Residential leases usually only run for 12 months max. If you take 3 months to buy and settle. Just sit back for the remaining 9 months. After that its a month by month lease and you can raise the rent or give them notice. Note you should understand their motive first as they can contest raising the rent!

If you want to break the lease early,…[Read more]

I have experienced evicting tenants in NSW and QLD. The process is similar. Like others have said, let the agent manage it. Have them explain the steps they need to go through and more importantly WHEN they execute these steps.

The best thing you can do is to contact the agent at each step to confirm it was done. If all goes to schedule you…[Read more]

Hi,
My opinion is consider if you have the time and skill to manage worst case situations:
1. Tenant is in arrears. You need to know the process you must follow (ie letters, tribunal hearings, etc). You must also have the time to attend to all these items.
2. Tenant skips town and leaves the place in a mess with a big clean up bill.

I agree…[Read more]

Had the exact same setup. Bath with shower, toilet, vanity and laundry all in a small bathroom.

We decided space was better so removed the bath tub and installed a single sheet of glass (clear) with no door. Looks great.

Note the plumbing issues. Our drain pipe was 5cm above the ground and we could not lower it so we had to build the shower…[Read more]

Hi,
Each building on Collins is different so to know if you are over or under the average $$ per sqm you should try and contact a few of the tenants. There is not much point comparing to other buildings as each is unique and offers different services, etc to their tenants.

How from NSW? Find out who the building manager is. They usually know…[Read more]

I purchased a property and subsequently found out the Body Corp fee disclosed in the contract was 40% less than the actual fee. What can you do?

Next time I will be not only checking the arrears/adjustment but also all BC Rates/Council Rates/Water Rates, etc to ensure they are actually correctly stated.

Hi all,
Thanks for the kind words. Feel free to add your own funny stories! Im over it all now and have not yet reported them (been busy getting me commercial properties leased – almost there!).

I would like to mention them, but I dont have their card with me. Once I report them I can probably let you know. Let me just say it was an…[Read more]

Some savy sales agents use options (if they principal allows it).

If you set up the infrastructure (ie legals, etc) then why dont you approach your local real estate companies and offer your services for a fee? That way they dont have to setup or take the risk in house.

This is just re-gurged from other entries I have read.

Sadly if you draw down on your IP you cannot use it for personal use AND claim deductions on the interest.

However, someone mentioned either selling the IP to your partner or to a trust. Then your interest may be deductable. You keep the IP and have cash to put down on your PPOR.

Just…[Read more]

I had a target of reading 1 fiction and 1 educational book per month. Currently averaging 1 book per month in total!

How do you ensure you put into practice what you learn?

Thanks for the feedback. I know I should report him to try and stop it occuring in the future.

So Fair Trading/Consumer Affairs and Tax Office here I go.

None of us were really concerned about the money, more the principle.

Hi,
If people are shopping around they will easily find all the properties for rent on domain.com.au or realestate.com.au or ring the number on the building or walk down real estate alley in your area.

So what incentive does the potential lessee have to lease yours over the others? Tutle has the right answer with Steves book. All those off the…[Read more]

Hi,
Is the 14th floor the top floor? If not can you find out how much rent is asked for on the 15th floor or even other units on the 14th floor?

Also if all has been released at once, the cheapest relative +-2 floors from yours will go first.

You can wait until supply dries up (but still may not get interest) or lower your price.

My partner…[Read more]

Hi Tracey,
The management agreement that you signed with the agent will state the terms you need to follow. I believe generally most require 30 days written notice.

If you get along quite well with the agent, I would call the agent and agree on a handover plan that works for both you and them.

Mat

Thanks Terry and Dazzling for your comments.

I have been working with the potential lessee for the last 2 months and we have a good working relationship.

Would the solicitor know the full end to end process? Or should I work with a commercial leasing agent?

Thanks
Mat

Hi,
If you are keen to get started, have you considered part time uni and full time (or almost full time) work?

If your full time work requires you to educate yourself, all of a sudden all your uni expenses become tax deductable and uni gets a little cheaper. You will earn more, gain on the job experience and may be able to start investing…[Read more]

Are you referring to studen accom?

Its probably a commercial lease on your property to a company that runs student accomodation. They generally have your voting rights over the body corporate as well.

Yes, you can have an original of my signature on that blank piece of paper for $10k.

I also pick up 5c on the road at the traffic lights. Someone once said its bad luck to not accept any gift freely offered!

Hi,
I have moved to Melb only 6 months ago.

If you are still interested in purchasing an apartment, I would look at the docklands as a possible alternative to southbank. Its a little more pricey but would appear a safer investment.

Although everyone comments on inner city apartments, the QV complex has done quite well and is central (Bounded by…[Read more]

This is the longest thread in the world!

Oh, I don’t have a car, or bike. Sorry.

But I hire them on weekends for $50 a day! This is my preferred option since my last car was vandalled, hit a roo, vandalled again and then had the seats stolen (Tip to TYPE – R owners, weld the seat bolts to the plate).

Mat