Hi MotelinvestorI'm not anyone official on this forum, but welcome from me.It would help to keep this short if you provide some info :Level of investment approx $ ?Geographical preferences ?Proposed term of investment ?What % of the investment cost are you borrowing ?Happy to help. This info matters.Cheersthecrest

Strata management is complicated, especially when there is disagreement. Went thru this recently. Messy tribunal.Was very happy to pass the management onto a professional licenced strata mgr. If you want advice on strata, Dept Fair Trading is excellent, very helpful.Good luckcheersthecrest

Hi AthmanYou're quite right.Opinions vary on the benefits of a restaurant in a motel. Some say it's great, puts bums in beds, attracts groups and corporates.Others say they only break even and who'd want a business add-on that demands an extra 40 hours a week and only breaks even, or it's a constant source of problems – staff, costs, extra 40 h…[Read more]

Hi EarlstongardensOk, happy to help.PM me your email address on this forum's private messages .  Cheersthecrest

Don't know what sort of property you intend to use.My suggestions areInstal comforts tenants pay to run, like watering systems, R/C Air Cons.Tenants aren't keen gardeners, so minimise it, expect dead plants.No pool.Handyman to visit once every 12 months to replace every washer in the property.Inbound & outbound condition reports and 3 monthly in…[Read more]

Hi DoogsJust sold our motel in 2 parts, landlord and tenant.Basically sold the leasehold tenant part myself because the broker was hopeless but contracted.Not all but many brokers were ill-informed, lazy, slow, argumentative, expensive relative to effort.Widespread situation of poor salesmanship and poor marketing skills, especially inept at…[Read more]

Hi DCan recommend our solicitor based in Forster NSW. Will PM you his details and why we recommend.Cheersthecrest

Your info is helping a lot, but I've been a while trying to understand it, there is light at the end of the tunnel,sorry it's not my forte.So I assume this means that the banks get funds from the following : depositors of all kinds, anyone who places money in a bank such as term deposits, businesses depositing their daily takings, mum n dads small…[Read more]

Sorry guys, as an economist,  I make a great motelier. So I'm confused.Re Q1 – Where do our banks borrow from , and what does it really cost them ?  By your answers, does this mean that our banks borrowing costs are not related to the cash rate or recent .50% RBA rise?  – hence all the RBA has done is give banks the signal to increase their lend…[Read more]

Look in the right hand column of this forum and you'll see the ad and link titled "1-On-1 Property Mentoring".That's the RESULTS Program. It was very successful for us.Cheersthecrest

Hi BankerHope you don't mean leaving the forum. Your input is amazing and shows special insight which is always appreciated and much needed on this forum.Cheersthecrest

Hi Corey10-12 hrs a day = 50 -60 hrs a week assuming only a 5 day week . . . hmmm. Long hours for $800 nett depending on the job.This person can work long hours, that may come in handy.For a single person, assuming that means no partner, no co-habitation person –  that's a lot of rent that could be probably halved by sharing and better spent (…[Read more]

Quite right Scott. The tenant vetting version I outlined is a low risk one for those considering self management.It only allows for referees who also have jobs ( because if all of someone's friends are at home unemployed it tells you something about the tenant) and also those referees must be contacted at their places of work so their employment…[Read more]

Hi All – TSAU. Sure is something that can be learned, and you're quite right about some aspects.If I was planning for the best result in a tenancy with no regard for CG or anything about the investment potential of the property, I would choose a nice property that 75% of the population would be happy to live in. This ensures that the property…[Read more]

HI SonyasalSuggestions.Sounds like poor management in Forbes. Parkes is thriving and only 30 kms away and you may find other landlords having the same problems have their properties managed out of Parkes. Suggest you make some enquiries there. Your property could be managed from Parkes, tenants search for available properties in the local paper,…[Read more]

Is there a man in the house ?Gotta tell this story – tenant rings the PM complaining about rats in the roof, says  "definately rats."  PM rings pest man who inspects roof space declares it's a possum, "doesn't do possums" departs and sends $60 callout fee bill to PM, property owner not happy, tenant not happy, tenant wants possum removed, r…[Read more]

Lost my shirt overseas, and I know why. I learnt the hard way that it's best to invest where you have native language skills, acceptance, citizenship, sound economy, democracy and rights. Australia is such a great country, we've got it all here.  Cheersthecrest 

Hi Gronk007.Suggestions.If the rental property is not far away, you could do a night time driveby and see if the lights are on and any cars there.Ring the property, oops sorry wrong number.Ensure that the Property Manager sends a warning letter every 3 days after the tenant is 3 days overdue, plus phone calls and then issues a termination not…[Read more]

Hi AM2778Sounds like your accountant or solicitor left you in the dark.In what State of Australia is the property located ? Do you have the following : *  a paper lease signed by landlord (former owner) and tenant  ?*  a tenant bond lodged with the Rental Bond Board  ?*  an inbound condition report ?*  a printed record of rent paid to date during…[Read more]

I used to rent out part of my place to someone who's work routine was exactly the same, 2 weeks on 1 week off, he worked on an oil rig. Hardly ever saw him, great to share with. You should be an ideal owner housemate, hardly ever there. Adjust the utility consumption costs pro-rata, set house rules, buy the right place to attract the right…[Read more]