[ShellTParticipant@shelltJoin Date: 2011Post Count: 11]

March 22, 2013 - 1:01 am

I would not take the risk.  You have a valuable investment that could get eaten.  You know they are in the area, you know they eat houses, you know that your house is at risk.  You know what you need to do………

Removing the tree only removed a food source.  A building inspector told me that termites can travel upto 50m from their nest to food source.  The nest might be on your neighbors property.  If this is the case there is nothing you can do about removing the nest.

What you can do is reduce the risk of your house being the next food source.

We discovered termites had been eating skirting boards in house – they had not caused any structural damage.  I spent $3000 eradicating existing termites and on a termite barrier around my house 2 years ago in PPOR.  I now have annual inspections to ensure the critters have not come back.  Small price to pay for peace of mind IMO.

As your property is an IP – there are deductions to reduce the hurt to your wallet.

[ShellTParticipant@shelltJoin Date: 2011Post Count: 11]

October 13, 2012 - 10:40 pm

We put vinyl planks throughout an IP.  Used in all areas except bedrooms (carpet) and bathroom (tiles).

It is fantastic.  I know it will not last as long as tiles, but the benefits are worth it IMO……..

Cheaper purchase price

Cheaper to install – was able to DIY

Quicker to install (time is money with an empty IP)

Greater depreciation benefit

Is water resistant, unlike floating timber floors.  This was put to the test with a poorly installed dishwasher that pumped water throughout the kitchen the first time it was turned on.  . 

Looks fantastic.

I guess time will be the real test to see if I would do it again.

I dont know how to insert a picture.

[ShellTParticipant@shelltJoin Date: 2011Post Count: 11]

October 13, 2012 - 10:23 pm

No- don't deduct the deposit again.  The $35,000 formed part of the original $700,000 purchase price, which was taken into consideration in JacM's calculations above.

[ShellTParticipant@shelltJoin Date: 2011Post Count: 11]

August 10, 2012 - 12:46 am

I had the same contemplation.

I decided that there is no way I am selling IP.  I have 2 choices…………..

1 – downgrade expectations on new PPOR

2 – wait till I can afford it later. 

I have chosen option 2.  The way I can achieve the goal is by manufacturing some equity.  To do this I am going to buy 2 more IP's that are undervalued, renovate them, rent them.  Then when the time is right I can sell PPOR and 1 or 2 IPs to fund new PPOR.  I still have 1 IP left.  Then I will start the accumulation phase again.

Well this is my strategy – time will tell if it works.  It means 3-5 years delay in getting my ride on mower   (I am buying acreage).

Good luck with your journey.

[ShellTParticipant@shelltJoin Date: 2011Post Count: 11]

August 9, 2012 - 5:23 am

Perhaps it is my lack of forum experience, but I got confused after I typed up my first post.

I saw the "SAVE" button, but did not think it was the "POST" button.  So I hit the big orange button above that says "POST REPLY", then found I had lost all my typing and had to start again.

The SAVE button is confusing.

I am used to a "submit" post button.

[ShellTParticipant@shelltJoin Date: 2011Post Count: 11]

August 9, 2012 - 5:18 am

My conveyancer ordered a meter reading for water usage, and did a search for unpaid water bills.

Then I got my first rates notice as new owner and found I was invoiced for a previous quarters consumption too.

I called local council who advised that it is now my bill and that they don't chase previous owners.

I emailed conveyancer and it was sorted out quickly.

My lesson learned – Read settlement documents VERY thoroughly and don't trust their calculations.

[ShellTParticipant@shelltJoin Date: 2011Post Count: 11]

July 25, 2012 - 1:20 am

I am not a solicitor and dont work for insurance company, so this is my opinion only – not specific advise – but I would not take the above advise about insurance.  In my opinion, you need to have insurance in place from date contracts are exchanged. 

What would you do if house burnt down the day before settlement, and the seller had no insurance?  Delay settlement?  till when?  Till they built a new house for you?  Could get very messy. and stressful.  Easier and safer to take out policy at contract exchange date.

[ShellTParticipant@shelltJoin Date: 2011Post Count: 11]

July 18, 2012 - 1:47 am

There are a few regular posters here that will be able to assist you.

I have dealt with and referred Richard Taylor and can tell you that he knows his stuff.
[email protected] Tel: 07 3720 1888.

You do not need a local mortgage broker south of the river.  Everything Richard did for me was via email, and post.

[ShellTParticipant@shelltJoin Date: 2011Post Count: 11]

December 22, 2011 - 7:20 am

Flea2575 wrote:

Steve's Cert IV course also appears very comprehensive. The only downside being that it is online with no apparent interaction with other investors/trainers to confirm if what I am learning and implementing is correct. I assume you can start this course at any time?

Many thanks for your comments and for a very informative forum!

Chris 

 

Chris

I am doing the Cert IV and so far I am very satisfied.  The reading material is very comprehensive, but clear and easy to digest.  There is also a weekly webinar where Steve discusses 1 topic per week.  He will do this for all 66 units.  There is also this website http://www.propertyinvestortraining.com.au/ .  It has forums that anyone can read, but only those participating in the Cert IV can post to.  It is a tool for us all to discuss our learning and interact with others with similar goals.

If you want to know more I am happy to answer questions.