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Of course, had it reviewed and signed off on. However, and I've seen daz say this himself, I found it much better and more assuring doing the initial draft myself. As a landlord, you need to understand your lease too. Not really rocket science anyway, compare with the transactions I normally...

I'm a solicitor.

Yes it's covered, I have a copy of the insurance certificate. We have a very tight lease that I drafted myself so no issue there. The problem is the agent didn't seem to be aware of the terms of the lease at all.

Yes insurance would, not sure if the damage is worth the excess though. In any case, that's something for them to work out and organise, not the landlord's responsibility.

Bump. Everything has been going well, rent coming in every month, some times a couple of months ahead as the tenant just felt like it. First issue this morning. Got an email from the agent saying that vandals have damaged a couple of windows and how did I want to do the repairs. I promptly...

Mainly cashflow and coming across a CIP where the numbers stacked up in a location which in my view has a lot of potential. My end goal is to definitely live of rent rather than equity, and I do see CIP as a better vehicle for that. However, for me it's not an either or choice. I'm...

Thanks for the kind words Dazz, definitely learnt a lot from the practical experience of going through it myself but I also got a lot out of the stories posted on here from yourself and others. bonazawealth, sorry for not updating, have been busy with another purchase and the end part of this...

Thanks for the kind words. With the slightly higher interest rate than expected it'll be more like 14k net per year initially but still decent.

So a fair bit has happened over the last month. Quick summary below in roughly chronological order. Spoke to inspector about termite damage, he confirmed what the agent said that the damage would have been from a while ago judging by the dust that was found (no longer used as treatment...

So I got the building and pest reports back yesterday. The building report was all good, nothing out of the ordinary for a building of this age. The pest report, however, showed that there are "severe" termite damage in the internal bathroom/shower area. While there was no indication of...

Haven't got the finance organised yet JIT. Aaron is putting some quotes together now for me.

I'm actually based overseas atm for work and just haven't updated my location, so it didn't make much difference where I bought as I would be doing it long distance anyway. Plus already have a couple of resis IP in Melbourne so avoiding land tax is nice.

Hi Dazedmw, it's not in Vic and the Retail Leases Act in the relevant state doesn't apply as my solicitor was comfortable with the rachet clause and recovery of PM fees. The reason why land tax isn't recoverable is purely a commercial and negotiation point and the fact that it doesn't really...

Based on the current cap rate (which I think should actually be lowered when the lease is entered into), I'm expecting CG to reflect the 4% p/a rent increase and whatever else is due to the market review if the option is taken up. Additionally, I think the particular regional town has good...

Definitely Jonno, thanks for the kind words. Once the deal goes through it'll be a good boost to my cash flow (roughly 15k a year at 70% LVR) but I'm hoping that what I'll get from the experience of putting it together would be much more valuable going forward.

Thanks Trogdor! You were one of the posters that I was referring to as well, really enjoyed reading your stories on both your CIPs!

Thanks all. Dave, the lease is attached to the sale contract and entry into the lease is a condition to the contract, the vendor also needs to give me their signed counterpart prior to settlement. My understanding is that this should be sufficient for finance, but Aaron will let me know if...

I have just exchanged on my first CIP this week so I thought that I would take this opportunity to share some details about the process to this stage, and also the steps and developments to completion (and beyond). I have no experience in CIP previously and am actually fairly inexperienced when...