Forum Replies Created
Yep. Yep. No worries. Consider it done. Thanks very much.
Hi Marcus, You have also helped me out for any future searching. In the past I have used gumtree and rent.com.au. I think I will start using landlordschoice if I need to from now on.
Ok, thanks Ryan. I just got confused. Yep…..definitely going to keep them. Unless, of course we come into financial difficulty. But at this stage we r lookin good. Thank you for all the advice.
Thirsty
We had the same thing happen to us and we from Perth too. The tenants built their own home so needed to break their fixed term lease. We told them they needed to pay rent until new tenants were found and also advertising fees (as you have done). In the end, we asked the tenants if they knew anyone that were interested in renting and they did (so we got lucky) and I suppose they did too. In the end they had to pay 1 weeks rent to cover the time in between tenancy. Maybe u could try that.
They may reconsider if they know they have to pay the rent until a new tenant is found
Good luck
Thanks for replying Ryan and Number 8.
I agree with what u are saying and I now think we should keep them. Thank you for putting it into perspective. I know we have heaps of equity to invest more but just a bit nervous with the whole going down to 1 wage thing. I suppose that is where the due dilligence comes in.
Ryan, are u saying we shouldn' be paying off the land loan. I just got confused there I think because I was always under the impression that paying off non-deductible debt (ie PPOR) was more important. Or am I doing it all wrong.
Thanks again
ThirstyTo be honest, we managed ours for a few years, then when the tenant moved out we decided to use a PM. We had an applicant who knew the previous tenants but we had already assigned the PM's so we let them take over the reigns…..it had been over a week that they put their application in and we knew they had and the PM hadn't even told us they had someone interested. So of course I got onto it. They let the IP to them. So basically we got the tenants for the IP without advertising. Then the PM's wouldn't pay us fortnightly (which was on contract). Would only pay us monthly. Didn't give us copies of contract, Prop Condition Report…….and the list went on and on. Of course we got onto that aswell but were not happy. Considering we were paying 10% flat fee (meaning everything was included in rate)
So after a few months we spoke to our tenants and they weren't happy with PM's either so we sacked them and did it ourselves again. They were great tenants. Since then unfortunately they built a house and moved out.
But this time we advertised ourselves and found another awesome tenant who is fantastic. We have an excellent relationship with them and have never ever had a problem. Lucky us…..Im not saying tenants like this are easy to find but they are out there. And I know there are excellent PM's out there too because we have a good PM for another IP but I definitely prefer to do it myself for the one close by
I agree with fredo on this. I manage my IP in the town where I live. I use a property manager for the IP in another state (for obvious reasons). If I bought more IP's closeby I would gladly manage them myself. IMO if you have a good relationship with the tenants and get any problems fixed, you will find they will be happier to go through you personally than the middle man (ie PM). I do not feel it takes up much of my time and I enjoy doing it. With the money I save, I can use it to reinvest instead of paying a PM that does the same job as me.
In saying this, 7% is a very good rate. If you don't feel confident, keep them on. If you do feel confident, do it yourself. You can get all the information off the web.
This is just my opinion
I read an article on news.com.au and it was Edward Chancellor……saying the housing market will implode. Hope thats the one u thinking of
Well, Im not much of a forumite. I actually enjoy reading the forum (as most people do I would assume looking at the number of guests online compared to online users). I finally joined.
And thirsty for beer……among other things
