Forum Replies Created
i will keep you updated regrading everything to do with my property
07gabster,
I have invested in property for just on 20 years and this is the first experience like this that i have ever had. All of my other properties have been easy and hassle free to rent. The first proprty that i bought i paid for in full in 18 months. So i have just been unfortunate to have an incompetent PM who had no idea and did not follow up on my contact or meet their contractual obligation to manage my property effectively.
i will continue to invest in property as it is my superanuation and future for myself and my three children
I have spoken with the new property manager this morning and she has taken the owner of the previous RE to the house this morning and told him that it needs to be cleaned up ASAP at the RE's cost. This should be done this week. Also she has advised me to speak with the previous RE to organise for them to lodge a claim with the tribunal to attempt to recoup losses.
No,
Landlords insurance does not cover week to week leases. The previous property manager was next to useless and when she left or was fired the RE agency could not secure a new PM, so as a result tenant was not followed up for unpaid lease or unpaid water and as i said they only realised she had gone when i complained about unpaid bills.The thing that really irks me is that she supposedly had good references from previous RE in another town. Also it is obvious that no property inspections had been carried out in a very long time. When i bought the house it was newly spruced up. previous tenant casused some smoke damage that was covered by insurace, so new kitchen appliances and new ceilings and fresh coat of paint in living areas. Then this tenant moves in and leaves a disgusting mess.
I have asked for the bond to be paid back to me, that is also supposed to have been attended to, but i have not received any payments as yet. New agency appear to be much better at property management, i had been looking for a new RE for a while but had not had any luck finidng one, wish i had changed over sooner. Rather difficult when done from a distance.
thank goodness my other properties are managed by excellent managers otherwise i think i would be one of those people who say real estate is a waste of time.
This looks fantastic, you would not know it was the same house. I wish i had the knowledge, skills and bravado to take on such a reno. I hope you achieve a great return.
I ams tressing about the condition my property has been left in by a tenant that has done a runner and apparently left a mess, three months and the 'property manager' staill hasn't organised for it to be cleaned up. not tenantable as it is.
From the post I thought that the total area of each town house is 250m2 not 250m2 on top and bottom.
Thanks D and Crest,
I haven't been thru the property as i live in griffith, still have not heard anything more from pm. have had a reply from another RE agent regarding either selling the property or for them to take over the managment of the property. Will have to follow up with the current pm tomorrow to see if they have any answers for me.
Property manager is Elders Real estate forbes nsw.
I was livid today when i spoke to the new 'property manager' she was very non commital and didn't appear to think it was 'such a big deal' that the tenant had left and the fact that it appears to have been quite a while ago.
What really irks me is that people seem to think that if you have an investment property you must be loaded. They don't even consider that you migght have a mortgage on the property or that you are just trying to get ahead.
making enquiries regarding getting a new pm or selling the property and buying elsewhere
Received a phone call today to tell me that my tenant has done a runner leaving a water bill of ove4r $150 and owing over $900. When i asked how long it had been since the tenant had paid rent i was told "they haven't been in since 29 SEPTEMBER!' When i questioned why they had not followed up on the rental arrears before now they could give no reasonable reason.In fact they agve no reason other than to say 'Well you've got LANDLORD Insurance!" I was ropable, what am i paying these people for. Then i asked what condition the house was left in. "i don't know i've only done a drive past" When asked when new tenants could be expected to be in place "I don't know"
To be fair this person ahs been at the agency only five or six weeks, but the whole agency ahve been hopeless from day one. Unfortunately i have sent emails to other agencies asking if they do property managment, not a single agency replied. So it seems that there are no decent agencies in the town.
Should i just cut my losses and sell the property to put the money to use in another town with a competetnt property manager?
PS It has taken this agency two and a half years to get some window winders installed and nearly two years to get a shower curtain rail installed.
Very UNIMPRESSED
If you want to know good areas to buy for strong rental appeal speak to the property managers not the sales agents. The PMs are the ones that deal with the property on an on-going basis. They can tell you what the renters are looking for, size, number of bedrooms areas that are popular etc. If you find a property that you like speak to the PMs from a number of agents.
Use google street search to check out what the area lookis like if you are buying the property from a distance.
cheers
Sonya
You could always accept the current loan that you can get and then refinance in one or two years time when the farm is more financial to a loan with a lower interest rate. If you choose to go this path make sure you are fully aware of any penalties or extra payments required to pay out the loan early
cheers
Sonya
i had to laugh when i recently had a 'vacuum cleaner' demo at home. The young demonstrator asked if 'hubby' was going to view the demonstration. When i said i didn't have a husband he then asked if i had the landlord's permission to have the demonstration. When i replied that i owned my house i was met with an incredulous look that i could do this on my own as well as have three children to support. I felt like saying 'shut up' you are digging yourself a deeper and deeper hole. Needless to say id dinn't buy the overpriced machine i just wanted a free carpet shampoo. LOL
Major banks aren't much better, i got royally screwed by westpac when i refinanced my mortgage.
Given what you have said, you have a good deposit to buy one or two properties in a city or you may be able to buy four or five properties in larger regional towns. There are a number of towns that are currently promoting themselves as good areas for people to relocate to from the large cities. these may be great areas to buy into now. Do your research on the areas, what industries there are to support the population of the town? What is the demographic? WHo is looking to rent – families, single people students etc? Speak to some real estate property managers, ask them what their vacancy rates are, where do people who rent want to live, what types of houses or properties are most in demand etc. I personally have found that property managers are more 'reliable' for want of a better word for real estate advice pertaining to investment properties. Sales agents earn their money from the sale whereas property managers earn their money from ongoing rental leases. They don't want the headache of dealing with unhappy landlords when they can't get a tenant for a less popular house or property in a 'bad area' or that doesn't meet the needs of potential tenants.
Hope this posting makes sense, good luck
Sonya
hi Wynyard,
As mentioned above there are options and regional areas do not have to be tiny little towns with no employment prospects. i live in a regional town of 25,000+ I bought a three bedroom, two bathroom double garage house that was only 8 years old for $270K and there are other similair properties around a similair price still available. I am an 'average' wage earner earniing just over $50K. i am a single mum supporting three chidlren under 11years with no payments from their father. Since buying my home i have gone on to buy three three bedroom houses and two 2bed flats in the last three years. You can do it, but as has been mentioned above you may have to 'give up' some luxuries. I am lucky in that i don't drink or smoke and hate coffee so going without a latte is not an issue for me. My children and i have discovered camping and have had some great holidays where we spend less than $300 on a week's accommodation and food staying on the coast as well as inland.
There are many job opportunities in the country areas, i have not been out of work since i relocated after my divorce. There are many larger regional towns, you may be able to continue your university studies whilst living in one of these towns.
instead of looking at why you can't afford a home look at how you can.
Think positive and outside of the square. you may be pleasantly surprised with what you find
Hi
I have many of margaret Lomas' books which i think are great. I actually got the access to her site from the back of a book that i initially borrowed from the local library. I went on to buy this and otehr books by margaret. Try your local library they usually have her books.
Roxie Springs you make an interesting comment. A flatmate of mine from a few years back is a very successful lawyer and always dresses very smartly for work. However, when she goes shopping she often goes home, has a shower and puts on her daggiest clothes as she prefers to look for clothes without pushy shop assistants. They take on elook at her dressed casually and leave her to her own devices assuming that she can't afford the clothes in their shop.
This may be a good initial strategy when looking at a property as the selling agent may be more inlcined to again leave you to your own devices so you can have a REALLY good look at the property finding all the good and possibly bad points that may assist you in both your decision making and negotiating of a sale price.
cheers
Sonya
Just something to be aware of, did you inspect the property when it was listed for sale? If so the agent can claim that they 'introduced you' to the property and impose their commission on the vendor. So the vendor may still want a higher price to cover these costs. I am not sure how long after the property has been taken off the market the agent can calim this commission. May be worthwhile making some 'hypothetical' enquiries so you know where you stand
cheers
Sonya
Hi
I have bought three of my IPs sight unseen. I have been happy with my purchases and as mentioned above do all of your due diligence, Having a property inspection bulding and pest is very important. In fact having these done can also take the emotional side out of the purchase as these are based on fact.
A blow ouot in available rental properties and lack of tenants was inevitable with the bgross over supply of properties combined with inflated prices for interestate investors leading to negative equity and forced sales after the GFC. Rentors are the ones with the balance of power not as opposed to landlords when there is a limited supply
