Our body corporate was ‘inactive’. RACT have a limit on the number of units on the site (7 if I recall correctly) but our broker found a company to do the strata insurance as we had 18 units on the site.

We have Strata Units in Tasmania and the Body Corporate has it’s own policy for the common property liability, held in the name of the Strata Corporation number.

Look for the gems because they are out there. Maybe not like Steve’s did initially, doubling in a short time but it’s the ‘non-standard’ properties that sometimes deliver exceptional returns and outcomes. You just need to think outside the box.

In Tassie we can take it to small claims if it’s under a certain amount. Costs less than a couple of hundred dollars to lodge and usually has a better/quicker outcome than a debt collection agency.

I’d write to the owner first giving them x days to pay and advise that court action will be the outcome if they don’t.

Is they’re anything they’re paying for (or not) in the strata fees that you could withdraw from them? May need to get advice on the legalities of doing so in relation to the body corporate rules etc. but that may motivate them to contribute their fair share.

I hope you have a good outcome.

This is very interesting thread! At this risk of being shouted down I’d like to share my thoughts.

As an investor in the fund I am very happy with it’s performance. In fact I’d be happy to invest 10 times more $ if I had access to the funds.

Never before have I had access to an investment where the day to day management is transparent, both in relation to the upsides and the challenges encountered. The regular face-to-face updates, available only to investors in the fund, have provided me with many insights and strategies that I’ve been able to use in my investing activities here in Australia.

I have absolutely no concerns about the valuations. Whenever you can purchase property for lower than replacement value you have a base line of support. I am comfortable with the all of the properties held by the fund, the reasons they were purchased and the levels of occupancy achieved since purchase to underpin the increasing valuations.

In relation to the considerable gain on the foreign currency I have enjoyed being able to ride that wave. Whilst I am mindful it could head in the other direction before the wind up of the fund I can see the actions being taken by the managers to mitigate that risk. I also have an opportunity annually to exit the fund, should I choose to.

In a nutshell – this fund is by far the best investment, managed by someone else, that I’ve ever put money into.

Lol, I don’t usually believe their blurb nor take much notice of it but I don’t see anything in there that is crap and thought it might be a useful read for people doing some research on the direction of Tas. I don’t read newspapers either because the media rarely seems to be accurate.

Regarding Burnie, it has some terrific yields, even in good areas. I’ve not invested there as I’ve not been comfortable with the employment challenges. Major employers open then close and also that mine workers from the West Coast have families based there which leaves you exposed to mining industry variables. Caterpillar relocating to Thailand is a negative although Dale Elphinstone is a very clever businessman, committed 100% to the NW Coast and I believe he will find a money making opportunity which will provide jobs.
Having said that, Burnie is an area I would look at again if I needed to venture out of my favourite towns because I think the jobs/employment profile may have changed since I last took a close look.

Thankfully right now Tasmania’s unemployment rate is lower than both Queensland and South Australia!

Benny is spot on – the gross yield is a starting point but you really need to look at the NET yield to ensure the next property you purchase moves you closer to your end goal. Do you know the net yield that you need to achieve for the property to fit your investing strategy?

Whilst yields are strong in George Town, I don’t invest there personally as I am not willing to run the risk of either of the large employers scaling back or closing. There are certainly some areas of George Town that you wouldn’t touch. There is an agent who is very active in the George Town market who has sold property for us in Launceston who I can put you in touch with if you’d like to do more research.

Ravenswood is considered one of the rougher suburbs in Launceston and there are pockets there that would carry a fair bit of risk to invest in and would be a no go for me. Having siad that, some parts of Ravenswood would be ok (my Grandparents built there in the 1950s and lived in the ‘better’ part most of their lives) although there are other suburbs in Launceston who are stronger performers – it’s just a matter of doing your research.

Sure, happy to share. Many of the local agents will hold your details if you know what you’re after although they don’t always remember to call if you’re not in regular contact with them.

I’ll Private Message you his details early next week as I’d like to speak to him first to let him know.

Well done on finding a strategy that you’re good at and it sounds like it’s working for you.

To answer your question – if you’re happy with how your strategy is working for you and it’s taking you towards your goals in the time frame you’re happy with I wouldn’t change a thing.

If you want to make some chunks of money to pay down the debt more quickly then you might need to do some of the other things you mention. Do you have the knowledge and time (or people in your team) to use other strategies as successfully as the unit strategy?