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I was considering to purhase a 4 bedroom house in QLD a while back and when I was checking about whether I can rent out each room individually, my prperty manager informs me that the government body in charges of rental bond stipulates that if for a single dwelling with more than 3 bedrooms and each bedroom is to be tenanted individually, then a license will need to be applied from local council. Therefore, do plenty of due diligence or seek info from competent property managers who can provide this sort of info to you.
Good Luck
Cheers
JohnWanting financial freedom is not enough. Take some action TODAY. I have successfully built my own PART TIME business whilst still working in a Bank. If you want to know more, PM or email ME.
Thanks for a great post.
I will share my experiences. When I first started, I try to expand my knowledge base as much and as quickly as possible. One of my humble begining experience is trying to read and understand every term in every reports for each property that I am interested in. Example is that I spent 3 hours !!! reading over a builders inspection report trying to understand every terms in the rpoert and then spending extra 2 hour talking with builder about each technical terms (the builder was trying to hang up with me after 20 mins!!). The moral of the story is that it is important to learn but it is more important (if you want to be financially free) that you build a team of reliable and competent team members.
What I am doing now is to create a system for property investing and then apply this theory to my part time business that I am building. Time is now to learn and exciting time for all those who choose to enjoy the journey
Cheers
JohnnyWanting financial freedom is not enough. Take some action TODAY. I have successfully built my own PART TIME business whilst still working in a Bank. If you want to know more, PM or email ME.
Without getting into too details, there are plenty of options to turn a -ve cashflow into +ve cashflow (Pending on how much efforts and commitments you want to put into it). One option is if the property is in low social economic area or near university (you can try to rent out each room individually) thus increasing your cashflow.
But just a piece of warning, you need to have a good team behind you before you explore many of this options (read plenty of books regarding investment property or building wealth).
Just to share with you a more story of mine, my only IPs in QLD which the old water unit fell through the roof 2 weeks ago and my competent property manager sorts out the entire issue within 2 days (the important of insurance and competent team members).
Happy Investing
Cheers
John[biggrin]Although I live in Melbourne but I have 1 IPs in Beenleigh property and it is an absolute gold in the area where it is low social economic area because people are definitely open to the idea of sharing even in 2 bedroom unit and the cashflow is great.
Enjoy your meeting
Cheers
JohnFull Time Property Investor in not too distant future![biggrin]
