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yes, there are cf+ properties around, usually in country areas. The bad news is that they probably won’t produce any capital growth. The tenant may not want to buy, doesn’t have the deposit etc.
you may be surprised by how cheaply you can replace the shower screen, tapware, towel rail & vanity, regrout/spray the tiles & bath. Replacing fascias & gutters would also be reasonably cheap as well. Is paint a solution to the ‘ugly’ windows?
contact the office of fair trading – as the leases exceed 3 years different conditions may apply .
Good to hear that you’re happy enough with Mt D. A few similar areas around Liverpool eg Green Valley’
Google, office of fair trading & websites.
Taking advice from people who don't know about your financial circumstances will often cost you money (it may even benefit them).
Land tax is only payable once you have exceeded the threshold with your ppor being excluded from the total. If you were not living in one house at 31/12 & your land value exceeded the threshold, then you may be liable for land tax.
If you fail to register for land tax & are liable, Then you may face penalties as well.
Is this a case of ‘cold feet’ as the agent hasn’t sold your old house, has the property gone ‘stale’, has the market shifted, are you asking too much?
If you rent out the property, will you be comfortable with the level of debt & be able to hold off selling until the market improves or keep it as an IP?
the requirements for becoming a valuer & a real estate agent or business agent are completely different requiring different licenses for each.
The mere fact that a valuer may also hold an re licence as different standards are applied to a valuation compared to an appraisal.
Many large corporate real estate firms provide a variety of services for owners eg asset management, facilities management, project management, property management, lease management, leasing, sales, consultancy & tenant representation.
No one questions accountants for providing financial services & planning.
as a non-agent you can’t sell or self-manage the sales of 5 properties on behalf of the owner.
You would be best serviced by getting a few ie 3 or 4 agents in for a presentation giving them a proper brief beforehand. They can then present their offer & abilities, how they would market, comparable sales, expertise, selling costs etc
if you can’t afford the deposit, review your budget.
the gst would be noted on your management agreement. It is payable regardless of your gst status.
If a purchase is that marginal, is it really worth it?
look @ it this way, how many weeks/months is it going to take to a) get vacant possession; b) fill the vacancy before the new tenant starts paying rent/is available to move in c) cover letting costs eg agent/advertise/lease preparation etc
You may be better off getting a rent increase than to lose the tenant.
Get the power transferred into your own name asap – this will help prove that your mate is no longer living at the place. He will have paid a bond to the electricity company, if they can't track him down they will not refund his bond or make it for difficult for him to open a new power account. Unlike rates and water which the responsibility lies with the property owner, electricity and telephone are contracts entered into by the user ie your mate and they are liable to the supplier.
You can play dumb with the electricity supplier ie it was the tenant (especially if the bill is in his name), if it is not in his name but yours, then you're stuck with chasing the bill.
Ask and compare.
Make a list of the questions you want them to answer (a good test to see if they actually listen to you or this is my way of doing things & I don't bend).
Find out – where they advertise, what are their extra costs (ie how much do you contribute to the marketing, how much of this is to promote their brand, what kickbacks they receive from newspaper/internet sites), why they believe their marketing programme will reach the right buyers, how do they qualify their buyers, what their 'days on market' for recent sales compared to same time last year, what services they provide to you, how often you will get feedback (about an open for inspection), how much 'service' you will recieve from either agent, how long is the exclusivity period and the list goes on.
Hell 2 u 2 Leo (sic)
Also look @ domain.com.au or realestate.com.au research pages as well.
look @ the ‘meads north or west. Close to Parramatta, transport & m2/m4, uni of western sydney. Not rough areas at all.
1st mistake – not getting the best hsc marks & going to uni on preference #4 – completing that course with honours & working fulltime throughout the course
2nd mistake – doing post graduate study in related fields
3rd mistake – buying a site for potential
4th mistake – using all my capital for the required 50% deposit (tight monetary policy)
5th mistake – paying out the loan in the shortest possible time
6th mistake – buying vacant industrial land with easements, renting it out & selling to the tenant
7th mistake – not mixing property with family thus not getting involved in frequent development work
8th mistake – not challenging vg on land valuation when I had the chance
9th mistake – holding assets in joint names
10th mistake – selling up to realise cg, reduce debt & further investment opportunities
11th mistake – realising that some properties may be great opportunities but are out of reach
12th mistake – having to be the winner @ auction
13th mistake – watching, waiting & pouncing at the most opportune moment, Then negotiating hard.
14th mistake – enjoying the rewards.,
is the wall structural? Have you sought approval of body corporate? Have you submitted a development approval/cc for the work – removal of any wall needs council approval.
Have you had a structural engineer look at it? Do you have appropriate insurance coverage should you cause damage to the structure? Are you appropriately qualified/hold licences for structural demolition work?
are you sure they aren’t based in Nigeria?
