Forum Replies Created
Thanks. I am learning everday.
Hi. What involves in an income accelerator and how does it work? Thanks.
Thanks, Jamie.
Hi (again).
And what do lenders particularly look for in the BAS returns? – the turnover income or the profit/loss figure for serviceability?
Hi All,
This might be a silly question – but do the BAS returns have to show profit? i.e.: if all the quarterly BAS returns for 2 recent years show consistent losses, would the lenders qualify (provided of course the borrower sign the stat dec to say that he can repay).
a question of legality – do sellers have to let the buyers know of any appliance that is not working? For example, the reverse cycle aircon external/internal unit is dead, the oven stubbornly refuses to turn on, one of the hot plates is no longer hot no matter which knob is turned on, a broken knob etc..
AussieKiwi,
You based the rental calculation on 52 straight weeks of receiving rent. You should take 3 months (12 weeks) off. Thus, use 40weeks, instead of 52 weeks, and the rental receipts would be $21,000, not $27,000. This means $6000 less in rental income than your original calculation. Thus the 'leftover' (well, actually there won't be any rental income left over) will in fact be negative $1500 approx.
Also the 7.5% agent collection fee seems to be light – probably because you haven't included other agent service charges such as periodic inspection, statement fees etc….
Swimming pool is also costly to maintain as well as onsite manager. Worth to check not only the current body corporate fee, but also the incremental changes over the last 5 years. Lastly, there will generally be 3-months vacancy from late Nov/early Dec to early Feb when students go back home for their hard-earned vacation. I was at once time interested in cheap student accommodation, but was taken a back a little after having done some research and learned about all the hidden costs that agents don't generally volunteer to disclose.
I heard that Councils in QLD generally levy very high annual rates; hence take into account of this high charges. Also find out whether the unit sits on the University's land; if yes, you will be only buying the 'brick' building, not the land and thus, you will have to pay rent to the uni (or whoever the owner is).
How is capital growth for Albury/Wodnga? As an indication, do you mind, Rod & Engelo, give us the current approx. market value of the properties you both in 2009?
Jenny111
Thanks, Scott.
Now that I know that the permits have expiry date, I will by pass properties with approved plan/permit if I am not planning to build. Otherwise, why pay a premium price now for something that is not needed 'now'.
Regards,
Jenny111
Hi,
So, if I see an advertised property for sale which says something like: 'with plans and permits approved ready to go….', it means I will have to pay a premium, right? If I then bought the property, would there be a time limit in which the building(s) have to be commenced or fully constructed?
Do I have an option of not going ahead with the construction, and if this is the case, will I get any portion of the planning/permit fees that were included in the premium selling price?
Thank you.
jenny111
Thanks, Everyone.
It must have been the Stamp Duty 'concessions' for first home buyers then. I was really hoping the Stamp Duty on Property or on Mortgage (whichever it was) be abolished altogether.
Regards,
Jenny111
Thanks, Everyone.
Legal advice received by my friend was that she would not need to do anything as she would not be liable for the debt of or utility consumed by the tenants.
Regards,
Jenny111.
Thanks, Terry.
The account was definitely in the tenants name. They aware that they had to connect the utility in their when they first moved in.
What does 'to compell you to provide the details' and 'CYA at all times' mean?, please.
She said the bills were addressed to 'Unknown Consumer' or "The Occupant". This was because the utility company stuffed up the transfer and had the wrong name. They deleted the name but still send the bills to the property, addressing to nobody. The tenants said they never authorised the transfer.
I heard that these tenants liked to take just about every things to court. When they were at the property, every little things that were slightly not to their satisfaction, they threatened to take my friend to the tribunal.
Thanks WomeninProperty and Ten_Burner. All points taken.
And you are right! At times I do feel confused – probably more afraid than confused. Afraid because I don’t have a lot to invest and this was why I wanted something that was easy to get into (studios, serviced apartments and perhaps regional properties). The first 2 have hardly any capital growth, but are convenient and provide good cashflow – but the big downside is the body corporate and management costs keep increasing significantly that I am afraid if the place is untenanted, I won’t be able to afford on-going expenses. I am still researching regional properties – they don’t have the convenience in that I could visit them as quickly as the CBD studios/serv apts etc…; however regional properties don’t have high body corp and management fee. Cashflow wise, regional properties are not too far from studios.
If I want to research whether a regional area is growing, or whether there is any infrastructure expansion plan, where would I start, please, anyone? Thanks.
Regards,
Jenny111.
