Thanks Yack, I’m aiming for fair and firm.And follow the landlords guidebook to the letter.

I have individual leases on shared houses, and furnish and garden and pay bills (split house requirement). Market rent is hard to judge, but i’m cheaper than the university who do the same set up.

I’ve had a few experiences of picking up tenants at ground zero, where they have no-where to live and little money.And go out of my way to get them started. Often have to chase up the initial few rent payments, and even pay for the odd hotel room as a bridge before they enter properties.

I spent a week of travelling to properties(4 hours total driving a day before shiftworking evenings) to take a chance on two young lads who were down on their luck. Got them in a room, new bedding, bunks, towels and heater. Chased up Centrepay for days and finally settled them in.

I do no end lease date and simply ask for 2 weeks notice. I am trying to focus on people who might fall outside the standard 6-12 month contracts as these are the types (i think) who would more likely frequent a shared house.

I also dislike the way R.E. Agents treat tenants poorly (in my many experiences), and wanted to provide a service that is deserved for what i see as a valued customer who pays many thousands of dollars a year for my product.

But in there somewhere, i must be too soft, cause the aforementioned lads cancelled the automatic rent payments, and mentioned they may move out Friday. (under 2 weeks required notice)

I am happy with these extras i provide, and the end result is a more profitable property. But I just need some tips on how to…..i don’t know. ??????

lifexperience

DD,
I am all for the idea of paying someone else to do work (ie: maintainance etc) so you can spend ya valuable time on bigger things.

I am unable to use a PM at this stage as I am building a range of extra services for my tenants and can not leave such matters with a PM.

I agree though, if you just want to sit on the fence, have your tenants treated like 2nd class citizens and wait on clumsy rent collection techniques then YEAH get a PM.(granted there may be some exceptions to this generalization,,,, the good PMs, I have yet to deal with any )

I intend to get the most out of every property i can and build a large portfolio around extra service and well earned respect to tenants (who are the ones in the end who pay the $$$$).

Once i have a good system, THEN i will bring in people to take care of the system.

I just have to step up a notch in the meantime, I am not deterred by one incident.

[biggrin]

lifexperience

OK OK, 2 months on, the saga continues.

Apparently the police have been to house many many times due to domestic violence situation with aforementioned tenants. (the landlord is never informed by police about such calls by the way, so leave your number with neighbours if you wan’t to keep your finger on the pulse)

Property is 2 hours from my place and i have been up and back 7 times this week between night shifts at work, dealing with police and sering immediate notices to vacate and can only say one thing with the last pant from my exhausted body……………[dunny]

DUE DILIGENCE CHECKS,

I did check references, but apparently there are police checks and other places to check tenants history….anyone know details?

lifexperience

Thanks for guidance all,

Mel, how did you set up the last JV you mention. Did you see a lawyer to write partnership agreement.

Terry,
Are you suggesting the idea of having 1/2 the property in each trust. ??????
Please explain who appointers, trustees and which trust would own props.

This is the model i was thinking.

TENANTS RENT
V
V
V
MY EXISTING COMPANY
V
V
V
RENT
V
V
V
UNIT TRUST owns property >>>>>>>>>>>>
….V………………. ……………..V
MY NEW FAMILY TRUST ……………MY PARTNERS NEW FAMILY TRUST
V ……………………………………V
ME ………………………………. PARTNER

Can ayone suggest flaws in this? Or who would be trustee, appointers etc.

Thankya all[sunny]

lifexperience

Thanks Rob…again[thumbsup2]

lifexperience