[slipperMember@slipperJoin Date: 2009Post Count: 19]

July 22, 2010 - 10:28 am

Listend to bank manager and crossed first couple – and they tried hard to talk me out of not doing it with our last IP. Will be talking to mortgage broker for next one.
Probably paid a bit too much for our first IP (and maybe for second) but thats life  –  probably $15K all up so in grand scheme of things not a killer.

[slipperMember@slipperJoin Date: 2009Post Count: 19]

July 20, 2010 - 11:26 am

Thanks for the links Duckster

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July 17, 2010 - 12:05 pm

The house over the road from us is a holiday rental. The owners started out using a booking agent and web site for first couple of years and then nearly all the visitors were repeat customers who direct booked, so they ended up dropping out of the agent and booking services as they ended up with more than they could let to through these return customers and the word of mouth from them.

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July 3, 2010 - 10:21 am

number 8 wrote:

I think the real focus has been lost on this post?

If you know they are good people, why would you dis-respect them by blatantly saying "I do not trust you". I have a lot of respect for all my tenants and in reverse they look after my property. Allow them some space to love your house (provide them with gifts i.e. A/C for your house), don't give them a reason to leave, but encourage them to stay. If your house value is $400k, they are effectively making you $40k pa. Why would you not have the greatest appreciation for your tenants? Property investing is actually a mindset…….

http://www.birchcorp.com.au

Very pertinant point  –  especially the part about dis-respect  ( I hadn't thought along those lines ).
We try to keep in good with them with gifts etc. as well as improvements to the house for them and they in turn both look after our house very well and even assist the tradies that go there so that charges are kept down for us.
Cheers

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July 1, 2010 - 10:28 am

Thanks guys
I wasn't meaning an increase during the term of the lease, but was more thinking when renewing the lease, as I could see there being a big difference between the original 4 weeks of rent for bond and what it would be after a few years of rent increases.
Cheers

[slipperMember@slipperJoin Date: 2009Post Count: 19]

June 4, 2010 - 1:17 pm

Over 1000.
  I think having PPOR paid off and only debt (other than for IPs) is the current 4K on the card we clear each month (prior to interest charges).

[slipperMember@slipperJoin Date: 2009Post Count: 19]

May 26, 2010 - 10:10 am

slipper wrote:

And I'm sure the woman of the house will have a way of turning him around!!

[slipperMember@slipperJoin Date: 2009Post Count: 19]

May 22, 2010 - 11:20 am

That clause would make me worry.  Obviously they don't want to get one.
I'd at least want a clause in it in regards to purchase being subject to you obtaining a building certificate.

[slipperMember@slipperJoin Date: 2009Post Count: 19]

May 20, 2010 - 10:29 am

v8ghia wrote:

Hi slipper,
 What areas (on a map or a few street names) would you classify as the new subdivision out of interest? (have not visited for a little while)

The new subdivision is off Morville Rd and is a few hudred meters before the turn-off from Morville Rd into shorwell.  Was reported in local paper that the residents were a "bit peeved" that their are was lumped in with shorwell rather than Morville Rd.

As for having much of a handle on the Devonport area  –  time will tell if our efforts have been on the ball or a balls-up.  Even hough I keep checking out some of the properties in East, I know my judgment is still a bit biased to west.
As you have previously stated – Tassie should give steady growth, but the times of big jumps in Tassie are past.

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May 19, 2010 - 10:32 am

G'day Rose,
I grew up in Devonport and still live close by.  The city once was roughly divided into west and east  (either side of the Mersey River) with the west being the better part.  Now there are pockets of good / not so good dotted around both areas.  Lotsa parts os East that were once viewed as "no go" zones are now fetching good prices, with some of the more affluent locals grabbing some prime seaside locations that were once looked down on.
  We have looked seriously at a few properties in East but in the end our two properties in Devonport are on the west side.
I know quite a few people who live in East, and a number who quite enjoy living in the "bronx"style areas which aren't as bad as they once were.  In these areas, once you get a decent tenant they tend to stick around too.  If you aren't going to inspect yourself, I'd definately get someone You knew to check out the general area  (or at least view it on google street view).

v8ghia  –  if the Burnie suburb was shorewell its worth noting that there was a nice new subdivision with designer homes that went in that area and was lumped in with it  (much to the disgust of the owners of these houses) which added to the rise in the house prices of the suburb.  I know I'd be picking East Devonport over the old part of Shorwell.

And on another note: Don't ever tell someone from Ambleside they are from East Devonport  –  they are likely to just about rip you apart for sujesting it…

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May 7, 2010 - 11:21 am

Get your  solicitor to let the vendor or his solicitor know that you will not settle until it is vacant.
If the vendor does get them out in time make sure you do your final inspection  –  as you never know what could have been done if the vacating tenants aren't happy to leave.

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May 5, 2010 - 10:23 am

Have spoken to a few miners and they all reckoned they, and their mates, were looking to get out of Queenstown as they thought it was… (well lets just say) less than impressive.  These were guys around 24 to 28 who were drive in workers.  As for Roseberry, I think it could be quite decent BUT there is still lingering issues with claims of heavy metal poisoning in the soils of some areas  ( I don't know any more, but there is a group down there claiming to be suffering from poisoning and blaming the area for it  –  i think they call themselves the Toxic Action Network or somthing like that).

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April 30, 2010 - 12:46 pm

Used the report we got to make an offer on a property back in January  –  it was rejected out of hand  (they wanted over 30K more than the report recomended).  Re-submitted offer (actually a lesser offer) last week and after a little bit of negotiating had an offer only just over the January offer accepted.  The report from Mike re-inforced our conviction that the price we thought was correct (and allowed su to "walk away" initially without thinking we had missed out by "low balling") 

Thanks Mike

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April 15, 2010 - 10:57 am

I'm also interested to hear opinions on this.  We are looking at building vs buying as the homes in the area we are looking at are a large amount above what we could get one completed for, even taking into consideration 6months of interest while house built.

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January 29, 2010 - 11:02 am

If you can't easily and cheaply roll all debts into one loan that has lower rate then I'd be looking at making the minimum repayment on all loans and paying any extra I had off the loan with the highest interest rate  (16.5%).  Once this one is paid off I would start  paying all extra money off the next highest rate loan and so on until got all payed off.

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January 28, 2010 - 10:54 am

Thanks Mike for a most revealing report.  This will be a big help in our negotiations. I will deffinately be letting others know about this.

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December 29, 2009 - 9:34 am

We give our tenants veggies throughout the year  –  in my work I can get them for just my time to pick ém up so I regularly drop the veggies around to them.  Our first lot of tennants have been great so far with this