[Ol PaintingMember@ol-paintingJoin Date: 2003Post Count: 123]

February 5, 2013 - 11:23 am

We used this lady for a rather complex property and business insurance (manufacturing & printing). Would highly recommend her. She even bargained down the price after getting the best deal.

   Erika Heletij | Aon Risk Services Australia Ltd

   Client Manager

   130 George Street Parramatta NSW 2124

    t: +61286234046 | f: +61292537747 | m: +614478490924

    e: [email protected]

I tried to get few insurance quotes myself first – called few companies and it was a complete waste of time. You spend an hour answering their stupid questions on a phone only to hear that they can not insure you because of some minor policy issue. Not worth the trouble. Just use the broker! 

[Ol PaintingMember@ol-paintingJoin Date: 2003Post Count: 123]

June 7, 2012 - 2:36 am

Anyone had used Mortgage Watchdog?
I'm working on it now. I'm confused us to where the mistake is made in my favor and where in bank's favor.

If discrepancy is shown with a minus upfront (eg. -100.00) – does it mean i was overcharged or undercharged?

And also, if I look up for "Discrepancies Only in Your Favor" – is it a total refund I can make? or it's how much I really underpaid (on those few occasions what it shows).

I can't understand – it is bank owns me $1,300 or I owe a bank…

[Ol PaintingMember@ol-paintingJoin Date: 2003Post Count: 123]

June 25, 2011 - 6:19 am

Guess you already asked your family and friends before posting here. If they do not know anyone – this is how I’m, getting traders when I’m new to the town my renos & developments are interstate) Works like a charm each time:

Call the RE office from where property was bought/rented. (You do not even need to talk to the agent. A receptionist will help you).

Ask them for a contact of traders on their list, for 2-3 for each trade you require. All RE agencies have a list of trades that they work with. And this list if quick valuable for few reasons:

·         Those are the traders they currently work with, and think we’ll about. They will remove those they are not happy with, or are too expensive.

·         They regularly check their licences, insurances, and safety policies.

·         Traders who work for RE are used to work to the strict deadlines – must finish their work by Saturday opening house, fit it around tenant’s available time, et. It will be easier to plan things for you.

Mention to the trader that “such and such” RE recommended them. Good traders are always busy and booked out. Since RE’s are their repeated business – they will treat you as a priority, and will be a bit more accountable.

Get few quote in writing, and consider prices. But no less important when choosing a trader – trust your guts!!! If you can not communicate the trader, do not like an attitude, they do not pay attention during the quote – it will only get worth once they start the job!

I’ve been through this so many time and every single time I’m tempted to choose a trade I did not feel good about, but they were cheaper – things went wrong (it’s so tempting! $700+GST less for concreting. He’s an idiot. How bad can it be? Same concrete, same drawings. Right? WRONG!!!!!!! Just listen to your guts and chose the trader you feel good about!)

Also, when you find a good trader – ask him for a recommendation for other trades. Traders often work side by side on project. It’s just a human nature – we come along with people that are like us. A tidy, punctual and skilled trader is likely to recommend you someone who are alike.

[Ol PaintingMember@ol-paintingJoin Date: 2003Post Count: 123]

September 8, 2010 - 12:24 am

ABSOLUTELY NOT!!!

I’m going lots of work for Real Estate agents for years as a trader – no one ever asked me about anything! They just source a trader that will do the work quickly and well, so it causes as little hassles for them. That’s all.

 

I’d imagine RE would prefer property to be well maintained, as their fees will increase and maintenance will go down. But nothing wrong about this! You are the one getting the rent.

 

If anything – we’ll give cheaper quote for RE. They are our bulk customers. The yare getting few quotes and I wouldn’t want to stand up as too expensive. Also we know who they are and that they will pay. When a stranger contacts you – you never know if you will get problems getting money from them and would allow for this.

   

But… I myself had not a very good experience on my regional IP. Had to replace ceiling, and used trader RE recommended, as the one why does a lot of work for them and is good. The work was done quite poorly. Year latter I started reno. Every trader was asked me who on earth did THIS. And after hearing a company name they all said – oh, this guy’s wife is working at the agency and he has a very little experience and often call of the traders for advice on how to do things. I don’t trust this RE!

[Ol PaintingMember@ol-paintingJoin Date: 2003Post Count: 123]

September 8, 2010 - 12:07 am

I’m currently building 2 executive homes and doing one subdivision 1-into2 lots. 
Did 2 major renos and 1 development last year…

 

I’ll aim to do a larger scale development next – up to 10 apartments.
But have to finish my villas first!

[Ol PaintingMember@ol-paintingJoin Date: 2003Post Count: 123]

September 8, 2010 - 12:01 am

Sense of humour helps.

Also try to look at a big picture and don’t loose hart over every problem.

I have a goal of doing 30 projects in the next 10 years.
So when you got problems with your project and things are going wrong, late, or not going at all. Just breath in and remind yourself that this is just 1 of 30 projects – you can’t allow yourself to have a hard attack on each of them.
It helps to see a real scope of a problem.

Good luck!

[Ol PaintingMember@ol-paintingJoin Date: 2003Post Count: 123]

July 9, 2010 - 1:52 am

I do interstate renovations and developments. Most of them in busy remote mining towns. I do not have any project managers – Their cost makes development unfeasible.

 

It’ really not as hard as it sounds! (and I’m just a normal girl with a common sence and can-do attitude) Don’t be scared off that easily. In fact treat all negative comments as a very good sign! There is a profit in other areas, because locals are too busy to bother with renos, and interstate people think it’ all too hard. You earn a profit by overcoming obstacles. In my experience an obvious obstacle is a god sign, as it scared most of people off! ))

 

Distant and even interstate projects are very much do-able. A bit of common sense, good communications, scheduling, treating traders nice, and a winning attitude all you need.

 

Most of my projects I’m flying in. I schedule everything to the smallest details, try to arrange as much work as I can while I’m away, then pack my bag with hummers, screws, masking tape, etc. and go! (I always wanted to see the face of a person who scans my bags at the airport). When I’m working on the project I’m often fly-in for 2 weeks, then go home for 2 weeks. I stay at the hotel, or in the house, if it’s liveable.

 

Treat the good traders good, have reasonable demands, pay them quickly. They will help you and will recommend their mates in other trades who are as good as they are. They will often put you as a priority, because you are out of town and do not have much time. It takes some effort to keep things on schedule (or as close as you can), but call, remind, confirm with everyone, mention when the next trader booked in, and eventually you’ll get there!

 

[Ol PaintingMember@ol-paintingJoin Date: 2003Post Count: 123]

June 30, 2010 - 11:54 pm

Aluminium venetians are the best!
Who cares if they damage it – you have bond.  Never had mine damaged. But they would be easy and cheap to replace.

I always order them online.Cheppa Blinds seem to always be the best deal – http://www.cheapa-blinds.com.au
I measure and install them myself – and I'm a girl with no special training. It's easy.

3 bedroom house with bay windows + venetians in all bathrooms and toilets (I think they add class) cost around $1,700-$2,000 and takes about 4 hours to install. But I’m getting faster each time!

[Ol PaintingMember@ol-paintingJoin Date: 2003Post Count: 123]

May 19, 2010 - 4:28 am

I was not able to find a feasible project in Sydney for a long time. Very rare you hear someone going well in Sydney with property (and it is always questionable). There seen to be some margin in upped market projects – but it is very uneven market and I can not justify risk. You estimate your return at +/-200K.  

I’m mainly doing interstate projects for this reason.

[Ol PaintingMember@ol-paintingJoin Date: 2003Post Count: 123]

May 19, 2010 - 4:17 am

What else do you expect to hear on this seminar?
They will not tell you the exact town or developer to talk to.
They can not tell you what the market will do in a future – no one knows this.

It sounds like you understand the principle.
Go take some actions!

[Ol PaintingMember@ol-paintingJoin Date: 2003Post Count: 123]

May 19, 2010 - 4:11 am

I chose to move our of my property, rent it our, and go on rent mysef. The area I like to live has a small rental return. As an investor I refer to my which gearing properties – they are usually one bedroom or working class properties. It comes to the choice:

• Buy a house for al least 1.5mln in my area, have undeductible mortgage for a very long time, land tax, etc., and hope that when one day I sell a property (which I don’t like to do anyway) I’ll have some capital gain tax free profit;
• Or, for the same money I can buy 3-4 highly geared properties (in few states, so land tax is reduces) that will basically if not fully pay for themself, use tax benefits, rent the best house in my area for $1,000pm and still much better off at the end of a financial year!

 By the way, because I do not have other PPR – my rental property has 6 years capital gain exemption. So I can use all tax deduction, but if I sell it within 6 years I can get exemption form capital gain tax. I’m much better off going on rent!

[Ol PaintingMember@ol-paintingJoin Date: 2003Post Count: 123]

May 19, 2010 - 3:56 am

Thumbs up for project homes! 

I’ve done few development and always used project homes. They ended up more feasible and easier process. My developments are all interstate – I obviously can not afford going here to oversee every small thing.  Plans are usually very practical, market driven and you can always change façade (some project builders don’t even show you elevations, as they are custom made) – you really can do a lot with it.  

Initial paperwork always was messy for me (may be it’s just my luck). But once you are over it – a construction is a nice, easy & stress-free process. In fact you don’t have to do much at all, just occasional inspections.  

After builders finished I’m managing project myself to finish the project – just staff that builder does not do or for what they would charge too much (aircon, venetians, flooring, shower screens, light fittings, dishwasher, concreting, fences, landscape, pawing, pool/spa, etc). It’s a bit of a hustle, but all very common sense. Nothing a normal person can’t handle.

[Ol PaintingMember@ol-paintingJoin Date: 2003Post Count: 123]

May 19, 2010 - 3:27 am

The cost of subdivision depend on few factors and be quite different depending on type of your subdicision (eg. free title, community title, common water meter, etc) 

The best way is to set us an initial meeting with a local town planer.
It will cost you about $100-150.  

Give them addresses of your prospective buys – they will tell you what you can do there and how much you should allow for a subdivision. You will also hear hips of very useful information – money very much worth spent!

[Ol PaintingMember@ol-paintingJoin Date: 2003Post Count: 123]

May 19, 2010 - 2:57 am

If it’s rental – put carpet (or vynal)!
The simple reason is: 

It is a tenant’s responsibility to maintain carpet and leave clean when they move. So most of tenant care note to put stains. If they don’t – you are holding their bond (same applies to vinyl and they look gorgeous these days!)

Scratches on a timber floor (and they are inevitable) counts as a wear’n’tear. So most of tenants don’t care about much. Any repairs will be done our of your pocket.

[Ol PaintingMember@ol-paintingJoin Date: 2003Post Count: 123]

May 19, 2010 - 2:50 am

Actually it's a good point.  Most definitely will use it!

[Ol PaintingMember@ol-paintingJoin Date: 2003Post Count: 123]

May 19, 2010 - 2:45 am

sonyasal wrote:

I have a great property manager and have had no hassles at all.
Sonya

Who is your manager, Sonya?
I’m with the First National, but not very happy with them.

They are trying very hard to screen the tenants, inspect property and get me the best rent and are always on touch. But they keep insisting on what appear to be way too high rent (hard for me to monitor market from Sydney). Property always stays vacant between tenancies for some time (last time it was way too long by my standards!) They keep telling me it has nothing to do with the rent, just noone wan to live in the area.

What a nonsense! There is always a price/demand ration. When I insist they take the rent down by $10 I always had a tenant in 3 days. 3^rd time it can not be a coincident.

[Ol PaintingMember@ol-paintingJoin Date: 2003Post Count: 123]

May 19, 2010 - 2:34 am

Always keeping a record how much you can spend on groceries or going out is depressing! Takes all fun away!

Try to record for a week (honestly) all of your expenses. Sounds silly. But you will be surprised every single time you do it! It will show you where your money are waisted, so you know where to discipline yourself.

If you straggle with putting money aside at the end of a week – do it at the beginning of the week. Put 20% of whatever you are comfortable with on separate bank account that you never touch other then for investment reason.

Remind yourself what are you are saving for and do something about your goal every day (other then saving). It keeps your mind on track and helps you reach you goal.

[Ol PaintingMember@ol-paintingJoin Date: 2003Post Count: 123]

May 17, 2010 - 10:18 am

Bando St.
Where are you?

[Ol PaintingMember@ol-paintingJoin Date: 2003Post Count: 123]

May 17, 2010 - 10:16 am

My system is: 

• Walk through the house room-by-room and write down every single thing, no matter how small that you like to do in each room, same for the exterior & garden.

• Group expenses per trade or type (eg. all electrical, painting, total number of door handles to replace. You must end up with the list of thing to do for each trade and a list for yourself (if you do any work yourself)

• Arrange each group in order of work to be completed (egg. pest treatment, remove carpet, remove kitchen, builder to open up wall & replace windows, electrician, bathroom, kitchen, painting…)

• It helps a lot is you measure the house and draw a plan, as well as site plan. Sketch all your improvements, like wall openings, kitchen, bathroom and landscape.

• Go through the list again with your plans – you most likely will notice something you overlooked at first (eg. rubbish removal, fly screens, lawn fertiliser)

• Try to get few quotes for each trade. If you do not know traders ask your friends, family for referrals. If you are in a new area – simply ask the agent you bought a property from. Use his name when you contact a trade. Have a chat with each trade about what you can do to cut the cost down, and not just in their trade – you always will get some good ideas. Ask them if they noticed anything else you missed in your list.

• Work out the list of materials for things you want to go yourself and get a price.

• Add everything together and add at least 30% contingency. Something will always go wrong and will cost more. For the rubbish removal count at least triple of what you think it will cost – there always will be more rubbish then you can ever imagine.

After this – just try to stick with your budget. Small projects are easy. With large one, like major extension – it is easy to get carried away. Remind yourself constantly, just because you spent a huge amount of money $1000 is still the same value as it always was and will take you the same amount of work to earn it

[Ol PaintingMember@ol-paintingJoin Date: 2003Post Count: 123]

May 17, 2010 - 7:54 am

I bought 2 years ago a completely trashed ex-housing property in housing areas with bad reputation in Gunnedah, small rural town in Upper Hunter Valley in NSW. I'm overall happy with the purchase.

The house looked like from “tenants from hell” stories on news. Everything that can be was smashed – walls, windows, bathroom, kitchen. Plus graffiti, cockroaches, rodents, horrible smell, dark bacause windows area boarded, backyard overgrown in a spooky way and full of rubbish.  House directly across the street was just burnt down. But it was a well planned 3bd brick house on large corner lot. 

RE laughed at my offer of 80K (medium house here is 220K). But DOH accepted it. I put 50K & 3 months renovating it – new kitchen, bathroom, toilet, build-ins, polished floorboards, security screens to all windows and doors, venetians, fence, carport, garden, rubbish removal, plus travel expenses to travel here from Sydney to manage and to do work. We patched walls, painted the house inside out, got rid off “housing” varnished timber inside and painted brick outside. The house came up just great. Hard to tell it’s ex-housing! We rent it for $190-180ph. 

The only problem we have – tenants do not stay here for long & move out after 6-12 months. They say it is not a matter of a price or a house – it’s just that the area can be roughs and nosy at night, they feel safe, but want to move outside the area.