Oh yes ain't that the truth.  I had the solicitor of a vendor (a deceased estate…) tell his client that their property was "worth $8k more than my offer, and they should get a certified valuation to prove it".  Poor selling agent was gobsmacked.

Ultimately, you could report them for false advertising.  However if you "need" the agent to like you because this property is a cracker deal anyhow, or because you want to be able to talk to the agent often, probably best to leave it alone.

Just highlights why it is so important to visit a property and not just buy something based on an internet ad.

Hi Adam

The mortgaging methodology will be very important.  I'll ping Richard Taylor and ask him to respond to you.

Hi Amanda

No need for you to upskill yourself to be equivalent to be an accountant.  It is much easier to simply use someone that comes highly recommended who has knocked out bucketloads of SMSF setups that have gone on to purchase property without a hiccup.  You would be surprised how many people decide to let their local accountant who has either never set up a SMSF for property purchase before, or done so very few times.  Only for the mortgage lender to knock back the deeds by reasons of all manner of errors.

Richard Taylor who has already responded in this thread is the man for the job.  Get in touch with him and have him set up your SMSF for you and it shall be smooth sailing.

1991 posts now.  Or should I say 1992 posts, because I am now making this post to honour the occasion hehe.

Will I anger folks by stating what I figure is the obvious:  that top-end property has the farthest to fall in times of trouble?

I've used BMT, very happy with them.  I like being able to discuss the property with them over the phone and having them tell me over the phone the minimum depreciation they will be able to find for the property.  I like that a lot.

Don't expend too much energy over-thinking it.  The difference is after all only $100.

Hi Aus-Vis

$30k will be tricky if you have to pitch in deposit and stamp duty.  Richard Taylor (https://www.propertyinvesting.com/user/qlds007) mentioned the other day he has access to 100% loans on selected properties – which would overcome this hurdle for you.  Perhaps drop him a line.

Hi Nue

You'll need to do careful planning to ensure tradies are arriving in the correct order. You need to understand how long each tradie requires to do their bit, and whether there needs to be a gap in time in between each tradie.  For instance, after the tiler puts tiles on the floor, you cannot have people walking on them until they have set.

You can give a couple of sets of keys to  your Property Manager so that tradies can collect keys from there and return them when done.  Best to have a couple of sets in case one tradie is a bit slow in returning a set.

Make sure you have ordered all your stock well in advance so you don't have a situation where a tradie turns up and the items he needs to install for you are not there (you can have the items collected from the store by the tradie, generally).

You could look at having a couple of long weekends at the site.

All this said, have you sat down and worked out the petrol cost of you being there (as well as the cost of taking days off work)?  You might find it is better to pay someone.  DWolfe from these forums (https://www.propertyinvesting.com/user/dwolfe) co-ordinates renovations.  She has been posting photos on her facebook page of the reno in progress  https://www.facebook.com/Homestagers.com.au

Hi Mikal

They are welcome to put their fees up.  Equally, you are welcome to take your business elsewhere or negotiate with them.  Nobody is forcing you to sign their new agreement. 

You are welcome to put your rent up.  Equally a tenant is welcome to accept the rise, or move out.  As to whether you would get another tenant quickly depeneds on many factors, including the condition and location of the property, its price, how many tenants are looking for a place to live, and what kind of dwellings people are looking for.  Generally tenants will not move for a $5/week rise. 

If your Property Manager tells you the market is flat, or that your tenant cannot endure a rental hike, this is information you are, in part, paying them to give to you.  I think that most folks can sustain a $5 hike.  If they could not, then they can never afford anything at all out of the ordinary to happen to them ever.  eg get sick, must go to doctor, and purchase a packet of antibiotics. 

I always listen to my PM and factor in what she says, but I don't always do precisely what she says.  It is often a combination of what she thinks and what I think, based on our respective knowledge of the market at the time.

If you want your PM to put the rent up, send him/her an email clearly stating  you want it done and by when.