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RyanJD
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@ryanjd
Join Date: 2011
Post Count: 77
July 14, 2012 - 10:16 am
You need to compare the rentals in the complex and in the suburb to the unit your looking at. Will the rent be the same? Is the rental demand high or will it be vacant for a while?
Most body corporate fees are tax deductable but I don't belive sink fund fees are from what I've read.
Have you had someone looks at the strata paperwork incase the complex has any problems or it's in the negative figures etc.
RyanJD
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@ryanjd
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Post Count: 77
July 14, 2012 - 10:09 am
Have you already purchased the property as you say you have but then you say you'll be borrowing the full amount?
You need to speak with a solicitor about this and have him go over the contract plus other stuff. So much stuff needs organising before hand. What happens if you two split up and the title is in your name but mortgage is in both your names?
You also need to make sure your purchasing the best property for your circumstances Eg. Capital growth and/or income.
Positive gearing is when the rent covers all your mortgage payments, interest, repairs, insurance, strata fees, rates yadda yadda.
RyanJD
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@ryanjd
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Post Count: 77
July 11, 2012 - 3:33 pm
WomeninPropMelb wrote:
Well that is good for the property market but not good for investors… well in some senses. I just dont get the way the press promotes these things.. they are all doom and gloom here and last night on the Tv first time they are saying it has turned around. But try finding a bargain! Pft… no where to be found!! Good luck- I hope you can find a bargain…. shhh dont tell anyone where until you have it secured… THEN TELL THE WORLD so you create demand and increases your equity!!
You should see the perthnow and news.com websites. Each week the stories change, great time to buy, bad time to buy. They love choosing the different sources for statistics. Everyone knows they are 50% right 50% of the time.
The house is nearly as clean as it will get, about 5 hours washing the walls but still not getting some of the marks out. 3 hours just cleaning the kitchen.
I advertised the house this morning on gumtree for $450 a week as the other person who was interested already got a house.
Got about 12 calls during the day, 7 emails and had 5 people view the property today!
Had to spend about $60 on cleaning products, $150 for new locks on the doors and windows as the tenant didn't give most of the keys back.
Told the tenant it's a possible $1000 fine for not providing a forwarding address. Got nice words back. No mail for him
RyanJD
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@ryanjd
Join Date: 2011
Post Count: 77
July 9, 2012 - 10:30 pm
WomeninPropMelb wrote:
Good on you RyanJD. That bug is hard to shake once it gets to you. I hope you buy well. They are saying the property market has turned the corner here in Melbourne (which I suspected) so probably good time to pick up some good buys before too many people figure that out and get back into the market and push prices up. Cheers
The property market for lower end suburbs in Perth within 15km of our CBD have jumped majorly in price. The suburb my IP is in, 11km from the CBD houses that were selling for $310-320K at the start of the year are selling for $340-360K+ and are selling quick unfortunatly.
I actually hoped they would go down in price for awhile but people believe the interest rates will stay down for a long time so are buying instead of renting. At the moment it is cheaper to buy then rent but getting that deposit for some people is extremely hard.
RyanJD
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@ryanjd
Join Date: 2011
Post Count: 77
July 9, 2012 - 1:43 pm
Dubstep wrote:
Good work.
Get those locks changed !
Will indeed tomorrow! Going to head to bunnings and look for new locks and possible a new front door, tenants decided to paint the door with wall paint that was in the garage from previous reno! haha
Already feel the reno bug crawling inside so better not let it excape to much. With four days off it'll be back to new near by the weekend.
Need to call the insurance company as it looks like a couple wet spots on the ceiling due to the bad Perth weather last month.
Looks like the new tenancy act has been pushed back until October 2012 according to REIWA so they'll give me some time to go through the new 144 page act! http://reiwa.com.au/reiwatv/reiwatv.aspx
Currently got my eye on a few auctions this and next month so I wanna get this place back to normal so I can buy again
RyanJD
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@ryanjd
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Post Count: 77
July 9, 2012 - 3:24 am
Called the Magistrates Court and Bailiff Office.
Property Seizure & Delivery Order has now been cancelled by the Magistrates court after emailing them both with details.
They are going to send me a cheque for $368.40 not including the application fee which was $66.
RyanJD
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@ryanjd
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Post Count: 77
July 8, 2012 - 3:14 pm
So just got back from the IP. Tenants have removed all belongings from the house and garage except 2 CRT tv's, a lounge and a few car parts.
No damage to the house by tenant but very dirty walls and floors need a days clean, paint chipped off some walls and some skirting board has been cracked or fallen off. I'll leave as wear and tear.
Took a few dozen high resolution photos of inside, backyard and garage.
I'll give the magistrates court a call tomorrow and go from their.
RyanJD
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@ryanjd
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Post Count: 77
July 8, 2012 - 1:26 pm
Well tenant has just sms'd me saying my keys are in the meter box, so going to go over and see tonight with a friend and take photos of everything.
If its ok I'll call up the magistrates court and see what the process is and if i have to cancel the bailiff and if i can get a refund.
RyanJD
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@ryanjd
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Post Count: 77
July 7, 2012 - 8:18 am
"Safety Switch" aka residual current device (RCD)
Depends on state!
W.A. info below, your not allowed to sell or rent your house if you don't have them.
http://www.commerce.wa.gov.au/EnergySafety/RCD/
RyanJD
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@ryanjd
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July 7, 2012 - 6:57 am
Thanks for the input "WomenInPropMelb", I just hope I can get all of this done quickly so I can move new tenants in and carry on looking for another IP.
It has been a good learning curve for myself as I've only been a landloard a year and a bit. I have friends who are private landlords and they wouldn't have a clue what the process is if a tenant stops paying rent.
I've got most of next week off work so I'll be able to organise stuff better. Hopefully this all happens at the start of the week.
I need to find out about are getting a locksmith, might just call a few in the closest suburb and see if they know the process. I'm sure some have had this request before.
Also need to find out the best way in claiming the bond and unpaid rent as I doubt the tenant will provide a forwarding address for the court documents to be sent to even though its a 'possible' fine.
I don't know if anyone knows this but if the tenant actually had a lawyer shouldn't the lawyer try to contact me to sort this out?
RyanJD
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@ryanjd
Join Date: 2011
Post Count: 77
July 7, 2012 - 1:16 am
The tenant still lives at the address and both court notices were send to that address by the courts. I got mine fine so good chance he is lying like the rest of the things he lies about. I've got emails and sms's that he has been lying about things through out the last 6 months in case he wants to play innoccent to the courts which I'll use it as evidence.
From what I have read, once the bailiff has been organised by the courts its not likely the tenant will be able to stop it. They had a chance to come to court, go back to court after the hearing but not after the bailiff has been called in and paid. The tenants excuse for not going to court was they had to work. Doubt the judge will accept that.
Also this is now under the Civil Judgments Enforcement Act as the bailiff has been called in.
He is acting as he has a right to stay until his house is built in August. Not sure what his problem is, I think i was to nice from the start I fixed problems they had the next morning when they sms'd that day.
I've already found new tenants who want to move in less then 3 weeks time who want to pay the same amount with 1 month rent in advance, known the person for awhile and they have a previous landlord & current boss as reference, have the money and details ready for me.
Hopefully this will be done before next weekend so I can have the house cleaned and ready for new tenants!
Unlucky for me this didn't happen a few months ago go I could of claimed if back on tax this year.
RyanJD
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@ryanjd
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Post Count: 77
July 6, 2012 - 9:40 am
Check your councils website or give them a call. If it just yourself with a computer it should be fine.
If people are coming and going, multiple staff, cars etc thats another thing.
This is the stirling council document – http://www.stirling.wa.gov.au/Business/Businesses-commercial-and-industrial/Home%20based%20business/Home%20Office,%20Occupation%20and%20Business%20Information%20Sheet%20and%20Application%20Form.pdf
RyanJD
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@ryanjd
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Post Count: 77
July 6, 2012 - 8:11 am
Time to give up vacant posession of the property was Wednesday. Tenant says he knows nothing about it and wont move because and didn't get any letters from the court. Also says he has the best lawyer in Australia! Must of been the same lawyer who told him to withhold rent from me haha.
Just filed for a Property (Seizure and Delivery) Order which was about $450! Added to costs for tenant to pay. Court passes this on to a bailiff. Been advised by court bailiff will attend property next week without myself to tell tenant to move on. If tenant doesn't move I will be called and the bailiff, myself, a locksmith and possibly police will attend if they refuse to leave peacefully.
Tenant still has all his stuff in the house and garage so these things will be moved to storage and if he doesn't pay I will go through the process to use the tenant belonging to recover the money I am owed.
Totally costs owed so far just went over the $4000 mark. Fortunatly I have lots of money in the offset to keep me going. I feel for the people who require rent to survive!
RyanJD
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@ryanjd
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Post Count: 77
June 30, 2012 - 10:23 am
Well I told the court they owe about $2700, didn't move out or pay the rent before the notice termination day. Did not mention anything else. One thing to note is that the court application is 30 days max from the termination date, i knew this but forgot the days which ended up being 31 days but the judge said he has accepted it under his power to do so. The court hearing was about 5 minutes.
I might get a property manager as the new W.A. tenancy laws start tomorrow and I have not had a chance to read all of it.
I don't believe a property manager would of made it any easier as I like to know what it happening with my investments, I have lots of free time working 4 on 4 off to do it all myself.
I will be changing the locks unfortunately I can't claim it until next end of financial year.
I'm not out to get the tenants, I gave them 6 months due to the amount of things that happens to them. Don't know if i believe them all though. They do keep the house tidy as I drive by ever few months.
The tenant wants to leave on the 18th August as he is building his own house which is why he has been strapped for cash he said. If he leave with out paying the rent and does any damage I will be able to find him as the new house will be in his name. This means I'll be able to serve a court notice at the house so he won't be able to hide.
I'll let you know what happens, I'm still waiting for the court papers in the mail and I'll get them Monday or Tuesday.
RyanJD
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@ryanjd
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June 28, 2012 - 8:04 pm
Just went to court Wednesday, tenants didn't show. Contract has been terminated by the judge after i showed them the evidence. They have 7 days to leave the premises. So we will see what happens.
They are currently 1 month behind in rent.
I got landlord insurance.
RyanJD
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@ryanjd
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Post Count: 77
June 22, 2012 - 5:48 pm
First make sure you can subdivide before spending money.
If you subdivide and build the new townhouse will be an investment because you'll be living in your current house.
RyanJD
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@ryanjd
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Post Count: 77
June 21, 2012 - 5:45 pm
When a auction I went to (WA) got passed it was 10% deposit, no building or finance clauses in contract and 30 days settlement.
After it got passed in they had open deposit offer, finance clause allowed but didn't ask about settlement.
Make sure you got your finances sorted 100% and check ya credit file in case of any problems!
Can you not just call the council and ask if the land is sub dividable? Can do that in W.A.
RyanJD
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@ryanjd
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Post Count: 77
June 21, 2012 - 5:40 am
I've noticed houses repossesed by banks don't budge on reserve price at auction.
Not sure if this is due to legal issues if the house sells for less then it's worth and the ex owner can sue.
Do you know which bank it's with? Maybe setup finance with them if an good offer can be made
RyanJD
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@ryanjd
Join Date: 2011
Post Count: 77
June 4, 2012 - 4:31 am
I also used Washington Brown, was about $550-600 for my 4×1 in Perth. Only problem I had was trying to email them at one point. It said there email inbox was full and they couldn't accept anymore.
They called my tenants to arrange a time. Took about three weeks from emailing them to getting the report.
I initally was going to do a checklist type one when they don't come to your property to view it but you provide all the details/photos. This is over half the price less but its tax deductable and would rather a professional do all the work so the ATO can't nick pick incase I miss something out etc.
RyanJD
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@ryanjd
Join Date: 2011
Post Count: 77
June 4, 2012 - 4:20 am
Hardly anyone looks at property in the newspaper anymore, unless they are the elite type stuff i would think.
Most people just use realestate.com.au, domain.com.au or gumtree.
I used gumtree and had over 10 applications in 10 hours. Some not worth the reply or read.
You can always get a property manager to advertise on realestate or domain for you and you just pick the applicant you find most suitable. One off fee I believe.
Also a sign made up at the front of the house could be good. Not suggesting a cardboard sign with pen but you can get a business to make one up.