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Viewing 9 posts - 1 through 9 (of 9 total)
  • Profile photo of Forest Lake PMForest Lake PM
    Member
    @forest-lake-pm
    Join Date: 2009
    Post Count: 11
    December 9, 2009 - 9:47 am

    Hi Zebrax,

    I live and work in Forest Lake. Honestly depending on where the termite damage is I would possibly walk away. I have purchased my own home in Forest Lake. My house did have previous termite damage HOWEVER it was outside in a small plank of wood in the very small retaining wall. So I continued to buy it.

    Having said that, I have seen properties fall apart due to termite damage (I work in rentals for a real estate).

    If you were to continue with the purchase, I would be obtaining a quote to put ina  new barrier adn confirm it does have a guarentee on it. Quote on repairing the termite damage and then turn around and ask the sellers to etiher do the above / drop the asking price by the amount or walk away.

    Termites in Forest Lake don't go away. It was the construction guys here, when building Forest Lake they just demolished all the massiv termite mounds out here and then started building, so there are termites everywhere.

    Sorry to be bearer of bad news though. Hopefully you will find another place, but Forest Lake is a great place to live! There is also a 3 bedroom, 2 bathroom place next to me for sale for waaaay less than what you paid, I know it has a pool too! You are looking at UNDER $360k for next door! :)

    Profile photo of Forest Lake PMForest Lake PM
    Member
    @forest-lake-pm
    Join Date: 2009
    Post Count: 11
    November 15, 2009 - 7:57 am

    Hi Orica,

    There may be more spending with a townhouse as you will have Body Corporate fees, so find out what they are (quarterly) and make sure they are in on the budget you have set up. A townhouse/unit has rates, maintenance and Body Corporate Levies whilst a house only has Rates and Maintenance (virtually). So just make sure that you take that into consideration and there's really no difference in between the both.

    Maybe ask arounda  few local agents to find out what goes quicker… In my area, there are less townhouses on the rental list as people love them up here (low maintenance gardens etc). So have a look around, ask around, how long is the standard sort of house you are looking at buying staying on the rental list for? Compare this to units… What has the lower vacancy period? The less the vacancy period, obviously the better :)

    Profile photo of Forest Lake PMForest Lake PM
    Member
    @forest-lake-pm
    Join Date: 2009
    Post Count: 11
    November 15, 2009 - 7:52 am

    Hi again Helena :)

    Stay away from NRMA and AAMI – both I have had bad experinces with for my owners trying to claim on them. Suncorp was good. Terri Scheer is one of the best, but I am pretty sure that you need an agent to get into them… CGU I think also does it.

    And yes, even if you do have an agent GET LANDLORD INSURANCE!!! Make sure it covers you for….
     – Contents insurance (curtains, carpets fixtures and fittings)
     – Public Liability
     – Malicious Damage
     – Accidental Damage
     – Arrears

    Read the fine print too, there are some out there that will cover you for lots, but you have to hand over the WHOLE bond when claiming (much more than any normal excess). Also double check the bonds and I have had one company not want to cover the owner as the rent went up 2 weeks ago and the tenant hadn't topped up their bond (paid extra on the bond when rent increases) – but they have a month to pay it and no legal requirement through the RTA to do so, but was a condition on the landlord insurance… Read it all :)

    Profile photo of Forest Lake PMForest Lake PM
    Member
    @forest-lake-pm
    Join Date: 2009
    Post Count: 11
    November 15, 2009 - 7:45 am

    DWolfe – sorry I only just logged back in.

    Honestly, look at becomming a member of Tenancies Information Centre of Australia (TICA) this is the blacklist for tenants australia & New Zealand wide.  Go to http://www.tica.com.au it has a yearly fee associated with it, but if you know a few other investors, you could all chip in or just claim it all on your tax.

    In regards to the tenants that have never lived away from home. Honestly – may sound bad, but I sorta scare the crap out of them. When i am signing them up (going through the lease) I go right through the situation of falling behind in rent, at 4 days they receive SMS' at 8 days a Notice to Remedy Breach and at 17 days they will get a Notice to Leave and then if they don't go or pay, then I take them to court and evict them. I go through the rental reference scenerio too. I advise what the references consist of (how many notices, were they good with rent, copy of ledger, were they good at inspections, any damage etc etc) and advise that other Real Estates are really picky as to who they take on (I know, they're not always, but I have to get these tenants trained). We also do inspections ever 17 weeks and advise that I will inspect the whole house and if there is anything I don't like the steps that are involved, (letter that will remain on file and rental reference etc). I advise about TICA. All in all, a sign up process with a new tenant will go for around 20 mins as I go through as much as I can. I believe if I get the tenants first up out of home, I can train them and they will be good for the rest of their lives….. (wow, that was alot of typing!!!).

    And Carey is right too, the bad agents are quite ****, but makes the name bad for all of us. But I will try to make the name good :) good luck with it all.

    Profile photo of Forest Lake PMForest Lake PM
    Member
    @forest-lake-pm
    Join Date: 2009
    Post Count: 11
    November 9, 2009 - 11:36 am

    Hi Helena,

    What part of Australia are you in? If you are in qld, the RTA can also help out with that http://www.rta.qld.gov.au or 1300 366 311,  they help tenants, landlords and agents in regards to legislation and also have the median rents arounf Brisbane (they are slightly off in some places, but there abouts. Best way is to possibly either look on realestate.com.au or simply call and agent, advise them that you want a basic round about figure for rental and describe the house to them, most (if competant) can give a rough estimate over the phone.

    Honestly, in Qld you are legally only allowed to increase the rent on a property once every 6 months (or twice in 12 months). So therefore you can't keep putting the rent up. Market valuation is how I personally look at the rent increase. I look at it, as to say "If the property became vacant, what could I easily rent it for in todays market" – this way you don't put it up too much or too little.  Although, for good tenants, you do normally keep it a little lower.

    In regards to interviewing tenants, I speak to them at the property, suss out where they work, who they will be living with (partner, kids, dogs, aunts uncles, cousins etc etc). Normally you are looking at only a 5 minute convo here, but take notice of their car – do they look after it? how were they presented? Whilst only and "open home" could be beneficial. If the male party was a labourer, did he take his shoes off? Did he contemplate or simpyl just do it? After 9 years in Property Management, this just comes to you, you can pick alot about someone in the first 5 mins, then I process their application – thoroughly, I go through ID like a pitbull, check the addresses on licences – does it match the addresses on the application forms? Should be the 2 addresses on the application form (current and previous), medicare card, are there more people on their not mentioned? If family is mum on Centrelink (no offence, I too am on part centrelink) BUT, is she telling you she's living with her partner and her centrelink info says she's single? There's so much I go through before taking any apps to owners. But check every detail and then, make sure you have Landlord Insurance! Tax deductible and awsome if you ever need it!

    Good luck!

    Profile photo of Forest Lake PMForest Lake PM
    Member
    @forest-lake-pm
    Join Date: 2009
    Post Count: 11
    November 8, 2009 - 11:52 am

    In Qld, the new act came into play April 1st, 2009 it states that:

    If the property is 3 star wells water efficient (by a plumber, providing a compliancy certificate) then the tenant can pay FULL water consumption, around Brisbane it costs about $200-$400 (depending on how big your property is etc) and this is a one off payment.

    If the property is not 3 star wells water compliant, then the tenant must pay for the reasonable amount of excess water (normally anything over 75kl per quarter or 100kl per person, per day).

    I would contact your local agency or residential tenancies agent to ask the question for any other state though.

    Profile photo of Forest Lake PMForest Lake PM
    Member
    @forest-lake-pm
    Join Date: 2009
    Post Count: 11
    May 6, 2009 - 5:27 am

    Thanks for your stories guys, I know that time isn't the essence, it's just ensuring that all your ducks are all lined up before jumping in.

    So you have all had banks complete valuations on your properties? Has anyone had a bank come back with overpriced properties? I'm concerned as when I speak to the sales agents in regards to my property they believe it's worth $x amount and when I have been to a valuation of a similar property (but ours has more extras) that valuation was atleast another $25k above what we paid for this one.

    I haven't gotten my own valuation as we've only just bought this house and I don't want to rush into it too fast. I'd rather sit back and enjoy owning a home for a while before goign through the crap of buying another one haha.

    Profile photo of Forest Lake PMForest Lake PM
    Member
    @forest-lake-pm
    Join Date: 2009
    Post Count: 11
    April 12, 2009 - 8:20 am

    I watch all those ACA horror stories…

    I'm waiting for the day where they have a horror story, but then says "These landlords are not out of pocket as they had landlord insurance!" hahaha. If only.. Then it wouldn't be a story.

    I am a property manager myself, so I probably would look at managing my own IP when I finally buy one… But it wouldn't be to save money on the fees as they are all tax deductable… Then every End of financial year you get a statement to give straightto your accountant etc… It is quite easy to have a Property Manager..

    I would probably only manage my own because if I did put it through an Agent I would be on them like a hawk and be one of the Landlords from hell that "knows everything" (but this time, I actually do) and has to have a copy of everything and has to attend Routine Inspections hahaha.

    But I would be extremely picky on who I would put as my Property Manager…

    Profile photo of Forest Lake PMForest Lake PM
    Member
    @forest-lake-pm
    Join Date: 2009
    Post Count: 11
    April 12, 2009 - 8:13 am

    Yes, I believe not having a good property manager is a great one that some landlords do go through.

    I can't count the amount of properties I have had come to me that need a Property Manager that can actually do their job! This is why what you need to do is ask your Property Manager to take photos at the property and send to you if your not local to the IP.

    If you are interstate, ask your Property Manager to take an external photo at their Routine Inspections and to take photos when the tenant has vacated. This way you will always know what it looks like.

    When you call your Property Manager I have seen way too many times that the Property Manager will confuse some properties. When you think about it Property Managers standard of portfolio is about 100-150 properties… It is hard to remember each one. Having said that though, if the Property Manager has just completed a vacate there as the owner in Redcliffe, then it should be fresh in their mind. So they should know which property they are talking about.

    Although, I believe there is a NUMBER 7 to be added to the list…..

    7 – Not having adequate insurance (building and landlord) on their properties. Landlord insurance isn't that expensive and covers your for if the tenant abandons the property, damages the property, leaves owing rent, cleaning still remains and the list goes on… Think about it… The bond on a property is only 4 weeks rent, if the tenant leaves owing 3 weeks rent and didn't clean the place, it's going to cost more than 1 weeks rent to clean it. That's where Landlord Insurance steps in.

    Do some research on your Property Managers before you pick them too….. soemtimes the agency might have a less name than the others, but there is a couple of good property managers there… Remember bad news travels faster than good, so research properly.

Viewing 9 posts - 1 through 9 (of 9 total)