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  • Profile photo of SteelarSteelar
    Member
    @steelar
    Join Date: 2010
    Post Count: 8
    April 13, 2010 - 2:43 am

    Hey Guys,

    Just thought I would add my 2 cents to this topic. I'm a 'Pom' moved over from the UK about 4 years ago and decided to keep my PPOR and rent out to the market. I found what I thought was decent management agent and paid for their full serice given I was the other side of the world and dealing with any tenancy issues would be next to impossible! For this pleasure I paid fees amounting to 13%….yes 13%.

    I have had constant issues with my agency, the main one being lack of communication….so many times i am having to call them up in the middle of the night because they only start work at 10am UK time…..so many times I have to keep emailing to get an answer to my question. it has made me very frustrated at times but none more so than what happended recently. My new tenant from September last year is a bit of a pain and moans about almost everything. The problem is that my management agency always seems to pander to here every need without ever thinking things through…

    Let me give you an example….the tenant complains that her electricity bill is too high and believes the cause to be a faulty boiler. Granted, the boiler is a few years old but gets serviced regularly and repaired when necessary. My MA in their wisdom decided to take the tenants word for it and got a tradesman in to 'look into the problem' and guess what???….yep you got it…..the tradesman decided the whole needed replacing and quoted me a bill of 1,700 pounds!! My MA didn't even question this and came straight to me asking for permission for the boiler to be replaced.

    I could not believe this stupidity and immediately asked the obvious questions that any normal person would ask e.g. what was the size of their bill…did they use any electrical heating during the worst winter the UK had in over 50 years….what was their previous bill???? Questions that should have been asked before I was even notified of the issue.

    After a lot of e-mail tennis, the issue has now been resolved. Believe it or not, the tenant came back and confirmed they looked at the bill again and it is no longer an issue.

    UNBELIEVEABLE!!!!!!!!!!!!!

    I am now looking to sell my property and invest in something else…..The stress of having to deal with a useless management agency from the other side of the world is too much.

    Glad I got that off my chest :):):)

    Cheers

    Steelar

    Profile photo of SteelarSteelar
    Member
    @steelar
    Join Date: 2010
    Post Count: 8
    March 19, 2010 - 1:02 am

    Hi David,

    Would you care to share some of your experiences in Property Options? I'm not really after specifics as such but would love to know how you got into it and what type of deals you have done that gave you cash in the bank.

    Cheers

    Profile photo of SteelarSteelar
    Member
    @steelar
    Join Date: 2010
    Post Count: 8
    February 6, 2010 - 3:42 am

    Hi Paul,

    Thanks for your reply.

    To be honest it was more along the lies of the first "model" you describe, that is to secure the property with a call option and then try to increase its value before onselling the option.

    However, I am intrigued by your second model to which you are more accustomed to. Do you mean you secure a residential property through a call option and a put option simultaneously? I remember reading about that on another thread somewhere.

    If you don't mind I would love to hear more about what you do with options. If more convenient to you could you PM me your reply?

    Cheers

    Steelar

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