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Dazz I feel sorry at your misfortune however I am amazed that you think that the law is so in their favour.
....
Out of about 20 tenants in arrears constantly not one has really improved and the landlords when asked to approve the kick up the butt that these people deserve, go quiet and ask for other options.
... so is the issue the fact you took over bad & dodgy leases from a landlord who basically was slack?
If you'd bought the property empty - and then got all these tenants yourself - under your terms with your leases - do you think you'd be having the same issues?
I am hearing every day just like everybody else that the retail sector is suffering mightily as a result of weak sales, discount wars, decreased discretionary spending, massively increased household savings rates, increased online purchasing, etc, etc.
Is it just that retail just now is in the crapper, or is it something more structural?
well without seeing the details and knowing the local market of this investment I can't help all that much.
Given what you know now, would you say that bank guarantees are the best way to go.
Even though it's not as easy as it seemed, it still seems like it will turn out worthwhile.
I do not think "unconditional" means what Westpac think it means.Westpac has no less than 11 conditions that you need to satisfy before you can extract monies from their "unconditional Bank Guarantee".
Dazz,
it sounds to me as though your experience and knowledge is more than good enough to buy a business (or more) and have it managed.
Having been in the game for a while now, for a low headache version, we have pretty much agreed that purchasing strata offices in the CBD with big sitting corporate Tenants is the way to go on long Leases. They pay for everything, including the building manager who takes care of everything and there is nothing to do but two things. Send the 1 page invoice every month which takes 5 minutes to rattle off, and check the bank account every month to see the money is there. Not too taxing. No employees needed for that, and you can do it all in the Swiss Alps if necessary.
No I definitely wouldn't IV. Have you ever tried claiming on those so called "unconditional Bank Guarantees".....nightmare.....I tried with both Westpac and the CBA. Frickin' nightmare. Westpac has no less than 11 conditions that you need to satisfy before you can extract monies from their "unconditional Bank Guarantee".
We much prefer non-interest bearing cash deposits straight into our bank account. When the money is in your bank account already, normally I don't argue with myself....
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