[oziMember@oziJoin Date: 2004Post Count: 262]

June 25, 2006 - 12:10 am

DA = Development Approval.

Ozi

[oziMember@oziJoin Date: 2004Post Count: 262]

June 22, 2006 - 3:56 am

Hi Tim,

Unfortunately I can’t help out as I don’t own property in the US. Several members on the forum do and I’m sure they can help you out. However, it probably would have been a good idea to ask these types of questions before buying in the US (or anywhere for that matter). It amazes me how many people jump in without doing research (not saying this is you). I just want to stress the importance of doing your homework before buying.

Regards,
Ozi

[oziMember@oziJoin Date: 2004Post Count: 262]

June 20, 2006 - 11:41 pm

Hi Don,

Thanks for the news articles. Sounds like some good times ahead in NZ for the coming years.

Regards,
Ozi

[oziMember@oziJoin Date: 2004Post Count: 262]

June 16, 2006 - 12:11 pm

Hi CATA,

My biggest motivator is turning up to work each morning and realising just how much I hate my job! Its enough to make me work harder (not at work, but towards investing) to reach my goals [cap]

Regards,
Ozi

[oziMember@oziJoin Date: 2004Post Count: 262]

June 12, 2006 - 11:19 pm

Hi,

Most of the cars in NZ are jap imports! I think what Simon has stated about the less strict safety regulations is valid.

Freedom Air is definitely the cheapest for flights, but it depends where you are flying from/to.

Regards,
Ozi

[oziMember@oziJoin Date: 2004Post Count: 262]

June 12, 2006 - 7:39 am

Hi Nicholas,

I don’t know anything about Bulgaria. Do you know anything about SPAM?

Ozi

[oziMember@oziJoin Date: 2004Post Count: 262]

June 10, 2006 - 3:47 am

Hi Matt,

The ones quoting you 10k a sqaure, do they include all landscaping, driveways, etc…? That may be where some of the additional costs are going.

Regards,
Ozi

[oziMember@oziJoin Date: 2004Post Count: 262]

June 7, 2006 - 10:47 pm

Redwing,

I’m looking to buy in Melbourne.

Regards,
Ozi

[oziMember@oziJoin Date: 2004Post Count: 262]

June 5, 2006 - 9:09 am

* New front door
* Re-paint roof (if needed)
* Re-paint gutters and facia (if needed)
* Render (if that is your cup of tea)
* Turf the front yard

Ozi

[oziMember@oziJoin Date: 2004Post Count: 262]

May 18, 2006 - 11:28 am

Hi again,

Another way to find out recent sales data for an area is to visit the local council! I only found this out the other day. Every council is different, but I was able to view the sales data for the past 12 months for the whole municipality. It cost me $35 but I think its well worth it. I didn’t want to spend all day there writing down 100 pages of sales data, so I just brought along a digital camera and took photos of every single page The guy at the counter also told me if I needed ‘older’ sales data for a particular street to ask him as he can check it on the system. I asked how far back he could search. He said “as far back as you want!”.

One other council I called up had recent sales data (which was free to view), but the data was about 2 years old!

It doesn’t hurt to ask, you never know what may be available.

Regards,
Ozi

[oziMember@oziJoin Date: 2004Post Count: 262]

May 16, 2006 - 12:37 am

Hi Kiwi,

That is some great advice. I like your idea about including a clause for reducing the commission if the agent doesn’t get their quoted price. Very smart I think!

I’m hoping I don’t have to go to auction but if I do, I’ll give some thought to your suggested tactics. Thanks heaps!

Cheers,
Ozi

[oziMember@oziJoin Date: 2004Post Count: 262]

May 10, 2006 - 11:05 pm

Thanks for the tips everyone!

Stuart, I managed to get sales data from an agent which goes back 12 months. I showed this to the vendor, along with some of the current listings in the area. I guess the recent sales data wasn’t all that persuasive as there were still a few properties which sold in the $300-$350k mark. I know for a fact that these were better houses in better areas which have been renovated.

I will definitely be keeping an eye on the property and pounce once it is listed with an agent. I won’t be losing sleep over it if I don’t get it. I’m sure another one will pop up sooner or later.

Regards,
Ozi

[oziMember@oziJoin Date: 2004Post Count: 262]

May 8, 2006 - 11:05 pm

Hi PropertyPassion,

Yes I hope I have done the right thing. I also don’t think the agents would agree to having the clause in the contract as this would have no benefit to them at all. I would prefer not to buy at auction, so I will probably wait for the agent to list the property then go in with an offer and see where that leads too. Who knows…?

Regards,
Ozi

[oziMember@oziJoin Date: 2004Post Count: 262]

May 8, 2006 - 10:16 am

Hi again,

Just a quick update on how things have progressed with this deal. It has been a bit difficult getting in contact with the vendor as she has been unwell in hospital the past week. I just spoke with her and it turns out her family has turned against her and demand she let the agent sell the property at auction, to which she has agreed. Her family who will be benefitting from the sale have gone as far as making threats if she was to sell to me privately as they believe she would be “giving the property away” for far less than what its really worth. I decided not to push her any further and thanked her for her time. I asked her to put a clause in the contract which states that if I do purchase the property while it is listed with the agent, then no agents commission is payable on her behalf. She said she will ask the agent, but I’m not sure if they will agree to it.

Do you think I’ve done the right thing? Any comments would be appreciated.

Regards,
Ozi

[oziMember@oziJoin Date: 2004Post Count: 262]

May 1, 2006 - 3:22 am

Hi redwing,

Thanks for the tips. Regardless of what is deemed a “fair” price for this property, I am only willing to spend up to my “best” price, which is determined by the end values in mind and how much work and effort will be involved from begining to end. Since I am purely looking at this as a development project, if the numbers don’t stack up in the end, I won’t go through with the purchase, even if the price is under market value.

I think I will just go in with my best price. They can either accept it or I walk away. Now all I need to do is work out my best price.

Cheers,
Ozi

[oziMember@oziJoin Date: 2004Post Count: 262]

April 30, 2006 - 11:54 am

Hi Rick,

I’m still negotiating with the vendor but its not going as planned! I put an offer in of $270k last week and spoke to the vendor a couple of days ago. She wasn’t too impressed with my offer and stood firm on her minimum price, i.e. $320k. She told me she will be getting a couple more agents to view the property this week and will probably be listing the property for auction.

I’m a little confused as to which way to go now. I am thinking about increasing my offer to $290k which may still prove to be a good buy, but any higher than that and I may need to let this one go. The problem I have is there aren’t many new properties being sold in the area so it is hard to compare prices. I am trying work out what the end values will be, then work my way backwards to determine the profit margin.

*** BUILDING COSTS ***
After doing a bit more research, it seems that building costs run at about $10,000 per sq (for something ‘ok’ quality – including landscaping, driveways, etc). Does this sound about right? So a 12sq house should set me back $120,000. Would this be the cost if I was to get a builder to build for me? Or is this how much it would cost for an owner builder?

I have also estimated the permits, development approvals, sub-division, etc to cost around $20,000. Would this be a conservative estimate? I know it varies from council to council and also the block of land.

Any ideas on what I should do?

Regards,
Ozi

[oziMember@oziJoin Date: 2004Post Count: 262]

April 27, 2006 - 5:56 am

Hi Anya,

Go into a local real estate agents office and tell them you are thinking of selling and would like to get some recent sales data for the area. Give them the address of the property which is identical to yours and they will be able to search for it on the REIA system.
Normally agents wouldn’t give this information out, but I’m sure most won’t mind if you tell them you are interested in selling.

Regards,
Ozi

[oziMember@oziJoin Date: 2004Post Count: 262]

April 24, 2006 - 2:07 am

Hi Rick,

No problems mate! Look forward to catching up tomorrow.

Cheers,
Ozi

[oziMember@oziJoin Date: 2004Post Count: 262]

April 23, 2006 - 11:48 pm

Hi Stuart,

I know it is possible to hire floor sanders, and I probably would attempt doing it myself. I’m just worried the end result will look cheap and tacky. I’ve heard of many stories of people attempting a DIY floor sand/polish and haven’t been happy with the results. Most people I’ve spoken to have recommened leaving this job to the professionals.

Pagan, yes I got pre-approval 2 months ago, so it should still be current. I will check to make sure. Is it possible to settle in 10-15 working days? I’ll need to speak to my broker to see whether this is possible. I’m yet to speak to a solicitor so if anyone can recommend a good one in Melbourne, please let me know.

DLPP, thanks for clarifying. Does anyone know rough costs for respraying a roof?

P.S. I just found out the rateable land value for the property is $280k and capital improved value is $350k. I know this doesn’t reflect market value accurately, but is this a rough indication of what the true value is?

Regards,
Ozi

[oziMember@oziJoin Date: 2004Post Count: 262]

April 23, 2006 - 11:07 am

Hi Kiwi,

That is a great idea! Thank you.

Cheers,
Ozi