Forum Replies Created
Hi Nora,
It is dependent on your personal position and goal, for me I would want the higher yield through leveraging my dollars to my advantage eg IO loan whcih of course you can fix or do a split fix and variable.
Re the inspections, constantly amazed that people will buy property and wonder about whether to get due diligence reports. For me it is a must, I want independent advice and will never rely on tainted advice such as the r/e agent. Get your own independent advice and ensure the person is licensed and insured. There is a cheat sheet on the following website under useful info on what to ask an isnpector if your are not sure on how to qualify inspectors(www.opr.com.au).
Hope that helps.
I would definitely recommend Steve’s 2 books and the Renos latest book. All 3 are easy reads.
BTW the scary thing is the more you read the more you realise the more you have to keep learning.
Start with Steve’s books as they are truly inspirational and give some good clear advice…. no smoke and mirrors.
Hi Zac,
Moving forward it is most probably better to use the cuurent pm unless you are not confident they can follow through. So depending on that make sure the pm you use moving forward understands your concerns and ensure you put a process into place so it does not happen again e.g 10 weeks before you notice. Really you should be notified on day one it goes overdue. One of the other posters had a good suggestion of touching base every month with the pm, unfortunately if they do not hear from you they tend to think you don’t care and hence your property may not get its full quota of attention. You know the saying the squeaky wheel gets the oil.
BTW… check out your landlord protection and see if your exposure is limited.
Hi Rap,
An easy way to find some one who has a good reputation is to identify the closest town that has a solicitor (ensure they do conveyancing), give the solicitor a call and ask them who they regularly use for e.g building, pest, strata, surveys and for a contact number.
Remember that costs for these type of reports go up for regional areas while in and around the bigger towns they are cheaper due to more competition. Also turn around times tend to be quicker in the city and slower in the regional areas.
Also good to note there are only 2 insurers in the Australian market for pre-purchase inspections and I know one of them only now insure providers if they provide clients with a computer based report meaning tick box reports are not covered. Double check for your area.
If ever you need a provider in NSW, I can recommend http://www.opr.com.au middle of the road as far as costs but extremely knowledgeable on all sorts of stratums. All inspectors made available to comment and give advice on solutions to problems identified. Really good for first timers and some good information on their website.
Hope tis is of help.
Hi Kelvin,
In relation to the cost and the time frame to strata title the villas, I would contact some local professional strata managers who do this as one of their core services. They should be able to give you a clear idea of the cost, time to complete. Also clarify if there are any other issues you should be taking into consideration eg in Sydney there is a big focus on Fire Safety and alot of the older buildings are finding they are not compliant and are now having to budget anywhere from $10k upwards to comply etc… Hope this helps.
