Divisions between “newbie” and “old timers” is a bit childish really. There are certain regular posters who seem to think that length of time as a member results in entitlement or exclusivity.
Let’s focus on the important stuff – investing. Ask questions, answer questions.
I do still maintain that you cannot take advice as 100% correct, you must have it backed up by the appropriate professionals. There is nothing machiavellian in this statement – I’ll help to the best of my ability and knowledge but I may not always be correct.
Hi Naughty – I have considered it but the people seem to run a business and don’t seem keen to move.
The house next door to me sold recently and I ummed and aahhed and let it go. There is a property on the left that would probably be ideal – bulldoze and get access that way.
Agree that the nthn qld IP’s look the best, but the mgmt fees are around 16% of rent which is steep but it does cover most maintainence and repairs, so a bit of insurance really
We collect rent via bank account. We set up an account specifically for the rent and the tenants get a deposit book. We can check online anytine whether it is paid or not.
I don’t see any problems with terminating the PM – just keep your tenant informed.
I work fairly long hours and have 6 IP’s on the go and don’t find it a drain on my time at all. They contact me if they have an issue – issue gets fixed by tradesman. A few phone calls a few minutes, pay the bill.
Even searching for new tenants isn’t too bad get them all there within a certain time window and ask them to fill in an application if necessary – a few reference checks and sign the lease.
I have never actually used a PM – we manage ours ourselves which has never thrown up any problems. From being on the other side of the fence (we don’t own a PPOR) as a renter I don’t think they are worth anything.
In 4 yrs we have had not a single inspection, so it’s hard to see how they are protecting the investor. I can check the bank balance as well as they can for rental payments, I can call a tradesman for repairs etc etc etc.
I may be biased against them but I think the only advantage thye may offer is in finding tenants.
Mel – my understanding is that the 6 year rule no longer applies. CGT is pro rata based upon yrs as PPOR vs years as IP. So live in it for 1 year rent for 5 and you pay 5/6ths of the applicable CGT rate. Live for 3 rent for 3 and it is 3/6ths of applicable rate.