Retail value of remaining prop is 360k with bank valuation of 330k.

I've got 2 quotes for this but both want cash only. Is this typical?

Thanks for all of the responses. I should add, the first pic was taken before the last tenant washed motorbike parts with steelwool & some kind of bleaching agent on the benchtops  hence the requirement for new benchtops. He was evicted but insurance wouldn't cover the damage (an even longer story).

Thanks Joe, That's the rough price I had in my head so it's good to get it confirmed by a professional.

Thanks Jane,
We will be replacing the cooktop & sink so no extra trades costs there. I've already bought same satin chrome handles to update the cabinets.I hadn't planned on replacing the splashback. Do you think it needs it?  I kinda like it…

swampy30 wrote:
Jambv,I am in the exact same situation as you, but my IP is in Sydney.  I had a chat with 2 agents, and their advice is that it is preferable to sell the property with vacant possession.  Their take is that tenants will pose difficulties with regards to access (too many viewings spoiling the tenants' quiet enjoyment of their h…[Read more]

beedie wrote:
Jambv,Believe we are running at approx 85 to 90 days on market for the average property in Brisbane at the moment……….Depends if you need the rent….. and why would you be selling in the present market if you didn't need to………

Hi Beedie,
I didn’t realise the average was up to 90 days – thanks for the info. I’m keen on…[Read more]

pully wrote:
hi jamby.do you have landlord insurance?then your agent should be following up with that.regards.

Thanks Pully,We are also pursuing restitiution from the landlord insurance company but any outstanding rental arrears aren't covered by landlord insurance as he was on a periodical lease. ie The agency wouldn't let him sign a new lease…[Read more]

The shared laundry would make me think twice. ie shared laundry may limit the rental demographic & mean higher vacancy rates. Just my opinion.

It sounds like you have invested time & effort into researching the viability of this property. In my experience, once you lay down cash for pest & building inspections you are subconsciously committing to purchasing the property making it more difficult to walk away. But walk away you must as this is now a bad deal for the following reasons.1)…[Read more]

Be careful when leasing out your property on a "periodical" or month by month basis. Most landlord insurance does not cover damage if the tenant is on a periodical lease. (Found out the hard way!) I always demand a 3 or 6 month lease & would rather lose a tenant than allow periodical renters in my houses.

Milly wrote:
Yes I was going to suggest putting the ball in the tennants  court. They broke the bracket for the rangehood….they have to fix it. How the hell could that get broken through wear and tear in two years? They have broken the door handle so they should fix it. Get rid of the property manager. bloody hopeless.

Hi Milly,Thanks for…[Read more]

Here is an email we received from the prop manager today. What are our rights as owners in terms of getting a lease with increased rent signed? If we fix these things then the renters will come up with more problems. Surely there must be some recourse for owners?Following our discussion on the telephone 19/12/2007 we wish to confirm the…[Read more]

Thanks Terry. That website was exactly what I was looking for. Looks like I'll have to put up with them for 60 days & hope they don't apply to small claims tribunal.

Jon,Thanks for your detailed response. It sounds to me like there is a large element of cold calling in your success (something I am not very good at!) so I'll probably stick to what works for me.