Forum Replies Created
Hi Joe,
I’m no expert however you seem to be ignoring the advice from contributors on this site who do have a lot of experience in setting things up correctly to ensure that you don’t get burned. You seem to want to do this on the cheap instead of making sure that you have covered everything that could possibly go wrong.
If I was you I’d be re-thinking doing this yourself.
Landt.Hi Joe,
I’m no expert however you seem to be ignoring the advice from contributors on this site who do have a lot of experience in setting things up correctly to ensure that you don’t get burned. You seem to want to do this on the cheap instead of making sure that you have covered everything that could possibly go wrong.
If I was you I’d be re-thinking doing this yourself.
Landt.Hi PropertyGuts,
you’ll be right in the city so you might be better off waiting till closer to the time and checking out sites like, Last minute, Wotif, etc for a cheaper rate.
LandtHi Matt,
congratulations on wanting to get into the market so early, I hope my kids will be the same at your age.
I’m no expert but I’d be checking a few things out about this property.
1. Do you know what your holding costs are for the property i.e Council rates, water bills, Landlords insurance – All of these things could add up to make your property not cash flow positive.
2. Are you sure you can get a loan on a property that has already been flooded, the bank may not be so keen?
3. What if it floods again – are you in a flood prone area?
4. The insurance costs will probably be very high due to the fact that it’s already flooded.
5. Have you checked out the structure of the house due to the fact it has been flooded? Again I’m no expert but I’d be worried about structural damage and costly water damage.I hope this is all useful for you.
TrishI have used RRent since we started investing 14 years ago and have always found them to be great at managing our properties. You may also find them under Rothmans Property management their old name.
Good luck.wisepearl wrote:Hey folks,After some advice on finalising a lease agreement.
For the first time, I appointed a property manager to manage my city IP apartment. They signed a tenant up on a 3 month lease, and for various reasons the tenant decided not to renew the lease. Their lease expired on Tuesday 7th June. The property manager inspected the property on Tuesday 7th and said to me that evening there are a few problems and he’s not completely happy with it and needs to get them back. I inspected it myself Tues night, and wrote to him on Wednesday morning discussing a number of issues, including a request to arrange a plumber to fix a leaking toilet that had resulted in mould on the toilet seat and a serious damp issue!
One week on and no reply to that email, nor the 2 voicemails enquiring if the toilet has been fixed, considering he is supposedly showing the property to prospective tenants.
Today I notified the management that I have secured a short term tenant for the property and would like to terminate their services and collect the keys. I also asked about the toilet and whether everything has been finalised with the tenants. The reply from him was that the toilet has not been fixed, the tenants have not returned to the property and it has not been finalised. He has now advised me that if I terminate tomorrow I will have to finalise things with the tenants myself, or alternatively now if I want him to finalise with the tenants “there will be a charge in accordance with section 60 of the REBA Act”
So… my questions:
1) If a property manager does not approve of the state a tenant has vacated in, and requires the tenant to return to the property to clean/repair – is there a timeframe for this, and should the tenant be required to pay extra rent for this time? Alternatively if the tenant does not return, at what point does the managing agent choose to deduct money from the bond?
2) Are my expectations “a little high” (quoting his email) to expect that if a request by an owner is given for the agent to arrange a plumber, it should be done reasonably promptly and not ignored for a week?
3) Can he really charge me now to finalise things with this former tenant???
Argh so frustrating.
Thanks,
EmmaHi Emma,
no doubt by now you’ve figured that you have the wrong property manager. I had just finished renovating our IP and the tenants had been moved in for one day when the apartment got flooded. This first I heard about it was late the next day when the property manager was ringing to tell me he had sourced and had laid the same carpet and had touch up painting done where required. Now that’s what you pay your money for.
Landt.Hi RZ,
I have used RRent for the past 11 years and can highly recommend them. Their fees are also a lot lower than many other agents but they do a fantastic job of getting the right tenants and making sure the property is looked after.
Trishwealthyjvd wrote:Looking to do a development – or get approval for one within the next year or so.Looking to subdivide and build 3 X 2BR townhouses in Frankston, on a 591 sqm block. Now i know if it were closer to the city it wouldnt be a problem, but does anyone have an experience with doing something like this. And its not a corner block.
Block is approx 15 x 38, with an existing house that will be demolished.
Does anyone have any suggestions/ideas for going about it.. eg finance? whether it can be done (thoughts) ?
any suggesstions and advice are much appreciated!
Hi wealthyjvd,
I don’t have any help to offer you but I have an 900 sqm block in Frankston which like yours is not on a corner block. The broker I use mentioned it to one of his colleagues who felt that Frankston was the wrong place for new developments and so i was put off the idea. I have rung the council who said they were very open for any new developments in the area, so I’d be interested to see how you get on.Thanks Landt.
Hi,
I’ve used RRent in Melbourne for around 11 years now and I cannot recommend them highly enough, I had a newly renovated apartment that got flooded and I got a call from the property manager the day after it happened to tell me the carpets had been replaced and the painting was being done that day. Thats what i call good management. Their fees are also very reasonable.
TrishHi Wanderwomen,
why not confront them about the toilet seats and see what they say?Hi,
my name is Trish and my husband and I currently have 3 IP’s and our PPOR. We’re about to buy another IP but then we’ll be hitting the serviceability wall and so I’m back educating myself about different ways to do things. Love the forums and the help the experienced investors give to the inexperienced investors.South Yarra is a great area to invest in. It’s close to Chapel Street and Toorak Road and not far from the city. It’s also the next suburb along from Toorak, so you may find that you’ll pay a lot even for a unit.
Landt64.Thanks Stuart. I’m sure what you have just said applies in melbourne too, so I’m going to go for it.
Landt.Just a throught, but why don’t you pay the CGT for them. If they are both in their late 60’s then maybe they haven’t earned enough in the last year to make the CGT huge. It may be worth checking out. You still get a valuable assett, but at a hugely reduced price.
LandtWhen my little girl comes in and says ‘I love you mum’. Sitting having my make-up done by a 5 year old, and then being told I’m really really beautiful.
Or when I catch my wee girl tell my wee boy that mum knows everything.
Or my 8 year old boy cuddling me longer than he normally likes, now that he’s 8.
Hearing them giggling and laughing.
Realising that you have a wonderful family, and no amount of money could change that.
That’s what makes me happy.
Landt2 IP’s 40%.
LandtHey skinny Gatsby,
welcome back. How was the trip?
LandtHi,
I’m afraid you’ve definately missed the boat in those particular areas. You may be able to get a one bedroon apartment in Box Hill for around the $200 mark, but it’s unlikely.
I think you’ll find that you have to look furhter afield, maybe Frankston, Narre Warren, or Cranbourne would be a start.
Good luck.
LandtWe’ll be getting up at around 4am to see what santa brought the 8 + 5 year old, and hopefully me. Chocolate for breakfast,a dn brunch.
Lunch at around 3pm. I still can’t get used to not seeing the Queen’s christmas message at 3pm (big UK tradition)
Then lots of alcohol till bedtime.
Landt.Hi Dazzling,
I read a lot of your posts, and it sometimes appears that you are quite scathing of investors who buy residential property. i do remember an earlier post of yours that talked about your father-in-law telling you that commercial property, and not residential was where to make money. Since you seem to think that residential is not the way to go, you could perhaps give us some pointers on how to get into other markets. Maybe you could tell us how you got started. I’m sure others would find your input invaluable.
Thanks
Landt.
