Two units in same group - would you risk it?

Viewing 4 posts - 1 through 4 (of 4 total)

LDodson
Member
@ldodson
Join Date: 2008
Post Count: 3
June 4, 2008 - 2:56 am
I have the opportunity to buy two units in the same group of 16. They're not located near each other in the group – I'm interested in your thoughts on if you think its a good idea to buy 2 in the same group.
Cheers
Laura
[email protected]
Member
@roslynnchalwell-yahoo.com
Join Date: 2003
Post Count: 67
June 4, 2008 - 3:37 am
I don't see that buying two in the same complex would be an issue as long as it meets your investing strategy and you have done your due diligence.
Things to look out for:
the complex has a good reputation
units easy to rent out
body corporate overseeing the complex is doing a good job and maintaining the complex
body corporate fees are not to excessive and they don't continually ask owners for one off lump sums to complete major maintenance jobs
You can always knock on doors and ask the people living there if they like it and if it is a good place to live.
Ros
yarpos
Member
@yarpos
Join Date: 2004
Post Count: 247
June 4, 2008 - 8:42 am
I am actively trying to do this at the moment. The first one turned out so well , I would like to get another in the same group.
All Ros's comments make perfect sense to me, and hopefully you would have covered these in your own way with purchase number one. If your happy with your current investment and like units why not?
Scott No Mates
Participant
@scott-no-mates
Join Date: 2005
Post Count: 3,856
June 4, 2008 - 10:09 am
If you own a second unit, then you have twice as many voting rights as the others when it comes to body corporate. You have all the more reason to be involved with the BC etc. If it is a good block of units, the sums stack up then you might as well consider it.