Neg's with stubborn banks!

They sure will be fighting after they realise I and my family and eventually my clients will be buying many properties with them over the years :)

The % fee doesn't matter to me - 7.5% is ok with me - I will be fighting to get letting fee to $0 instead of 1 or 2 weeks though.

Will just get the keys cut on the first day if I have to.
 
So.................

Finally the deal is done!!!!!!!!!!!!!!!!

Yay for me.

Only problem now is another of my properties is playing up (see other 'nervous please help' thread - would appreciate any advise too as I am a novice with R/M)

Secured the house for 135k
And the one next door for 141k :eek:

The dearer house has slightly more land - I only wanted to pay 137.5 for it - but got too scared someone else would take it as negotiations dragged on - so reluctantly accepted (still a great deal.)

And lucky I caved in - as the agent told me that 3 days after accepted and signed (so last week) someone offered 160k for each :cool:

http://www.realestate.com.au/property-house-sa-elizabeth+downs-108689731
http://www.realestate.com.au/property-house-sa-elizabeth+downs-108691221

I think everyone will agree that they need work but will give me an end value significantly higher than purchase price.

Next problem - no idea how to renovate - but will be hiring mostly tradies for kitchens/bathrooms - I will just paint, clean up, attempt to build some fences and if I can will polish the floorboards.

My friend whos parents are professional renovators will help too. And the parents will give advice.

My younger brother will also help (whilst lighting up a bong behind my back :eek:)

What's worse is that I fell off a roof and badly injured my arm (not renovating just being a stupid teenager) so only have one hand available!

Pros - Harvey Norman and Bunnings very close!
Cons - I have to go to a scary part of town! I'm more scared about this than the renos!!!

On the whole I am very happy about the purchases as they are big land and look very nice from the outside - and have great development potential when I am ready.

Wil post some video diaries during the reno...

Tune in my for my next nervous rant on how to renovate!
James
 
On the whole I am very happy about the purchases as they are big land


Hmmm....you might to just check what you have bought.


The first ad states that the block is 18m x 34m, which in my book would be 612 sqm.

The ad states it is 732 sqm. Something doesn't quite look right there.


The second ad states that the block is 23m x 36m, which in my book would be 828 sqm.

The ad states it is 753 sqm. Something doesn't quite look right there either.


Cross referencing the two areas, the ad reckons they are 1,485 sqm. I come up with 1,440 sqm. Once again, something doesn't add up.


The other thing is, the second block is 2m deeper.....so the back fence line has a big kink in it does it ??


It's too late now of course, but I would of done some serious DD on the land you just bought, cos it's looking a bit odd and a funny shape.
 
So.................

Finally the deal is done!!!!!!!!!!!!!!!!

Yay for me.

Only problem now is another of my properties is playing up (see other 'nervous please help' thread - would appreciate any advise too as I am a novice with R/M)
What's R/M?
Secured the house for 135k
And the one next door for 141k :eek:

The dearer house has slightly more land - I only wanted to pay 137.5 for it - but got too scared someone else would take it as negotiations dragged on - so reluctantly accepted (still a great deal.)

And lucky I caved in - as the agent told me that 3 days after accepted and signed (so last week) someone offered 160k for each :cool:

http://www.realestate.com.au/property-house-sa-elizabeth+downs-108689731
http://www.realestate.com.au/property-house-sa-elizabeth+downs-108691221

I think everyone will agree that they need work but will give me an end value significantly higher than purchase price.

Next problem - no idea how to renovate - but will be hiring mostly tradies for kitchens/bathrooms - I will just paint, clean up, attempt to build some fences and if I can will polish the floorboards.
IMO, polishing floorboards is one of the cheaper things you get the pros to do. If you've not done floors before, I wouldn't recommend you learn it here.
My friend whos parents are professional renovators will help too. And the parents will give advice.

My younger brother will also help (whilst lighting up a bong behind my back :eek:)

What's worse is that I fell off a roof and badly injured my arm (not renovating just being a stupid teenager) so only have one hand available!

Pros - Harvey Norman and Bunnings very close!
Cons - I have to go to a scary part of town! I'm more scared about this than the renos!!!

On the whole I am very happy about the purchases as they are big land and look very nice from the outside - and have great development potential when I am ready.

Wil post some video diaries during the reno...

Tune in my for my next nervous rant on how to renovate!
James

Well done on picking up the adjacent blocks at what seems to be pretty good prices!

Hmmm....you might to just check what you have bought.


The first ad states that the block is 18m x 34m, which in my book would be 612 sqm.

The ad states it is 732 sqm. Something doesn't quite look right there.


The second ad states that the block is 23m x 36m, which in my book would be 828 sqm.

The ad states it is 753 sqm. Something doesn't quite look right there either.


Cross referencing the two areas, the ad reckons they are 1,485 sqm. I come up with 1,440 sqm. Once again, something doesn't add up.


The other thing is, the second block is 2m deeper.....so the back fence line has a big kink in it does it ??


It's too late now of course, but I would of done some serious DD on the land you just bought, cos it's looking a bit odd and a funny shape.

Maybe the REA doesn't have a calculator! :D

Interesting that the satellite photos show the rear fenceline to be level - I wonder where the extra 2m comes from? :confused:
 
RP data says 730 odd and 750 odd.

Even if one is bigger and one smaller it doesn't really matter as I now own both.

Will look to develop in 10 years or so (multiple semi's or hopefully many units)
 
RP Data has been wrong before. If they have grifted you on the area you should be chasing compo now while they still have the money.

Square meters is what it is all about in developing and the more you have the better.
 
Rental appraisals were 280-300.

I think I can reasonably expect 280 after renovations.

Will post seperate thread in the coming days but basically:

My only issue at this stage is - buy in Adelaide or buy cheaper in Sydney and get it down to Adelaide (I don't have a car big enough)

-Paint - 1000 for 2 houses (I and friends paint) - houses are 110sqm each (does cost sound right) - will only be painting inside and the sheds outside (so not much outside as it is beautiful brick)

- Air Con - 2000 for 2 houses (2nds world have a Sharp 7.6kw on special)
Tossing up whether to buy a smaller one for main bedroom for $600 each - not sure if neccesary?

- Dishwasher - 600 each - Bosch

- Oven - may keep existing or may have to buy new ones. If new would probably just buy a Chef upright gas stove (affordable and more energy effecient than electric - 1200 for 2 houes)

- Rangehoods - 63 each at 2nds world - though probably won't need one if upright has oven/stove?

- Bathroom - looking to buy cheap tiles on ebay and retile walls ourselves

- New taps, toilets, sinks, mirrors, possibly baths and perhaps change the shower in some way - probably all the cheap ones from Bunnings.

- Kitchens - one is fine (13) and will be looking to spray paint that white. The other needs replacing as is small and crap.
Will either get flatpack at Bunnings or look for local cheap kitchen places to install.
My grandparent in Newcastle makes kitchens - only issue is again getting it down there!

- Floorboards - will see if I can do it myself - but probably not so not sure the cost of this?

- New grass for both houses (that could be a bit of a cost - is it essential?)

- Fences - will do it ourselves - but buy the materials at Bunnings - timber fences.

- Putting a few stepping stones leading to front door or something to that effect.

Hoping it will cost 5k or less each (but have budgeted for 10k each - but I would love another house!)

Anything missing? Any suggestions?

Oh and another thing - will need to buy the tools to do the job (not sure the costs of these or what is needed - although my grandparent in Newcastle will have everything needed if we are driving - which seems the best option to get all the appliances down - just would need to borrow a car as well)

Appreciated,
James
 
Rental appraisals were 280-300.

I think I can reasonably expect 280 after renovations.

Will post seperate thread in the coming days but basically:

My only issue at this stage is - buy in Adelaide or buy cheaper in Sydney and get it down to Adelaide (I don't have a car big enough)

-Paint - 1000 for 2 houses (I and friends paint) - houses are 110sqm each (does cost sound right) - will only be painting inside and the sheds outside (so not much outside as it is beautiful brick)

- Air Con - 2000 for 2 houses (2nds world have a Sharp 7.6kw on special)
Tossing up whether to buy a smaller one for main bedroom for $600 each - not sure if neccesary?

- Dishwasher - 600 each - Bosch

- Oven - may keep existing or may have to buy new ones. If new would probably just buy a Chef upright gas stove (affordable and more energy effecient than electric - 1200 for 2 houes)

- Rangehoods - 63 each at 2nds world - though probably won't need one if upright has oven/stove?

- Bathroom - looking to buy cheap tiles on ebay and retile walls ourselves

- New taps, toilets, sinks, mirrors, possibly baths and perhaps change the shower in some way - probably all the cheap ones from Bunnings.

- Kitchens - one is fine (13) and will be looking to spray paint that white. The other needs replacing as is small and crap.
Will either get flatpack at Bunnings or look for local cheap kitchen places to install.
My grandparent in Newcastle makes kitchens - only issue is again getting it down there!

- Floorboards - will see if I can do it myself - but probably not so not sure the cost of this?

- New grass for both houses (that could be a bit of a cost - is it essential?)

- Fences - will do it ourselves - but buy the materials at Bunnings - timber fences.

- Putting a few stepping stones leading to front door or something to that effect.

Hoping it will cost 5k or less each (but have budgeted for 10k each - but I would love another house!)

Anything missing? Any suggestions?

Oh and another thing - will need to buy the tools to do the job (not sure the costs of these or what is needed - although my grandparent in Newcastle will have everything needed if we are driving - which seems the best option to get all the appliances down - just would need to borrow a car as well)

Appreciated,
James


James - my dad owns a small Mitre 10 in Adelaide (although on the other side of town). I'm sure he would do you a good deal - they sell flat pack kitchens too. Work out what you want and get him to give you an obligation free quote. He's also a painter by trade so could give you some good painting advice.
 
Back
Top