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  • Profile photo of NEWGENNEWGEN
    Participant
    @newgen
    Join Date: 2004
    Post Count: 151
    February 9, 2004 - 1:19 pm

    Cheers everybody [:)]
    I don’t think the property managers could do much if I changed the locks.. 5 of the units in this block were broken into a couple of months ago (my brother staying at my place so I was lucky!). The strata changed the locks on those 5 properties to deadlocks, mine’s still a crappy lock which would be more suited to a bedroom or bathroom (keyhole on outside, switch type latch on the inside). They’re really weak.. I’m going to call fair trading tomorrow and see what I can do about the locksmith fees.. [:I]

    Profile photo of NEWGENNEWGEN
    Participant
    @newgen
    Join Date: 2004
    Post Count: 151
    February 9, 2004 - 12:23 pm

    If it’s a newly bought property, maybe you can negotiate with the agents that handled the sale. The agents that sold me my property in Glenelg North in SA also had a property management branch so I negotiated almost 2% off the property management fees. I’m a bit weary of paying 5% or lower because ‘you get what you pay for’ in most cases. When you look at the big picture 1% or 2% in fees doesn’t work out to a lot of money in most cases. Also, finding a PM whose office is close to your IP would be a good idea too. It’ll make visits for inspections/emergencies which may arise a lot easier.

    Cheers

    Profile photo of NEWGENNEWGEN
    Participant
    @newgen
    Join Date: 2004
    Post Count: 151
    February 8, 2004 - 10:54 am
    Originally posted by Need2Succeed:

    Their charges seem a little high (7-8%) or is it me ?

    I believe 7-8% is the going rate in most states. A good PM is hard to find, unfortunately I don’t know of any that I can recommend in that area. Goodluck in your search [:)]

    Profile photo of NEWGENNEWGEN
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    @newgen
    Join Date: 2004
    Post Count: 151
    February 8, 2004 - 10:13 am

    Take my significant other out to dinner again to make up for all the stress we’ve been through the past 2 months while purchasing my latest investment property.. lol.

    Seriously though, I’d probably whack it into my first loan repayment for this property. Maybe in 3 months I’d have a better idea on how to invest it.. but at the moment ‘settling’ into the new mortgage repayments is my main priority.

    Profile photo of NEWGENNEWGEN
    Participant
    @newgen
    Join Date: 2004
    Post Count: 151
    February 8, 2004 - 10:08 am

    Hi guys!
    My girlfriend and I are interested in attending one of these info/catch up evenings. We’re quite young (22 and 24) but we’re eager to learn.. is there another one planned for the near future?

    Profile photo of NEWGENNEWGEN
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    @newgen
    Join Date: 2004
    Post Count: 151
    February 8, 2004 - 7:24 am

    Ahh sorry! I should have made it clearer. I was aware that they were trying to sell the property, but I wasn’t aware that the agent had my keys as they always have to call me to arrange inspections. This is what boggled me [8]

    Profile photo of NEWGENNEWGEN
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    @newgen
    Join Date: 2004
    Post Count: 151
    February 8, 2004 - 7:05 am

    Thanks for the replies everybody! Heaps of useful info there :D There’s another twist to the story! I just spoke to the owner and he advised me that the property manager handed over their set of keys to another AGENT who are trying to sell this property!! [:(!] This is a worry for me as I have quite a lot of things in my house :( Is there anything I can do about this? I’m not too familiar with the legalities of this.. thanks again for all the help everybody.

    Profile photo of NEWGENNEWGEN
    Participant
    @newgen
    Join Date: 2004
    Post Count: 151
    February 6, 2004 - 7:41 am

    hehe I know what you mean.. my place is full of electronics gear so I thought that’s what the thieves would go for first.. I was wrong :( I have a feeling it was one of the people who came to look @ a computer I advertised in the paper.. [:(!] Ahh well, the place settled today!! I got the same agent to manage the property too and they’ve already found a tenant [:)] I guess there was a bright side to this after all. [^]

    Profile photo of NEWGENNEWGEN
    Participant
    @newgen
    Join Date: 2004
    Post Count: 151
    February 5, 2004 - 2:06 pm

    Thanks so much for the replies everybody. Yes, the $5,300 was stolen from my unit.. I had it inside my sunglass case in my bedside draw. Unfortunately I don’t have home/contents insurance, the funny thing is I had pamphlets from the CBA and was ready to sign up for their home and contents insurance plan this week (I have my mortgage and every bank account I have with them too).
    I’m not too familiar with how home loans work etc so it got the better of me this time :( I found out on Tuesday from my land broker that I had to pay just under a thousand dollars in interest on the deposit [8] So that made things a bit worse. I spoke to my mortage broker to arrange the finance and was going to defer settlement til the 20th but then I found out that I’d be charged another $1200 or so in interest on the deposit which would put me into more debt and more strife. I’ve done what I didn’t want to do and asked my parents for help [:I] I wanted this to be something I did on my own to show them that I was getting somewhere and that I was responsible.. oh well [8)] I’ve decided to sell my car to re-pay the loan and use public transport more often now! :D I’ve gone through so many emotions in the past two months, ranging from happy and excited, to stressed and depressed.. but I’m happy to say that with the loan I got from my parents the property will be settling tomorrow! [^] Thanks guys!

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