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  • Profile photo of Iron LadyIron Lady
    Member
    @iron-lady
    Join Date: 2006
    Post Count: 6

    Hi Everbody
    We purchased 1 of 7 flats owned by 1 person, no strata required
    They sold 3 more, we didnt know
    Recieved a letter from new tennant which we self manage the other day from the new strata management about a meeting
    We rang but were told we cant go because we owe $1350 & action was in place for debt collection
    Turned out our solisitor gave them the flat address instead of our postal address
    Either the previous tennant or agent tossed them or they were not sent
    This tennant was 7 weeks behind but agent said nothing until we told them to get him out
    They asked us to give him another chance
    The strata said they will stop action if we pay but have to pay interest on back money
    We will take to solisitor and tell them to pay interest ( fat chance even though we have a singed letter saying they gave wrong address )
    We will miss 2 meetings but still have to pay for strata management

    Profile photo of Iron LadyIron Lady
    Member
    @iron-lady
    Join Date: 2006
    Post Count: 6

    Thanks for the comments

    The original plan was to build duplex, sell one and rent out the other
    We could squeeze a Jones on there for an estimated total cost in the 340'sK
    Agent said we should get 200K each, but with intrest rates on the rise and  the sale takes longer with not much growth, profit will shrink
    One agent said duplexes dont sell fast
    Getting some prices on smaller units and houses
    Will keep you posted on our developments even if we just sell the land, but dont want to just hold the land

    Regarrds Iron Lady

    Profile photo of Iron LadyIron Lady
    Member
    @iron-lady
    Join Date: 2006
    Post Count: 6

    Thanks for any help or comments
    Regards Iron Lady

Viewing 3 posts - 1 through 3 (of 3 total)