advice on units......

From: Jason C


Well this is my first posting after many months of sitting back and learning.

I have an opportunity at the moment to purchase some units but I am not too sure if I have everything covered, so I am after any tips please!!??

Looking at a 6 unit complex that has 4 for sale at the moment.They are a low set brick and tile on a large block (i don't have the exact size on me at the moment). All are 2 bedroom with a carport
They are returning $100 per week in their present state per unit. A unit in the block recently sold for around $56000(I think) The vendor was initially after $248000 for the 4, We are negotiating at this point and the price is nearing a figure that we are comfortable with.

Our plan was to buy and renovate the entire block, due to the recent sale we are not so sure if this will be possible. What is the situation with body corporate...... would we have control owning 4 of the 6? are we able to push for an external renovation? ( they are brick and would come up a treat if rendered) I am thinking that we could buy these 4 and renovate internally or even hold as is while looking to purchase the remaining 2 as they are on my calculations going to be very close to positively geared.

I must thank you all for getting me this far, I have made use of many of the tips read in here during my many months of procrastination. BUT the time is nearing to act.....

Any advice would be appreciated

Jason (hendrix, jas_c) :)
 
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Reply: 1
From: Sergey Golovin


Jason,

Did you get finance sort out. Do finance first. You might need large deposit then normal. Talk to finance people first.

Good luck.

Serge.
 
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Reply: 2
From: Rolf Latham


Hi Jasc

Sounds like a really cool project. This control issue is why people like TW will only buy the whole block -right TW ?

I can just imagine the other 2 owners being asked to tip in some cash to the body copr for the reno work.

Go Go Go, more than likely you will be able to sell the other 2 owners on the improved capital value.

Perhaps you could suss them out b4 purchase ?

Ta

Rolf
 
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Reply: 2.1
From: Michael G


Hey,

How about you try to buy options on the other two blocks, before you mention renos, establish control, then buy the 4, reno and exercise your option?

Michael G
 
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Reply: 2.1.1
From: Jason C


Michael,
I am not to sure what you mean by options....
could you please explain in more detail.
Please excuse my ignorance
jason
 
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Reply: 2.2
From: The Wife


Spot on Rolf, I'm the poster girl for control freaks.

JasC, Have a look at last weeks local newspaper for the area you are looking at, you are looking for the dear little old lady who needs to sell her units, its a hell of a read! I read it online.

Cheers TW
 
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