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No, $326K isn't a lot. About right, I reckon. The costs have come in for the repaint and they are around $300K. They have negotiated payment terms for the $300K, so there will be no Special Levy needed - and no need to try and drag thousands of dollars in additional fees out of 50+ owners. (What...

Just thought I would revisit this one in case MightyWill is still around. I just received a strata meeting report on that apartment I own. Ten year old building. About 60 units. $326K in the sinking fund. About right, I reckon.

Is the friend you are taking a property investor? Or just a mate who will comment on the state of the carpet. Thank goodness. If you're looking to rub shoulders with the upper class, you might to head to the north shore.

You seem pretty determined to buy it, so you might as well press on. But I don't think you will get anybody here telling you it's a good idea to buy into 177 apartment, 13 year old Meriton building with nothing in the sinking fund. Good on you for finding out about the empty sinking fund...

Who knows. You mention the building manager is also the sales agent? Maybe the developer is still holding stock and wants to keep the levies low to make it easier to sell the stock. Imagine if something big goes wrong with the building and money to fix it quickly needs to be dragged out of a...

But what about a problem that might be over the horizon? I was just talking to one of our QSs who used to do sinking fund projections when he worked at another company that did a fair bit of that stuff. When I ran past him the wisdom of a 177 apartment building with $24K in the kitty, he...

There are 177 apartments and a total of $24K in the sinking/admin kitty? I bought a flat last year in a walk-up block of 16 and there was that much in the kitty and the bloke who did my strata report described it as the bare minimum. I'm not sure what the convention is, but $24K doesn't sound...

Read the strata minutes, Will. Go to the strata manager, pay the fee, sit down and read the minutes of the meetings. All of them - put aside a few hours. Or pay someone to do it for you. Strata minutes are a luxury that buyers of houses don't have available to them.