[TranceMember@tranceJoin Date: 2008Post Count: 37]

February 13, 2008 - 10:38 am

marg4000 wrote:

Hi James

One thing to check is the amount of notice needed to terminate the agreement. Most agents try for 90 days, which is 3 months too long if there are problems. I would suggest no more than 30 days, that should give them time to sort any issues out.

I would suggest going with someone local, but the main avenue these days is the internet. Check that they advertise rentals with http://www.realestate.com, the biggest of the real estate sites. If not, find someone else who does.

Someone nearby is better able to keep a general eye on things.

Marg

hey marg,

sorry for asking you this but when you said "One thing to check is the amount of notice needed to terminate the agreement.", did you mean the agreement with the Tenants or the Property managers?

thanks once again

[TranceMember@tranceJoin Date: 2008Post Count: 37]

February 13, 2008 - 10:32 am

Ian Landy wrote:

Trance wrote:

G'day,

Our very first IP has been completed as prev mentioned. Talked to our broker and he reckons that we should wait a while now till we a bit of equity build up on this IP. But where to from here? What if you don't want to wait for say another 2 yrs before another property? What can we do, other than to live on noodles and rice to get enough $$ for our next deposit?

What can we do other that to save that can help us further get more IP's sooner than say 2 yrs?

thanks.

Noodles and rice would be an ok diet as long as you add plenty of veges and maybe some fruit here and there!

Sounds like your broker is probably correct and you need to build up equity as well as trying to save for your next deposit. Don't make it too stressful. Even though I respect your enthusiasm you gotta walk before you can run.

BTW have you got your principle place of residence as well as an IP?

All the best, Ian

Yeah I hear ya man. Just gotta learn to be patient I suppose :o) 

We dont have a principle place of residence, lets just say that i'm in a job that transfers me around the country every few years. I get subsided housing  at this stage so riding that wave till something happens.

Do you have any thoughts or pointers for a newbie like us?

cheers.

[TranceMember@tranceJoin Date: 2008Post Count: 37]

February 13, 2008 - 10:27 am

G'day,

Haven't bought anything through them yet but you get assigned a support member who in my case is brilliant. He has 8 IP which he has accumulated in the last 6 yrs or so. Mostly all through the club. There is NO hidden cost to you from what i understand. The club makes money through the builders who supplies them directly to the club rather than through another middle person (thus taking out the cost for the builders who in turn pays the club. The builders prob are still making more $ somehow, I presume)

I'm prepared to buy through them if I had the cash/equity right now. Also the broker that I got was brilliant compared to other we know. Again there is NO obligation to go with the brokers/lenders/solicitors etc, you can get your own. So to me all the choices are mine in that sense.

But as everyone suggests, do your homework, ask around. Our first IP which we have finally got in our hands now, our agent left us high and dry leaving the work to become a BMW sales person!! And since then we've had NO contact from another agent from the same company which I prefer not to name on here.
<br /:)” title=”>:)” class=”bbcode_smiley” />

[TranceMember@tranceJoin Date: 2008Post Count: 37]

February 13, 2008 - 8:06 am

Mate, really new to this err what does LVR stand for? Yes I think we borrowed 95% of the loan from memory .

thanks once again.

[TranceMember@tranceJoin Date: 2008Post Count: 37]

February 13, 2008 - 7:47 am

Thanks for your comments mate. I dont understand the part where you said about how much equity I put into the first IP? As in the deposit? I think it was around 6%….

Is that what you meant Trakka?

cheers.

[TranceMember@tranceJoin Date: 2008Post Count: 37]

February 7, 2008 - 9:42 am

Thanks for your opinions & thoughts guys. Much appreciated.

[TranceMember@tranceJoin Date: 2008Post Count: 37]

February 6, 2008 - 7:14 pm

Thanks for your opinions & thoughts guys. Much appreciated.

[TranceMember@tranceJoin Date: 2008Post Count: 37]

February 6, 2008 - 9:40 am

Thanks for your opinions & thoughts guys. Much appreciated.

[TranceMember@tranceJoin Date: 2008Post Count: 37]

February 5, 2008 - 12:00 am

trakka wrote:

Do you want a valuation that you can use to refinance, or an appraisal for your own interest?

Both but mainly to refinance but does it matter? if so how??

thanks