[mum2fiveMember@mum2fiveJoin Date: 2007Post Count: 69]

June 29, 2007 - 4:46 am

O.K I had a similar problem only I was the owner of the property, the tenants, knowing full well they were lockied into the lease until July (this was in January) bought a house, they then stopped paying rent. Being reasonable as they were still locked into the lease I said, fine, all I ask is you pay 8 weeks rent and you can be free of the lease (as the house was for sale and it would be harder to find a tenant for a house that was on the market).
Well they never paid it, I got behind in mortgage repayments etc because of this, we were struggling badly!
They then took US to the tribunal to get their bond back! Th e REA had informed me previously I would at least get that back…but nooooo….tenants cried financial hardship and their bond was released to them. During this time, the REA didn't even bother to let me know it was going to the tribunal etc….I would have been happy to write a letter stating we were in worse financial hardship over this, at least they weren't going to lose their house! Anyway, I went right off, the REA has now had to pay me at least the bond back out of their own pockets, but I am still $960 out of pocket for it! Plus all my overdue fees for the mortage being over due a few months!
Heck we bought that house when we were still in a lease and continued to pay rent until a new tenant was found (which I later found out they never even bothered trying to find since that house was also on the market)
We ended up selling the house 20K under market value just because we had no choice, it was that or let the bank do it!

Moral, try the tribunal, they seem to favour tenants! It seems as though you (unlike my tenants) have been given the raw end of the stick.

[mum2fiveMember@mum2fiveJoin Date: 2007Post Count: 69]

June 26, 2007 - 3:49 pm

We made the same mistake, PPOR + 2 IP's all together, we just sold 1 and had to end up paying to have remaining 2 re-valued to cover the payout figure for partial discharge….was not happy! See I knew we got enough for the place to cover that particular house owing amount, but they took the others into account as well, otherwise it would have all gone to the loans and we would have ended up with no $$$ from the sale!
Wish I had known beforehand, luckily I caught it in time to get valuations before settlement, but sure cut it fine!

[mum2fiveMember@mum2fiveJoin Date: 2007Post Count: 69]

June 26, 2007 - 10:07 am

We have our investment property for sale in Narrabri NSW. 15th June median house price was 190,000 today it's 210,000 Not much of a difference compared to what others have reported, but good for me  Graph shows region on a decline, but Narrabri on a good incline …. Thanks mines

[mum2fiveMember@mum2fiveJoin Date: 2007Post Count: 69]

June 24, 2007 - 4:39 am

Hi Paul,
No, havn't decided which way to go. Yes they said if I don't want to ask the questions then to have the prospective buyer contact them, i just though it would be easier fot me to have a few base figures to give to prospective buyers. He did mention the lease option or something as well.

Thanks for the reply

[mum2fiveMember@mum2fiveJoin Date: 2007Post Count: 69]

June 23, 2007 - 6:28 am

another good site is http://www.photobucket.com it has paid or free (paid just has more space)

[mum2fiveMember@mum2fiveJoin Date: 2007Post Count: 69]

June 21, 2007 - 4:01 am

Yay….well done

[mum2fiveMember@mum2fiveJoin Date: 2007Post Count: 69]

June 20, 2007 - 1:12 pm

yeah, thought of that, but she doesn't understand it and trying to find a rent to buy in this area wouldn't be easy!

[mum2fiveMember@mum2fiveJoin Date: 2007Post Count: 69]

June 20, 2007 - 10:43 am

yep, that too….lol… I won about $900 on catch phrase once, but want to get on 1 vs 100

[mum2fiveMember@mum2fiveJoin Date: 2007Post Count: 69]

June 20, 2007 - 7:07 am

fatboy1730 wrote:

There is a lot that can be said about making rather than buying a cashflow positive deal. All of that has been well covered in many posts. The burning question that doesn't get answered is "are there cashflow positive deals available of the sort outlined in Steve's books?".  We have found a place in reasonable proximity to Melbourne where you can buy lettable property on a good enough yield to make a purchase with up to 95% financing either cashflow neutral or positive. We have two houses there. Here are the numbers on one of them. We bought this in February. We paid $85,000 and the tenant was pating $115 per week in rent. He left and we spent a few weekends and about $2000 on paint and materials. Result $140 per week. A one and only? No we did the same thing down the road about 500 metres. Bought $84,000, untouched apart from new flyscreen mesh on a door this rents for $125 per week. These properties are two bedroomed and are on subdivisible sites. Friends have done the same 3 times in the last month.
Hopefully this will show it can be done with a bit of research. We are going to build on the subdivided land which will make the deals all the sweeter.
Have a look at Morwell. Have a look at Morwell. Have a look at Morwell.
There I've said it three times so you can't miss it.

True, our house (which is for sale) recently rented for $180 in regional NSW, after painting a couple of weeks ago, new rental valuation of 180-220 with 200 being base (think they just put the 180 because they knew it rented for that recently) They have actually told me, they will tell prospective tenants $200+ Mind you, we aren't throwing it away at the prices you paid, but still our asking price of 148000 is quite low, specially for Narrabri right now!
Amazing what a new coat (or 2 or 3….lol) can do to a place!

[mum2fiveMember@mum2fiveJoin Date: 2007Post Count: 69]

June 19, 2007 - 7:26 am

lol…i have aplied to go on a game show myself incase i don't sell my houses….nothing like free $$$$ :p

[mum2fiveMember@mum2fiveJoin Date: 2007Post Count: 69]

June 19, 2007 - 6:01 am

Hmmmm yes, that seems to be their problem, her hubby and his ex bought a house together (even though his name was only on it for 2 months) before 2000 in WA. They have been thinking of 100% loan. Wouldn't take them long to save the money for legals if they cut off the austar for a bit etc….They did have a nice deposit but had to buy water for quite some time in Orange and copped a few rather hefty electricity bills where the neighbours electricity was going to their account but they couldn't prove it so couldn't get out of paying….anyway, shall let them know.
Thanks again

[mum2fiveMember@mum2fiveJoin Date: 2007Post Count: 69]

June 19, 2007 - 5:52 am

New RE I just signed with in NSW is 8% + GST as was another mainstream RE in QLD also 1 weeks rent leasing fee and $16 lease prep fee.
Hope that helps out.

[mum2fiveMember@mum2fiveJoin Date: 2007Post Count: 69]

June 19, 2007 - 5:34 am

Hi Marc, yes I know of a few things money is wasted on such as pay tv, alcohol and smokes, unfortunately they won't move to a cheaper place as they don't like having close neighbours and are on 5 acres but the house itself is crappy. I told her to buy that and do it up, but doubt they will but if they want house and reasonable land, then that is as cheap as they will get at 260k i think is the price it's for sale at.

Mark, So would both have to be included because i thought if 1 had had a house then they both were inneligable if both are on the loan….am i wrong here?

just seems such a waste to be paying out that much rent!

Thanks again.

[mum2fiveMember@mum2fiveJoin Date: 2007Post Count: 69]

June 19, 2007 - 1:05 am

You could also reduce the rent and sign up a tenant on short lease, it may be a bad time of year for people looking for houses. Then up the rent at a good time with new tenant.
Just a thought, may not work, but might too. All depends if you want to run the risk of having problems again.

[mum2fiveMember@mum2fiveJoin Date: 2007Post Count: 69]

June 18, 2007 - 12:18 pm

Travel and something artistic, would have to do something otherwise I would get bored, but definately sleep in every day!

[mum2fiveMember@mum2fiveJoin Date: 2007Post Count: 69]

June 18, 2007 - 12:01 pm

Are you looking only in Adelaide? If not, I have a much cheaper IP for sale in regional NSW (Narrabri, currently cotton farming area, but expanding to mines as well). Just PM me if you want more info

[mum2fiveMember@mum2fiveJoin Date: 2007Post Count: 69]

June 16, 2007 - 12:57 pm

Don, there are subdivisons going on all over the place in this area right now, even in rothbury I think which was a blink and you'll miss it area! Happy to see if I can find out though if Greta is subdividing around that area, my real estate is really nice and if they know they will tell me

[mum2fiveMember@mum2fiveJoin Date: 2007Post Count: 69]

June 15, 2007 - 12:20 pm

True Harley, as a renter, I always look for built ins. With a large family, wardrobes are just a hasle. The place is going to look alot better with clothes in a built in than all over the floor until I can go buy one, then try to lug in through awkward doorways and risk chipping doorways and paintwork!

[mum2fiveMember@mum2fiveJoin Date: 2007Post Count: 69]

June 14, 2007 - 12:01 pm

When I sold 1 house about 9 weeks ago, I rang the bank as soon as contracts were signed as they had to organise a partial discharge. I then had to put my request in writing and fax it to them. Was lucky I did too as it was all only done just in time, mind you it was a 30 day settlement so quite short as is the way in QLD!

[mum2fiveMember@mum2fiveJoin Date: 2007Post Count: 69]

June 14, 2007 - 9:29 am

No worries Tatts, oh and my name is Linda, TIA means thanks in advance