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From: Mike .


Have I done the wrong thing?????
From: Mal
Date: 25 Oct 2000
Time: 15:49:23

I have just purchased a property from Greenwich, value $169,500. After finding this site and reading some of the comments I am wondering what I should do. The property has been settled (over 1 month) but so far if has not been rented and my PAYG tax has not been adjusted. So at this stage I am up for $1229 a month. Any suggestions??
 
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Gee Cee

Reply: 1
From: Mike .


Re: Have I done the wrong thing?????
From: GeeCee
Date: 25 Oct 2000
Time: 22:31:01

ANOTHER ONE!

Vacant ........... /............. ><>>>>>>??????

For how long? How many Other Out Of State People are there in this Scenario?

1) Better get a couple of extra jobs to cover them vacancies & LOSSES!!!!!!

TALK ABOUT NEGATIVE GEARING!!!!!!!!

(Always Check What The REAL Situation IS!!!!!!!!!)
 
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DuncanM

Reply: 1.1
From: Mike .


Re: Have I done the wrong thing?????
From: DuncanM
Date: 25 Oct 2000
Time: 17:04:01

Personally, I'd be getting a valuation done by someone completely unconnected with Greenwich to see exactly what you've bought.

Perhaps for the interest of the forum you could relate the process that Greenwich took you through in purchasing the properties.. Flights, presentations etc..

$1229pm is a huge amount to be losing from your PAYE income.. Vacant for a month? Has the rent been dropped?

Regards, Duncan.

Residential Property Record Keeping Software.
http://www.otter-software.com.au
 
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Les

Reply: 1.1.1
From: Mike .


Re: Have I done the wrong thing?????
From: Les
Date: 25 Oct 2000
Time: 19:08:52

G'day Mal,

Did the "deal" include a Rental Guarantee of some kind? If so, your lack of a tenant should not bite too hard (at least for 12 months or 2 years).

Duncan is right on !! You need to know just what you have bought. A valuation in Qld should be somewhere around $150 - $250 depending on who you choose. Travel costs might bump this if you're having a Brisbane valuer valuing something on the Gold Coast.

Once you KNOW, I doubt that there would be an escape clause (if needed) unless your solicitor did an exceptional job. But first, you need to KNOW !!!!

If it transpires that this was a "gotcha", then at least you can help others by spreading the word to your friends, rellies, and forums. If it is "good value", then you should probably do the same thing - we'd all be interested to know too.

Good luck,

Regards, Les
 
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Gee Cee

Reply: 1.1.1.1
From: Mike .


Re: Have I done the wrong thing?????
From: Gee Cee
Date: 25 Oct 2000
Time: 22:37:55

Are there between 50 & 150 vacant units in the area that are all trying to obtain tenants @ what ever the offerings are??
 
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