Just spent a few weeks trawling through heaps of advertised leaseholds on the market and noticed a few with rent as low as 16% and quoted as being in good condition. Without full details on the individual motels one can't say it's a great deal, but some of the rent ratios look quite favourable.I'd just like to mention again to Tim that I'm loo…[Read more]

Is Debski still interested in running a motel ?Cheersthecrest

Here's a little Xmas cheer with mixed feelings.There are some excellent motel leaseholds on the market right now for those seeking a motel.And the buyers market continues.We've found a great motel leasehold in good condition at the right price and in a strong location.  Now we're trying to move the purchasing process forward.  However ….In th…[Read more]

Hi AllanDid you manage to put a finance deal together, might be very interesting to know how it went so we can all see what the current market is providing .Any feedback appreciated.Cheersthecrest

Hi TimThis is a genuine enquiry, we are seeking a motel leasehold in Wagga.Please contact me if you are selling.Cheersthecrest

Hi AllGreat post  D , and great replies. Could someone please tell me what the 20% correction is ?ThanksCheersthecrest

If you now have a lower bond, it needs to be topped up again to regain that level of bond protection, especially with the sound of these tenants.Cheersthecrest

Hi jcarScott n Wolfe n Dan are right, I'm sure you can see that.All the alarmed landlords are correct. Your friends are most likely dodging problems with tax or FHOG, but for whatever reason, trying to avoid documents showing their property is tenanted. These loose or poorly documented tenancies are a time bomb – see the post below which is c…[Read more]

Hi Tim
I’d avoid a lease that wants the tenant to pay a % of their turnover each year, sounds like Westfields. If that’s what you mean.

The % is just to have a formula for the initial setting of the $ rent level at the commencement of a new lease.

At the commencement of a new lease, normally the rent is set at a $ figure which ideally equals not…[Read more]

Hi Joe
Suggestions.
If there are any ads for any kind of staff at a REA, ring them and pitch to them, might be a chance for them to reshuffle especially at volunteer rates. Call it work experience.

The other option which gets results is cold canvass, always obviously in your business suit looking like a real estate person with personal business…[Read more]

Hi Quarram
Suggestions.
Sounds like you didn’t prepare the premises for the tenant. Time to show them by example your true expectations of looking after the premises.

For your own benefit, you should immediately do the big cleanup, after agreeing in writing to a change in the condition report which will show that the tenants agree to leave the…[Read more]

Hi Nabeel
Difficult family situation. DWolfe is on the money by the sound of it as usual.

Hopefully you can substantiate the bond was $600 by the receipt you issued them. If not, it’s up to them to help substantiate their claim for any amount over $600.

Wear n tear is allowed relevant to the type of occupants incl extra allowance for more wear n…[Read more]

Hi Din

Assuming you get nett income left over after you pay all Quest’s fees like booking fees, commissions, advertising fees, cleaning fees, repairs & maintenance, Body Corporate levies & fees, then you need to know how much those fees will be, and how much return you get in $s and ROI %. Not sure if you’re paid on nett income of your one…[Read more]

Hi Tim
We’re looking for a leasehold in Wagga.
Please send me your details.
email to – the.neales2@bigpond.com
Cheers
thecrest

HiHad the miserable task of clearing out my mother's place just after her passing. I rang her special friends so they could take anything they wanted, then bundled up the clothes and dumped at Vinnies in masses of garbage bags. The 3 cubic metre skip bin I ordered was deposited at the closest point to the back door, filled in one day, had to get i…[Read more]

Those spongey faux wood floors or bamboo product ones, whatever they are, look good. However, I'm kinda wired that if wood feels spongey underfoot, then it's soggy or rotten. So I don't enjoy walking on those wood looking soft floors. That's just me maybe.  Tiles would be my choice for warm areas, and carpet in locations where it's c…[Read more]

Hi Lplate101What attracted you to motel investment ?What area of motel investment were you attracted to ?Did that change ?Why did you invest in residential instead ?Cheersthecrest

Vetting prospective tenants is the first and most important task, which even many experienced Property Managers do poorly, for one reason or another. So those less experienced need to be extremely thorough in this area.  One of the PM tools is the TICA database which is powerful when used correctly, usually not available to private…[Read more]

Hi JoeHold that thought, extend the time line. Courses provide the knowledge, but not the operational survival strategies necessary to run a traditional Real Estate office & Agency, and get through the first 3 years. Would strongly suggest you work with an agent for at least 12 months before deciding to open your own agency, assuming you mean t…[Read more]

My opinion only.If you can think of it as a partnership with the lessee, and you ensure you have a lessee who has a reputation for being reasonable, it should run smooth. Usually rent is not more than 25% of turnover. Rent can compound out of hand if it starts too high, ends up in court eventually.Reviews are grey areas. Placing a 5 yearly rent r…[Read more]