[TracyDMember@tracydJoin Date: 2005Post Count: 85]

February 7, 2008 - 1:16 am

I have been highly recommended to Martin Docherty  Real Estate in Cairns by other people that use them, I have changed over to them starting from today after not being happy with Les Freeman RE in Cairns.
Hopefully you can cancel your management agreement in 30 days and start a new with a better company.
Tracy

[TracyDMember@tracydJoin Date: 2005Post Count: 85]

February 2, 2008 - 11:14 am

Hi Paul, welcome to the forum!
If I were you I would spend minimal amount on fixing the property up to rent it out again.  I would then purchase another property with the equity, then either use the extra income from property 1 to help pay down property 2, or just borrow again for a 3rd property etc…..
Unless you needed the $100k for some other reason (paying off mortgage, not tax deductible…etc), then there is no good reason to get rid of an asset that is putting $$ in your pocket!
cheers
Tracy

[TracyDMember@tracydJoin Date: 2005Post Count: 85]

January 28, 2008 - 9:51 pm

I would keep property 1 and use the extra money from it to pay into property 2.
Unless for tax reasons you want to change property 1 into both names I wouldnt do it, its not as simple as it seems. (speak to your accountant about whether this is financially beneficial for you)
When you are receiving great returns on an investment property – you should hang on to them, and go see the bank about buying another property!
This is most probably what I would do.

[TracyDMember@tracydJoin Date: 2005Post Count: 85]

January 28, 2008 - 9:38 pm

It will come in the post I would say. I bought my books at the seminars so havent bought through the website before.
Happy reading!

[TracyDMember@tracydJoin Date: 2005Post Count: 85]

January 25, 2008 - 11:39 am

ANZ, sorry I do pay $300 once a year for my morgage package, but thats all, no other ongoing fees whatsoever. Im pretty sure the NAB and other banks have monthly account keeping fees etc…which i think is amazing considering the amount of $$ the banks make on the interest we pay!

[TracyDMember@tracydJoin Date: 2005Post Count: 85]

January 25, 2008 - 10:51 am

Hello Mrtender,
Have you looked around for lending? just because you have business with one bank, doesnt mean you have to stay with them.
I Dont pay any fees whatsoever with my bank.

[TracyDMember@tracydJoin Date: 2005Post Count: 85]

January 25, 2008 - 10:34 am

Yes, put in subject to building and pest inspection. Just because there is a body corporate, it doesnt mean there are no termites etc…
I think you will find anyone else making an offer will be adding that condition, unless it is in tassie where there is rarely a termite to be seen because its too cold!
I always put in subject to bank valuation as well.
You need to protect yourself by minimising your risk, not exposing yourself so that you are the one with the least conditions to offer.

[TracyDMember@tracydJoin Date: 2005Post Count: 85]

January 25, 2008 - 10:26 am

I think there is a gremlin in the system with all of those posts!
Anyway, If you are new to investing, How to maximise your property portfolio would be the best book to go with. If you have a little bit more experience then the pocket guide to investing is excellent because it has step by step what you need to know and ask when buying property. The software comes with any of her property books. Considering I use it about 10 times a week when scouting for property, I think it is well worth the $30! I have been using it for years. You will need to know all expenses eg: council rates, body corp fees and depreciation (which is all discussed in the book) to do the calculations.
Let me know how you go with it!
Tracy

[TracyDMember@tracydJoin Date: 2005Post Count: 85]

January 25, 2008 - 1:06 am

Hello everyone, I have just investigated this link and realised that you need the code off the book!!! Sorry people, I am not an indian giver at all, just was trying to help out.  If you are interested you can purchase one of Margaret Lomas's books for about $25 or $30 and get the free software, I think it is well worth it… http://www.edestiny.com.au
If anyone knows any other free software, please let us know!
Once again, sorry for the false hope  

[TracyDMember@tracydJoin Date: 2005Post Count: 85]

January 24, 2008 - 10:35 pm

Her conveyancer should have alerted her to any issues surrounding the body corporate considering it is mentioned on the title.  Also, it seems odd that she has never been included in any previous decisions, as if she is part of the body corporate, then she would have been a voting member and have rights on decisions made.
A good place to call would be BCS – body corporate services, there is one in every state – website http://www.bcssm.com.au
they should help.

[TracyDMember@tracydJoin Date: 2005Post Count: 85]

January 24, 2008 - 10:25 pm

Hi Aimee,
You will need a cashflow spreadsheet to work out what the + or – cash will be after tax, there are a number of spreadsheets out there, but I think I have a really simple one that I use when looking for property. I also use it when any changes happen to my properties eg: rent goes up or interest rates rise.  IF you can send me a private email, I will send you the link and details then you can download it.
Tracy

[TracyDMember@tracydJoin Date: 2005Post Count: 85]

January 23, 2008 - 11:11 pm

I have bought a place that just needed a paint inside and some tatty carpet replaced. I had the whole 2 bedroom unit painted slightly off white, ceilings, doors walls – the lot. Replaced the carpet in the lounge with vinyl (sounds horrible, but tropical climate in cairns, worked well) this only cost me $1680 to do! Trades have obviously increased in price in the last couple of years, but it still is a cheap option to increase your rent.
On a different property one of my property managers said if I replaced carpet, I could get an extra $25 a week rent.
Obviously try to buy something under value, where the rent is slightly under market value for the area, then increase with new tenants.
Are you working out the cash flow including your tax deductions?

[TracyDMember@tracydJoin Date: 2005Post Count: 85]

January 17, 2008 - 1:22 am

As the Brisbane market is seeming like it is going to grow the most, I would suggest starting from there.
If it was me, I would be taking on a few reno projects to turn them into pos cash flow, maybe purchase a small block of units to reno to sell.  I dont know enough about the commercial market, but I am sure there would be some great options there with some of the growing suburbs in Brisbane  with large retail areas. Check which centro shopping centres are being developed at the moment?

[TracyDMember@tracydJoin Date: 2005Post Count: 85]

January 8, 2008 - 10:14 pm

I have looked at the website.  Looking through the T&C's you need to borrow over $450k to be eligable for the grant, also you have to use their mortgage broker etc..
It is no different than using a buyers agent that you pay fees to, to find you a property. They may be giving you 2K rebate, but what are you paying them extra to do so?
In summary: A private company using a sneaky marketing strategy to lure inexperienced investors.
I also dont think they should be using  the term 'Grant' as it gives the impression the government are behind it.

[TracyDMember@tracydJoin Date: 2005Post Count: 85]

January 8, 2008 - 1:38 am

Yes please provide a link for this, as there is no such thing. If a website is offering it, then they need to be investigated!

[TracyDMember@tracydJoin Date: 2005Post Count: 85]

December 23, 2007 - 12:50 am

There are previous topics on your question, have a search through the forum and see what you can find, there are mixed views, but you may find that most of the forumites are investors who do their own research and dont use agents (me included).
Good luck with your investing!
 

[TracyDMember@tracydJoin Date: 2005Post Count: 85]

December 23, 2007 - 12:46 am

You are best to go to http://www.sro.vic.gov.au which is the state revenue office. There is a link on the left menu for First home owner grants – it has all of the information you should need to check if you qualify.  I would have though considering you have finance approved that your mortgage lender would have gone over this with you?
Anyway, good luck with it

[TracyDMember@tracydJoin Date: 2005Post Count: 85]

December 23, 2007 - 12:23 am

It is definately 60 days notice to evict in QLD as I have just done this.
Get rid of your property manager, quick smart – give them notice as soon as they have given the tenants notice. You will need to check your original lease agreement with your property manager to see how much notice you need to give them.
I have just been through this situation myself and am so happy with the new property manager! There is such a huge difference between the good and bad.
Might be a good idea to run another post asking the forumites if anyone can recommend a PM in your properties area?
Tracy

[TracyDMember@tracydJoin Date: 2005Post Count: 85]

December 11, 2007 - 11:06 am

 Wow to your great efforts Redwing!
I said I would re post when I hit the 1 mill mark, last post on hear we were on $850k but now $1.1 mill value!!
Not sure I can catch up to you redwing, but I am going to make the effort and re set some goals!
 

[TracyDMember@tracydJoin Date: 2005Post Count: 85]

August 15, 2007 - 11:19 pm

Hi,
there are a few companies around that do this – just be aware they will charge $$ for commission. Some up to $10k. So you need to decide if you are wanting to pay this, or search for yourself and save your $$.
Sorry I havent heard of that particular company