Hi MosicLandscapes.
I suggest you contact the Tenants Advice and Advocacy Service or its Vic equivalent. Ask Fair Trading if you can't locate them. They are experts at handling bad landlords in NSW, don't know about Vic. Sounds like you have extremely overbearing underperforming agents and landlord. If you're moving out, compensation is all you…[Read more]

Hi Diehard.
Ask the CTTT or Fair Trading in your state about the problem and how to address the mediation and Tribunal process and if compensation is a possibility.
Feel like sharing the details here ?
Good luck.
Cheers
thecrest

Hi Xavier and LeanneB – any progress with your motel searches? Now is a good time to search as I feel the soft market may help lean things toward a buyer's market.
Cheers
thecrest

What a great time to invest in a motel, the accommodation sector is a bit soft, even the coal areas are feeling the pinch, commercial interest rates are low, must be leaning towards a buyer's market. Hope all those with loans are pressuring their lenders for a better deal right now.
Cheers
thecrest

Unless you're experienced at PM or want to take the risk and learn the hard way, get help on this.
There are a number of vital factors in the rental equation like rent level, accurate and enforceable documents like lease, condition report etc, to name a few not all, but assuming those are in order,  most important consideration is tenant selection…[Read more]

We resurfaced our motel driveway with stencilcrete, charcoal with black flecks, looks great, but after a few years it lifts at the edges and joins here and there, and gets drummy in places anywhere water can penetrate, very difficult to get a 100% bond everywhere. But can be patched and painted. Stencilcrete over existing concrete takes weeks to…[Read more]

4 weeks rent as a fee is more like commercial property.
Should be like first week's rent first lease, then half a week's rent for re-lets.
Check though on other costs like Tribunals appearances, warnings, inspections etc, get the whole list very clear.
Usually pays to have all properties with one PM, enables you to negotiate for better rates from…[Read more]

Using an 8 hour day, this bill amounts to 6 1/2  days @ $38 per hour. Way too long.
Cheers
thecrest

Hi Cujino.
Not much info to go on as far as your situation, but happy to say we did it a few years ago and it was money well spent. 
The guidance and info was very helpful.
Having an experienced mentor on tap for 12 months to run every idea by –  priceless.
The get togethers were excellent too.
It sure puts the battery in your…[Read more]

Hi all.
The figures anyone can post here are sure helpful when aiming at a better deal with the lender.
I'm paying 6.16% on a fixed IO comm CBA loan, and 8.73% on an unsecured P&I CBA comm loan for my motel leasehold.
Sounds like I can do better. Any suggestions appreciated.
Cheers
thecrest

Hi Scott
Blame the pandemic of litigation lunacy spread and fed upon by the compensation lawyers for that particular cost increase.
Very few brokers or agents can  afford (literally)  to be without Professional Indemnity Insurance nowadays, one claim could cause bankruptcy.
Wish it were otherwise.
Cheers
thecrest

Contact Fair Trading in Vic, the REA must give you a copy. Ask them your rights.
Cheers
thecrest

Hi Mikal.
Looks like your own costs just went up too, like the REA.
So you could advise the PM to increase your rent by $5 to cover the PM increase.
Cheers
thecrest

Suggest you run the scenario by the Govt Dept in Qld which issues RE licences and enforces breaches of the relevant laws since they'd be the ones bird-dogging you if you broke the law. They might give you the all clear or not.
Good luck.
Cheers
thecrest

Would anyone care to update this post with some current rates for May 2013 ?
cheers
thecrest

The more I read this post the more financially backward I feel.
So glad you experts are in this forum, I'm going to need to ask for help in this area soon so don't retire just yet.
Cheers
thecrest

Jamie M wrote:

Hi Munz

At least you won't make the mistake again. Just ensure the next loan is IO with an offset – park all of your spare cash in the offset and don't pay down the principle.

Cheers

Jamie

Hi Jamie.
Would you please explain how this works ?
Cheers
thecrest

There's an elephant in the room folks.
Can't see the sense myself in posting a query seeking a real estate investing mentor on PropertyInvesting.com  ??
Steve McKnight has a number of programs accessible through this his own website, elephants in the room.
Suggest you check them out, we benegited hugely from RESULTS and others.
Check it…[Read more]

Hi Kenny.
The miserable duty of grieving executor can become a nightmare if family disagree.
I experienced it, and so immediately gladly employed The Public Trustee to do the duty.
They were just great, kept me fully informed start to finish, very affordable, a plug well deserved.
And I figured that if anyone wanted to oppose them, well, good…[Read more]

Jamie M wrote:

thecrest wrote:
Hi Richard.
Is that a typo  ?       "  I don't think you can go far by joining in the forum banter and discussion  "

Cheers
thecrest

Insert a "wrong" after far

Cheers

Jamie

Hi Jamie.
Hope you're right, but only Richard can tell us, and I'd like to know. I'll PM him as well in case he's not subscribing…[Read more]