Answers to responses so far....
Wow I am impressed with the number of responses in such a short amount of time, Thank you all.
Do you own the place you live in (in Brisbane?). If this will rent, and you can move into the GC one, this may be a better outcome for you.
Or else sell the GC unit - the market won't be doing much any time soon!
Hi JWR,
MOVE INTO UNIT:
Yes we do own our Brisbane house. This solution has crossed my mind. An expanding family and space would be an issue, but it is an option.
SELLING THE UNIT:
We have also considered selling. After researching the sales of units from the same complex, we would have to sell the family home to pay off the mortgage. An option, but hopefully a last resort.
who and how is it managed? how is marketed? where is it?
how long have you had it? what occupancy has it achieved in the past?
would it be worth (if able to do long term leases) sticking a resi tenant in it for 6 months till tourism recovers?
Hi Ed,
These are good questions that I probably need to get more in depth answers to. But in the meantime….
WHO AND HOW IS IT MANAGED:
It is managed by an onsite manager. I am unsure as to the extent of marketing beyond their website and websites such as wotif.
LOCATION:
It is in Sufers Paradise.
OWNERSHIP:
Over 2 years.
OCCUPANCY:
I don’t have exact figures. I can say that the first year every month had occupancy rates which were high enough to make substantial returns. The second year appears to have an occupancy rate of a week per month.
what have you already tried in the last 3 months?
StefanA,
Basically I have left it to the manager. This plan worked for the first year, and we made extremely good profits. We have not fared as well in the second year. The cause is probably due to a myriad of reasons, but management and staff have changed.
It will really depend on the lease/contract you have with who ever is managing the property or complex.
Does the apartment block allow permanent occupancy that is the big question
as most don't.
NWW,
YES….. We ARE allowed permanent occupants.
I need to research the “logistics” of this, as I don’t really know where to start.
to get a better understanding of your problem other than the property has been vacant can you either post the link to the current marketing or Pm me.
Have you got a link to the Holiday Unit?
Oh, I see it has already been asked for above.
Russell and Dec,
Hope this is the link you want.
http://www.clubsurfers.com.au/
Everyone,
Thank for your insights. You have given me a lot to think about, but more importantly, you are getting me more focused on what needs to be done.
PERMANENT OCCUPANTS:
You guys seem to think this is the way to go. So how do I go about finding a permanent resident? Where would I advertise? Someone mentioned an agent. Getting an agent is the best way to do this? Any recommendations?
CONTRACT:
I will need to get my hands on the contract again, and see what my limitations are.
BODY CORP MEETINGS
Was considering going to Body Corp meetings. Do you think this will be useful?
Thanks once again for your help.
