Cheers BD and Mike,
Was out at the shopping centre all day yesterday. It was a fine day, so up on the roof with Dad repairing small holes / leaks in the big box gutters. The amazing job the thin tin does is quite staggering. We get a small shower that dumps 1cm of rain, and the roof needs to choof off 41 tonnes of water in a hurry.....still, that's better than our Adelaide shed. That thing collects 138 tonnes of water when 1cm falls. Thank the Lord the Tenant needs to deal with that, not us.
Well, we are all waiting for Coles' decision....apparently they had their board meeting yesterday to decide on new Tenancies, and our shop was one of them. They aren't taking a big area, only 220sqm, but it is potent in terms of rent and will naturally attract others to the centre, so good for business. Should attract a lower cap rate when we flog it off as well, so quite important. If they so no, we'll dust ourselves off and look for somewhere else.
I've palmed the Liquor licence application off to a well recommended tourist / marketing organisation whose sole job is to hustle applications through the Department of Racing / Gaming and Liquor. They started quoting minutae of the Liquor Act at me, so I palmed it off to the experts. I've got enough Acts to look over and digest, I don't need another one. We are trying to wrestle the licence off the ratbag ex-tenant who left before we bought the place. It's worth upwards of 300K to the property, so hopefully should be able to squeeze that past the post in July.
Having quite a good run at the moment, every Tenant in the fleet (bar two minor shops) paid their rent for July no later than the 2nd, so cashflows are looking mightily healthy.....maybe time for another judicial trust 'distribution'....hahaha, we live for them.
Palmed off the stubborn sheds (been empty 20 months now) to yet another agency to have a crack at. The demolition guy thought they were too expensive, and preferred to drive an extra hour out to whoop whoop every day for something cheaper. Good luck with that !!
Signed all the paperwork yesterday with the listing agent to flog off our residential property. It struggles to rent for 3K gross per month, and the proceeds of the sale will cancel mortgages that we are currently paying 8K per month on, so a small step in the right direction. I'll get this X-coll monkey off my back soon enough.
We are slowly starting to head in the right direction of no responsibility, plenty of rights, plenty of cashflow and no hassles. Gotta be happy when a plan comes together....now this is what property investing is supposed to be, the "assets" looking after the Landlord, not the other way around.
