It’s in Brisbane, a 2BRM apartment.
I’m dealing directly with the developer who keeps the management rights and needs to put a caretaker in the building. That’s why they need an apartment for the caretaker to live in the building (the one that I intend to buy).
The lease in the contract is 4×5 years with a possibility of 5×5 years (like a commercial property).
Body Corporate fee is $2,200.-/year, Rates about $1,450.-/year.
Rent calculation is based on $280.-/week less 5%= $266.-/week for the following reasons: no need to pay a Real Estate agent the usual 7.5%/weekly to look after the property.
Fixed tenant for at least 20 years, no need to look for another tenant for that time period.
At the moment all the tax money I have paid goes to the Tax Office, nothing to deduct.
Is negative gearing the only answer?????
