Hi JPHoth
Valuation between $3-$5K.
Legals $3-5K.
Lots depends on how smooth the banks move.
Stock at value incl all liquor, food, room amenities, equipment maybe.
Allow for settlement adjustments for all utilities, subscriptions, ads, rates.
Some slow payers like wotif only settle 16th every month, expect loose ends.
We’re still sorting out loose ends 6 months later, nightmare issues, dream vendor, so it pays to maintain friendly relationships.
It’s a really long handover list these days depending on how many booking sources are involved.
Tech stuff includes domain names, websites, ISPs, email addresses, forward bookings, debtors, eftpos machines, ins, workers comp.
Start your list and leave plenty of room.
Hope it runs smooth for you.
Cheers
thecrest

Hi Bumskins.
Glad you mentioned that so I had to re-read the first few posts from John.
The rents have been increased to more than cover the costs of utilities, so the landlord makes a profit there,
and because the utilities bills tax deductible for the landlord, he makes a profit there too.
Nice thinking, I like that.
Cheers
thecrest

Here is how these problems start. REA did not handle the tenant complaint problem either themselves, did not report it to the owners or to the BC. PM is poor communicator so is not professional.
It also appears the owner heard about the problem once, but they don’t say when or from whom. So they knew about it.

Quote from Andy Donnelly :

. . . . “the real estate agent didn’t tell us the tenants face this issue seriousely and we don’t know the problem well ( we only hear about it maybe once), until recently, the agent didn’t send us some monthly statements and the rate payments. we chased up the property manager, but every time we left the message no one call us back. we got really frustrated because hardly get hold on to the property manager. . . . “.

You’re correct in saying that in showing the property to a prospective tenant, it is assumed that any feature of the property functions properly or the tenant be advised to the contrary.

If the tenant decides to take action, the REA will take the first hit, and since they represent the owner, the owner will take a hit too.
Everyone runs for cover at this point.

Been there, did my time as a PM running a rent roll.

Cheers
thecrest

Good one Freckle, gas bagging. can’t wait for peak hour.
lol
cheers
thecrest

Hi xavier1.
Welcome to the forum from me as just one of the many members here.
It might help others to help you if you could list some of your priorities or wish list such as :
Restaurant or not?
Price bracket
residence size required
star rating
holiday or business type motel
are you a couple in this venture
relevant skills

just some outline might help.
cheers
thecrest

Are you saying that if a valuer were considering 2 investment properties which were side by side and identical in every way except one property returned $75 more rental per week because of reduced utilities costs, then the valuer would place the same value on both ?

cheers
thecrest

That’s an interesting site.
It would appear that perhaps the tenant segment of the market’s has a clearer and more urgent perception of the value of cost reductions in utility expenses than the freehold buyer. After all, for the tenant, all money paid in relation to a property is immediately gone forever whereas the freeholder owner has continued rent income and CG to look forward to as an offset for expenses.

It’ll be interesting to see a valuer’s opinion of the effect of market rent on valuation, all other things being equal.

So me too hoping a valuer would clarify this for you, and me.

Great post.
Cheers
thecrest

Serviettes are as good as anything else, just get that great idea written down fast.
Ideas are priceless.
Cheers
thecrest

Thanks IP Freely for clarifying what I thought was a bit obvious.
Victoria is cold in the winter.
Tenants like to be warm in winter.
I spent 5 winters in Melbourne and travelling all over the state for work, and
rented many different homes. Ducted natural gas heating is my overall favourite.
So if gas heating translates into tenant satisfaction and thereby improves your bottom line by reducing vacancy,
and commanding a higher rent, while the tenant pays the ongoing fuel bills, gas is looking good.
Cheers
thecrest

It’s amazing what the Council can do if they want to.
Some time back, my local council in Sydney were awarded a court judgement against my builder for illegal “building” , because he internally divided a huge already approved garage into several rooms without a DA. They issued me a notice to demolish the partitions or they’d enter my home and demolish the partitions themselves. I said I’d shoot the first council demolition man to set foot in my home, so they offered me a compromise – I remove 50% of the partitions and they’d waive the demolition order. So what does that tell you about Councils and their integrity and options and mood swings if they feel like it on a good day ?
Cheers
thecrest