residentialwealth,
Hi would you be prepared to share your forms with others, of particular interest to me would be the one you used for purchase, as I think I’ve said I have no real knowledge about commercial property. Won’t be surprised if you don’t but any advice is appreciated.Cheers[
]MJK
Net is after all expenses. The complex currently runs at 11% net/13% gross, plus GST.
The property has 44 sheds and will be expanded by 50%. It is comfortably managed by an agent. It is on the outskirts of melbourne.
If you keep an eye out, storage units come up for sale frequently. But you have to have 30-35% deposit.
Pisces
The property was running at a profit when I bought it. Im going to make it even more profitable. I wouldnt even have looked twice if it was losing money.
I recently looked at a complex that was up for sale for $800,000, that was grossing $88,000. Not good enough, plus I would of had to manage it.I agree with darrenb my commercial properties far exceed the returns from my residential ones. You must develop a clearly defined strategy on paper, in my opinion, and stick to them.
I have drawn up a set of property forms that i use for a variety of functions including, purchasing, renovating, maintence, estiminating, developing costs etc etc, stick to the RULES to eliminate mistakes!!!
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