Ha we must have just missed each other. I quite liked them actually, but more so the one bedroom ones.
North Perth R60 Apartment block thread
- Thread starter westminster
- Start date
Ha we must have just missed each other. I quite liked them actually, but more so the one bedroom ones.
Update:
Slight hiccup due to some a few tenancy issues - no bonds, no property condition reports, incorrect leases etc.
I gave them the choice of fixing or delaying Settlement and they give notice to Tenants to vacate. They chose getting rid of the tenants so that means they need to give them 33 days notice.
Settlement therefore is not going to happen on Wednesday and will happen around 10th August.
Whilst the yield was very good for the current tenants, too many issues came to light this week for me to risk taking them on as is.
Slight hiccup due to some a few tenancy issues - no bonds, no property condition reports, incorrect leases etc.
I gave them the choice of fixing or delaying Settlement and they give notice to Tenants to vacate. They chose getting rid of the tenants so that means they need to give them 33 days notice.
Settlement therefore is not going to happen on Wednesday and will happen around 10th August.
Whilst the yield was very good for the current tenants, too many issues came to light this week for me to risk taking them on as is.
And Design work starts next week on these - yay!
Following with interest ... Thx for teaching us 
Out of interest... won't your plan involve demolishing the existing house? If so, is your concern that the tenants will be an issue for you in the design/approvals time?
Tenants are rarely an issue during that time as long as you have proper leases in place so when it's demolition time you can give them the proper notice to vacate.
My concern was that only 2 of the tenants had bonds and those bonds were only 1 weeks rent. Even if I'm demolishing the house I don't want the tenants doing damage and not being able to recoup it.
I'll retenant it with everything to the law - I like things by the book to protect me and the tenants.
Settlement was 2 weeks ago and new tenants moved in last weekend for $500/wk.
I only had 7 days of it being empty so that was pretty good news.
I have also had a change of heart about the new development. We are going to try and put 6 apartments of 2 x 2.
I have the blessing from my accountant and SMSF guru to sell 1 or 2 if I want and put money back into the SMSF. There is a fine line you don't want to cross where the ATO thinks you are in a business like activity but the rules are in our favour as we are not borrowing to do the development.
I only had 7 days of it being empty so that was pretty good news.
I have also had a change of heart about the new development. We are going to try and put 6 apartments of 2 x 2.
I have the blessing from my accountant and SMSF guru to sell 1 or 2 if I want and put money back into the SMSF. There is a fine line you don't want to cross where the ATO thinks you are in a business like activity but the rules are in our favour as we are not borrowing to do the development.
Due to the closing of Somersoft this thread is being continued at Property Chat
https://propertychat.com.au/community/threads/north-perth-wa-6-apartments.525/
https://propertychat.com.au/community/threads/north-perth-wa-6-apartments.525/
do you guys ever meet up to talk about your projects and lessons learned?
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