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And Catalyst – they are in WA. The benefits touted are that the club can secure the services of the best property manager (or the one charging the least?) by putting the tenancies out to ‘tender’, exposing the properties to a wider range of managers.
Thanks everyone, I have read a lot of the threads about the club and now understand much more about how they work – hence my reluctance to have much more to do with them. Both properties are brand new – as yet unfinished – so we have a few months before they can be tenanted. The excuse for the discrepancy between estimated completion time and actual completion was that ‘it was always going to be nearly a year to build’ and ‘estimated completion times start from the settlement of the land’ in the case of one property. They refuse to acknowledge that the completion times were totally misleading. I’ve given up trying to get a reasonable answer from them and now want to make the best of this situation.
We also got caught with this one when our rural property was cross collateralised with our city property. When we wanted to sell the city property, the bank’s 50% LVR for rural properties came into play and we had to pay most of the proceeds into the rural property loan. We changed banks – it limits which bank you can use though as many have this rule.
