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Thanks Akirk, that’s a good idea. I’ll check that out
Elle
Yeah, the property is kind of 70’s, was built in the 70’s. I would definitely agree a kitchen and bathroom makeover wouldn’t hurt. I can’t think of one thing that needs doing that isn’t aesthetic though, the house has been maintained consistently, and very well.
We don’t have a floor plan of the building, though I have been thinking that could be nice. Anybody know of anyone who will draw up a floor plan at reasonable prices?
Access for both the shop and the unit is great though. The Unit has it’s own front and rear doors, as does the shop. Were there to be 2 separate tenants, this wouldn’t be an issue at all.
Thanks for the comments
Elle
For those who were interested, find link below for property now up for sale. Has just gone on today. Am working on getting some better pics up there, but that’s it for now
Any tips are appreciated. If you have any queries, don’t hesitate to contact me.
Thanks
Elle
http://www.homesales.com.au/buy/victoria/chiltern/house/hs5870.aspx
Hey Ryan,
Thanks for the comments, thats exactly the sort of stuff I was looking for.
The property is in a small historic town, pop is approx 1250 or so, but it has definitely had good constant growth. It’s located only about 15 mins from ALbury/Wodonga and is close to the new Woolworths Logic Centre, and other large factories which has been great for growth.
The shop has been empty for the last few years by choice. My parents closed their hobby shop when dad got ill a few years ago, and have continued to use it as extra living space since then.
The house and shop are located on the main street of Chiltern, which is pretty much at 100% capactity and has just had a supermarket development, and also a new Chemist move in. There are definite retail opportunities for the right business.
I think there is definitely a possibility of getting 5-10% ROI, so I think if I do what you have mentioned and sell the features of the property well, we should be able to acheive the right price.I’d be happy to have it sold through an agent, as they could probably squeeze a bit more out of it and get a higher sale price, but Mum is not interested, and refuses to see that fact, so I just have to suck it up and try to get the best possible outcome. If we can’t sell it on our own within a few months, maybe I’ll be able to get her to change her mind lol.
Thanks again for you input, is appreciated
Elle
Thanks for the tips, I have actually done all of that already. We received 4 valuations from RE Agents, which varied a little, but were in the range Mum wanted, and fit in with what we had expected after researching local sales.
We’ve already spoken to mum’s solicitor, and he is prepping everything for us. We haven’t done it before, but we’re not totally unwaryI guess i was actually after information more specific to investors. Like, would it be worth advertising something like this in say Melbourne and Sydney, since we are regional.
Say, as an investor, what would be the things you would look at if you were considering purchasing the property, what questions would you have, etc etc. Just so I can be prepared
For example, since it is both a shop and a unit, should we get costings of approximate rental income that could be received if rented together, seperately? Say, as an investor, what would be the things you would look at if you were considering purchasing the property, what questions would you have, etc etc. Just so I can be preparedSorry, I wasn’t very clear before, but having never purchased an IP myself, I’m not 100% sure what is looked for. I have some idea obviously, but was hoping for a few pointers and maybe would get some info I’ve missed.
Someone looking for an IP is probably going to be our target market, so I figured there was no better place to ask than here!Thanks again
Elle
Hey Rossco,
A similar thing happened to me when I moved from a previous rental property. Utilities were cancelled, paid up to date, and I gave them my forwarding address should there be any additional charges once the meter was read.
I didn’t receive any billing, but found out about 9 months later that I had a default on my credit rating.
I was able to have the default removed by phoning the utility company, explaining the situation, and then paying the debt. The first person I spoke to said they couldn’t do anything, but after speaking to a manager, and putting the blame firmly on their shoulders, where it belonged, I was able to have it removed. Only took about 2 business days to go through to Baycorp/Veda and all was good againI’d strongly recommend you do the same thing, don’t want to have a default hanging around for the next 5 years.
Good Luck!
Elle
Not sure of the credit issue, but I would obviously suggest doing what you can to get that sorted out asap.
If it is a credit default, they can be removed. You need to contact the company who listed it, obviously pay the debt, and speak to someone about lifting the default. This is done at the companies discretion, so you need to call them and have a good explanation, and hope you get someone nice. If they refuse you first go, ask to speak to a manager. But be nice about it, don’t try to be too forceful, or your likely to be turned down by everyone.If this isn’t possible however, make sure you pay it of, so it can at least be marked as paid, which will be looked at slightly more favourable.
With such a high income, you should still be able to borrow, but it may have an effect on the interest rate you receive.It’s hard to recommend anything to you without knowing the exact situation as there are a lot of variables, so I would suggest talking to someone at your bank to see how/if it might negatively impact on you.
There is always someone out there willing to loan you money even with bad credit, especially when your in a couple and have a great income between you. It’s just a matter of finding the right company, at the right interest rate.
Good Luck
