Get yourself onto the BC committee. Vote for an external upgrade - spend the $176K. Get your unit revalued which should now be worth more post-reno. Draw down some equity and do it all again.
IP4- I'm on a roll
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Get yourself onto the BC committee. Vote for an external upgrade - spend the $176K. Get your unit revalued which should now be worth more post-reno. Draw down some equity and do it all again.
The complex is nearly 30 years old so no upgrade needed. The BC seems quite on top of things. I'm on 2 committees so don't need any more (one I'm getting off next year). It's a big complex so they do need a large sinking fund.
I settle on Monday. It's in Reservoir Rd, Blacktown. Big complexes aren't real appealing to me but the price and yield are right. CF neutral with 100% loan.
I paid $215K so under market value. It's a 2 bed villa. Good sized bedrooms with BI's and a nice courtyard. Kitchen and bathroom in good nick. Carpet a bit worn and dirty, walls need a paint. Changed PM and will up the rent to $295. One in same complex is on for $330 but it's renovated. Nathan sourced this one for me as I've been too busy. Thanks Nathan you're a gem.
This is the renovated one. Mine's the same layout.
http://www.realestate.com.au/cgi-bi...t=&header=&cc=&c=21760315&s=nsw&tm=1261181237
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Ahem....after 30 years it must be looking a bit tired, but I understand where you are coming from. You got a good deal there - well done to Nathan too
Everything looked good. There is $176,000 in the sinking fund.
How many units, that seems like overkill. Have they done the 10 year sinking fund plan and is it on schedule, ahead or behind?
