my property and investing education for 2009 and to possibly plunge into the RESULTS program for 2010.

I would extremely appreciate if you have the time to keep me informed of the RESULTS program, the contents and the results you have achieved.

Feel free to private message me.

I wish you the very best results for 2009!

Miike

[miikeParticipant@miikeJoin Date: 2008Post Count: 111]

September 8, 2008 - 4:03 am

Thanks Scott No Mates,

Looking into it further .

Cheers,
Miike

[miikeParticipant@miikeJoin Date: 2008Post Count: 111]

August 29, 2008 - 1:55 am

Hi Guys,

All the posts have been great.
Finally have started getting it done.
Engineer is coming in to inspect the wall tomorrow after reviewing the architectual plans.
Looking at approx 2k as it is a load bearing wall, includes, engineering work, support beam, fire rating and installation.
Going to rip down the wall myself with a few mates.
Renderer will be approx 500 for 3×2.6.
No need for approval by council as I've been informed, however body corp req a copy of the engineering documentation for insurance which is expected.

Will let you know how it all pans out.

Cheers all…have a great weekend.
miike

[miikeParticipant@miikeJoin Date: 2008Post Count: 111]

August 21, 2008 - 11:05 am

Thanks Carlin,

Will let you know.

Cheers,
Miike

[miikeParticipant@miikeJoin Date: 2008Post Count: 111]

July 25, 2008 - 10:48 am

Thanks Anrobel,

After doing my research i've decided to do the following and started this today.

For paint preperation only:
1. Sand back all peeling paint.
2. Clean all walls and ceilings with sugar soap.
3. Fill all cracks with Filler.
4. For all uneven paint areas due to pealing use Skim Coat Filler.

Will be doing some other tasks prior to painting, will depending on existing paint be using a primer.

Cheers for all the assistance guys,

Will try and get some photos, etc up on the net soon with my reno,

Miike

[miikeParticipant@miikeJoin Date: 2008Post Count: 111]

July 23, 2008 - 5:13 am

Thanks for the tip Crashy,

Going to head down to Bunnings for a look around tonite.

Cheers,
Miike

[miikeParticipant@miikeJoin Date: 2008Post Count: 111]

July 23, 2008 - 12:33 am

Hi Crashy,

From my undestanding lead paints were abolished in Victoria in 78.
I'll get a lead testing kit and make sure the paint is not lead based.

The paint is peeling on some walls, cracking on others and extremely stained too.
Needs to be replaces,

Hadn't thought about laminated mdf, will investigate it a bit further.

Cheers,
miike