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Body corporate arrears

Discussion in 'The Buying & Selling Process' started by ms sweet, 1st Jul, 2016.

  1. ms sweet

    ms sweet Member

    10th Feb, 2016
    Central Tablelands NSW
    Residential building, small low cost lots. I need somewhere to move to short term, will renovate and rent out once better settled in the area. The yield is yummy.

    DD is showing what is regarded as substantial arrears. 6k arrears of 19k sinking fund. Building is old but low maintenance. It is well placed and would benefit from some upgrades. There are 4 other members but if more than one is in arrears it's clearly an even bigger problem. Has anyone else had the fortitude and tenacity to take this type of property on? I love the slum houses but this could be a step too far for me. It won't be a short term hold but will tie up capital.

    ETA fees are stupidly low so I'm unclear as to how arrears got go be so high. Clearly poorly managed but I'm thinking I can step that up.

    Any thoughts for me?
  2. Marg4000

    Marg4000 Well-Known Member

    18th Jun, 2015
    Body corporate has to bite the bullet and bring in the debt collectors.