Elysium,
The agent was actually selling for the principasl of agency who had bought several of these units! Yes the agent wrote up the contract, and thelawyer obviously needs to go back to law school. I am pretty sure I can sue, but who has the money to do that!

Brett, not sure I want to divulge ‘on air’ If you want to email me perhaps we can meet up, and then I’ll tell all. Perhaps also we can share some ideas. (that means I could pick your brains.)
Cheers, Trish

Hmmm, Well I think I need a lesson on how to cut and copy. Never mind it got there. So, Simon, any light you can shine on that will be appreciated.
Bye and thanks. [?]

Mia culpa!
Sorry, Simon. I just got so excited at getting answers I mixed up the names. It was on the reply I recieved from my mail on the 13th of this month!
(I think) now I’ll go and check that post.

Thanks, Simon you are a gem! I now have a nice little list of ‘to do’ and now I won’t look like such a twit when I go to view this depot. Looking for an accountant that gives better advice than the one I used last time. Her answer to most questions was ‘ring the tax department, they’ll know.’ I’m not sure of what the GST is you mention, as I’ve not heard of this in relation to properties before. I shall now check it out. Will post how I get on. Thanks. []

Thanks mortgage hunter, you always come up with the goods. Yes, it is to get + income, but I’m just not sure what I do with the tax problamos when my income goes over the 50,000 as it seems there is no tax relief on commercial, that I know of. Then again, I suppose it is not unheard of (is it?) to give the tax man some money back? Just remember I’m getting creaky and want to lose the full time job in two years time, and then maybe some part time, plus my cash flow props, so need to be helped along a little. what about my paying the savings off the principal at the end of the year. Any thoughts on that?? Thanks from the ‘older woman’.[:0)]

Er, um what’s LVR??[]

Thanks for that part of the question Simon. I don’t have a mortgage on my home, and after buying half a unit with my sister, and a small rental in the country (bad planning it is negative,) I now have about 170Ks of equity left, so I guess I could, if I can find them, buy two or three rentals on 100percent loan.Not sure how the offset would be effective on an interest only loan? I’m pretty hopeless with money, just know I have little or no super and want to have at least 35-40ks when I give up work.[]cheers

Thanks for taking the time to answer that, Steve.
I am still a little tempted to hang on to it. One because I will be managing the rent aspect, and two because I have full equity in my home, three I do have a little capital to help if things go wrong, four as each time a new canlal lot gets built the prices start at around ten to twenty more than the last project. This development is one of the best as it is about three hundred metres to the estuary, and town. Then last night some development types were saying that because of the capital gains here (highest in WA) the property will definately be around the 400.000 mark within a year or less. You are right of course, my greed glands are trying to override my sensible ones, but as I am 57, with no super I don’t think I have time to let positive gear (or positive cash flow -damned if I can make out the difference) support me in the old age. (oh, well much drumming of fingers here.) thanks, Trish