"MUM" !!
I am too scared to go forward !!
- Thread starter Gordon Gekko
- Start date
Gordon
Does that make us brother and sister?
shaggygirl
Does that make us brother and sister?
shaggygirl
Hi all
l have never looked at buying a block of units.So tell me if one buys every unit in the complex .
who then owns the land?
who has to run the body corp if there is one?
or do you look at only buying non strata units?
l hope l make sense here but l really want a run down on how this type of ip works.
cheers yadreamin:
l have never looked at buying a block of units.So tell me if one buys every unit in the complex .
who then owns the land?
who has to run the body corp if there is one?
or do you look at only buying non strata units?
l hope l make sense here but l really want a run down on how this type of ip works.
cheers yadreamin:
Hi yadreamin
If you own ALL the units, then you own ALL the land too.
You will run the body coporate, although will one be required ?, as you will have all of the votes
The only reason for the body corp is to create a system for the individual owners to have a say in what happens, so I think you may be able to do without a BC.
Thats my views
If you own ALL the units, then you own ALL the land too.
You will run the body coporate, although will one be required ?, as you will have all of the votes
The only reason for the body corp is to create a system for the individual owners to have a say in what happens, so I think you may be able to do without a BC.
Thats my views
I have a block. There is no BC. I am responsible for "common" items- exterior electricity, rates, insurance, maintenance etc- as well as interior.
Just like owning a single house, except more hassles
Acey- I'm not sure on your last statement. I always thought that your vote was equivalent to what you owned- that each unit had a vote in the BC, not each owner.
Just like owning a single house, except more hassles
Acey- I'm not sure on your last statement. I always thought that your vote was equivalent to what you owned- that each unit had a vote in the BC, not each owner.
Geoff and Acey and Bundy,
Maybe this is a state different thing? In my real estate course here in NSW we learnt that voting is apportioned by ownership. So a chap owning two of six units has a one third vote in a strata situation.
Or perhaps it is a issue decided for each strata property?
Does anyone know?
Cheers,
Maybe this is a state different thing? In my real estate course here in NSW we learnt that voting is apportioned by ownership. So a chap owning two of six units has a one third vote in a strata situation.
Or perhaps it is a issue decided for each strata property?
Does anyone know?
Cheers,
I think in NSW all that matters is unit entitlements (and proxy battles).
I own 10% of the unit entitlements in "my" building in Kings Cross (4 units out of 36).
The AGM was attended by 4 people: myself (3 proxies), 1 (evil) owner, 1 of my proxies and another owner's proxy (in our faction). So we controlled 5 out of 6 proxies.
1) Voted to set the executive committee to three members. Unanimous
2) I nominated the two proxies and myself to the executive. Evil owner nominated herself (executive committee member from last year).
3) Voted for the 3 members I wanted. Evil owner wanted to extend the committee to four. I voted NO and defeated the motion.
Result: I control the executive committee.
Regards
Paulzag
Dreamspinner
I own 10% of the unit entitlements in "my" building in Kings Cross (4 units out of 36).
The AGM was attended by 4 people: myself (3 proxies), 1 (evil) owner, 1 of my proxies and another owner's proxy (in our faction). So we controlled 5 out of 6 proxies.
1) Voted to set the executive committee to three members. Unanimous
2) I nominated the two proxies and myself to the executive. Evil owner nominated herself (executive committee member from last year).
3) Voted for the 3 members I wanted. Evil owner wanted to extend the committee to four. I voted NO and defeated the motion.
Result: I control the executive committee.
Regards
Paulzag
Dreamspinner
Gordon,
I have bought 3 IPs in less than 6 months ! and I am much worse off than you, earn slightly more. It looks like you aint using the tax system much. I would buy a couple of brands new IPs that will eat into your income tax with good depreciation. Your positive cashflow on the other IP will help cover the out of pocket costs. You need some capital growth by the sound of it. Because you have no debt on your PPOR I think you are well placed for this scenario. Don't miss the chance to cash in on Brisbane.
I have bought 3 IPs in less than 6 months ! and I am much worse off than you, earn slightly more. It looks like you aint using the tax system much. I would buy a couple of brands new IPs that will eat into your income tax with good depreciation. Your positive cashflow on the other IP will help cover the out of pocket costs. You need some capital growth by the sound of it. Because you have no debt on your PPOR I think you are well placed for this scenario. Don't miss the chance to cash in on Brisbane.
Please explain !!
GG
Well you can easily manage another IP with a few grand cash outflows. i.e. a brand new one. as they are rarely cash positive but have good depreciation. Say for example a $300K IP costs $50 per week out of pocket after tax effects. Thats $2.5K cash outflows per year. but you get %10 capital growth in Brisbane. Then you sell after a year you are still ahead. Or just hold on to em until they become cash positive. Your capital growth eats the outflows.
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Hi Simon
Taken from the SA Strata Act -
[Section 22 (2)(b)]
(k) They may vote (one vote per unit) in person or appoint a proxy to attend and vote on their behalf at general meetings.
Each state will be different as they can't agree on anything
bundy
PS may have something soon for your Commercial lenders to have a look at
hwg007 "may" have been refering to the anticipated CG in Brisbane during the next few years.
I have read that they expect another 36% growth over the next 3 years.
G'day Gordon,
Just for you, mate.......
http://www.somersoft.com/forums/showthread.php?postid=72909#post72909
Read the whole thread, not just the link - that should help to put things in perspective for you.
(How's your crystal ball?? i.e. the comments made are for education purposes only - no responsibility is accepted by the Management, etc.......)
By the way, I'm STILL having to bite on lemons
Regards,
Just for you, mate.......
http://www.somersoft.com/forums/showthread.php?postid=72909#post72909
Read the whole thread, not just the link - that should help to put things in perspective for you.
(How's your crystal ball?? i.e. the comments made are for education purposes only - no responsibility is accepted by the Management, etc.......)
By the way, I'm STILL having to bite on lemons
Regards,
Yes, they predicted that.
And now I've heard that 80% of loan enquiries for investment properties (from a broker- not sure if that was on this forum) were for properties in Brisbane.
So it becomes a self fulfilling prophecy, as investors chase the (possibly) last chances for CG in this cycle?
G'day Geoffw,
Guilty - as charged !!! Your post has shown me that I am as guilty of listening to "media" as anyone else !!! The link I provided perpetuated that too.
Hehe - but I reckon that Bne still has a lot going for it - cheaper to live, weather that precludes the need for a brolly, houses that are still WAY under the Mexican norm, I've got a few properties for sale (just kidding )
Anything I say now will sound like "pork-barrelling" so I think I'll just shut up, and continue to buy..........
Regards,
PS No responsibility taken by the Management for anything that Les says..............
Guilty - as charged !!! Your post has shown me that I am as guilty of listening to "media" as anyone else !!! The link I provided perpetuated that too.
Hehe - but I reckon that Bne still has a lot going for it - cheaper to live, weather that precludes the need for a brolly, houses that are still WAY under the Mexican norm, I've got a few properties for sale (just kidding
)Anything I say now will sound like "pork-barrelling" so I think I'll just shut up, and continue to buy..........
Regards,
PS No responsibility taken by the Management for anything that Les says..............
