Hi
I have a 3 b/room unit in Maroochydore, QLD, and i was wondering if i could turn it into a serviced apartment, like fill it up with furniture, fridge etc, get a company to manage it for me, boost the rent up from its current low. and maybe have corporate renter or workers interstate stay for 1-6 month periods.
What is the possibility of me doing this and can anyone recomend any companies on the sunshine coast??
Thanks in advance for any info on this.
TCL Investments
You'd be best served reviewing your strata by-laws and council zoning to confirm that you can use the property for short-term rentals before sticking your hand into your pocket for what will end up as a furnished flat.
What are the laws up there on rooming houses and the like? It all sounds a bit iffy, sometimes there will be extra regulations like fire, etc that you will have to comply with so I would follow Scotts advice. What about the reno idea or was that for another ip?
D
DWolfe | www.homestagers.com.au
http://www.homestagers.com.au
Email MeYeah, thats for another IP i have. What im trying to do, is squeeze as much money out of my properties as possible. What can i change to increase the rental return?? they have been CF neg, what can i do to turn them into CF Pos???
The renos im doing on my other two are for maintenance reasons, the bathroom is just too too old, and needs fixing too often, i thought that i might just rip it all out and put a new one in. Depreciation is claimed over 5 years or so right??Anyway, back to this one, I have found a country town, where serviced apartments rent for btw 450-900 pweek (2-3-4bed room, fully furnished and serviced once a week) , there are alot of interstate miners, their companies rent accommodation for the, for periods of 6weeks to 6months. It looks like a good investment, I am going to visit it in a few weeks to check it out. I was hoping to do the same with my unit in Maroochydore, But i havent found any companies that do that up there. I need to learn more about this before i go ahead i know.
Yeah I get the trying to get more money out thing. I would call the council first and tell them the address etc and what you are planning to do. They may have regulations that need to be followed or suggestions for the usage of the property. Then I would call 3 real estate agents and ask them about the market for this sort of property, what they think people would pay, if they get people looking of this sort of property, if they manage or would manage anything similar.
Are you near something like a plant, airport, mines or something that would make this area attractive to fly in/out workers? If not it may not work for that property.
Lastly you may just want to think about cashing out. If the area isn't going to go anywhere for the next couple of years or you have made a good gain maybe you want to think about getting your money out and putting it into a cf+ property depending on your strategy and goals for the next couple years
Hope it goes ok for you keep us posted.
D
DWolfe | www.homestagers.com.au
http://www.homestagers.com.au
Email Me
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