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  1. DaveM

    Strata report issue - Should I buy this investment property - advice please?

    Just like they claim there is "another buyer" with a "higher offer which is being considered".
  2. DaveM

    Strata report issue - Should I buy this investment property - advice please?

    Strata finance is a last resort. The interest rates are high (over 10%) as there is no security/lien over the property, nor any guarantees from the owners. If the owners corporation to fix dodgy repair work is to finance the repairs with a high interest loan, thats just more reason to not get...
  3. DaveM

    Strata report issue - Should I buy this investment property - advice please?

    I am sure you see it that way, but the ATO likely wont, should an audit happen. EDIT: I just asked an accountant I know, he made a scrunched up face and said its iffy and would depend on how the money is gifted to your mother. If done in the wrong way it will land you and her in hot water.
  4. DaveM

    Strata report issue - Should I buy this investment property - advice please?

    Its not an arms length transaction. You give you mother rent money and she pays it back to you. Your own money is paying the mortgage which reduces or negates the investment property status. If she was paying her own rent from her own funds/income/pension and it was market rent that is another...
  5. DaveM

    Strata report issue - Should I buy this investment property - advice please?

    Also consider that while you may be able to discount the buy price, when it comes to the special levies being paid, thats money that you have to find from your own pocket and not from the lender. You may be able to do a reval/redraw to pay the levy assuming you have enough equity to do so, but...
  6. DaveM

    Strata report issue - Should I buy this investment property - advice please?

    There have been plenty of specific reasons given by various people, which you appear to gloss over. As I said before, you appear to have already made your mind up and are looking for someone to rubber stamp your thought process. We await your second thread, titled "Help I have a 50k special...
  7. DaveM

    Strata report issue - Should I buy this investment property - advice please?

    Just means you have a. $600k rustbox instead of a 670k rustbox
  8. DaveM

    Strata report issue - Should I buy this investment property - advice please?

    Sounds like you have already made up your mind then. Trouble is you cant guarantee its going to be 2 mill or 3 mill or 5 mill. And depending on unit entitlements will depend on the share, not an even divide by 105. You also have the stigma of the building faults, and you can tell future buyers...
  9. DaveM

    Strata report issue - Should I buy this investment property - advice please?

    I would run a mile, catch a bus across the state, then keep on running. You would be nuts to buy into a complex which looks like it may need millions of dollars of remediation work. The structual steel corrosion and failing of sound proofing alone would be a deal breaker.
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