The email bounced so I guess not.

A schedule by Deppro cost me $440 and was well worth the cost. This is a once off fee that I can use for the life of the property (40 years).
Deppro are one of well known depreciation specialists but I don’t think they have an Adelaide office…
Ben

quote:

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As an addendum, I’ve already polled the vendor to see if he is interested in negotiating price or terms. I offered a 3 year interest only loan on the 25% needed for the deposit but he wasn’t interested. (He’s an old guy and just wants to retire and not bother with deals.)

Also, if I can’t raise the 25%, I’d be willing to pass it along for a mutually acceptable finder’s fee. (What’s the going rate?)

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There will no doubt be some other fixed costs, such as loan fees and some crazy stuff the government or lending institution will come up with. By the way have you had a building and pest inspection done? Essential before signing buying anything.
Ben

He works out of the Brisbane/Gold Coast area. Feel free to send me an email [email protected] if you’re still interested
cheers,
Ben

I have a friend in the buyer’s agent business. So far he has found genuinely excellent deals for people and charged 3K for the service.

Many potential clients have been sceptical of course, but those that bought through him have been more than happy I understand.

I think it comes down to whether you have more money vs. time to how much value you would see in this service.

Ben

Hi,
I am not yet an expert on property but here’s what I can offer on this subject…
One of the first questions I asked about a property when buying was the BC fees as they do have a big impact on cashflow.
I looked out for things like swimming pools that would add up to a big drain on BC funds but not equate to a compensatory rise in rent.
BC’s have a sinking fund and an admin fund. The sinking fund is where the money for maintenance comes from. In cases where there is a need, BC’s can issue a demand for additional contributions to the sinking fund as happened to a property of mine when a retaining wall needed to be built to deal with termites.
When you buy ask for the current balances of the sinking and admin funds. Legally these have to be provided to you anyway. This and the condition of the property will give you an idea of how well the fund is managed. It is good idea to aim for a balance of several hundred dollars per property in that BC. If the balance is quite low ask if they recently performed any major repairs – you never know what you will find out. You don’t want it too high either as that means the managers may not be doing general maintenance and repairs or charging you too much.

$1000 a unit seems pretty reasonable. I have seen anything from $400 to $1600 myself. The key points are is the BC being managed well and is the account balance reasonable? Ask the REA as they should have a good idea about how the different companies perform.

Legally I don’t know how resposible the BC managers are. Remember as an owner you can always become part of the managing committee and influence their decisions!

regards,

Ben

I read John Fitzgerald’s 7 steps to wealth and was fairly underwhelmed…something was missing in it for, the advice wasn’t as intellectually sound. I guess I am a little sceptical anyway as his mob Custodian Wealth Builders do try and pitch their services to you at seminars (whilst badmouthing other people who do the same thing).

regards,
Ben

I would rather earn 8.75% on a $200,000 property I put down 10% on, than $20,000 of my own money.