Forum Replies Created
Hi Lostie
This reply maybe too late but this is how I understand the laws in qld & NSW. Not sure where your IP is, but if it is in Qld for example, your Solicitor would advise you to take out full insurance soon after signing the contract as you have a vested interest in the property even though the vendor has cover. However in NSW, insurance is not required until settlement. All other states I have no idea.Regards Bob (Insurance Assessor for AAMI)
Hi All
I am a newby and I am about to sign up for a block of 4 x 1 bedrm units in Jesmond in Newcastle which is close to shops & uni. The building is pre-war but is structurally sound and all units are tidy & currently renting @ $145/wk with potential of $175 after minor maintenance. I hope to buy for $420k + closing costs. There is also a 100 m2 storage shed at the rear which is rented to neighbour for $100/wk. All up my figures show the property is about neutral return. Given the state of the market, would any of you guys buy this type of investment which will tie up my equity but hopefully return capital gain in time.
rob
