Has anybody had any negative experiences with managed apartments.
I am in discussion with an agent on a 1 bed studio apartment in central CBD currently under 7 year lease with major company.
Returns around 13k after all fees and charges.
Purchase price 220k.
The building is 3 years into the 99 year arrangement, the apartment is 6 months into the current 7 year lease agreement, the management company fully refurbs the place every 7 years at no cost to the owner. Not sure yet where it is in the 7 year refurb cycle yet but agent says that purchasers are enjoying positive gearing after depreciation etc.
What should I be careful of here. ???
I have 3 IP houses and am looking to add something smaller and different to the bunch.
Pango.
I am in discussion with an agent on a 1 bed studio apartment in central CBD currently under 7 year lease with major company.
Returns around 13k after all fees and charges.
Purchase price 220k.
The building is 3 years into the 99 year arrangement, the apartment is 6 months into the current 7 year lease agreement, the management company fully refurbs the place every 7 years at no cost to the owner. Not sure yet where it is in the 7 year refurb cycle yet but agent says that purchasers are enjoying positive gearing after depreciation etc.
What should I be careful of here. ???
I have 3 IP houses and am looking to add something smaller and different to the bunch.
Pango.