[Iron LadyMember@iron-ladyJoin Date: 2006Post Count: 6]

March 19, 2008 - 8:33 am

Hi Everbody
We purchased 1 of 7 flats owned by 1 person, no strata required
They sold 3 more, we didnt know
Recieved a letter from new tennant which we self manage the other day from the new strata management about a meeting
We rang but were told we cant go because we owe $1350 & action was in place for debt collection
Turned out our solisitor gave them the flat address instead of our postal address
Either the previous tennant or agent tossed them or they were not sent
This tennant was 7 weeks behind but agent said nothing until we told them to get him out
They asked us to give him another chance
The strata said they will stop action if we pay but have to pay interest on back money
We will take to solisitor and tell them to pay interest ( fat chance even though we have a singed letter saying they gave wrong address )
We will miss 2 meetings but still have to pay for strata management

[Iron LadyMember@iron-ladyJoin Date: 2006Post Count: 6]

November 29, 2007 - 9:57 am

Thanks for the comments

The original plan was to build duplex, sell one and rent out the other
We could squeeze a Jones on there for an estimated total cost in the 340'sK
Agent said we should get 200K each, but with intrest rates on the rise and  the sale takes longer with not much growth, profit will shrink
One agent said duplexes dont sell fast
Getting some prices on smaller units and houses
Will keep you posted on our developments even if we just sell the land, but dont want to just hold the land

Regarrds Iron Lady

[Iron LadyMember@iron-ladyJoin Date: 2006Post Count: 6]

November 27, 2007 - 7:57 am

Thanks for any help or comments
Regards Iron Lady