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Contact TICA. If the grounds for removal are satsifaction of the debt then find out from TICA if they can remove it by you providing your tenant ledgers & letter from the agents etc. Don’t take the agent’s word as being unable to do anything about it.
Must have been.
Does Sydney Water read the meter or is it a sub-meter (after the board's meter)? If it is read by SW, what's the issue? If it is a sub-meter, then the agent should go out and read the meter and deduct the usage from the first building and charge the tenant of the granny flat.
If you change agents, put it in their duties.
Jacpru, as Catalyst said – the premises needs to be separately metered & have water efficient measures installed. If not, you have to wear the cost.
From one of the leases that I use:
10. The tenant agrees to pay:
10.1 all charges for the supply of electricity, gas (except bottled gas) or oil to the tenant at the residential premises if the
premises are separately metered, and
10.2 all charges for the supply of bottled gas to the tenant at the residential premises, and
10.3 all charges for pumping out a septic system used for the residential premises, and
10.4 any excess garbage charges relating to the tenant’s use of the residential premises, and
10.5 water usage charges, if the landlord has installed water efficiency measures referred to in clause 11 and the
residential premises:
10.5.1 are separately metered, or
10.5.2 are not connected to a water supply service and water is delivered by vehicle.
11. The landlord agrees that the tenant is not required to pay water usage charges unless:
11.1 the landlord gives the tenant a copy of the part of the water supply authority’s bill setting out the charges, or other
evidence of the cost of water used by the tenant, and
11.2 the landlord gives the tenant at least 21 days to pay the charges, and
11.3 the landlord requests payment of the charges by the tenant not later than 3 months after the issue of the bill for the
charges by the water supply authority, and
11.4 the residential premises have the following water efficiency measures:
11.4.1 all internal cold water taps and single mixer taps for kitchen sinks or bathroom hand basins on the
premises have a maximum flow rate of 9 litres per minute,
11.4.2 all showerheads have a maximum flow rate of 9 litres per minute,
11.4.3 there are no leaking taps at the commencement of this agreement or when the water efficiency measures are installed, whichever is the later.
12. The landlord agrees to give the tenant the benefit of, or an amount equivalent to, any rebate received by the landlord for water usage charges payable or paid by the tenant.
Points 10.5 & 10.5.1 are the ones you need to review (this is not the lease from the Office of Fair Trading NSW). You will need to check what your lease says but the cost recovery may have been crossed out
Are you considering this as part of a portfolio of investments or as a major % of your investment?
What is your exit strategy ie are the units liquid & easily traded?
What is being offered ie one or several assets? Single or multiple classes – commercial, retail, industrial?
For a long distance reno you will need to engage a pm to manage & supervise in your absence.
There a few big differences:
- lead time – you can't move straight into a block of land vs a built factory
- you can't see what you are getting if you are buying a block and then imagining the built factory
- you can customise a new build to suit your requirements
- if you are buying as an IP there will be more profits to be made if you do the development work yourself
We get hit for pulling it out of the ground and hit again twice as hard for putting it back in. Who says you can't get money for nothing?
I read an interesting article this morning. Interest rates stable, heading toward spring selling season, start of price hikes etc – all the usual blurb. They didn’t mention that rents in many parts of Sydney have dropped.
It was teamed up with comparisons of avg Interest rates: RBA, fixed 3 & 5 years and standard rates. After that five year period the fixed rates have only been lower than the variable rates. If fixed rates are meant to be seen as risk reduction strategy, it is not a debt reduction strategy. It reduces the banks risk of lower returns for their funds . All you get is certainty over what you are paying but you aren’t getting it cheaply.
Contact your accountants to discuss what you need & what you are setting out to achieve. Contact your solicitor regards setting up the required structures. 2 different requirements.
Does it come with a mobile optimised site?
Are you talking retirement villages or the SEPP5 (NSW) housing for over 55's?
Key Strategies
- your rates for Sydney are high, I would be surprised if I could find an innercity agent who would be game to charge any where near 2% (excl adverts).
- Yes, project marketing does cost more, I have seen plenty offering 4 or 5% comms for deals OTP (register the buyer).
Kristin
- Agreed that divestment of rural property does take longer, 4 months is not unusual. Must have been a corker to have sold yours so quickly but if the price was right what is a few % points between friends?
- Great point regards % comms paid to agents, pay peanuts you get monkeys. Just like offering small incentives if a certain price is reached, make it worthwhile ie 20-25%, then you may see a bit more activity (but it is up to the buyers on the day as to how high they will go).
Thanks for that one Paul, I'd forgotten about the old Smokeball docs. I also previously used realprint.com.au but sadly they no longer exist.
A couple of years in the property industry wouldn't go astray Danni. This is a very difficult market at present and unless you have a reputation in the area, have very deep pockets to cover expenses for 2-3 years and are prepared to purchase a rent roll and staff you will find it hard going.
There are several things you will need to consider:
Fire separation – dividing wall will need to go from footings to roof (you may be able to put fire rated plasterboard on existing walls, vermiculite below floor level (watch out for joists/bearers/ceiling joists which are continuous through the dividing wall), fire rated wall up to roof.
Services separation – complete rewire of house to separate the electrical supplies, even more difficult to separate the water supply, gas will also need separation, you may also need to look at fire collars on other things like sewer pipes if they go between the two units.
All solicitors are grounded in property law, it is one of the first things that you study. They cover contract law, conveyancing, real property act, secret commissions act & several others before getting out of bed in first year.
What are your options? Buy off your brother (can you get it for a fairer price? Can anyone else you know buy 1/3 or his full 2/3? Can you do a strata subdvision and sell off the units that he owns ie 2/3? Does he want out totally or can you look at less than a full exit from the property?
Is the bank chasing your brother for the outstanding loan? Is this a threat to take the building off you and your brother?
From memory it isn’t hard but you will need to use 1:50 yr rainfall tables & calculate pipe sizes and flow rates. Much easier to get a stormwater engineer to do it.
go to the REI website. You can subscribe or pay a one off fee for a document. It is risky if you prepare the sales contract yourself so I’d suggest changing solicitor
