Vendor offering rental guarantee

Question about a Vendor offering a 2 years rental guarantee.

All other fundamentals of the deal stack up, however, I?ve never seen this before except on OTP properties. This property isn?t OTP, it was purchased (I assume via an option) by a developer/real-estate agent & is just about to undergo 12 weeks of cosmetic Reno?s (to common areas and some units in the block)

Is there a way to enforce the rental guarantee? If the Vendor essentially owns zero assets, It could potentially just wind up and leave everyone with no rental guarantee? How can I do a thorough DD on a vendor offering rental guarantee?

Vendor offering rental guarantee

First IP property

Hi all,

Would like some advice regarding our first IP. After months of research and lurking on this forum soaking in all the words of wisdom, we have decided to purchase in Brisbane. We are looking at properties that are low maintenance (so in reasonable condition), have reasonable yields and some prospect of capital growth. Any comments on the following properties would be appreciated:

1) Algester
http://ift.tt/1QNRfR5

2) Springwood
http://ift.tt/1QNRfR9

3) Calamvale
http://ift.tt/1mtlrXc

4) Parkinson
http://ift.tt/1mtlrXc

Thanks.

First IP property

Do I need solicitor/conveyencer for Section 32 for land?

We are looking at purchasing a block of land and I have received the Section 32 from the Real Estate Agent, is it best to get this checked over by a solicitor or conveyancer before submitting an offer and if so, does anyone have any recommendations for one in Melbourne (west side if that makes any difference) :)

Thanks in advance for any help!

Do I need solicitor/conveyencer for Section 32 for land?

Melb Prop Meeting Tues 16 Jun - Secrets to Spotting a Real Property Bargain

Hi to all Melbourne based property enthusiasts and investors,

I want to let you know that I run a monthly property meeting group at the Veneto Club in Bulleen (just off the Eastern Freeway). Everyone is welcome to attend.

The key objective for the group is for people to come along and learn about property and network with other like minded enthusiasts and investors in a safe environment.

This month's meeting will be held on Tuesday 16th June Jun 6.30 pm for a 7pm start at the Veneto Club in Bulleen.

Topics and Speakers for this Month

When looking to buy your own home or an investment property how do you know that you are not paying too much for the property?

How do you know what is the ?true? value of the property and is the property a bargain?

Once you find a property to purchase what is it that you need to know from getting a property inspection done?

This month experienced property investor and mentor Simon Buckingham from Results Mentoring will be taking us through the secrets of identifying a true ?bargain?.

Then the guys from Resicert Property Inspections, Dennis Grant and Loui Le, will tell you about the ins and outs of pre-purchase structural and pest property inspections.

I encourage you not to miss out on this incredible night of amazing information and networking.

Click here to go directly to the PropertyMeeting.com.au website and read the full description.

You can also register online for free to receive monthly meeting notifications and gain immediate access to a free 'Profitable Property Investing - 6 Part Video Series!'

NOTE: This is a 'no selling' event - just an opportunity to get great information and network with like-minded investors in an informal environment.

Make sure you come along to this evening of increadible property education!

The Veneto Club in Bulleen (just off the Eastern Freeway) offers plenty of parking. There is a $20 per head entry charge or $30 per couple, which also includes a complimentary property investing magazine!

You are always welcome to bring along friends or relatives who are interested in property investing, it is all about networking with like-minded people!


I look forward to seeing you there


Tony Lambrianos
Melbourne Property Meeting Leader

Melb Prop Meeting Tues 16 Jun - Secrets to Spotting a Real Property Bargain

Has anyone obtained stormwater access from neighbour?

I have a toe on a property in Brisbane that is subdivideable. However it is necessary to tap into the stormwater for the additional lot by entering the neighbour's property.

For those who have been successful with this, did you personally ask the neighbour or did you have someone else ask/contact the neighbour on your behalf? Did legal docs have to be drawn up with the neighbour signing off the permission for access prior to filing a DA at council?

Has anyone obtained stormwater access from neighbour?

Council *Shakes Head*

Just a quick little story for this Thursday.
I recently battled tooth and nail with my local council to get a second crossover approved on my planning permit. After pulling of a miracle I was successful. My PP has been amended and also approval for second crossover done.

Today my wife sends me a photo of council who have gone and planted a brand new tree right where the new crossover is going.

I honestly believe this will now cause me dramas when i go and tell them that I am ripping it up!

Council *Shakes Head*

Body Corp excessive fees relating to secure key deactivation

Hi guys - a follow on from the popular 'AirBnB - 48 hour notice kick out' thread.

A friend has just vacated a property. The property requires 1x swipe card and 1x secure key in order to enter. There were two tenants on the lease and they received 2x swipe cards but only 1x secure key.

My friend requested a second secure key only to be told she would have to contact the body corp themselves and pay for one. Not knowing any better she did and was charged $55 for this. In Queensland I understand the law is 2x sets must be provided if there are 2x tenants on the lease. The PM says in Victoria this is not the case. I've tried contacting the Tenants Union of Victoria but they were not clear.

Fast forward to today.

My friend has moved out of the property and found out she lost one of the swipe cards. She also found out the 1x swipe card that she did have was disabled the day she moved out (14 days earlier than it should have been - which made moving out quite difficult).

When handing back the keys she returned 1x swipe card (one less than originally given), the original 1x secure key and the additional extra secure key she paid $55 for.

The PM / Body Corp is now demanding $65 to replace the swipe card and an additional $195 'de-activation fee' for the lost card ($270 total cost for a 'lost swipe card'). She also refuses to credit the $55 for the extra key.

The PM has also threatened to take her to VCAT over this if she doesn't sign by COB Friday (i.e. 3 days notice, which is strange considering the move out date was 39 days ago and only after us prompted has finally processed the bond claim form...)

I believe this $195 is excessive and unreasonable given the lost card has already been de-activated (it would have been done together with the original one). I have also seen some legal case information on the internet (still searching for link) where the outcome was that these Body Corp lost key charges were profiteering from tenants and banned. Key replacement costs need to reflect the actual cost. I have also noted the Body Corp 'contract' does mention $65 for a new key but nothing about the $195 de-activation fee.

FYI most searching I've done on the net shows many universities and such charging $25-50 for replacement keys (which seems about right, considering hotels will give them to you for free).

Questions

1. In Victoria, if two people are listed on a lease, should she have received 2 sets of swipe cards and keys?
2. Should she insist on a credit for the $55 key the tenant paid for and gave to the PM?
3. Should she refuse to pay the $195 'de-activation' as the card was already de-activated and does not require de-activation AND the charge is excessive profiteering with precedence of being overturned in court?

Happy to go to VCAT on this one but would like to do my homework first.

Body Corp excessive fees relating to secure key deactivation