Forum Replies Created
When we added a room at my parents house we able to pick up window frames, windows and doors. all we did was re-putty the windows into their frames and re-paint everything. Had to pay about $100 which was fair!
Oh, then need to change the extension plans a little for the windows to fit!
Yep it pays to look for demolitions as well
Grays auctions have frequent home renovators auctions and you can buy pre-built kitchens, granite tops and new bathrooms at a good price.
They can even beat the factory outlets (be sure you know your prices).
Residential leases usually only run for 12 months max. If you take 3 months to buy and settle. Just sit back for the remaining 9 months. After that its a month by month lease and you can raise the rent or give them notice. Note you should understand their motive first as they can contest raising the rent!
If you want to break the lease early, talk directly to the tenant you may find they dont really like the place but cant afford to move or something like that. You may be able to negotiate them vacating!
I would not try legal avenues to break a lease. IMHO a waste of time.
Note if you do break the lease you may find the property vacant for 2 or so weeks so would it really be worth chasing the higher rent or keeping a sure thing?
I have experienced evicting tenants in NSW and QLD. The process is similar. Like others have said, let the agent manage it. Have them explain the steps they need to go through and more importantly WHEN they execute these steps.
The best thing you can do is to contact the agent at each step to confirm it was done. If all goes to schedule you should only be out by 4-6 weeks rent. So long as there is no damage you may not need to claim your insurance.
Note if the tenant turns up to the hearing, you will more than likely have to enter an arrangement with them to pay the arrears. In this case, you need to be sure your agent is following it week by week until the arrears is paid in full.
Hi,
My opinion is consider if you have the time and skill to manage worst case situations:
1. Tenant is in arrears. You need to know the process you must follow (ie letters, tribunal hearings, etc). You must also have the time to attend to all these items.
2. Tenant skips town and leaves the place in a mess with a big clean up bill.I agree with Twilight that the smaller managers are usually better as they dont have the brand behind them to push sales.
If you have a full time job I would find a good property manager and try to get somewhere down to 5-6% commission. If the agent keeps filling the property with good tenants then this is just cream for them.
If the property pays $200pw then you are paying the agent $10pw or $520pa to collect money, manage your outgoings, followup maintenance, etc, etc.
Mat
Had the exact same setup. Bath with shower, toilet, vanity and laundry all in a small bathroom.
We decided space was better so removed the bath tub and installed a single sheet of glass (clear) with no door. Looks great.
Note the plumbing issues. Our drain pipe was 5cm above the ground and we could not lower it so we had to build the shower base up.
Also with bath/shower config the taps may be lower than you want and the shower may not face the way you want or be the right height. We accepted the low taps but solved the shower bit by buying a detachable shower head on a vertical rail. So we can adjust the height and also makes cleaning easy!
Good luck
Hi,
Each building on Collins is different so to know if you are over or under the average $$ per sqm you should try and contact a few of the tenants. There is not much point comparing to other buildings as each is unique and offers different services, etc to their tenants.How from NSW? Find out who the building manager is. They usually know what agents are working the building and who owns vs who rents. The building manager can be found by contacting the body corporate.
I would also ask the building manager what the building is like to manage? Are there difficult tenants? Legal issues? Silly bickering? etc.
Collins street is a very good street to invest in. However like all long streets there are good and bad buildings. Some very large businesses are moving to the docklands which will make a dent in Melb. So I would find out the business mix, future plans of your lessee as well as vacancy.
The good buildings will have little to no vacancy.
Good luck!
Mat
I purchased a property and subsequently found out the Body Corp fee disclosed in the contract was 40% less than the actual fee. What can you do?
Next time I will be not only checking the arrears/adjustment but also all BC Rates/Council Rates/Water Rates, etc to ensure they are actually correctly stated.
Hi all,
Thanks for the kind words. Feel free to add your own funny stories! Im over it all now and have not yet reported them (been busy getting me commercial properties leased – almost there!).I would like to mention them, but I dont have their card with me. Once I report them I can probably let you know. Let me just say it was an owner/operator. Not a company name.
Yep and Im one of those skinny wirely guys and I have one tip! Those big heavy queen matresses can be easily carried if wrapped in heavy duty plastic. They stick to your hands and slide over the carpet! If only I knew how much easier it was 5 moves ago!
Mat
Some savy sales agents use options (if they principal allows it).
If you set up the infrastructure (ie legals, etc) then why dont you approach your local real estate companies and offer your services for a fee? That way they dont have to setup or take the risk in house.
This is just re-gurged from other entries I have read.
Sadly if you draw down on your IP you cannot use it for personal use AND claim deductions on the interest.
However, someone mentioned either selling the IP to your partner or to a trust. Then your interest may be deductable. You keep the IP and have cash to put down on your PPOR.
Just another angle.
Good luck and seek real advice on this one.
Mat
I had a target of reading 1 fiction and 1 educational book per month. Currently averaging 1 book per month in total!
How do you ensure you put into practice what you learn?
Thanks for the feedback. I know I should report him to try and stop it occuring in the future.
So Fair Trading/Consumer Affairs and Tax Office here I go.
None of us were really concerned about the money, more the principle.
Hi,
If people are shopping around they will easily find all the properties for rent on domain.com.au or realestate.com.au or ring the number on the building or walk down real estate alley in your area.So what incentive does the potential lessee have to lease yours over the others? Tutle has the right answer with Steves book. All those off the plan apartments look the same brand new. Do they have dishwashers? Dryers? etc. If not maybe add these to yours and you have just differentiated yourself.
What incentive does the agent have to lease yours first over the others? Can you give the agent an incentive or do you really have to find another agent?
Good luck,
MatHi,
Is the 14th floor the top floor? If not can you find out how much rent is asked for on the 15th floor or even other units on the 14th floor?Also if all has been released at once, the cheapest relative +-2 floors from yours will go first.
You can wait until supply dries up (but still may not get interest) or lower your price.
My partner and I moved into a unit on the 33rd floor of a new high rise in Melb. Ask was $450 a week, however 1 level down ask was $400 and so we offered $400 as there was plenty to chose from and so the landlord had to meet the market.
Mat
Hi Tracey,
The management agreement that you signed with the agent will state the terms you need to follow. I believe generally most require 30 days written notice.If you get along quite well with the agent, I would call the agent and agree on a handover plan that works for both you and them.
Mat
Thanks Terry and Dazzling for your comments.
I have been working with the potential lessee for the last 2 months and we have a good working relationship.
Would the solicitor know the full end to end process? Or should I work with a commercial leasing agent?
Thanks
MatHi,
If you are keen to get started, have you considered part time uni and full time (or almost full time) work?If your full time work requires you to educate yourself, all of a sudden all your uni expenses become tax deductable and uni gets a little cheaper. You will earn more, gain on the job experience and may be able to start investing sooner…
Depends on your chosen profession.
Mat
Are you referring to studen accom?
Its probably a commercial lease on your property to a company that runs student accomodation. They generally have your voting rights over the body corporate as well.
Yes, you can have an original of my signature on that blank piece of paper for $10k.
I also pick up 5c on the road at the traffic lights. Someone once said its bad luck to not accept any gift freely offered!
