quote:
Hi Steve

I think we got a certificate, but so what? I don’t believe that you need any qualifications to be a PM – and in fact there are lots of agencies who are not members of the REI, and so therefore would not send their people to the REI courses. It’s a fairly high turnover industry from what I’ve seen

Cheers
Mel

I was just…[Read more]

quote:
Steve

Simon and I have both answered your question in the preceeding posts. If you purchase an ‘IP’ to live in it for six months you are really purchasing a PPOR – yes?

If you move out in six months to a new house you have bought, you will be making a decision as to which of the houses is your PPOR.

If you are doing what Simon said, to…

[Read more]

quote:
Hi All
I have been reading this thread with interest. It is amazing that the only thing that PM do is collect the rent. You should be so lucky if that is all they do. That means that they have chosen good long term tenants that fix everything themselves.
I think of our property managers as part of our property investing business what they…

[Read more]

Hi Towlie,

Tell me more about this propertyof yours?

Kay Hanry,

Single out the areas or suburbs you think you are interested in, visit or call the real estate agents in the area and have them do the research for you. Then all you have to do is use your bargaining skills to make sure they don’t rip you off or find someone who has access to…[Read more]

Hi All,

What is the minimium amount of time you are required to have a place as your PPOR to avoid CGT. I assumed it was 6 months, but i heard you can get away with it in 3 months???

Forget where you live for a second, eg. Live with parents, or sharing a flat with a mate. You purchase a new IP, you live in it for 6 months, then move out buy…[Read more]

quote:
Steve

I think it cost me $695 and it was held over two weeks, with about 5 half days, and one full day or something similar. Some ‘homework’ and an exam at the end.

I did the course so I could ‘hold the hand’ of my sister’s friend who I was going to employ to manage my properties. Sadly, that arrangement hasn’t worked out, and my new…

[Read more]

Hi Kelvin,

Not bad at all… I will be posting one shortly, so i will be sure to send it to you…

Steve

quote:
There are some shockers out there as evidenced by the stories here. But when you find a good one and should something go wrong you will realise why you have one.

Especially if the property is not conveniently located nearby.

Sometimes it is best to pay an expert that works well with you. The difficulty is finding one! i think personal…

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Hi Michael,

Firstly, I would never waste my time collecting rent, i do believe this is bad use of time for most… but for some it may not.

I do not disagree with your comments and i am sure metropole offer a great service, seems like a great company… My point is that PM’s do need to be paid as much especially when most of the time,…[Read more]

Hi Mel,

I don’t manage my IP’s myself, however i just struggle to justify the money the PM’s get paid. Again not all of them are bad… But most people do not have much choice, there are two option, use them or do it yourself!!

How long was the course and how much did it cost?

Steve

quote:
Cash on Cash calculator….

After reading Steves book, Ive bumbled through one… in excel…
Its pretty raw and based on a few general assumptions but I hope it helps some of you… or can be modified/corrected for your own needs…

If you would like a copy drop me an email and I can send it might make some of those calcs of +ve or or –ve a lit…

[Read more]

Hi all,

What percetnage does you PM usually ask for including GST? The lowest i have payed is 5.5%, but if you include the amount they charge for postage and handling, and other generic charges, they are actually getting alot more the 5.5%[!][!][!] I would like to cut them out of the equation, but still not have to do all the work[?][?][?]

Steve

quote:
We collect rent via bank account. We set up an account specifically for the rent and the tenants get a deposit book. We can check online anytine whether it is paid or not.

I don’t see any problems with terminating the PM – just keep your tenant informed.

I work fairly long hours and have 6 IP’s on the go and don’t find it a drain on my…

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quote:
Hey I got a PM who never gets back to me when I fax her some request for quotes and questions. Usually I have to send 2 or 3 faxes to remind them, and the reply comes back a few weeks later.
hrrrrrrrrrrr
The last repair i had to fax once, then call her the following week, then another fax the next week, and she got back to me the week…

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quote:
Hi Smoros

I have never actually used a PM – we manage ours ourselves which has never thrown up any problems. From being on the other side of the fence (we don’t own a PPOR) as a renter I don’t think they are worth anything.

In 4 yrs we have had not a single inspection, so it’s hard to see how they are protecting the investor. I can check…

[Read more]

Hi Fullout,

In my opinion it is great to get QS’s to create a depreciation schedule. Obviously on very old properties the value is diluted, but it all depends on the ability of your QS.

Remeber that Depreciation schedules can be in two forms, you have to choose one for tax purposes, depending on your investment strategy:

1) Diminishing Value
2)…[Read more]

Hi Troy,

You can always check out RPDATA (http://www.rpdata.com.au), however it will cost you… If you are interested in a specific area you can subscribe to the service for that particular postcode. This will give you the answers to many of your list items.

Regards,

Steve

Hi there… Would love to see a copy of your spreadsheet. Please send to [email protected]

Regards,

Steve