If you really want to buy the property I would go for the option suggested by 1Winner. You could also thank the vendors for a lesson learnt for future due diligence.

If you no longer want to purchase the property is this reason enough not to settle?

Anne.

Worth reading. A lot of what he says is sort of common sense but with data backup. I agree with John. You still ahve to do your own due diligence and make up your own mind.

Anne.

Didn’t some of the MAPers buy something in a van park and do well out of it (Coffs Harbour?)? Again I think it boils down to the due diligence process again. Sometimes it will work sometimes not.

Anne.

Is ESL or something else an issue here? There are MANY possibilities. Something it may be worth discussing with Jack in private Simon and Derek. It is easy to make judgements that may undergo a radical change with a little more info.

Offering construstive rather than destructive support is certainly an option.

If other avenues have been tried then my apologies for MY judgements.

Anne.

I wouldn’t recommend putting too much faith in Centrelink payments. They can be cancelled by the tenant with a phone call. They can be set up one day and virtually cancelled the same day. Wether you get the rent, regardless of how it is paid, or not ultimately depends on the quality of the tenant.

I was recently in a similar position to you – just beyond my financial limit. I sold a property that had made significant capital gain even though it was a positively geared property. The financial pressure was lifted immediately. It was well worth the selling costs.

Anne.

Hi easymoney,

That has been my experience also. In one such town I used a private manager to avoid the commercial managers and she turned into a nightmare (used overcharging tradies, charged for work not done, tenants from hell etc). Steep learning curve which probably would have been avoided with a little more due diligence on the “manager” and the management culture in the town.

I have succumbed to the system for the moment and am constantly on the lookout for bargaining leverage and a more appropriate private manager. Bargaining strengths in the city often do more harm than good in these sorts of places.

I now look for higher returns in these places for these sorts of reasons.

My maintainance limit without approval is $500 for this particular town. I may adjust that upwards depending on my trust factor.

Real Estate agents in these towns may do things that a city agent wouldn’t even consider as a possibility.

Good luck,

Anne.

ArthurK,

In my experience visiting an area, particularly interstate, is half the fun. I usually set aside longer than a day so I can really get a feel for an area. Great way to get to kbnow the country.

Cheers,

Anne.

Hi Ambo72,

Given your description, do you really want to deal with people who behave in this way?

You have no power to change the way other people behave regardless of how pissed off you feel. They will just find another way to manipulate you (or anyone). If you have legal recourse, go for it and give them a run for their money. Just give up any “investment” (particularly emotional) in the outcome.

I agree with Derek, move on to the next deal (even if you decide to play a little on the way out).

Anne

Hi Dazzling

I think NSW also has 60 notice before a rent increase for periodical tenants. You could check with the tenancy people if your property is in NSW.

Good Luck,

Anne.