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I bought one with 7 years remaining, already tenanted. Numbers stacked up and location was good.
So far so good
I bought one with 7 years remaining, already tenanted. Numbers stacked up and location was good.
So far so good
Was it hard to organise the legal paperwork?
Hey VaSSagO - if you don't mind, just curious how the negotiating process went? For new stock, it can be very difficult driving the price down, but will be keen on hearing whether there's more room to manoeuvre with older stock.
Looks like it will be much easier to rent than my non-NRAS properties.
Should also mention that the property manager has just put the rent up $21pw (so $46pw increase in total in less than a year we have had the property) we have just started advertising the property to find a new, tenant, as the current tenant is leaving in a couple of weeks.
The first viewing was today and had 11 interested parties take application forms.
Looks like it will be much easier to rent than my non-NRAS properties.
Is this your first NRAS properties?
I've found that well located NRAS just don't last. If its in Sydney, there'll be plenty of tenants to choose from.
Cheers,
Redom
Hi Redom. How would you define a good quality NRAS property? Is it one that stacks up to bank's valuation?
Has anyone even been paid the entitlement for 2014?
Government doesn't seem to want to pay up...
2. Vacancy risk. This is important otherwise I may not get my NRAS incentive! This needs to be considered within NRAS paramaters - E.g. if your purchasing a 1 bedroom in a 'family centric' area, then the vacancy risk may be higher as the income limits only 45k here. Whereas near CBDs, this type of stock is fine.
If the nras property is untenated for 90 days out of a calander year the property may loose it's incentive entitlement. It becomes a double wammy then were you've lost considerable rent and also about 10 grand. However because the places are available for a considerably discounted rent (20%) this is unlikely, providing you buy the right product for the area.
There wasn't room to negotiate on this deal but was well priced to start off with (cheapest 3x2x2 in the area).
Legal paperwork was easy. Just sign the agreement with the consortium and chose a property manager approved by the consortium (there was about 5 to chose from).