Forum Replies Created
I’d suggest Ciampa & Associates at West Ryde even though he’s not on the n beaches.
If you are going to alter your drainage by installing a floor waste , new basin, wc pan or plumbing with a cistern, showerhead etc then you may be affecting common property. What if: the drainage is inadequate for the extra fixtures? Or triggers BCA compliance issues for the remaining building?
You may need to read the Act rather than a leaflet as this work is more than decorating/r or refurbishing.
Coalstar, granting access is often a big enough hurdle & very unlikely if it is owner occupied.
The agent is working for the vendor & in the vendor’s interest, additional work makes it just too hard for the agent. The selling agent is generally not the property manager, so they won’t get the comms.
The vendor doesn’t care how long it takes for you to get a tenant & does not want to delay settlement or the release of funds because of things outside of their control, like finding a tenant. In a thin market you could try it on but when offers come thick & fast you could whistle ‘Dixie’ & the vendor not bat an eyelid.
A seller would be more likely to agree to allow access for leasing but would not agree to a clause allowing settlement to be delayed indefinitely as you can’t find a suitable tenant or one at a high rent.
Derek, I think that’s why we have lawyers – to review contracts before the fact & to get clients out of the mire after they have signed.
It is not council’s opinion Sez, it is required under the dividing fences act, usually goes to mediation first to avoid court process.
Google ‘valuers’ & find one in reasonable proximity, should be able to get one for less than $1k. Remember, they have to go to site so there is no point getting someone from 2 hours away.
Shire valuations are statistically analysed valuations for the purpose of ratings calculations & will be of little use. Prices asked bear no resemblance to actual sales prices as it comes down to the final negotiations & contract price. Get yourself a copy of the suburb price report if you want to do it yourself.
Fire damage – If there is sufficient damage to cause doubt, go to the engineer. You are looking at two separate issues here & may need an engineer to certify the footings of the veranda when it comes to the approval.
You may end up engaging both.
Hi bianca, I hear your message – you’re looking for security, capital growth over the long term, few investment worries etc & not necessarily buying 2 or 3 more over time.
You may consider buying in an area that you know eg say off Chapel St or around Richmond or the inner suburbs.
As a long term hold a new/newer property will require less maintainence but this will change over time, things do wear out/need painting etc ..
Capital values of new property will drop over the short-term but this is a long term investment.
Does the budget include borrowing or is it your savings only? There may be some advantages in borrowing.
Where? It might sound like a stupid question but a builder in Mentone may not want a project in Chinchilla.
Ian, although your comment ‘1 property’ was a bit tongue in cheek, would you pay more for a decent PM or one who was only handling say 50 properties not the 150+? How many properties does it take to get say a $3m rent roll which at full comms is slim on margins for the agency?
Does quality property mgmnt come at a cost/price? Should it be reflected in the fees? Should it be on-charged for every bit of service provided (like solicitor/accountants) ie fee for service – pm/arrangement of & % of maintainence/outgoings/property inspections/reports/lease prep/outgoing inspections etc?
Do they have a cart to push?
I hear your point Mrs C – can I ask if the IP’s are in a small town (may be a bit of an explanation for the closeness but possible laziness of the pm if it’s not a small town). Have the selected tenants been a bad call by the agency? Familiarity can be a good or a bad thing – it may allow vigilance to drop or allow you to secure a tenant earlier (less loss of cashflow).
To further Derek’s point about contact, this is a business relationship – occasional contact with the pm costs zip but can also put you front of mind when dealing with prospective tenants for upcoming rentals rather than languishing for weeks with little activity.
fword, if you’re having to chase the pm & the wheels fall off in their absence, what sort of obsolescence is there in the agency? It makes me wonder how long it would take the pm or the temp to realise the rent wasn’t received & a call to the tenant was in order, surely not two weeks. What would happen if it was end of month?
Just provide a copy of a payslip or bank statement showing pay going in. My bank hasn’t asked for a long time, only when I refinance & then they get tax returns.
my 2 cents: the place was initially fenced so there could be an expectation that there would always be a fence – what if their/visitor’s kid (or dog) ran out onto the road & got bowled over?
Do most of the other houses around have fences or is it the norm?
Just because you had a brick fence doesn’t mean you need to replace like for like.
A fence also provides a certain perception of security for the occupants, – it keeps unwanted animals out of the yard etc …….
1 inexperienced property managers, learning on the job with little or no backup
2 over-extended PM’s, too many properties, not enough time
3 little or no communication, not the glossy newsletters but real comms – a phone call or email to ‘get to know the client’
4 regular meet & greet with each owner ie relationship building.
5 attention to details, ensuring you have all your information up to date & correct
6 provision of feedback to clients & tenants
7 attending to maintainence, the stuff you see at inspections
8 advising owners of issues
9 reliable tradies
10 not penny-pinchingRemember that there are two parts to the equation – offer and acceptance. Make sure that you are adequately compensated for the sale but not at the expense of losing the deal and locking your site out of any future development. Which area are you located? There are plenty of threads on selling development sites.
Greed can turn to fear very quickly….
One thing i’d add, why not approach the buyers agents in bulk initially? You can provide them with the low down on the units separately or as a package. Include details such as expiry profile, current rent Etc…….
OK, firstly I've gotta ask why would you do this rather than taking on a partner earlier?
Selling a portion is always looked at as a distressed sale, your selling price will be reduced and it will be more difficult to sell the remainder. How do you intend to structure it – tenant in common or joint tenants? Which bit are you selling? Who to?
If you are selling, then the purchaser will pay stamp duty.
