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What's on The Menu -2023


iBooz2

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18 hours ago, Red devil 44 said:

Thinking of buying a Unit there actually @beach_life

@Red devil 44 I would be very careful buying into a unit Red Devil, particularly if its a holiday let unit and suggest you do your due diligence on top of your due diligence, very carefully.  They look good on the surface with the buy price and predicted weekly let but If you dig deep into the units past incomes and costs, say the last 2 -3 years you will see they generally just a money pit.  There is lots of hidden costs involved that the selling agent's do not tell you about initially, body corporate fees, sinking fund costs, management fees, marketing fees, cleaning fees and repairs and maintenance.  And if you want to use it for your own holidays there are tax implications to deal with too.

About a dozen or more years ago I wanted to buy a holiday let unit.  Looked all up the QLD coast from Noosa to Port Douglas and inspected dozens and applied for copies of their books.  Not one stacked up, all were huge loss making concerns.  Some of the ones we liked and nearly bought in Cairns looked good on the sales web sites but I subsequently found out many of the owners that were trying to sell were in deep sheet re escalating debt because they could not pay the body corp fees (for example), they were years in arrears.  They just were not getting the predicted let income and the outgoings were dragging them under quicker than the Titanic. 

When I crunched the numbers the only people making any money out of it (your asset) were the managers of the units, cleaners etc.

I ended up buying a 4 bedroom 2 bathroom house at Kewarra Beach FNQ at a bargain basement price during the GFC when everyone though the world was going to end.  With a house you side step all those horrendous costs you get hammered with on a holiday let unit.  With a house let you are in control of who is milking your income and a house is just so much better IMO, so take a very careful look at all the figures Red Devil before committing.

 

Edited by iBooz2
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2 hours ago, iBooz2 said:

@Red devil 44 I would be very careful buying into a unit Red Devil, particularly if its a holiday let unit and suggest you do your due diligence on top of your due diligence, very carefully.  They look good on the surface with the buy price and predicted weekly let but If you dig deep into the units past incomes and costs, say the last 2 -3 years you will see they generally just a money pit.  There is lots of hidden costs involved that the selling agent's do not tell you about initially, body corporate fees, sinking fund costs, management fees, marketing fees, cleaning fees and repairs and maintenance.  And if you want to use it for your own holidays there are tax implications to deal with too.

About a dozen or more years ago I wanted to buy a holiday let unit.  Looked all up the QLD coast from Noosa to Port Douglas and inspected dozens and applied for copies of their books.  Not one stacked up, all were huge loss making concerns.  Some of the ones we liked and nearly bought in Cairns looked good on the sales web sites but I subsequently found out many of the owners that were trying to sell were in deep sheet re escalating debt because they could not pay the body corp fees (for example), they were years in arrears.  They just were not getting the predicted let income and the outgoings were dragging them under quicker than the Titanic. 

When I crunched the numbers the only people making any money out of it (your asset) were the managers of the units, cleaners etc.

I ended up buying a 4 bedroom 2 bathroom house at Kewarra Beach FNQ at a bargain basement price during the GFC when everyone though the world was going to end.  With a house you side step all those horrendous costs you get hammered with on a holiday let unit.  With a house let you are in control of who is milking your income and a house is just so much better IMO, so take a very careful look at all the figures Red Devil before committing.

 

@iBooz2, will take all of that on board mate, cheers for the advice, I will tread carefully, much appreciated. 

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24 minutes ago, Cheap Charlie said:

Back to basics with a 450g rib fillet and potatoes fried in dripping

Gravy, Butter & Dripping - you better have salad for the rest of the week Squinta!

I didn't know dripping was still used these days; I haven't heard or seen of it since my grandmother was alive.

Edited by Classic Brewing Co
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10 minutes ago, iBooz2 said:

Ya had better get some, could be a cure for dementia ha ha🤣🤣

Really, I never liked it when I used to get a roast plonked in front of me at Grandma's house. Even at home as a kid my mother never forced it on us either, I am damn sure I wouldn't eat it know either Alex, or was it Andrew - can't remember 🤣

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