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Why not be proactive and get the tenants yourself, screen them and then hand them over to the PM the manage – that way there’s no letting fee which i find is very attractive to potential tenants and you get to pick who you belive is most suitable for your ppty. Have a checklist ready for criteria you want the tenants to meet and go through it methodically. I find all up it only takes about 2 hours of my time as I get them to come over at a fixed time like an open home which also creates competition. Has always worked for me and I haven’t had a bad tenant yet.
Debs
Hi, I would second the above opinion – always seek advice from your lawyer first before you consider doing anyting like this. I always prefer to do all my due diligence upfront first before putting in any offers and it has never put me wrong. This was the only time I would ever go cash unconditional and of course make sure you have funds to be able to do it !! Otherwise you’re in BIG TROUBLE – you’re legally obligated to follow through with the deal. If the deal looks good you can always put 2-5 days on it as this would still be attractive to the vendor but still buy you time to get your funds approved.
Debs
Hi Steve,
Ways of adding value in interesting ways to make the ppty more attractive and hence value up or increase rental to make better yield if it can’t be purchased up front would be good.
Thanks
Debs
Hi all, we’ve just done our first trade deal to get more funds to keep the positive CF deals going and it was all rather challenging but exciting at the same time !! We had our structures set up ready to go. It was a 4 year old B&T home in Manurewa, Auckland valued at approx $320K we bought for $250k from a desp. vendor who had already committed in Ozzie – I think we did him a real favour !!
Debs
Looking forward to doing more
Interesting reading all these posts. I haven’t done a LIM yet on any of my ppties as I like to go and see the ppty folders myself. In Auckland, Auck CC charge, Manukau CC and Papakura DC are free – I always get up early to be the first in line at the CC so I don’t have to wait so long for service. Also, the Building Inspectors and Town Planners are usually free at this time so I can get to them first to explain any issues found. Always go in with a list of Q’s so you don’t forget anything and go in armed with all your research on the ppty. Hope this helps.
