Forum Replies Created
Oh my. What planet am I on? This just gets more weird.
They will call regardless if to a fixed or mobile phone.
Anne.
I have been able to borrow against the on paper capital growth of my less than 50sqm unit to buy another investment property.
Anne.
Having had a “learning experience” recently with a tenant from hell I would agree with Oshen. If they don’t have verifiable a reference(s) from a landlord don’t rent to them.
Anne.
My first property purchase was two free standing units(?) (bungalows?), strata titled but sold as one. One of the units is about the same size as the one you are offering for. Yield for this unit when bought was about 13%. On paper capital gain has also been great. I’m not sure if will sell for what I’ve been told it will (and have no intention of finding out at this stage). May be if sell both together?
Anne.
Although I was initially extremely anxious about my one and only tenant from hell and the money they owed me I ended up thoroughly enjoying my process through the tribunal system. Learnt heaps and got some great advise from the registrar.
I agree you have to be very vigilant about following procedures and meeting time frames. Find out exactly what they want and give it to them.
I ended up with a judgement against the tenant but no expectation that I’ll ever get the money. I am going to take the next step so I know how that works. I am keeping my ex-tenant, who I strongly suspect is also indulging in identity fraud, on her dishonest toes .
I’m sure my enjoyment levels will go down if I get more of these tenants. So more effort in getting the right tenants in the first place even if it means continually checking with PM and “encouraging” them to get it right.
My tenant from hell has moved to Victoria, Bendigo area. I’m not sure what the legal issues are about the naming of such people in public forums so if you want more you had better email me. “She” rented my property under her real name.
Mark, I also love your idea. I hope I have the guts to pull it off one day.
Anne.
I have recently got the floors sanded (still relatively low cost even though I didn’t do it myself) in one of my “shed-out-the-back” type houses. It was tenantless for two months before the sanding and with nasty carpet and rented out within three days after the sanding. I agree it makes a large and positive difference
Anne.
The agent you’re with must be investigating prospective tenants which is what you want i.e. no tenant rather than bad tenant. I’m with lifeX and Oxygen Funding. It also doesn’t hurt to try other agents although you want to make sure that they are also selective about tenants they’ll let to.
Hi lemzip,
Things don’t always work out as planned. Apparently if you have a good reason for not moving in (eg new job, family issues, moved somewhere else) and you write and let them know they don’t reclaim the grant. At least this was the case two and a half years ago. Ring and ask them and they’ll let you know.
Anne.
SeeChange,
Sometimes I am just so naive. Ahh well, another lesson re discernment and restraint.
Anne
Sledge,
I must say what an interesting response. How powerful did you make SeeChange?
Anne.
Broken Hill is barely a mining town these days but tourism is becoming more significant believe it or not. I agree with Dematiio re not buying there unless a PM is willing to manage what you buy. PM fees are high and PMs really do not want to have to work to get their money. It is not a place you would buy for capital gain. If you bought and sold at the right time during the (a) boom, maybe by accident. Many properties for sale are old and requiring ongoing maintenance. The ratio of owner occupied to rentals has also gone down so competition for available tenants will have gone up. Because of costs and risks I would expect much higher yields than elswhere in a place like this.
Anne.
Hi Marisa,
I’d stick with the legal process. Your tenant is still in breach of his agreement if he is three weeks in arrears (in NSW, Vic and Qld). You may not get all your money but will lose less in the long run the sooner he is out. If you keep him on, the worry and uncertainty will be ongoing in addition to greater potential financial loss. If you allow his mother to move in under these conditions then you have set a standard that is lower than you want.
Have just been through a similar experience and the one thing I would do differently is start the legal process sooner than I did. My tenants had no intention of doing anything different. From the moment they decided to stop paying rent I was going to lose money but I could hve reduced the amount I lost by a few weeks rent if I had acted immediately on the legal procedure. I could have listened sympathetically and handed them their notice to vacate at the same time. This was a property I ended up having to manage myself temporarily because of inappropriate acivities by PM (including letting to these people in the first place) in a town where PMs worth their 10% fees were like hens teeth. (There’s now a new gun in town, former local who’s prepared to work hard to build his business so no more self managing!).
I’m biased because of above, but move him on, move him on.
As a back up, the water meter solution or something like it sounds like a great option.
I must admit the lessons have been invaluable. In my experience tenants like this are rare but knowing how to deal with them is a great skill to have.
Good luck.
Anne.
Jeff,
Has it been named yet?
Anne.
But then maybe MacDnalds or the shopping centre or someone else may have a great commercial idea for your property and be willing to apy for it?
Anne
Leo,
Interesting that you’re in a position to speak for a world of people who don’t post on this site and for another of non-wrappers. Very enterprisng of you.
Anne.
Hi aminal,
You can also do title (owner) searches on http://www.confirm.com.au for a fee. Requirements vary for different states.
Good luck,
Anne.
Nowhere in particular, everywhere. Housesitter – so all over the place. Have just moved from Inverloch (coastal Gippsland, Vic) to Carlisle River (Otways, Vic) on the road to nowhere. Am loving this.
Anne.
The one story I have re investing in the Phillipines is at least 10 years old. A friend bought commercial property and created a business in partnership with a local (which was the only way it could be done then). My friend provided all the finance. The business ran quite successfully for a number of years. My friend and his business partner and respective families appeared to establish quite a close relationship. The business partner in the meantime manipulated the systems so that he ended up the owner of everything. My friend couldn’t find a way through the culture, bureaucracy and corruption that would have made it worth his while to pursue legally so lost said business and property.
My friend left the running of the business to the partner and got slack re keeping up to date with how it was really going. If he had stayed more in touch with the business this may not have happened.
Anne.
Shades of JackHu?
