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Weekly Update: 16/03

March 16, 2018

Hi Fiona, 

 

Congratulations again on the purchase of 21/16 Batman St, Braddon!

 

As per my emails, the top line next steps are: 

  • Tyran (sales agent) will issue the sales instructions - this has been completed today

  • COS review and advice (solicitor) - expected to be completed by Monday, I'll chase 

  • Strata review and advice (solicitor) - expected to be completed by end of next week, I'll chase 

  • Independent building/pest review and advice, if required post-strata review (solicitor), I'll chase  

  • Bank valuation (Peter), this has been ordered, physical inspection will be next week 

  • Fiona to arrange 10% deposit and call solicitor for bank details 

  • Exchange of contracts (solicitor)

  • Landlord insurance, we recommend Terri Scheer. Let me know if you would like me to arrange a quote for your review?

  • Pre-settlement check (Michael) 

  • Settlement (solicitor)

 

LJ Hooker Manuka are the current property managers. I have asked them to supply a full break down of their property management services and fees for your review (I'm expecting this Monday). They charge a 9% management fee, standard in the ACT is 8%. I know the lease isn't up until September, however, I asked that when they let the tenant know the apartment is under offer that they also get an understanding of their intentions post-September. The agent came back to me today and said they love living in the property and don't have any reasons why they wouldn't want to sign another lease (obviously this doesn't mean anything until a new lease is signed, good to know nonetheless). As per our rental appraisal, this property can be achieving $425p/w ($25p/w more), closer to the time we suggest increasing the rent and negotiating a better property management fee. 

 

We have also update your cash flow to actuals, it's on the property page and can also be viewed here. A reminder to now talk with your tax accountant about the savings that should sit in your redraw account. 

 

I'll ensure everything is moving through and keep you across it all. 

 

Please let me know if you have any questions? 

 

Thanks, Michael   

 

 

 

 

 

 

 

 

 

 

 

 

 

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