在澳大利亚 Hi all, I currently have a PPOR and 10K cash in the bank which I plan to use as a deposit for a IP early next year. Is it possible for me to place this into my PPOR loan and then redraw the 10K when Im ready for the IP and then claim the int Hi Guys, Ive found a property that has mentioned two payments coming up of $1400 to apparently top up the admin fund and 2 have just been paid. Im looking at a financial statement (basically a balance sheet) for the strata and its all a bit
Hello this my first thread,
Can any of the flippers give me an idea on where you can get insurance to cover doing flipping fulltime...
I am not a builder and all the general insurance companies won"t insure an unoccupied dwelling whilst we are renovating(Residential Only)...
I have a registered company so need the correct insurance for the property plus public liability insurance and what ever else you may require..
We will be doing most of the RENO ourselves but anything required by a licensed tradesman we wil contract out.
The other problem is renovating properties over 20 years old the insurance company has said.....
Please HELP!!!!!!!!!!!!!!!! Or any ideas would be welcome...
Chris
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Chris,
No-one will cover flipping full-time. That's not a job. Try 'property developer'
We are in a similar situation to you - we do renovations full-time (last property was 30 years young) and don't have a builder's license (likewise contract out where required).
Never had a problem with insurance. Firstly all the tradespeople are covered for their areas & secondly, why tell the insurer the property is vacant if you are renovating in it full time.
Shop around. Not all insurers have the same view.
Cheers,
Aceyducey
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Thanks Acey, So do you just tell the insurance companies that you are a proprty developer or do you just insure them like a normal investment and when you sell, you tell them and then just insure the next one that you buy????
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Like a normal investment property.
We insure ourselves as developers/builders for workers comp, etc
Cheers,
Aceyducey
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Thanks again AceyDucey,
Just to clarify things, If I already have income protection is there a need to have any other compo?????
So when you sell a property do you just notify the insurance company that you no longer require insurance on that property and then just insure the next property?
Wouldn,t they say anything if you do this on a continuel basis? As in buy sell, buy sell and so on?
Do you have to let the insurance company know that you are planning to do this continually or you just happen to be getting great offers on your properties, that are to good to refuse??
Sorry for all the questions but your advice is very much appreciated...
Thanks Chris
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Originally posted by AceyduceyNever ever misjudge the astuteness of Insurance Companies, an Assessor WILL attend the property if there's significant damage thats being claimed it will be obvious if its unlived in and in a state of renovation.
secondly, why tell the insurer the property is vacant if you are renovating in it full time.
Click to expand...
Dunc
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duncan_m,
If you're renovating the place full-time it isn't vacant.
Could be a semantics issue - I consider full time as from 6am to midnight 7 days a week....I know other people consider full-time a mere 40 hours a week
Chrisj,
We tend to not sell that often.
Income protection covers you, you need to cover anyone else who walks onto the site as well.
We prefer to tell the insurance company the full story - otherwise they will find out - remember you've got to shop around.
Cheers,
Aceyducey
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ChrisJ
If in NSW NRMA offer construction insurance through their business arm if it is major work. It is an expensive exercise as it is valid for one year with no refunds (maybe able to transfer it ??)but it does cover tools, materials and weather damage if the roof is open, and public liability. It is in addition to a standard building insurance policy.
Darryl