Forum Replies Created
I completely agree there should be some form of 'credit checking' or rather 'tenant history' database that is accessible to all landlords, surely Veda could include rental information as part of their revamp of positive credit checks? All that any landlord would need is exactly what is currently on a standard tenancy application form,
"Agreement & Authorisation
I believe the statements I have made are true and correct. I hereby authorise verification of information
I provided and communication with any and all names listed on this application. I understand that any
discrepancy or lack of information may result in the rejection of this application. I understand that this
is an application for tenancy and does not constitute a rental or lease agreement in whole or part."Throw in "I agree to the lessor conducting a check on my rental history, I have advised the lessor of any discrepancies in my prior rental history'
And surely this would meet Privacy Act requirements?
I have suffered through some terrible tenants in my investing history and am currently going through the tenancy tribunal for one that was recommended to me by my property manager whom claimed the tenant had a clean history. She was right, they did have a clean history in Moruya, but as I later found out – not in the rest of NSW!
I am cautious and manage several properties myself, I always have prospective tenants complete an application form and will never offer my property to anyone that I can't verify details for.
Property law is 9/10ths in favour of the tenants, I think by allowing landlords access to the information which will allow them to make sound decisions is a small win for property owners
1. Have you had a market appraisal – do your research first so you know whether you are looking at a loss
2. While you're getting a market appraisal – get it appraised as a rental at the same time – will the estimated rent cover your repayments?
3. If you are unhappy living in the property my opinion is that you don't stay there – being unhappy in your own home has the potential to make you unhappy in other aspects of your life4. Send me a private message – As a canberra investor I may be able to give you further advice
For further info –
Notice to complete was issued 6 April with due date 21 April. To date I have not been advised if the LDA's solicitors have granted an extension to enable me to on-sell the property, however I was sure this was a hard and fast rule. Notice to complete is final?
Are my solicitors negligent here for not advising me?That sounds like some welcome news, would be grateful if you could review my post under Help Needed and tell me if you think it's necessarily true though…..
I don't believe so hleung – you can submit an offer on a property 'subject to finance approval' but once you have exchanged that condition is not part of the contract…
Thanks though
Hi DamienO
If you live in the area and do your research, property management isn't too difficult. Mind, there is a lot of work involved if things go wrong. Always screen your tenants carefully and keep records of all conversations/correspondence. You also need to be well read in terms of the Tenancy ACT and relevant policies in your state. I currently manage my two local IP's and have a property manager manage my other non-local IP. To keep track of the rent and expenses – I simply use an excel spreadsheet. Both rent's come in fortnightly for a fixed amount – so I use the one account and simply check via online banking that the payment has gone in each fortnight. I also record all expenses in the same spreadsheet – makes it very straight forward at tax time. For the non -local I get a statement sent to me which essentially contains all the information i keep in my spreadsheet for the 2 local IP's – but costs me $80+ in management fees each month…if you have the time to manage the properties – I say more power to you! Just know your rights (or lack of) and do your research. Best of luck
Hi – you may wish to read the policy on the FHOG – I note you are interested in purchasing your second property?
I believe its called a First Home Owners Grant for a reason.
Keep reading, keep researching – there is no such thing as get rich quick…I'm sorry I have no advice on getting your business online for more exposure, however, it has been my experience that the strongest form of advertising is word of mouth. My partner is in real estate and primarily gets new clients using this method. At an estimate 75% of his business comes from referrals as well as the signage he has on his vehicle. Online is great and its certainly helpful to expand your advertising to different mediums – my thoughts are that it would be beneficial to also put effort into existing methods.
No dependants and only other debt is a $5K credit card.
Please email me if you would like more information, I am keen to get this off the ground asap
Cheers!I'm sure there were a heap of threads on this forum last year about the same guy and from memory the consensus was – be very wary – I don't recall a good thing being said about it…
