Hi Everyone,
Just wondering if I could get some thoughts/feedback on an option that has come up for my partner and myself. My wife owns a single unit in an old 2 storey unit block (4 units total) in Southport just near the Gold Coast Hospital. There has been issues for over 12 months now with the lady who owns the other 3 units not having paid her Bodycorp/Levies in over 3 years and currently owing around $25,000 in levies. The units are all 2 bedroom / 1 bathroom with a balcony and off street parking space. Standard 1970s southport walkup unit block.
After increasing legal pressure to pay up these levies she has now decided to auction off the 3 units and subsequently pay off all overdue levies/fees/rates. Given the future Broadwater and light rail developments approved in Southport, I was thinking this could be a golden opportunity to buy up this whole complex and control the bodycorp and potential resale of the block to a developer down the track.
Any thoughts / experiences in this type of scenario would be greatly appreciated!
Just wondering if I could get some thoughts/feedback on an option that has come up for my partner and myself. My wife owns a single unit in an old 2 storey unit block (4 units total) in Southport just near the Gold Coast Hospital. There has been issues for over 12 months now with the lady who owns the other 3 units not having paid her Bodycorp/Levies in over 3 years and currently owing around $25,000 in levies. The units are all 2 bedroom / 1 bathroom with a balcony and off street parking space. Standard 1970s southport walkup unit block.
After increasing legal pressure to pay up these levies she has now decided to auction off the 3 units and subsequently pay off all overdue levies/fees/rates. Given the future Broadwater and light rail developments approved in Southport, I was thinking this could be a golden opportunity to buy up this whole complex and control the bodycorp and potential resale of the block to a developer down the track.
Any thoughts / experiences in this type of scenario would be greatly appreciated!