Forum Replies Created
If your not fussed on whether the tenant moves out or not (and it sounds like you shouldn’t be, unless there is a high vacancy rate in the area), then definitely increase the rent to near market value. Maybe increase to $200 now and to $220 in 6 months. Personally, I would send the tenant a 6 month lease to sign accompanied by a letter saying something like “…. if you are happy to continue living here, please sign the enclosed lease and return it to me by xx/xx/xx.”
There is nothing unreasonable about a 10% increase especially when it is still less than the market rate.
You can do a title search yourself from this site:
I painted old lami-panel shower recess with a special paint for that purpose and it seems to be ok 2 years on. I used the recommended primer first and did it myself with a brush. I couldn’t find a product for the base of the shower though which is probably the same material as a bath. I don’t know about painting tiles either. I guess this isn’t really much use it is it? [mellow]
1. Around $600 or so depending on the lender
2. Yes, the buyer pays. Amount depends on whether it’s an IP or PPOR and which state you’re in. Just google stamp duty and your state.
3. The agent gives you a contract when you decide to buy the house. It is signed by both you and the vendor (seller) and contains information about the house, including purchase price. It then goes to your solicitor who checks to make sure all the info is correct. That will cost about $1000. You will keep a copy of the contract along with all the other paperwork you will get when purchaseing a house.
4. You pay a deposit to the agent (to be kept in a trust account) when you sign the contract. Not 20% though, just whatever you agree on with the agent. Usually enough to cover the agent’s fees at least. If there is more than one offer on the property, the vendor may choose the one with the higher deposit as it may indicate a more serious buyer.
At the end of the settlement period, you give your solicitor a cheque for the remaining deposit, the lender comes up with a cheque for the 80% and all that goes to the vendor. Then your repayments begin.
5. Check with the agent. I think closer to 8% of rental plus one weeks rent each time they find you a tennant.
6. Budget on 5 – 10% of rental income.
7. Don’t know. Google it for you your area.
8. House insurance, landlords insurance. There’ll be a special package for it. For a $200,000 property, about $50/month I think. Check an insurance comapany’s website.
9. Bound to be.
Costs for an IP are about 5% of purchase price.
For the sake of your own integrity, I think you should buy it from her at fair market value or else step aside and allow your mother to sell it to someone else at a fair price. Surely, she does not owe you anything more? It may be time for you to take control of your own situation and buy yourself a house that you can afford or rent one independently. What your mother does with her assets and money is her concern.
OshenHey Wylie
I think it’s great that you can choose tenants that way. I would love to be that intuitive and objective myself but realised early on that I’m not. I’m a sucker for a sob story.I meant to say that if someone is legit, they will find a home even if some people like me turn them down because they don’t have references.
There’s no difference except one of you has to get a contract from somewhere. Have you spoken to a solicitor?
All the agent does is match the buyer to the seller and get both signatures on the contract.
Carlin, are you asking a fair rent for your properties? Are the only people who apply the ones that don’t have references?
If you have a good gut instinct then fine otherwise, why take the risk?
What do you think the guy you’re having trouble with will say when he tries to rent again? Do you think he’ll give them your number or do you think he’ll say he hasn’t rented for ages but has being staying with friends?
If you want to give someone a break, then good. Just be aware that you are taking a risk and be prepared for the worst. If you can’t handle that, don’t take the chance.
If you want to rent to this couple, follow Dazzlings 4 points about the rent so you’re covered. If they’re legit, they will understand. I think that is an excellent way to “check someone out in the absence of references”.
Remember that you don’t have to take on other peoples problems. They won’t be homeless if you don’t rent to them. They’ll just wander around a bit till they find Wylie [rolleyesanim]
Choosing tenants has to be a business decision.
Maybe someone who’s into marketing could design it? It’s hared to believe there aren’t people who specialise in that form of marketing.
Vivasash, have we met? You look hauntingly familiar.
Originally posted by carlin:Re-getting references from previous landlords – this guy who’s just caused me grief had been staying with friends. Claimed he hadn’t rented for years – how do you go about checking the truth in that??!!
I wouldn’t have rented to this guy simply because he can’t provide references/phone numbers from previous landlords. That was a huge risk you took. It’s his problem that he can’t give a reference. You don’t have to make that your problem.
Thanks GR.
I’ve emailed John and look forward to hearing from him.
Looks like I’ve started
Thanks a lot. I’m in QLD.
You need references from previous landlords and you need to phone up and check them out. If you can’t get that info, then that tennant is not for you.
Six months ago, I got a new tenant and out of the three that I thought might be good, one had a dodgy reference, one didn’t want to give a reference at all and when I called up her previous PM, she said that she’d not rent to this woman again as she was always late with the rent. She presented well, had a full time job and seemed really nice. The third had a good reference and would rent to him again and he’s been great. No probs and he’s asked for a 12 month lease now that the initial one is up.
I’m sure there are a lot of other things to look at, and I’m sure I experience more than a fair share of dumb luck when it comes to property and tenants, but talking to the previous landlord is one thing that I would never overlook when choosing a tenant.
Do you have landlord’s insurance? Would that cover these costs that you’re dealing with now?
I hope you get it all sorted out soon.
Thanks for that LifeX
Hi Dazzling
I’ve been pretty lucky with tenants. I don’t bother them and they don’t bother me. I find that if tenants feel that the house is their’s, they’ll treat it so. That means not doing inspections often [ohno2]From your list, just the mowing is what I do. The property is a duplex and I have a gardener go there, not especially frequently, to do that. If the tenants want it done more often, they do it. One tenant asked me once to get an electician out because one socket in a double powerpoint wasn’t working. I told her to buy a double-adapter and take it out of the rent.
Sounds like you have needy tenants if you do all that other stuff. I wouldn’t be encouraging them though.
A. When I can buy the set. I like to have control over my own properties.
My Q. On average, how many hours a day total do you spend working and investing?
Hi Blueocean
I’m sure it will be as relevant and effective in NZ as it is in Oz. As Steve says, you can always return it if it doesn’t suit you. As long as it’s within 14 days.Hmmm, Joytony, it seems to me that Dazzling is objecting to you quoting half of his posts, like you just did for the second time in the one thread. It makes it sound like he is saying something that he didn’t intend.
I don’t know of anyone who would mind being quoted in context. Afterall, imitation is the highest form of flattery (I think that’s how that quote goes [wink]).
Good luck Crashy.
I bought with a kit last time and found it very difficult dealing with the other side’s solicitor. They seem to go out of their way to make things hard for you so that you’ll cave in and get a solicitor yourself. Things like not returning phone calls, not sending documents that you need from them until you ask several times, trying to charge for things that are their own client’s costs etc.
That said, I would do it again as it is very simple and I can’t see how solicitor’s can possibly charge as much as they do for a straight forward transaction.
I used citec confirm to do the searches. I did this online.
That sounds sensible. Just put away as much cash as you can in the meantime and think about other investments for the time being, like high interest savings accounts and/or shares.
