investment property, page-2

Can u subdivide the land?

Houses dating early 1900's sometimes become "historical area" zoning.

Finding a tenant.

There are a few ways and paying a property manager is one way whereby they will advertise, find you a tenant, etc etc and they charge around 10% of the rental income per month.

You can do it yourself however make sure there is a bond paid and lodged with the local bond board.

There is a website that I have used a couple of times to find tenants if you think you can go it alone.

rent dot com dot au.

Other than that an advert in your local paper should do the trick.

There are many sites that you can download residentail tenancy agreements just google it.

U say it will be a investment property.

Im guessing that noone lives there at the moment.

How about you tell the seller that u will pay the $292,ooo with 60 day settlement however u will require full access to the property for the duration of the settlement period to carry out minor works....ie painting, cleanup, etc.

The good thing about that is you will add some value before u settle and depending on the time you have it valued by a vauer, u could then pass on the details to the valuer as to what work you have done since exchanging contracts, meaning he/she may add some extra to the valuation hence you wont have to tip in so much to the lender.



And put it all in writing to the owners, not a phone call, and explain your reasoning that for example if you paint (after) settlement it will restrict you as you will have to wait perhaps a month before you can rent it out.

And for the benefit of getting in and doing the works now you will give them their asking price, which also covers the 60 days settlement time.

Hope this helps

cheers