Forum Replies Created
Hey Tim
Well if nothing else you have a great name, LOL.
I have been where you are and in some regards I still am. You have to remeber that you will be investing thousands and thousands of dollars so a couple of hundred spent on books and some time reading will soon pay for itself. Even if you only learn one single thing from a book chances are this knowledge will be easily enough to pay for the book. Taking your time is also important and NEVER be pressered by R.E agents. Don't be afraid to miss a deal as there is always another one just around the corner. Also stay on this forum and ask plenty of questions. I am only 21, so therefor have limited knowledge and not many of my friends are very knowledgble in this area either, so i have learnt so so so much from this forum. There are many extremley knowledgble people on this forum who are more than happy to help, such as L.A Aussie. In the end all the decisions are up to you but the more information you have the easier it will be to make informed decisions, also i found that RE Agents will treat you alot more seriously if you can talk the talk so the speak.
Good luck with it all anyways.
Cheers Tim
Hey Kenz
I think it is vitail to have a good relationship with your tennants, not only when renewal comes up but throughout the year. I give my tennants two movie tickets and 4 cruisers (they are only 18, so this suits them) every time that i have a property inspection done and it comes back allgood. This is a tiny cost in the scheme of things are i think it suprises them and builds a good repaw. Then when it comes time to increase the rent if you just justify the reasons behind it, market increases, inflation etc, then i think they will most likely stay.
But i think the Christmas Hamper is a great idea!!!!Cheers Tim
Hey all,
Thanks for all your advice, i had my meeting last night so just thought i would report back….Bascially the body corporate is in a very bad state. There is no external mangager, rather on of the owners runs it. The problem is he dosn't get paid to do this so dosn't have much moviation and worse still the at the last body coprorate meeting (2 years ago, befoor i became a owner) they elected a disabled person as the body coporate manager…… PLEASE DO NOT think i have a problem with disabled people, (in fact one of my best mates at school was disabled). But this person can hardly get around, that is why he never answered the door when i knocked, he couldn't get up to answer it….. personaly i think it is a discrace that the previous owners put this person into a job he clearly cant do, doesn't want to do nor should have to…
The last thing that was recorded in the books was in April 2005, and no one even knew how much money was in the bank account or who has paid and who owes what………A complete mess i know.
On the postive side, we elected a new body corporate manager ( a person who owns three of the six units), i sugessted just paying an external manager (real estate agent) to do this but due to the cost none of the other owners agreed. So basically the plan is now the new BCM, (who i think will do a good job, he seems to have a good grasp of things but having said that he has been resposinble for allow the currunt situation to come to hand) is going to obtain bank statement for the last two years and get the books in order, and then we will have another meeting in about 2 weeks to bascially start again and try to get things running propely again…..finger crossed…… But the insurance has been paid which is the main thing and there are no serious maintance problems so at least thats somthing….
Cheers Tim
P.S Someone at the meeting mentioned that they heard apparently you are ment to get a OH&S assesment of the flats done every twelve months by an independent OH&S officer……. has anyone heard of this?
Noni
Thanks, i will make sure i ask those questions.
But yes i think some of the other owners are also annoyed with the currunt BCM. What is a reasonably amount to pay a BCM?
Is it worth taking on the job myself, not for the finicial gain but rather just to ensure that things are done correctly, or is there a fair bit of work involved.
Sorry for the newbie questions but i really have NO IDEA when it comes to BC. Espically whwn the BCM manager makes it so hard to find out anything.Cheers Tim
P.S THe falt is in Ballarat VIctoria
hi,
just thought i'd say your never too young to start, i bought my first property at 20 and my second a year later which i take possesion of in about 2 weeks. its not easy but if you do your research and don't listen to all the negatives people tell you then you should be right. the biggest problem i had was people treating my like a kid but keep persisting and people will start to take you seriously. also if u know anyone who has done well out of property learn all you can from them. i find this site very good people on her are all very postive and have a wealth of knowledge.
Cheers and Good Luck
Timbo
