I need some consoling / advice/ ideas/ reccomendations for help financing leaky building, Auckland city fringe apartment block, currently rented.
Leaky case under way (has been for the last 3 years !) but probably at least another year way before mediation likely.
Body Corp has decided to proceed with repairs & levied $3.2 mil over 3 years for the whole complex- first installment due Nov 09.
My share $100k in Nov !!!
Banks not interested in supplying any funds for leaky buildings.
Body Corp dominated by some "Well to do" owners who have money in bank and can't understand that it is impossible rasing funds right now.
Body corp determined to bankrupt owners that don't pay- for whatever reason.
Hardline Body Corp Secretary claims its for the "Common Good"
Some other owners seem to have similar issues obtaining finance
Building won't be worth what I paid plus leaky repair costs, for many years to come, so will end up with a building that costs way more than its worth, probably even after maybe an 80% payout on the leaky case.
Will have no tenants to pay mortgage during the repairs so risk mortgagee sale at that point if it hasn't already been forced by Body Corp
Currently negatively geared, which will of course get worse
Ownership is LAQC
any ideas ?
Leaky case under way (has been for the last 3 years !) but probably at least another year way before mediation likely.
Body Corp has decided to proceed with repairs & levied $3.2 mil over 3 years for the whole complex- first installment due Nov 09.
My share $100k in Nov !!!
Banks not interested in supplying any funds for leaky buildings.
Body Corp dominated by some "Well to do" owners who have money in bank and can't understand that it is impossible rasing funds right now.
Body corp determined to bankrupt owners that don't pay- for whatever reason.
Hardline Body Corp Secretary claims its for the "Common Good"
Some other owners seem to have similar issues obtaining finance
Building won't be worth what I paid plus leaky repair costs, for many years to come, so will end up with a building that costs way more than its worth, probably even after maybe an 80% payout on the leaky case.
Will have no tenants to pay mortgage during the repairs so risk mortgagee sale at that point if it hasn't already been forced by Body Corp
Currently negatively geared, which will of course get worse
Ownership is LAQC
any ideas ?
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