I am looking at purchasing a 9 bedroom house near a uni & renting each room to students & short term renters. Are there any council laws, to be able to do this? I won’t be living there myself. Also am I best to purchase through a company structure or under my own name, keeping in mind I’m in a low tax bracket?
Also off the subject, my screen goes black within 60 seconds if I do nothing, how can I change this?
Regards
SolomonI would at least look into the possibility of using a company/trust structure as you would have a high turn over of what I call low end tenants, but there are other things to consider.
What is your business/profession?
What other assets you have?
Any other real estate?
And one I like to ask(some may not see the relevance) How do you cross the road?
A few things to think about.You should check with the local council for laws as I imagine each council is different.
CATA
Asset Protection Specialist
[email protected]this business is a possible goldmine if you do it properly. I have never done it myself, but have friends in the student accomidation business, and they are very succsessful!
In my opinion, you can make anything a success if you are focused on a niche area and do it consitently and well!!!!
It certainly worth some further investigation if this is the area you want to focus on.
We buy properties in Adelaide. Immediate Cash Settlements, No Real Estate Agents, No Fees.
[email protected]
phone 0412 437 582Hi Solomon
Don’t know about WA., but in Vic. you can get info from your local councils web site.
I just looked at an IP only weeks ago that has nine bedrooms and was already operating as a Stdt. Accom. Part of my due diligence was to put in a planning request with the local council ($40.00 out of pocket) and the report came back with some interesting info. The vendor was known to the council for not applying for permits to run a Stdt. Accom. Health ,safety and fire permits are also mentioned in the report as they might be required as well.
I don’t think the insurance company would pay out in any event either
I am still investigating.
CheersMoney can’t buy everything
what it can’t buy I don’t wantI was considering to purhase a 4 bedroom house in QLD a while back and when I was checking about whether I can rent out each room individually, my prperty manager informs me that the government body in charges of rental bond stipulates that if for a single dwelling with more than 3 bedrooms and each bedroom is to be tenanted individually, then a license will need to be applied from local council. Therefore, do plenty of due diligence or seek info from competent property managers who can provide this sort of info to you.
Good Luck
Cheers
JohnWanting financial freedom is not enough. Take some action TODAY. I have successfully built my own PART TIME business whilst still working in a Bank. If you want to know more, PM or email ME.
Are there any council laws, to be able to do this? I won’t be living there myself.Hi Solomon,
I imagine after those fires in Queensland in the past couple of years where many backpackers and other ‘single room renters’ died, the council regulations controlling that type of accomodation have been tightened up enormously.
You’ll need to go through them with an absolute fine tooth comb…as you can bet the insurance co. lawyers surely will. You’ll only need to slip up or not fully comply on one of those tiny details stipulated by council and your claim against any damage (big or small) if an incident occurs will be totally rejected. Your premiums will also be thru the roof.
Compliance with all of the HSE regs is going to be onerous to say the least, for your capital injected, cashflow and time.
If you intend not living there yourself, then management of the 9 separate individuals and all of the ‘human interaction’ problems that most definitiely will occur will also be onerous. An absent PM will not be able to control that situation effectively – despite charging you alot out of your gross rents received.
From a growth point of view, what value is the block of land as a % of the asking price ??
Looking at alternatives of what you could put your money into…I’d be in the ‘minefield’ camp.
Cheers,
Darryl Moore
“No point having a cake if you can’t eat it.”
Hi Solomon,
Here’s how to stop your screen from going black after 1 minute….
Click on ‘Start’.
Double click on ‘Display’
Select the ‘Screen Saver’ tab
Choose a screen saver from the drop down
Adjust ‘Wait ? minutes’ with the up-down arrows to how ever long you want your screen to remain active, then the screen saver will kick in.
Regards,Sharon
Thanks for your opinions & help on screen saver.
I found out that if I have more than 6 individual tenants I need a licence to have a LODGING HOUSE & no doubt the neibours will block that. (don’t blame them). However 6 or less not including a keeper, I need nothing. I think I may be able to create a +CF if the deal goes through. Ofcourse I need to get it below the asking price in a HOT HOT market thats low on stock.
Thanks guys
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