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Viewing 6 posts - 1 through 6 (of 6 total)
  • Profile photo of Michael_ydMichael_yd
    Participant
    @michael_yd
    Join Date: 2012
    Post Count: 8
    April 24, 2012 - 1:43 pm
    Jamie M wrote:
    Michael_yd wrote:
    Jamie, what steps did you/your wife went through to VET the tenant that's in your IP now? I know Ian in the above reply gave very detailed steps for that, but I'd just like to know what others have done to lower the risks when managing yourself. and thanks to all that gave input in the above replies, it was really helpful Cheers, Michael

    Hi Michael

    My wife prepared a fairly comprehensive application form. We have a chat with all of the tenants, then narrow it down to a few.

    From there, we look a little further into their recent rental history and ability to afford the repayments – including calls to previous landlords/property managers. At this point, a reference from a registered property manager is extremely helpful (which sounds biased given that I've got some excellent tentants via private rentals at present).

    We also have a good understanding of ACT/NSW tenancy legislation and follow every rule closely.

    Cheers

    Jamie

    Hi Jamie

    are there any websites detailing tenancy legislations?

    Cheers,

    Michael

    Profile photo of Michael_ydMichael_yd
    Participant
    @michael_yd
    Join Date: 2012
    Post Count: 8
    April 24, 2012 - 12:46 pm
    sapphire101 wrote:
    Hi Michael,

    Some very valid points above so take heed.

    If you are considering the DIY approach than can I emphasize the importance of the tenant application checking process. This really has to be stringent and if you don't get through to people that are noted then keep trying or ask for more references.

    On the application form ensure you have nothing left out as far as contact details for the prospective tenant, all phone numbers, email, previous 2 addresses, employer details in full etc etc. Also check out the applicant on facebook if you'd like a true insight into their personality. Type in their name and any details until you see their photo come up. You can even google your applicant.

    Other extremely important aspects are having the correct forms and processes in place according to "the act".

    If you want to read some info on being a landlord and also property managers then try this link
    How To Be  A Zen Landlord

    All the best

    Ian
    http://www.theblockblog.com
    Free Property Investment Info, Tools & Resources for Investors

    regarding the application form, where do I get the form from? sorry, I’ve never done this before and my parents usually goes through a PM.

    Cheers,

    Michael

    Profile photo of Michael_ydMichael_yd
    Participant
    @michael_yd
    Join Date: 2012
    Post Count: 8
    April 24, 2012 - 12:41 pm

    Jamie, what steps did you/your wife went through to VET the tenant that’s in your IP now? I know Ian in the above reply gave very detailed steps for that, but I’d just like to know what others have done to lower the risks when managing yourself.

    and thanks to all that gave input in the above replies, it was really helpful

    Cheers,

    Michael

    Profile photo of Michael_ydMichael_yd
    Participant
    @michael_yd
    Join Date: 2012
    Post Count: 8
    April 24, 2012 - 11:16 am

    Thanks for all the information guys, I’m looking into it right now for future references.

    Cheers

    Profile photo of Michael_ydMichael_yd
    Participant
    @michael_yd
    Join Date: 2012
    Post Count: 8
    April 23, 2012 - 11:29 am

    ahh ok, so it’s best just go through an agent instead it sounds.

    Thanks so much for the heads up guys

    Cheers!

    Profile photo of Michael_ydMichael_yd
    Participant
    @michael_yd
    Join Date: 2012
    Post Count: 8
    April 22, 2012 - 9:00 am

    Thank you guys for the warm welcome and getting my questions answered.

    Qlds007, I was thinking something abit differently and didn’t add in other expenses and depreciation schedule for the property, so I thought I was going to be cash flow positive with the IO + offset setup. Thanks for making it clearer for me as I now understand how it really works.

    Cheers guys!

    Michael

Viewing 6 posts - 1 through 6 (of 6 total)