Forum Replies Created
Thanks for the feedback guys.
Yes I will chalk it up to another lesson in the investing game lol.
Our Agent has in fact confirmed with Consumer Affairs that all outbuildings must have locks and keys supplied to tenants.
It’s just a bummer on top of all the purchasing costs, waiting for a tenant, fixing a few other issues already and now this one.
I won’t be stewing over it – we actually are really good Landlords giving all our tenants what they request (within reason)…..so I must away and ring a Locksmith now…..doh!
Mike this is such an awesome offer and one that I availed myself of.
The report is fabulous – the amazing speed with which you delivered it, even better.
Thank you very, very much for your generosity.
Cheers Bambi
Hi, I've actually been down this road myself and let me tell you the pitfalls can be huge.
Admittedly in my case the three of us got together to purely buy investments properties, not to live in.
We meet constantly for a period of twelve months thrashing out every possible scenario we could think of arising. You have to consider disputes, friendships, liability, responsibility etc.
You should have a clear Agreement drawn up which details everything, so from day one everybody knows exactly where they stand.
In my case, just because I "assumed" the workload of sourcing properties, research, due diligence, inspections, etc, etc, etc, would be spread across all three of us…didn't happen. I found myself constantly being the one holding the bag and doing everything…frustrating would be an understatement.
Also just because you "assign" a party a role, ie: financial record keeping….doesn't mean they will do it, or to a reasonable standard.
I don't want to throw a wet blanket on your idea, because I think JV's are brilliant. You just need to be very clear from the get go, what your goals are, timeline for those goals and how you will achieve them.
In fact, I've just this second had a brainwave, (maybe) …. if you have twelve months to consider this venture…why not do a "dry run" – go through the complete motions on paper only, it might give you all a chance to find any shortcomings or for people to shine in some areas.
Anyways, we had to terminate one of the JV partners to get a purchase across the line…it was a buggar of a lesson, but at least we all came out of the experience "relatively" unscathed.
Good Luck.
No it's cyclone wire (checked with the man of the house)….
Marvellous thread. I'm in the process of buying a flat pak kitchen for a rental and was tossing up between the vinyl wrap and the laminate wrap doors.
You've just made a decision for me. Many Thanks. Laminate wrap doors, here I come!
Thanks Alison,
I've in Victoria, so I'll have to give it a miss this time around. If you do the same thing again in Victoria I'd be interested.You should grab yourself a copy of this months Property Investor Magazine. The cover story is "What you can buy for under $300K – affordable properties within 20km of capital cities"…….your request fits with this article.
Heaps better Steve!
Love that you can easily see the latest forum posts – great improvement
