If there is one owner of all the units on a strata title, they are usually exempt from complying with many requirements of that State's strata laws e.g. annual general meetings, building insurance taken out by the body corporate/owners corporation.

The Rentwise blog has some handy information on BC/OCs: http://blog.rentwise.com.au/index.php/2010/04/21/body-corporates-the-basics

Hey Chris,

The reality is that the tenant can refuse to sign a new lease, roll over to a monthly and then serve notice to vacate a month before Christmas. Only way you can force the tenant’s hand is to get them to sign a lease of whatever length or kick them out.

Why not have a chat to the tenant directly and get a sense of what they’re planning. Maybe they’re hanging out to buy their own place, or about to move overseas or back in with family, so it will give you a heads up about how much time you’ll have until they’ll leave and you can plan accordingly e.g. start searching for a new tenant 4-6 weeks before the tenants will go.

On the other hand, the tenants may simply be uncomfortable to sign up for more than 6 months. Why not offer an incentive like $5 less a week if they sign up for at least 9 months. If this prevents the property being vacant for more than a week or so during Christmas time, this will save you heaps and is well worth the small sacrifice in rent (unfortunately I learnt this the hard way!).

Cheers,

Kate

Hopefully their application works out – perhaps you could offer to provide a personal reference instead of leaving it to the agent so you can try to give them a better chance of succeeding.

In the meantime, why not serve notice to your agent that you will be terminating all your services with them within 14/30/whatever days. This should get their attention and provide an opportunity for you to negotiate free advertising/listing service/management fee period/something in return for them keeping your business. Dangling a juicy carrot in front of the agent could be a quicker way to effectively obtain compensation for their stuff up.

Good luck!

Our builder took care of this, in conjunction with our building surveyor.

Ask your local Council for more information or contact the Building Commission in your State.

If you plan to sell relatively quickly, be wary of the rate of capital growth and the effect of CGT.

A title search will give you the owner's name but not necessarily their current address.

You may need to lodge an FOI request with the Council as ratepayer rolls aren't public for privacy reasons (sorry Steve!) or you could search the phone book or electoral role for the current residential address of the owner.

Lumleys through a broker is worth a look – they're even cheaper than cheap EBM.

This is spot on and unfortunately, I learnt the hard way a few years ago by being too greedy with the asking rent. The place was vacant for three months and this cost me big time, not to mention the leasing fee and advertising costs mentioned above.

If your strategy is negative gearing, keeping the rent relatively low in relation to an IP's mortgage when interest rates are high works a treat on your tax liability.  

ALWAYS use a reputable quantity surveyor to obtain a depreciation report and ALWAYS ensure they visit the property to cover yourself if the ATO ever queries your deductions.

The Rentwise blog contains some handy info and tips on depreciation schedules: http://blog.rentwise.com.au/index.php/2010/05/18/depreciation-reports-please-explain/

If you're interested in Victoria, check out the Department of Transport's website, which details where all the new rail lines, stations and bus routes are being built according to the Victorian Transport Plan and hence where it'd be wise to invest as people want to live near public transport.