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Hi All, Well, the project is now finished (for now). We ended up about 5% or so over budget, but mainly because we did a few extra reno jobs along the way than originally intended. All units are now tenanted at expected rents, and things appear done. Maxwell and Co have been fantastic...

I didn't take any photos of before, it was pretty horrible. I'll get some after photos though.

well, it looks like we are on track for renovations to be completed by the end of next week. We already have people wanting to rent, so looks like we should get tenants in fairly quickly. Woo hoo!

Looks like the tenants won't be moving into a renovated unit, but will stay where they are. That should mean our renos will be finished about the 3rd week in Feb.

The reno budget is: 1) $8-10k total to do the structural work that needs doing anyway (negotiated $13k off the price of the whole block on this basis). 2) $10k per unit, which includes complete strip, reseal and tile of bathrooms and new bathroom furniture, repaint of interior, replacement of...

Well, builder is now on site, and demolition of existing bathrooms starts today! The new carpet has been chosen, and the tiles are being chosen today. The painter will look at the tiles and carpert and choose a light paint shade. At this stage, I'm hoping the reno will take 2-3 weeks...

I think it was - thanks heaps.

Thanks for the kind words, everyone. It's really heartening! Picked the keys up today, and will have a look around tomorrow. The existing tenant is now signed to a lease and appropriately bonded, so now just have to get the reno's sorted and we'll be ready to go. Oh, and whoever...

The place came with one tenant already in place (who's staying), and two of the units are empty. We're going to do the structural work and renovations simultaneously, hopefully over about a 4 week period.

A quick update on this. The units finally settle tomorrow. What took so long? Well, the building report showed structral problems. So I contacted the agent, said all wasn't well, and suggested we have a chat. I offered to renegotiate the price on the basis of the problems, and ended up...

The selling agent was LJ Hooker in Tuggeranong, and I didn't use a buyers agent. It must be said that the agent was incredibly straightforward and honest about things. Certainly one of the better I have dealt with. None of the games or mucking around you often get during negotiations...

Thanks guys. Posting on here and getting sensible answers is incredibly helpful while I'm doing this.

Deal is done! I am about to be the proud owner of a block of 3 units in Queanbeyan, officially IPs 5,6 and 7.

Cheers Geoff! Agent just called back with another counter-offer, lower again. I responded with another counter-offer, slightly higher. We're within $2.5k of agreement now. Fingers crossed.

They called last night and offered to drop their price by $11k. I made a counter offer of $10k above my first offer, meaning that we are now $9k apart rather than $30k apart. I also offered to let their son stay in the unit he is currently in (at approx market rent anyway). I called for...

Cheers Rolf. Bank said the same thing, but also said they could get a bit nervous about having to sell a whole block. I pointed out to them that they hold mortgages over 5 other properties of mine, and that surely we could work something out if it really came to that, and they backed off...

Well, I had a look then rang this afternoon and made an offer... We'll see how we go.

Thanks heaps guys, hugely appreciated. The unit block is actually over the border in NSW. As far as LVR goes, I'll be running at 80% across most of my portfolio including this unit block, as I have some headroom in other properties at the moment. At present, I'm concerned the vendor is asking...

Hi Everyone, I am looking at a block of 3 2BR units tomorrow after lunch, with a view to perhaps buying the whole block. It is not currently subdivided. At current rental yields, it would initially be cashflow neutral. Anything particular to watch out for with small blocks of units? The...