I think you’re on the right track their MarkyMark.. usually the vendor will make the appropriate repairs and keep the offer price as is, or they will take the repair costs into consideration and lower the sale price accordingly.

If you’ve got a mortgage to pay this would make things a lot harder for you. My girlfriend and I were in the same situation last year. We had a tenant who was always late in paying rent and making up excuses.. we were up front with her and told her that we had a mortgage to pay too and if she didn’t pay the rent on time it caused us major problems.. sometimes late fees from the bank. We were hoping she’d be understanding and start paying regularly again.. but she didn’t. She left without paying one month’s rent and left our unit in shocking condition. Now, you could be all sweet and offer incentives for paying the rent on time.. but why should you reward them for doing something they should be doing in the first place? It’s more money out of your pocket for something your PM should be taking care of.

Sometimes it’s better to be safe than sorry. If the vacancy rates aren’t too bad in that area I’d probably be looking at getting new tenants. I hope the lease has expired or is nearing expiration! Goodluck, hope it all works out.

Garvo,
You can get a property management pack from your local newsagent with most/all the forms and contracts you need.. including the bond submittal form. I think it costs about $6.

Cheers.

I don’t get this…. you don’t ‘HAVE TO’ follow the 11 second rule you know. If those returns are genuine then those properties could be excellent investments.

Darn.. I wonder if it’s possible to get back issues? Does anyone have any info on Roselands? 2196.

Hi Judi,
Have you tried looking in the paper yet? I’ve found that the Trading Post can sometimes have some very cheap kitchens for sale.. e.g. 2-3yr old kitchens complete with appliances for less than $500. It might save you having to take measurements and finding doors to fit etc..

Rooney.. does your company do cheapish customer kitchen cabinets? (i.e. white laminate) I bought some overhead cupboards that came with some extra doors/drawers which could be used to make the bottom part of the kitchen/bench but need the cabinets.. let me know if you do

Cheers

I just recently re-financed to buy another property.. the initial rate was set at 6.2% however the rate rise went up before I found my property and it went up to 6.4%.. it’s fixed for 3yrs.. just for piece of mind really.

Start with one property.. then once you’ve gained experience, buy another and so on . You wouldn’t want to buy ‘a few’ units with little/no experience and/or knowledge of what you’re getting yourself into.. [8]

In regards to investing in Tassie.. if you’ve studied the area you are wanting to invest in, then you should have a rough idea if it’s a good area to invest in or not. You can’t really be 100% sure what the growth in the area will be like but if you’ve done your research then your chances of succeeding will be a lot better. I myself wouldn’t invest in an area I’m not familiar with.. especially in a different state. I wouldn’t be able to have a peaceful sleep each night unless I had a kick arse PM looking after my baby.

I’m a bit confused about what you mean when you say ‘spending $10,000 towards each property’.. I’m assuming you’re referring to the deposit? You can use a deposit to calculate roughly how much you can borrow, however the loan amount depends greatly on your ability to service the loan so I can’t answer your last question [] Goodluck with it all! [^]

Paddington still has quite a bit of room for growth in the near future in my opinion. I don’t know what your financial situation is like, but if I was going to buy another property in Sydney it’d definitely be in REDFERN.. this area is going to BOOM and it’s still VERY affordable.