Forum Replies Created
Thanks – 1Winner, Terryw, Handy Andy & suavemechanic for your advice.
suavemechanic you mentioned that I should "offer vendor finance for about 20% of the value of the property" but didn't explain what vendor finance was or provide a basic strategy for me to consider in resolving my predicament using this method. It seems interesting and I would like to hear more from you in this regard.
Cheers – moolah
Thanks v8ghia and L.A Aussie for your advice. I'm sorry I didn't get back to you both sooner.
Thanks “nordicskier” and “cadill69” for your comments
Regards – Moolah
There must be sum1 out there who has a bit of info, or comments to make about this. Were are U?
Regards – Moolah
It’s a two storey, 3 bedroom, residential Strata Title townhouse in a group of 10 townhouses, built in 1974 and located about 4km out of the city (on the affluent side of town). Presently, it would be worth about $250,000 – $280,000.
Regards – Moolah
Thanks “crj” for your response.
Land area isn’t a problem because I’d have 328 sqm in my proposal which is a huge area for a unit.
Also, do you have anymore info because you sound like just the sort of person who I should be communicating with.
What type of work do you do?
Regards – Moolah
Thanks Marc, Dazzling and Shaun for your responses. You all have very valid points to make in regard to possible land ownership in ET.
Regards – moolah [blush2]
Thanks Kate and JKMT for your responses
Moolah
Hi Coops
Look at my last posting under the thread “Strata vs Torrens Titles”.
I’m not sure what state you live in but if you can’t get clear access/eggress to the street for a Torrens Titled block then at least, go for a Community Titled development. Most State Governments have introduced this type of land ownership because from a social viewpoint, Strata Tiltes are simply out of date and don’t work.
I personally don’t think any kind of “communal” (i.e. communistic) system works but in the newer Community Title arrangements they’ve at least attempted to allow unit owners to own a “semi-unencumbered” property. They’ve done this by actually allowing the unit owners the right to do basically whatever they want to do in their own unit. The only real things that community owns are things like the common driveway into the property, swimming pools etc (that still leaves plenty of things for people to fight about HA HA).
In closing, if I were you – I’d:
(1) simply own all the properties or at least 51% of them (in your case – it would have to be both because you’re only building a couple of units), rent them out and keep one for yourself. In that way you are in full control of your own property.
(2) Strata Manage the property yourself (there’s 10% saved).
(3) Property Manage the property yourself (there’s another 10% saved)
(4) If worse comes to worse – do a Community Title.Moolah (be afraid be very afraid)
I would never ever buy another Strata Unit. Look under “Strata” etc in the Search engine provided on this site.
You’re always better off buying a Torrens Titled property because at least your in control of your own destiny. With Strata Titled properties you’re not only trusting your Property Manager to look after your investment (if you choose to employ one) but more often than not you’re usually also under the control of a Strata Manager (even though you own the property). I wouldn’t advise my worst enemy to buy a Strata Unit unless of course you’re looking to kill him/her off very quickly with worry. Also, once the Property Manager and Strata Manager both get together then – guess who’s going to miss out. All of a sudden you’re up for big $$$$$$$$$$$$$ because the the Property Manager supports the Strata Manager who in turn gets a cut out of any maintenance that may (or may not) need to be done around the unit complex I’m also not talking about maintenace to your unit here – I’m also talking about maintenance to everyone elses unit, including the whimms of the Presiding Officer who gets it into their head that they want to paint all the units another colour so that it suits the inside colours of her/his unit. Sounds silly doesn’t it – but it does go on. Trust me. And while this is all going on – the Strata Managers just sit back laughing and thinking about how they can increase the price of the painting project to get a higher cut. (I know – why not select all the contractors yourself. Then you could get a higher kick back. No, better still – why don’t I get a kick-back from both the Corporation and the Contractor)
If a Strata Unit is going cheap. Be afraid. Be very afraid.
Moolah
Thanks Derek & Beanie for your responses.
Moolah [biggrin] (Should really be [angry2] for Mr Burns – shouldn’t it? Oh well – I’m afraid I’m not a very good actor)
Thanks Terryw (I like the suggestion you made in your last paragraph), Marc (may God Prosper you too)and Anna for your responses.
Can anyone throw any rough feasibility figures at any proposals to furnish the townhouse i.e. what sort of extra rent could I expect from a furnished townhouse vs a non-furnished townhouse etc?
Moolah [juggle] [winking]
I’m glad that you’ve decided to call Poperty Managers – “consultants” instead of “professionals” as it only serves to denegrate the true meaning of the word.
moolah
Bahhhhh !!!!! Humbug !!!!!
Dear MY
You say that “$45 per hour is a fair fee to pay for a PM.” and that you “pay both property managers and lawyers” and you are “not afraid to surround” yourself “with good professionals.”
I have two points to make regarding your statement and hope that they do not offend.
My points are as follows –
(1) You seem to be caught up in the self promotionary hype that the real estate industry has tried to propogate over the past few decades (i.e. since the industry tried to raise its personna from that of a Lawyer, Garbologist or Car Salesman).
To put it simply – Poperty Managers aren’t “professionals”. They’d like to think they were but they don’t possess the basic qualities of a professional i.e. education, ethics, honesty, integrity etc.
(2) If you want to “pay a Poperty Manager that sort of money to sit around twiddling his/her thumbs at one of those meetings.” then that’s fine by me but I’d sooner get a young kid to go into a Strata meeting to represent me than one of your “professionals”. At least a kid would act honestly and with your best interests in mind.
Another bonus is that a kid would probably stay awake during the whole meeting.
moolah [suave3]
JEEEEEE..S – Are they Poperty Managers or Lawyers? I woodn’t pay a Poperty Manager that sort of money to sit around twiddling his/her thumbs at one of those meetings.
The trouble is after many years of this sort of thing you get pretty p….d off and frustrated.
As I mentioned in my original posting –
Needless to say – over many years, I’ve had many arguments with many people within our strata complex, to the point were I’ve been ostracized for expressing some common sense and tring to stick up for my rights.
It’s very sad but presently the men with the black suits and bow ties are beating me with their slick b..l s..t. [angry2]
Sad isn’t it?
Chears moolah
Has anyone else got any more advice before this string runs its course in time?
Any more advice greatfully received
Cheers moolah
Does anyone else have “Strata Dramas” – or am I the only one? From what i’ve seen going on in our Corporation, i’d be surprised if I were the only one in Australia experiencing problems.
Like to hear from you regarding my original posting and Strata Dramas in general.
moolah
crj – I haven’t got any debt whatsoever on the new house or the townhouse because as I mentioned in my original posting but didn’t make very clear was that I received enough money from my inheritance to buy a new house – outright. Also, I had already paid off my mortgage on the townhouse many years ago.
Anymore help would be greatly appreciated. Sometimes it’s like sitting in a vacuum if you can’t get any feedback on good strategies to follow.
Thanks for any further help given.
moolah
