Forum Replies Created
Hi Brian61
The lease options can be on a use it or lose it basis, where the lessee must advise the landlord in writing giving (e.g.) 6 months notice of their intention and committment to take up the option, or to be allowing the lease to lapse, which gives the landlord time to find another tenant. Include the access rights to show prospective replacement tenants through the property. Different solicitors have different commercial leases, some are poorly worded and flawed, read them carefully.
just a few thoughts.
cheers, good luck [biggrin]
thecrestthecrest | Tony Neale - Statewide Motel Brokers
http://www.statewidemotelbrokers.com.au
Email Me | Phone Meselling motels in NSW
Hi Gonnaberich
Most landlords agree that the tenancy laws favour the tenants so it would be reasonable to direct the property manager to take the necessary legal steps to remove the tenants. The law makes sure they are not disadvantaged. They haven’t been sufficiently co-operative to deserve more consideration than they just gave you when whacking you with the legal stick about insufficient notice to increase the rent.
Get the PM off it’s tutu, move ’em out fast and legal, and get on with your own plan. Don’t fall into the trap of being a social worker.
cheers
thecrestthecrest | Tony Neale - Statewide Motel Brokers
http://www.statewidemotelbrokers.com.au
Email Me | Phone Meselling motels in NSW
Hi Rick
Have you made a final decision on what kind of establishment you want it to be ? e.g. backpackers, boarding house, rooming house, student accomm., share accommodation . . . ..
There are a number of alternatives, different markets, quality of occupants varies, can be seasonal, different legal structures, usually under different legal acts. It’s important to know what rights owners/managers have when renting accommodation and when ejecting people or occasionally when calling the Police to eject people to be able to quote your rights to Police, they often don’t know for sure and become uniformed lame ducks. Tenants and some other types of occupants have rights galore these days.Some types of properties have higher occupant turnover, higher higher wear’n’tear & maintenance, more management required, closer cash income scrutiny required. Other options require less cash scrutiny, are less labour intensive. I guess it depends on how hard you want to drive yourselves and the property.
Not always does more work make more money.
I favour longer term occupants with better socio-economic profiles, less problems.
Whatever you decide to do, get all the ducks in a row. If there is an association for your sector of the industry, join now and get into the info loop, liaise with other members etc.
Good luck, congrats, your gutsy can-do attitude is admirable and attracts help as always. (The cosmos delivers.) Please let us know on this forum how it’s progressing in the deep end.
cheers [biggrin]
thecrestthecrest | Tony Neale - Statewide Motel Brokers
http://www.statewidemotelbrokers.com.au
Email Me | Phone Meselling motels in NSW
Inya Marc – I’m all for being considerably less tolerant of politicians (please excuse the profanity) and loudly screaming and demanding full accountability from them for their performance and honesty.
None of them should “retire” and collect their payout until each has been “cleared”.
That’d be a good start.
cheers
thecrestthecrest | Tony Neale - Statewide Motel Brokers
http://www.statewidemotelbrokers.com.au
Email Me | Phone Meselling motels in NSW
Hi Twinpeaks
Wouldn’t be surprised if Bob Carr doesn’t own a few motels over there to take advantage of the flood of property investors he has forced out of NSW.
cheers [wink]
thecrestthecrest | Tony Neale - Statewide Motel Brokers
http://www.statewidemotelbrokers.com.au
Email Me | Phone Meselling motels in NSW
Hi waprincess
If the lady REA was genuinely looking after your best interests, she would have either not placed you in that position with slick, or she would have rescued you from him on the spot.
Assuming she did neither, then you are right about the good cop bad cop charade. They’re both slick. That being the case, you can’t trust either of them. Find another agent who’s not trying to buy your property from you on the cheap for themselves.
good luck [wink4]
cheers
thecrestthecrest | Tony Neale - Statewide Motel Brokers
http://www.statewidemotelbrokers.com.au
Email Me | Phone Meselling motels in NSW
Hi Rouquin
Care to flesh out your basic member details a tad more ? what do you call a deal of high yield in your field ? info is good, it all helps.
cheers
thecrestthecrest | Tony Neale - Statewide Motel Brokers
http://www.statewidemotelbrokers.com.au
Email Me | Phone Meselling motels in NSW
Should be empty this week, many residents gone to Palm Island according to the news.
cheers
thecrestthecrest | Tony Neale - Statewide Motel Brokers
http://www.statewidemotelbrokers.com.au
Email Me | Phone Meselling motels in NSW
Only a slight hiccup in maintenance is required to knock out your $20 per week with the older property in the sticks, and it’s more likely with an older place. New places require less maintenence for the first 5 years, provide higher depreciation to claim p.a, and for longer. They tend to attract better tenants, be in better neighbourhoods, higher CG, lower REA fees because easier to manage.
I choose option 1 – the new property – so I can retire early and live like Jo, who’s really a princess in hiding. [biggrin]
oooh promised I wouldn’t tell[sealed]
cheers
thecrestthecrest | Tony Neale - Statewide Motel Brokers
http://www.statewidemotelbrokers.com.au
Email Me | Phone Meselling motels in NSW
Hi All
I’d prefer to manage one property than 4.
Lets look at the aggro factor of 4 properties.
4 tenants who can be in arrears or default somehow or vacate.
4 HWS wearing out
60 tap washers
4 gardens
4 roofs and sets of gutters
4 TV aerials
4 sets of carpets
4 property fences
4 homes to paint
4 statements from agent plus fees
On the other hand, with one upmarket property
1 chance of tenant vacating, not 4
one fence, one roof, etc etc.
Once again, the importance of careful PM and tenant selection can make all the difference.
I prefer quality property & quality tenants, and I’m very careful choosing both.
cheers [biggrin]
thecrestthecrest | Tony Neale - Statewide Motel Brokers
http://www.statewidemotelbrokers.com.au
Email Me | Phone Meselling motels in NSW
Hi Ian
The risk factor increases when the tenants are charity cases. Expect some damage. Ask your bank to check the financial capability of the charity organisation and ensure it is written into the agreement. How is the lease structured ? – is it a lease to the charity which allows them to sublease ? Make sure the charity is fully and immediately jointly and severally responsible for any damage and that the lease arrangement and the liability of the charity to pay all damages and your downtime costs will hold up in a tribunal. good luck.
cheers
thecrestthecrest | Tony Neale - Statewide Motel Brokers
http://www.statewidemotelbrokers.com.au
Email Me | Phone Meselling motels in NSW
Hi Alf
The tenant should pay the reletting costs for breaking a lease during the fixed period. This includes all advertising costs because the cost is caused by the tenant breaking the lease. It may OR may not have become necessary at the scheduled end of their lease to advertise for another tenant, who knows?, many tenants are walk- ins off the street, or unsolicited phone or net calls, no ads required. The future is not certain in this regard, but the broken lease IS certain, and so is the unscheduled advertising cost, so don’t pay any of it. The weak PM should insist on the tenant paying full costs in breaking a lease, what a woos. Hope it runs smooth for you.
By the way, put this PM on 30 days, they need watching on a short leash. [biggrin]
cheers
thecrestthecrest | Tony Neale - Statewide Motel Brokers
http://www.statewidemotelbrokers.com.au
Email Me | Phone Meselling motels in NSW
Hi Derek
You’re quite right, always good to scrutinise the tenancy applications, helps to learn more, get a feel for the market, lets the PM know you’re watching the situation too.
cheers
thecrestthecrest | Tony Neale - Statewide Motel Brokers
http://www.statewidemotelbrokers.com.au
Email Me | Phone Meselling motels in NSW
Hi Bonnie
I don’t agree with placing a rental property with more than one agent and starting a race because then the temptation is there for a PM to place a less than satisfactory tenant in your property merely to beat the opposition.
It is important to choose an agent who is already advertising sufficiently and with properties similar to yours and enjoying a high enquiry rate from prospective tenants. This should provide enough enquiries to get a quality tenant.
Depending on the area, 4-5 weeks is too long.
Sounds like the agent has a low enquiry rate.
At this time of the year, there is the danger of sliding into the December period where it is too close to Xmas to get a good tenant. My suggestion is to offer a $100 bonus to the PM for a quality tenant within 7 days, just to make sure you get the next quality tenant that walks in their door, not some other IP owner. The PM can push your property if he/she wants to.
good luck, hope it runs smooth for you.
cheers
thecrestthecrest | Tony Neale - Statewide Motel Brokers
http://www.statewidemotelbrokers.com.au
Email Me | Phone Meselling motels in NSW
Hi Xquis8
Since you said any reply is most welcome . . . . I’ve gotta say the property sounds like a garage, don’t do it.
I’d rather own half a good quality property, than all of a bad one, if ’twere my money. Don’t dodge debt, dodge bad investment.Quality properties seem to be the only ones appreciating all the time.
cheers
thecrestthecrest | Tony Neale - Statewide Motel Brokers
http://www.statewidemotelbrokers.com.au
Email Me | Phone Meselling motels in NSW
Another yack attack ?
Good onya Yack, can’t type for chuckling, thank you
cheers
thecrestthecrest | Tony Neale - Statewide Motel Brokers
http://www.statewidemotelbrokers.com.au
Email Me | Phone Meselling motels in NSW
Hi Tools
Most PM’s software has the facility to pay twice monthly because many landlords require it to pay down mortgages faster. PM’s without this facility are not competitive and will quickly lose managements.
cheers
thecrestthecrest | Tony Neale - Statewide Motel Brokers
http://www.statewidemotelbrokers.com.au
Email Me | Phone Meselling motels in NSW
I remember boarding a Qantas plane in another country, bound for Australia, and feeling like hugging the cabin crew because it felt like a rescue mission. No more of that thanks. It’s Australia for me, plenty of paradise right here, and no shortage of spirituality, and every kind of scenery you could ask for.
cheers
thecrestthecrest | Tony Neale - Statewide Motel Brokers
http://www.statewidemotelbrokers.com.au
Email Me | Phone Meselling motels in NSW
Chefman – Congratulations, you’ve definately earned the rewards. Sounds like there may be another low priced pub for sale in town soon
cheers
thecrestthecrest | Tony Neale - Statewide Motel Brokers
http://www.statewidemotelbrokers.com.au
Email Me | Phone Meselling motels in NSW
Hi Tony
What part of the real estate world are you interested in ?
commercial ?
development ?
residential ?
sales ?
property management ?
Might help to be specific in order to get relevant info.
cheers
thecrestthecrest | Tony Neale - Statewide Motel Brokers
http://www.statewidemotelbrokers.com.au
Email Me | Phone Meselling motels in NSW
