Forum Replies Created
In ABS I was able to find Building approvals data from December 2002 to Nov 2003 , this gives you a break down of each state. The data is for new buildings so it gives an indication of how many new buildings & the money spent for each state.
Does anyone know what other information is available in ABS eg: do it contain housing prices for suburb’s ???Originally posted by Monopoly:Domo,
Take a look at http://www.reports.rpdata.com.au and select the state, then suburb of your choice. It’s not a comprehensive graph, but it does have some valuable info.
Cheers, [biggrin]
Jo
Jo
Thanks again I will have a look at it to see if I can decipher it !!!!![upsidedown]
[specool]I was able to graph some ABS data , it is housing purchases for each state , if anyone is interested I could email you the graph . ( I am not sure how much help it would be )
Does anyone know where to look in ABS fro more specific data ?
If you could get data for a specified suburb it could come in very handy.
Does anyone know if can get purchase prices from ABS ????Originally posted by luckyone:I have read that it can actually be quite good to rent to people who have pets as it is hard for them to find places and will actually stay longer and take care of the place better as they don’t want to have to go through all of the hard work of finding a place that will accept pets again. Personally, if I had a suitable IP i’d have no problem renting it to people who had pets, but I’d probably charge them a bit extra for the potential damage their pets could cause.
Thanks,
LuckyoneLuckyone
There are always different ways to look at the same situation & it’s great to get the different points of view as it helps you to start thinking outside your square !!!![hmm][hmm]Originally posted by elika7264:Hi Domo,
agree with you totally that you need to match tenants with the property.[biggrin]
But the balance of your argument has some holes. Just because someone has children or pets doesn’t automatically mean increased damage. It really comes down to being especially careful when selecting tenants for your property. The other thing is regular inspections to catch any potential problems before they escalate. Also I don’t believe you are allowed to discriminate on the basis of children. Could be a legal issue (one to be aware of). Finally, make sure your insurance policy covers all possible areas of damage.
Regards,[cap]
HelenHelen
You are correct pets or children do not necessarily equate to damage ….
One of the reasons I asked this question was because of the insurance policies , they do not cover damage due to children or pets being uncontrolled.
A friend’s IP was taken over by rabbits once the tenants did a runner & it was a mess , insurance did not cover the damage.
I am trying to understand what I am getting myself into !!!!!Originally posted by Monopoly:Domo,
You can discriminate against pets, but don’t even try to make it look like you are discriminating against children otherwise you could be have legal battles on your hands!!!
Pets is one thing, but children an entirely different ball game. NEVER EVER EVER advertise NO KIDS; even if potential tenants don’t have them; they won’t come near you!!! What if a couple read it, and then the guy thought “what if my wife gets pregnant?; no I’ll give it a miss!!!”
Don’t go there!!!!
Jo
P.S. If you are adamant about “no kids” just screen applicants without letting on. That is, if they turn up with kids, or you find out they have them, then note it in the back of your mind; but for heaven’s sake don’t publicise it!!!
Jo
I love children I would have a big problem refusing to let my place to someone with children.
The people that advised me about no children do not have any IP’s , so once again it has been proven to be a bad choice to listen to someone who does not have experience in this area.Once again thanks Jo you have been a great help..
..[thumbsupanim][thumbsupanim]I am now looking at Exclusive Leasing and Managing Authority paperwork.
I have been told by the PM that this is a standard from prepared by REIV. I have started reading the document & it seems that the important section is titled Level of Service from what I can make out this is where conditions are added such as
condition reports ,tribunal appearances ads ect..Is there any other part of this document that needs detailed attention ????
My mission tonight is to read the document but that doesn’t mean I will understand it all !!![confused2]Monopoly
You have helped heaps.You have started me thinking [tired] !!!!!!!!
My next step will be to list what I think are the features of the property so that I can point them out to the PM & so that I get into the mind-set of looking at properties from a functional point of view…. [thumbsupanim][thumbsupanim]
I have received lots of help from this forum , I hope I am also helping some people by asking these obvious questions & getting some great responses…
Originally posted by thecrest:Hi Domo
You would get close to the mark if you did all your homework as per the other posts, then spend a Saturday looking at 5 rental properties which most closely resemble yours.
If you can’t find 5, then you are in luck, because the tenants won’t find them either.
Then choose rent level in conjunction with your chosen PM, set a rent review for 6 months hence, and get it on the market asap, so it can start working for you.
good luck
cheers
thecrestthecrest
You have made a great point , if there are not allot of properties that look the same or have similar features this may be an advantage as the property may stand out & make it easier to rent.
[specool]Originally posted by Grreg:Hi Domo!
Ring up a few PM in your town and tell them you are thinking of moving out there soon due work oppurtunities and tell you need a 4 bedroom house with garage etc (Whatever your house has) and then ask them what they think that you will have to pay in rent for a house like that…
Do the same thing for all the agents and you should have a fairly unbiased idea of what rent you can expect…
I have found that when RE agencies provide rent valuations for lenders they more often than not under quote – as they do not want to put anything in writing that they can not easily achieve and justify should something hit the fan later on.
Grreg
It sounds like a good way to get a rent estimate.
You could then get a few PM’s in to look at the place & at that point discuss any extras that may justify raising the rent from the initial estimate.Thanks
Things are starting to become a little clearer !!!![specool]Originally posted by Monopoly:Hey Domo,
I understand what you mean (well, sort of). That is, okay I understand you are trying to get a fair comparison between yours and other 2 bedder units with a LUG, and I would assume others do exist as you have mentioned. But what do you mean “that looks similar”??? I mean, is yours an architecturally designed facade, or what EXACTLY is it that makes it unique, other than it is yours???
A house is a house, and a unit a unit (basically) sure there are differences, some rendered, some older styles (say 60’s or 70’s) or tuscan or contemporary etc etc.
All in all, most tenants don’t care what the outside looks like, it’s what the place has to offer. For instance, in your unit’s case, the garage, 2 bedrooms, fully furnished??? or maybe polished floor boards??? or euro stainless steel kitchen appliances??? You have not really said WHAT it is that distinguishes it from the others; in short, why would I as a potential tenant be more impressed with yours over the one down the street, which is also a 2 bedder with a LUG????
To say, it simply doesn’t compare because nothing else LOOKS LIKE IT doesn’t make practical sense to me at all!!! [blink]
Jo
Monopoly
You have made a great point people live inside & the features inside will be the selling pint !!!!
[thumbsupanim]So would it be more realistic to find a place with the same features eg 2 bedroom , lockup garage, find out what it’s renting for then if my place has extras eg polished floor boards …
adjust the rent if possible.When you are on a mission it is easy to have tunnel vision & it’s a great help to have someone point out a few obvious things , thanks for the help Monopoly [thumbsupanim] [thumbsupanim]
Monopoly
When I say I can’t find a property that compares , I mean one that looks similar.
When I looked up rentals on the internet , I searched on 2 bedroom unit with garage , there was a difference of $60 per week between the lowest & highest . So I thought I would try to find one that looks the same , I couldn’t so I had nothing to compare with which took me back to square 1 an estimate.I am starting to see that the market makes the decision & once the price is within the market rate there will be takers.
Peter
By following your approach you can work out an estimate of what the rent should be , there is quite a bit of work involved to keep the data up to date.
Wouldn’t it be easier to take the advice of the PM , which is an estimate & if there is no takers drop the rent ???If you are not planning to be a PM is it worth trying to understand what they do ??
Or is it better concentrating your efforts on finding a good PM.
Once a good PM is in place your energy can be spent on looking for another property which involves allot of research. [computer]Yorker
I agree that the amount of rent depends on the location ect…What I am wanting to do is to determined if I am getting the current market rate in a suburb.
There are allot of successful people out there who are or have been in this situation & I imagine different people have a different approach.
The great thing about forums like this is the share of information , sometimes you can’t see the forest for the trees & all that is needed is someone to point you in a direction.
I have thought of approaching Agents & looking through properties they have for rent but I still may not come across one that is comparable.
I have also though that I could monitor the advertised rent in a number of property in an area , work out the average & assume that plus or minus $10 is ok.
But I am assuming , does anyone have any other approach ??
crest133
Thanks for the advice.
It’s time to read contracts [baaa]
In the contract I will go for Black or White !!!!
so that everything is clear…..Thanks to all for the information.
I started reading Insurance Product Disclosure Statements [baaa] ( How exciting )!!!!!I have decided to go with Terri Scheer as I found the information to be set out in a clear logical way plus it had a few extra’s which some others didn’t have.
It is always a risk in doing something you haven’t done before & by being able to understand things reduces the risk slightly. As more experience is gained hopefully any risk is reduced further.So the journey continues & thanks to all in this forum I am now one step closer to my first investment property. [biggrin] [biggrin]
thecrest
Thanks for responding to my cry for help.[biggrin]
I always appreciate great advice , a push in the wright direction can make a huge difference.I assume that the conditions that you have listed should be part of the contract , but how detailed should the description be
eg : is ( periodic inspections ( $ nil ) ) ok or should it be something like
( periodic inspections minimum 3 per year
( $ nil ) ??????.Do you think being very specific will put a strain on the relationship with the PM , the PM may think who the hell does this guy think he is a property investor he only has one property !!!!!
I will decide on the PM this weekend , I have a good feeling about one of them , so I will ask for the contract so that I can read it over.
I will write up a list of the changes to the contract & see how I go.I have spoken to a few people & they have advised me to look for a PM that changes 9% as they will do a good job because they charge more , what is your view on this ?
I am starting to look at Landlord insurance & am currently reading Product Disclosure statements.
RentCover Plus Ultra
Covers malicious acts ( but not by you or by tenants or their visitors )
The above line is from the document which I downloaded yesterday.If the above is correct then what is the use of malicious acts cover. I have seen one house trashed by tenants , is that considered malicious ???[confused2][confused2]
I will be reading some other Product Disclosure statements as I need to select an insurer.
If anyone has any info that can help make a decision please let me know !!!!!Scott I would like to have a depreciation schedule prepared , will I call your office & ask for you ?????
Thecrest thanks for the tips , I need to give the aggrement some thought next.
The more research you do the more questions need to be answered.
Price !!!
All PM’s that I have communicated with have told me that the fee is negotiable.
The Management fee plus a letting fee.
Can someone please point me in the Wright direction ????
When negotiating the fee should I try to get the letting fee down or the management fee ??
What is a good way to start the negotiation ???[confused2]I have narrowed my PM search to 2 so I am getting closer to making my decision.
There is always risk involved but as long as we keep on moving forward things will happen.[cigar]
