Ok, I am in QLD but my contact may be able to recommend someone in NSW. Will let you know by tomorrow.

what state are you in – oh…and buy lots of it and keep out engineering students

Ash,

If it's in QLD then you can do that providing to stay on for six months after you move in.

Here is a link for the different states.  http://www.firsthome.gov.au/

I beg to differ, in QLD your body corporate fees are separate to council rates.

With water you need to check whether the complex is individually metered, I believe new laws allow excess water usage to be passed on to tenants. Having said that, I also have a sneaking suspicion in the back of my mind that this may not apply to units at all, even if they are individually metered, check with the local council. On the Gold Coast there are no separate sewerage charges, all covered in council rates, I suspect this will be the same for Brizzy..

Property management can be negotiated sometimes, but i always believe that if you have an on site management you are far better to stick with them than the Joe Blow real estate manager who will negotiate fees just to steal them off others. On site managers have to live with your tenants so will be a bit more picky over who goes in, also they pay a lot of money for the privilege of looking after your unit.

Another cost, but  a must do in my opinion is landlord insurance, at the end of the day it is a minimal amount for a good night sleep.

rental agreements usually a weeks rent for new tenants and half a week of a resigning – both fairly harsh i think especially the resigning and certainly worth a try at negotiating. other wise after the initial period for a new tenant do twelve month leases with a rent review built into it after six months.  Unless you get more than a ten dollar increase, any extra gets eaten up by the resigning fee.

Also keep in mind that although some of the body corp goes into the big black hole of "administration"some of it also goes into sinking fund, this is like an enforced saving scheme almost , so you dont have to delve into your pocket so deeply when repairs are needed and is obviously tax deductible. Also check what the body corp covers as some agents  A) have no idea what the differences are and will give you misinformation will lie to about them anyway…gasp!!! a real estate agent that lies, i hear you say. And they can be quite different to what the body corp. pay for and what you pay for.

I was offered a laundrette in New Zealand once  – probably around your age actually – but had other things on my agenda. I often kick myself for not looking into it more thoroughly. The area was low income and multicultural and was always busy. However that was a long time ago, so i don't know what the demographics for that style of business would be like today, with washing machines being a lot more common even in the low income areas.. But definitely have a look at that option. Maintenance costs would be one of the first things to look at.

Good luck.

Have sent you an email Frank.

No problem Troy, get them out to you today.

my  advice would be to check with a few local agents if the rental returns being quoted are achievable, particularly if its a guaranteed rental for 12 – 24 months. Funnily enough I was looking at a cashflow positive companys advertising in an investor magazine last night quoting fabulous returns. one glimpse of the guaranteed company returns showed , what i would have thought anyway, to be totally unrealistic rents.

Hi Compleks,

Being an agent i will obviously say it's a great time to buy

The fact is, i believe a good buy is a good buy so if you can pick up the right property to suit then yes now is a good time. I do not deal with Melbourne property but i have contacts down there that can help with the advice both strategic and financial and they have helped literally hundreds of my clients over the years who live there but bought IP's in QLD. They won't try to sell you anything but will give good honest advice so feel free to email me and i will put you on to them

I have to say i agree with wealthforlife, I think you are a little bit too hopeful trying to sell a 2.3 million dollar block on a forum, especially the way you are going about it. If you don't have  absolute control over it you will not get very far, sorry to say. And to be honest there are a hundred such buys available here on the Coast. I know the old adage if you don't ask you don't receive but you may be clutching at straws, just a tad.

However good luck to you and if it works, let me know, I got a few bits and pieces to get rid of..