It may not be as good as you think. []
Like Freedomfinder said, there are heaps of outgoings, like the meals provided, linenservice, sinking fund and body corp, especially the management fees for the on-site manager and administration costs and letting fees are usually high. A whole list of outgoings and they go up every year (In the contract it…[Read more]

Hi Tiger, welcome!
How did you find out that information?
If that’s true than I have now lost all interest in ever buying these units. No growth is one thing, but steady negative growth, can’t live with that!

My aunt lives on Bribie Island, right on the water. Properties have had enormous growth she said and are exxy now. Apparrently they’re running out of land now and there has been some talk about plans for building up higher.
We’re invited over there for next Xmas [][8D][:X] so I’m going to have a good look around on the island[8D].

It’s North…[Read more]

I would go ahead if it ‘s easily fixed by spraying and removing the treestump.
I would also consider removing the bark and replacing it with cypress, termites don’t like that so I’ve been told by a garden centre. It’s not cheap but it will give peace of mind.
Please let us know how it all turned out!

[]

Good post SIS let’s do it again next month[]

No in february[^]

Interesting and looooooong post, I had some pc problems for a few days, so I had a lot of catching up to do….
I agree that education should be free, also why not get rid of all the private schools and put all that money in public education.
(Don’t abuse me now, just my opinion[])

About SIS’ reluctance to share some information I think that is…[Read more]

Thanks for all the different opinions. What I still don’t understand is: isn’t the lender’s valuer the person who decides in the end whether you paid the right price for it?
He/she could easily value the property at a price less than you paid for it, then won’t give you the 80% LVR on the purchase price. Or am I wrong?

I agree, for the same reason I didn’t buy this unit – I didn’t want to reduce my equity (LOC) by that much just for one IP. Much better to keep the LOC for deposits on several IPs.[]

SHame though, the units seem a no-worry investment as they are fully managed, also 99.8% occupancy and elderly people make great tenants so I wouldn’t need landlord…[Read more]

No Chan, I don’t think there is. I have tried (last year) to buy a unit in a retirement village and getting finance is hard. I think you can get a commercial loan, but I think even that won’t give you 80%. 60% more likely.[]
Most people must be buying them from a LOC, I figure.

Do a search on this forum on retirement villages or aged care units…[Read more]

Is your property in a really small place with only one PM? Otherwise I would just sack them and let another PM take over.
May be you can ask on this forum if somebody knows of a good PM in the area.

I love having a PM, apparently there were lots of little things, small repairs the tenants wanted fixed the week before Xmas. I never knew anything…[Read more]

Pisces, thanks for your reply, I should have explained better. What I really meant is that, say that the property was closeby, around Sydney, we could just drive there during weekends and do some work, and also sometimes there is a quiet day like in the middle of the week or so, that he would be able to finish at say 10 or 11am, he could use the…[Read more]

Same here, the ones I found are crap[:p] compared to this site. I would like something like this[^] except they talk about shares.
WOuld be so good if we could have a shares forum on this site![]
I do understand why it isn’t possible now, but NEVER SAY NEVER things can chance.

Yes, this would be greater than great! But the fact that my husband is a licenced carpenter doesn’t really help if the property is a 6 hours (or more) drive away, and he’s stuck in Sydney because he has contracts here and can’t get away.

He has done some minor work on the property that we have in Dubbo, but he can’t get away for longer than 2 or…[Read more]

Thanks Pisces, I love this idea[^], I hadn’t thought about the cost I can avoid this way by not having to apply for an increase later, it all makes very good sense.
So now all I have to do is find my next IP! [8D]

AHA the place in ****** Drive, yes I also rang the agent about this. I don’t know if it is the same place, or if we talked to the same agent, but the rent I was told was between $110 and $120pw.And it is in a bad area I was told.
I have a house in Dubbo, bought last year, but really I think the positive cashflow properties in Dubbo don’t exist…[Read more]

This is fantastic information, as usual, Simon, thanks.[][^]
It is all much clearer to me now.[8D]

DO you HAVE to buy in Sydney? May be if you go to other places you will find a unit that is a bit cheaper and/or bigger. (Not sure if you are wanting to live in it or is it going to be an IP?)

YES insurance is very important! Building and public liability is a must, but landlords insurance is up to you.
I have insurance for our IP with CGU, covers building, landlord and public liability.
Our own PPOR is covered (building and contents) with GIO which was the best rate we could find, but they don’t offer landlord insurance. If you don’t…[Read more]

CHan$ your secret is out now. Oh how much do you charge for the cloning lessons to your own clone?

So if it was you on the forum the whole time, this means that SIS and Kay and Property guru were having a good time with the cloned version of Chan$.

Pisces, ha ha good one about clowning the clowns. Made me laugh on Sundaymorning.

WOnder how long…[Read more]