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    Buying a boarding house

    While I'm chatting away I should tell you it all we had The Rexinox in the last few weeks - the one year anniversary of me buying Rex coincides with the Equinox ha ha. We're going strong mostly fully booked with a wait list at times. We have just cleaned out the last place of junk - a...
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    Buying a boarding house

    Actually most of my rejects end up in secondary or tertiary homelessness which is awful. There needs to be much more crisis care available, social workers, drug dependence units, juvenile intervention blah blah... A charity will try and throw me money - and quite a lot per night - to take...
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    Buying a boarding house

    I did read this week that vacancy rates are now about 4.2% which does seem a bit soft. But to be honest I don't rate any of the property managers in Tamworth - they are hard to deal with, stressed and disinterested with a bit of a god complex towards locals. Next year I might get my property...
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    Buying a boarding house

    Hey I met a Somersoft member and didn't even know! Your huge old chest freezer is going great guns and filled to the brim with meat already and many BBQs afoot by guests now. Have you got tenants now? My poor pup is up to three checkups now at vet and one emergency surgery on her paw but...
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    Buying a boarding house

    Usually occupancy is close to 100%. Has been for months. We have sudden dips - like when the Burmese left (10 of them) we went down for a week but now back to 90% or so. I don't aggressively try and fill rooms at the moment and am happy to always have a room or two free in case people urgently...
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    Buying a boarding house

    Funniest update ever - if you were with me from the start you'll recall the creepy guy on the phone constantly calling. Argh. Well he ended up in Tamworth, called, I recognised him and told him he couldn't have a room. Tried calling again with fake names when I had others answer phone for me...
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    Buying a boarding house

    Good point - I do have some crazy specialised insurance and I raised these points. I could choose from "market value" at just over $500K or "rebuilt value" and the policy changed accordingly with premiums etc. But it's up for renewal soon. I got only a six month policy as I expect every six...
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    Buying a boarding house

    Hey Dazz I can answer some of the questions... 1) Council valuation just came back at $228K for the block this week. Now everyone around town here reckons council valuations are about half what you'd actually sell a block for. Not sure if that is true or just BS. But we are right on edge of...
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    Buying a boarding house

    Ha. Ha. Yup, I'm a page 3 gal with knockers out. I was once, but that's another story entirely.
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    Buying a boarding house

    I think camping could cause an issue blocking fire exit paths. Also we don't really have much open space. It's really a quarter acre block chock full of rooms - if every room is up and functioning it's 32 private rooms crammed onto the block. Some space taken up by laundries, old fashioned...
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    Buying a boarding house

    Just an update. Sitting in my office in a decked out full guesthouse uniform! Turned the place into a tourist guesthouse for the Tamworth Country Music Festival. I'm about to collapse from exhaustion but thankfully it's all over by Monday. 10 days of madness but with hindsight only really 4 days...
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    Buying a boarding house

    The caller stopped after a few weeks. And not too much issues with previous guests at all. One or two pop up with a problem with previous management and I just direct them on to the old owner. A small trickle of ferals still try for a room but much less than even one month ago. Two months in...
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    Buying a boarding house

    Right well am too busy to start a new thread on the adding value bit. But thought you may be interested in an update. We currently have occupancy of about 70%. Around 20-25 guests. Turnover is around $2500 a week with costs around $800 a week not including reno work. That's just interest...
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    Buying a boarding house

    Yes, in fact until very recently it was the only thing I did and was full with a wait list just from replying to wanted ads on Gumtree. I've only just started with web sites and AirBnB and the like.
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    Buying a boarding house

    Safety was a big concern TMNT. Really makes me careful when my insurance policy has exclusion on "molestation claims" :eek: Some of the guys have come back to "check their mail" and I think wanted to see we really were shut down and they couldn't get back in. So the tradies around the place and...
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    Buying a boarding house

    Some answers to questions above. I'm the live in manager for now. There are two areas of the house that are private - a section of three rooms - lounge, main bedroom and smaller sunroom that lead off the main lounge and office. It's enough space for my boy and I and we share the main kitchen -...
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    Buying a boarding house

    I'm going to start a thread over in Adding Value for the updates with fixing stuff up. We got another booking yesterday, plus my Dad refuses to live with us rent free so between the two bookings already here and my Dad the mortgage is covered already which I'm happy with for the first week lol...
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    Buying a boarding house

    No agent Truly Exotic - private sale. Will post photos as I go. I've got started to clear out the old linen - the pile is over 2 m tall and a few metres wide at the moment to throw out and isn't even 1/3 of the place done. And the quotes have started on rubbish removal. My Dad is not drinking...
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    Buying a boarding house

    Sure do! A great/stressful time is being had by all. Thursday 12 noon - arrive in Tamworth. Had arranged to move into the place 24 hours early to do pre inspection and settle in. Also to confirm all vacant and no damage. Find one squatter who leaves within the hour with no fuss but left a...
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    Buying a boarding house

    Countdown to settlement is on! Here's hoping it goes smoothly. Tenants have been given notice to leave. One or two of them are staying on as "security" for the few days after the owner leaves and before I get there for pre settlement inspection. Spirited discussions between owner and I over who...
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