Thoughts on Brisbane $480k - $500k

Hi All,
I am in my unconditional period for property purchase and the settlement is due on 20 October 2014.
The current owner is not allowing access to the property for rental inspections, hence the property manager is not able to advertise the property or show it to potential tenants.
Spoken to the conveyancer and the current got back saying she is not comfortable with inspections. The property remains vacant from 9th October to 20 October (as the tenant vacates on 9 Oct) and can only be available for inspections after the settlement happens on 20th Oct.
Having said that, I will lose rental income until I find a tenant then.
The buyer's agent and property mgr cant help much.
Can you please advise and share your thoughts on this?

Many thanks :)

Does the current tenant not want to stay on or do you not want to continue the lease? Are you keeping the current PM for the property or are you changing?

I liked buying properties that are already rented there is no guessing what the rent will be, most times there is no down time (loss of rent) and the PM will let you know about anything existing problems with the property (especially if the pm is with a different company).
 
The tenant lease expired on 9/10 and the tenant has opted to vacate - keeping the same PM.
but the current owner wud not allow access to rental inspections in the property until settlement is done on 20th Oct.. how mean is that?
 
The tenant lease expired on 9/10 and the tenant has opted to vacate - keeping the same PM.
but the current owner wud not allow access to rental inspections in the property until settlement is done on 20th Oct.. how mean is that?
The current pm should still be able to advertise the property "available after the 20th" but you right you should of had it written in the contract. My solicitor is is all over it every time.
 
I can always claim that in the tax- cant I (loss of rent and property staying vacant)?

At EOFY your tax return will be: total rental income less all deductions and depreciation = overall loss or profit. Get a depreciation report organized if you haven't already. Also, make sure you have insurance on the property once contacts are signed (if you haven't already). Cheers, nat
 
Hi Frisky, apologies for the late reply, work has been pretty hectic lately.

We ended up buying a new townhouse (just completed) in Upper Mount Gravatt. It's 3 bedrooms, 2.5 bathrooms, ducted air, balcony access from two bedrooms and single garage. It is in a small block of 4 town houses and the strata fees are quite reasonable at about $500 per quarter.

It is in quiet street, very close to Holland Park West and about 9 km from the CBD. For us, being our first investment property and living in Sydney we wanted a fairly low maintenance property and having something new means there will be less headaches maintenance wise for the initial few years and allows us to claim back the depreciation.

It has easy access to the local shopping centres, bus services to the city around the corner, Griffith University etc.

It took a little while to find a tenant, but ended up getting $495 a week. We initially started at $520 which was what it was appraised for rental, but at the time in the middle of the year there wasn't much interest. We'll reassess it after 6 months and look at slowly increasing it.

I have to thank Rixster from the forums on here as he helped out greatly with a lot of advice during the process and RPI for helping out with the legal side of things.

Cross our fingers for some good capital growth in Brisbane over the next few years.

We're now on the look out for our next investment property, and deciding between another in Brisbane or something in Sydney.
Congrats phantom_x for your latest purchase,sounds good. I hope to be in same situation in coming months ;)
 
hi phantom X,

Just wanted to ask few questions.

a. Where did you end up buying, is it north or south of Brisbane? House or Townhouser?
b. Purchase price and time?

I'm keen to know as I'm planning to buy within my budget bet 350-400K mark.


regards,
 
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