[MosicLandscapesMember@mosiclandscapesJoin Date: 2010Post Count: 73]

September 12, 2013 - 10:55 pm

Just thought I would update. Things have gotten really ugly. I was served with a 3 page outgoing letter in which things like dust in the vent of the (broken and unusable) fireplace and money for the "prolonged non use of the spa" were included (the owner had taken the pump for the spa away about 2 months into the tenancy).

It is just awful. The biggest thing is we just didn't document like we should have. The agent is being really dodgy (demanding $1700 more than what was owed, not having pictures of things that I know they have etc etc). And now they are claiming that the chimney sweep who broke the fire (who is also a friend of the owner) is saying that there was nothing wrong with the fire. I'm pretty sure they have had it fixed since we moved out and we have no photos of the flooding or rusted out flue. I'm such an idiot

Huge learning curve for me. Would love to name and shame these a***holes but not sure it's allowed?

We are going to release the bond money they have requested because to fight it would need more evidence then we were going to go for compensation of our $800 electricity bill but now they have fixed the wood heater there is no evidence it was broken feeling like a real rookie right now.

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August 2, 2013 - 9:05 am

I hope there will never be a next time! I have not enjoyed being a tenant again and am really looking forward to moving back to the PPOR.

The thing is, it feels like the agent and the owner care FAR too much and have completely unrealistic views and expectations of this property. The doors are really nt that big a deal, annoying but not huge stuff you know? The heater is what I'm upset about because we have had to run the split system so much (lots of $$$ seeing as hubby is an arborist by trade so wood is no problem).

The latest installment in this drama is that the agent has just written an email saying the lease we signed was for max 5 people to live in the house (we have 6). There were only spaces for 3 of the children and I rang twice to sort it out but never heard back. Thinking this could be a deal breaker re tribunal.

At the very least I think I will talk to whoever the girls boss is. They need to be made aware of the shoddy service.

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August 2, 2013 - 6:39 am

Good to know this doesn't seem normal! Feel like I'm loosing my mind a little. I've spoken to NSW fair trading and have pulled them up on the open houses (they can't show the house till there is 14 days left of the lease. We are on month to month now and have given them the date we will be moving out. Seriously don't know if I have the time/energy etc to deal with tribunal stuff.

Main thing I'm pissed about is the heater. Would like some compensation for that.

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April 16, 2013 - 1:06 am

I second Pete, he has been really great for us. Nothing is too much trouble for him.

[MosicLandscapesMember@mosiclandscapesJoin Date: 2010Post Count: 73]

April 3, 2013 - 9:02 pm

There are also heaps of free seminars and events that you could attend (if you are confident you can resist the selling angle). I really like these events because it is an easy way of picking up the lingo and some key strategy points etc. Also a good place to network with other people who are interested in property, you could even put a shout out here to see if anyone from the forums is going.

Many of the above people also have free DVDs they give out (again it is all a selling technique so go in with your eyes wide open).

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April 3, 2013 - 6:27 am

I have read Smart Property Investment magazine, haven't read many others so can't compare really. I do like the stats in the back of the mag for an easy go to guide.

I use LandVic when looking at properties in Victoria – I can get stuff like zoning, overlays and even buy the title so I can get the contact details of the owners. I also use councils websites and http://www.abs.gov.au for census data (ie. population, average income, demographics etc etc).

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March 26, 2013 - 12:57 am

From my experience I would say DON'T DO IT.

I am having ongoing issues with a privately rented place and I will never do it privately again. The tenants are not paying rent, the place looks terrible and now I have to make a decision on whether I kick them out and go through a PM or hold out and hope what they are promising me comes to pass.

FWIW, I have a standard rental agreement in place, lodged bond ect. Most of this stuff you can find pretty easily with a google search. They pay water and electricity (the property is in Vic).

Good luck.

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February 10, 2013 - 2:18 am

Shahin, do you suggest a stand alone loan with 100% offset instead? I have read some stuff on here about banks matching rates so knew what he said was rubbish, he is really shirty with me about the broker thing. I don't really care, I'm not bluffing at all – no skin off my nose to set up a loan with someone else!

He has even questioned my motives with regards to the equity money: "If your now doing the loan for $168k then what is the reason for the loan, what are the funds for if not to buy a property."

Douche.

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February 10, 2013 - 1:01 am

Just an update:

I was honest with the banker and told him I only wanted the LOC and was thinking a broker for a number of reasons (including accessing cheaper rates) and that if he would match the cheaper rate then I would stick with the bank. He came back to me with "we don't match rates". Makes it easy for me

Good point re the valuation. I probably won't do it though because of the current tenants. The place looks pretty ordinary

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February 9, 2013 - 4:20 am

Just spent all morning looking at opens. Thinking of moving on a couple – one in St Marys and one in Emerton. Bit nervous because I'm so new to the area but you got to jump in sometime!

I haven't been looking at HC because of the general consensus that everyone is going for them, I might head over to a couple of auctions for a stickynose to see what all the fuss is about though.

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February 7, 2013 - 10:17 pm

I'm currently looking in the 2770 area. Consistently finding properties (townhouses and units mainly) for low 200K renting for low 300. Many need some cosmetic work (paint, carpets etc) to get a higher rent but many are already rented at CF+ prices. While CG might not be huge, the potential to add value is there.

Any updates NHG? Did you go ahead with any purchases?

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February 6, 2013 - 11:20 pm

HI Tracee,

I don't have any personal experience with serviced apartments mainly because the banks seem to hate them! There was one in Townsville that I was really keen on but the bank would only lend 70% of the purchase price and I just didn't have the cash for the deposit. I know you have to be careful of strata fees, sinking funds and rates. You also have to make provisions for higher vacancy rates.

I'll be watching this thread with interest though.

Jess

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February 6, 2013 - 11:00 pm

Hi Realty4Life – this link will take you to it: https://www.landata.vic.gov.au/tpc/

Update on the cold call. Got onto a bone fide developer! Bit of shame for me because she knew exactly how much the land was worth (retail) but she wants to meet for coffee to discuss the possibilty of mentorship and project management! Really pays to be forward sometimes!

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February 1, 2013 - 8:35 am

Call the business number or send a letter? I think I'm just going to call them…waiting for a response (if I even get one!) would kill me.

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February 1, 2013 - 7:32 am

Thanks Paul, that's the second recommendation for Lewis I've had today. Will file his contact details away for next time (which may not be far away). Tony was who I spoke to this morning and was extremely helpful even though the deal is in Vic.

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February 1, 2013 - 12:46 am

Thanks Terry, talked to a VF lawyer – said all the same things you just said then but made it sound really easy. I'm not so sure.

Just put an offer in with a subject to finance clause in, going to avoid the VF for now. Much easier just to have control of this one ourselves from the get go. Will maybe look into vendor finance when I am the vendor lol. Thanks for you help everyone.

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January 31, 2013 - 11:19 pm

All dd has been done. This is a good, sound deal. Just need to work out how to utilize VF (and if it is even worth it). Can I use VF to develop a block of land, paying any remaining money after all blocks are sold? 

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January 31, 2013 - 8:09 pm

I understand the concept when applied to a house, just not as a strategy for developing land. Especially when I want the entire deal finished (ie, all blocks sold) before I pay the vendor out.

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January 31, 2013 - 8:01 pm

The profits are definitely there. I'm worried that I won't be able to subdivide and sell the individual blocks if I don't have the title. Will look into the second mortgage carry back, thanks Richard!

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January 31, 2013 - 9:17 am

I don't know. Which would be better? What would the costs involved be for an installment contract vs getting a deposit? I could pull a deposit together pretty quickly if I needed to. Would really like to get this rolling tomorrow.