My discussions with lenders have them usually saying they like to overinsure by a small margin to allow for increases in replacement costs of buildings, removal of old building if it was a fire etc. How true this is I don't know.
Elizabeth Downs -Hot lead for low cost Mortgagee Sale
- Thread starter Stangman
- Start date
My discussions with lenders have them usually saying they like to overinsure by a small margin to allow for increases in replacement costs of buildings, removal of old building if it was a fire etc. How true this is I don't know.
Hey Anon_, You think that Premium of $877 is a bit steep?
I opened a letter from ANZ Insurance today. It is the Renewal for my property down at Millicent in the South East. My Premium is now $1,144.79.
Excess for both Building and Contents of $250.00
All i can say is faaaaarrrrrk You ANZ. I will find another Insurance Company!
I had a break in at Elizabeth East last year. My Insurer is CGU for this property. I was totally honest in my claim to them, underestimated it in fact.
Boy oh boy, did i have problems trying to get them to pay out! It was a lousy 800 bucks. They wanted original receipts for the items i claimed which were about 5 years old. Ever seen a Bunnings receipt over a few months old? Blank and illegible! So this year i am saying faaaaarrrrrk you too CGU.
There must be a decent Insurance Company out there which has reasonable Premiums?
Stangman.
I opened a letter from ANZ Insurance today. It is the Renewal for my property down at Millicent in the South East. My Premium is now $1,144.79.
Excess for both Building and Contents of $250.00
All i can say is faaaaarrrrrk You ANZ. I will find another Insurance Company!
I had a break in at Elizabeth East last year. My Insurer is CGU for this property. I was totally honest in my claim to them, underestimated it in fact.
Boy oh boy, did i have problems trying to get them to pay out! It was a lousy 800 bucks. They wanted original receipts for the items i claimed which were about 5 years old. Ever seen a Bunnings receipt over a few months old? Blank and illegible! So this year i am saying faaaaarrrrrk you too CGU.
There must be a decent Insurance Company out there which has reasonable Premiums?
Stangman.
Its not all good news.
Elizabeth has been my worst suburb. My maisonette in this suburb has had 4 defaulting tenants in the past 3 years. None have stayed longer than a year. I have had to spend an additional 10k doing the property up complete bathroom and in the last month a new HWS. The suburb does not have a main gas line so it's either a heat pump over 4k or a solar system easily over 5k. Best wishes if you decide to choose that suburb to invest in.
Elizabeth has been my worst suburb. My maisonette in this suburb has had 4 defaulting tenants in the past 3 years. None have stayed longer than a year. I have had to spend an additional 10k doing the property up complete bathroom and in the last month a new HWS. The suburb does not have a main gas line so it's either a heat pump over 4k or a solar system easily over 5k. Best wishes if you decide to choose that suburb to invest in.
How's everyone going?
So after a few setbacks, I should be settled on my 2 purchases on the 20th. Going with Property Insurance Plus for building and lenders insurance. Was going to property manage myself, but now decided to get someone else to do it. Just wondering if anyone has any recommendations of good and tough property managers around the Elizabeth area. I've spoken to Raelene Johnson who someone commented on and is apparently quite good and takes 10%. She thinks $200/week but only after I get air-con installed.
Maybe another lead, but I'm sure some of you would have already seen it, is this 2 bedroom for only $105k. http://www.realestate.com.au/property-house-sa-elizabeth+south-110020373. It's on an affordable homes program atm, but doesn't seem to be getting much interested so will probably be taken off soon. Needs a little work, but could easily be done at under $5k imo.
So after a few setbacks, I should be settled on my 2 purchases on the 20th. Going with Property Insurance Plus for building and lenders insurance. Was going to property manage myself, but now decided to get someone else to do it. Just wondering if anyone has any recommendations of good and tough property managers around the Elizabeth area. I've spoken to Raelene Johnson who someone commented on and is apparently quite good and takes 10%. She thinks $200/week but only after I get air-con installed.
Maybe another lead, but I'm sure some of you would have already seen it, is this 2 bedroom for only $105k. http://www.realestate.com.au/property-house-sa-elizabeth+south-110020373. It's on an affordable homes program atm, but doesn't seem to be getting much interested so will probably be taken off soon. Needs a little work, but could easily be done at under $5k imo.
Hi Anon_, The above property seems to be a bit of a departure from the norm by Andrew. Normally they would repair and repaint the house, but not this time.
This street is a particularly bad one. You would not want to live there. They probably figured it would be difficult to sell even if they fixed up the house.
mmmggg, go and have a look at a smallacombe sanderson property. They fit new electric hot water systems to most of their ex SAHT homes. Would not cost much over 1k.
Stangman.
This street is a particularly bad one. You would not want to live there. They probably figured it would be difficult to sell even if they fixed up the house.
mmmggg, go and have a look at a smallacombe sanderson property. They fit new electric hot water systems to most of their ex SAHT homes. Would not cost much over 1k.
Stangman.
My brother bought 3 maisonettes unseen at Davoren Park at one time (even though he lived 40 min away they kept getting snapped up by the time he'd arrange to see the properties).
2 of those houses had multiple tenants, were alway defaulting and damaging the premises, but he got lucky with the third who stayed for about 5 years, paid their rent, and looked after the place.
He got rid of them within 5 years, and swore no more, but not before doubling his money in 3 years on the first two, and doing even better on the 3rd.
Agree if you're going to be holding these types of properties for a long time expect defaulting tenants and damages. Hope the capital gains come before you get sick of holding and sell
.Hi JWR, Depends on whether you do the work yourself or pay somebody to do it for you.
I have been doing all the work at the Elizabeth Vale house and i can tell you that it has taken me about 15 full days work so far to repair and paint walls, cornices, ceilings in bed1, lounge, kit/din, bed2. But i am being very fussy which means smoothing out all cornices where they meet walls and ceilings, repairing all cracks in walls, even had to take bed2 ceiling back to bare plasterboard. Not fun, but will be worth it in the long run. Over the last 50 years, the painters were not too fussy.
Have just returned from a 2 week trip to Newcastle for the Mustang Nationals. What a blast that was. Our 2 Mach1`s received Silver Awards in the Concours section. Thrilled to bits with that. Needed the break.
Tomorrow i move into the 3rd bedroom to do that, which thankfully is not as bad as bed2. Expect that to take a week, then onto w/c, bathroom, laundry.
Will call in a tiler and plumber to help with bathroom reno. Expect to spend around 3k on that.
So to answer your question, probably around 5k if you do the work yourself, or more like 10k or slightly above if you pay someone to do it.
Stangman.
Never heard of them.
BTW in regards to the 10% quote before, it is not THAT shocking considering that you are talking a low-end property, so the agent isn't taken much dollar-wise. Consider this with the hassle for the area, its premium you pay.
I do know of property managers charging around 8% though full service iirc for normal stock.
I also know of property managers who charge 4%, but that's for properties in Medindie and Toorak Gardens!
BTW in regards to the 10% quote before, it is not THAT shocking considering that you are talking a low-end property, so the agent isn't taken much dollar-wise. Consider this with the hassle for the area, its premium you pay.
I do know of property managers charging around 8% though full service iirc for normal stock.
I also know of property managers who charge 4%, but that's for properties in Medindie and Toorak Gardens!
Hi guys
Hubby is on his way to Adelaide this weekend to paint / tidy up our 3 bed semi at Elizabeth Downs + put in a new kitchen.
Stangman and JWR, can you share where you buy your kitchens from and what's the best place for paint ? Any recommendations on tilers or handymen ?
Much appreciate your assistance, pls pm.
Thanks
Hubby is on his way to Adelaide this weekend to paint / tidy up our 3 bed semi at Elizabeth Downs + put in a new kitchen.
Stangman and JWR, can you share where you buy your kitchens from and what's the best place for paint ? Any recommendations on tilers or handymen ?
Much appreciate your assistance, pls pm.
Thanks
Reno Contacts Elizabeth
Hi Cherry Pro,
We're in the middle of a full reno for our house in Elizabeth East. It was a wreck so have completely gutted the place.
Kitchen Supplied by; Kitchen depot 08 8354 1624
Tiler and bathroom fit out; Peter Nathan Tiling. 0414 805 760
Carpet: Carpet Court Parafield Call Matthew on 0457 939 524
Painter;Adam Arnold 0422 721 181
General Handy Man; Victor @ Kens General Maintenance 0429 806 685.
We're up here on the Gold Coast so have done most of the work over the phone although we did fly down to Adelaide for 10 days to meet tradies, pick colours and designed the Kitchen. so far so good and have been happy with the work and the communication via phone and email.
If any off them ask you how you got their details just tell them that its from the guy who owned the flee infested bombshell in Elizabeth East and they'll all know.
Good Luck Bullfrog
Hi Cherry Pro,
We're in the middle of a full reno for our house in Elizabeth East. It was a wreck so have completely gutted the place.
Kitchen Supplied by; Kitchen depot 08 8354 1624
Tiler and bathroom fit out; Peter Nathan Tiling. 0414 805 760
Carpet: Carpet Court Parafield Call Matthew on 0457 939 524
Painter;Adam Arnold 0422 721 181
General Handy Man; Victor @ Kens General Maintenance 0429 806 685.
We're up here on the Gold Coast so have done most of the work over the phone although we did fly down to Adelaide for 10 days to meet tradies, pick colours and designed the Kitchen. so far so good and have been happy with the work and the communication via phone and email.
If any off them ask you how you got their details just tell them that its from the guy who owned the flee infested bombshell in Elizabeth East and they'll all know.
Good Luck Bullfrog
