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There is a data base available to property managers but I am not sure it will be much help.
You need to do what a property manager does and check references – employment, past landlords.
After that you need to understand tenancy laws as apply to your state.Well this post was a long time ago… QM- what did happen in the end?
Did you get to the bottom of what you needed to know about property inspections and finance clause?More importantly – DID YOU BUY??!!
And how are you going?Thanks! We started out just meeting over coffee and chatting about property but grew and grew.
For some reason, blokes wanted to come too?
HHmm… not sure if it is the property or….. the “women”….
All in all- its great to share with others in an informal way what we are each doing in our property investing journey.
Feel free to drop me a line if you would like feedback or to chat about your directions and ideas.
[email protected]I am not sure that you get far “the less interested you seem”. You can miss out on good deals because the agent thinks you are not all that interested. The agent has a lot of power – like it or not.
As an agent- we were diligent in letting potential buyers know when a property came onto the market. If you seem less interested – you could miss out.
Ok, there is always another coming around the corner as an investor- but why not let the agent do some of your leg work for you? Let them tell you when something is coming up – or when a new property comes on the market? Let them vie for your attentions..Well I did say the Real Estate Agents do it for free.
I have found agents in the area to be spot on when I have told them what I want the appraisal for.
Maybe you choose agents that are not all that good when you get inflated prices Jamie – or you are not clear on what you are looking for?What you want most out of a property manager is someone you can communicate with. The tenants will go with the agent that has the property that suits them… except me! There are agents I will not go near to rent but I am not a tenant any more.
No but really…. from your perspective as a landlord – you want to know that the agent will respond to you. Grammar is not all that important – its the relationship you have with the agent which says you can pick up the phone and have a genuine conversation with them.
If you are still stuck- maybe ask them for testimonials or other landlords you can speak to who are happy with their service.
Oh, and I know the sceptics who get on this site will say “Oh well of course the agent will ONLY send you contacts who are happy with the service”. Well of course- but wouldn’t you in your business? The point is, it is a way or getting a feel for how you might do business with these agents.
That they have been in it for 17 years says a lot- not just fly by nighters- they have obviously built up many relationships.As a former real estate agent – and knowing how it works- you want an agent who is close by. Not just because they don’t have as far to travel to an Open for Inspection but also because a local agent will have a better data base of local tenants- the more demand there is – the easier it is to command higher prices – that goes for rent AND sales
Very Funny! I like it.
Ahhh Bangalaw.. you lucky thing. I lived in Brissie and used to travel down to Byron, Lismore and Ballina in a sales role… those were the days.Now we are less serious… I guess we should be in “Forum Frolic”….
Good on you wise one. How lovely! I am glad you are your husbands bride of the year….
Sorry I was too late to vote!Is there? Someone must have posted twice? Is it same topic?
Maybe danis11 did not know where to put the post so posted it twice?I like “walk softly carry a big fish”……….
Great idea DWolf…
I like where I am but thats me. There is sooo much infrastructure going up here- hospital, railway stations, shops, new town hub. Prices are low – low socio economic- first home buyers entry point and lots and lots of infrastructure being built! My family has been here for 5 generations and the suburbs caught up to us! I just like the “localness” of it all……… But prices have not gone backwards looking at stats.. so I am not sure about the “property downturn”.Soooo did you win? I was going to vote but seems its too late?
Great shot- let us know did you win………Great article. Themes are those I have heard before.
Funny thing you know – they actually work too. I know when I have put my goals in writing and been specific about it- they happen.
Ok… now I have to get back to that habit- being specific and clear about my goals…………Not getting advice from professionals who know and are interested in property.
We set up a trust because our accountant said it was the best thing to do for the long term but I didn’t know enough about it. I dont think it has been helpful for our situation but it did provide protection. We couldn’t claim against our income- debt is quarantined in the trust.Renovating does not always add value – it can be a big task and does not always provide return. I think this works in a rising market.
There are many strategies out there- one is right for you.
Dont listen to the Negative BBQ talk – where everyone has a sob story to tell about how it went so bad….
Attend meetings… ,like mine of course! Where you get to mix – physically with other people who are interested. This forum is great but actually rubbing shoulders with others cant be underestimated. If you cant attend a meeting – organise one yourself!1 I have learned soooo much running Women in Property meetings that I could never have ever envisaged by just investing… Oh and its not all about property that Learned! That is probably the best part- I have learned so many other things and met so many great people!As the others have said- think really hard about what it is you want to achieve. Work out your goals… Find someone who is doing it and copy that.
Hi Newby,
You may have rights but how they play out in the court of law is sometimes very different. Look into adverse possession because they do have a claim if they have had continuous possession for a number of years. We bought a property and the boundary was not where the fence was. We ended up giving the neighbour the land because it was cheaper. Be as nice as pie as you can- otherwise it can cost you a lot of money, heartache and grief being caught up in legal battles. They are just so not worth it.There are many different property strategies that can provide yields of differing orders. I was just thinking of some beach side areas in Victoria where I suspect they could be cash flow positive running rough numbers- now that you write about it Josh. House purchase for sub $300k- rented to my friends for $1500 for a weekend… food for thought..
You also have to consider just what “is” cash flow positive. If you have a big chunk of deposit – you can make anything CF+.
I was wondering about mining towns and FIFO.. they seem to be giving great returns.
Josh offers sound advice.
Also it is ALWAYS a good idea to actually GO there. You just cannot put a value on seeing the location. Yes, it can be done from afar.. but nothing like going there.. speaking from personal experience….Kristin, it does not sound sorted to me. There is an eviction order by the sound of it but the tenants are still in the property….. dadadummmm… “to be continued in our next”……….
As I say- good property managers are Gold Gold Gold!
You can do it yourself but why do landlords bother with the drama’s I dont know.
There are so many laws and things to know. Also the benefit of keeping things at arms length! If you are involved, your emotions can get in the way- it can hurt you if you are in front of a judge or magistrate.I totally AGREE Paul- good property manager is good as gold. Doing it yourself can lead to all sorts of problems- traps that you dont understand.
Its good that you have the notice to evict- but what now? Its not all that easy. Tenants have all the rights. They can in Victoria still come back to court and plead their case as I have seen recently with a friend. Its not over til they are out.
However, if I were you, I would take a step back – your language sounds like you are out to get them- this is not helpful if going to court or for yourself. Talk to a legal person. I have found Consumer Affairs in this state helpful but not always right.
In Victoria at least, you can hold the rent because you paid for repairs- you must keep paying rent until the issues are sorted. You must keep receipts for repairs and it must be approved by the landlord. If they dont have this in writing- then they cant claim it.You could market both at the same time and sell individually. That is the cost can be spread across the 2 units but marketing both.
As others have said – you should get a better return selling separately as you increase your market. If you sell both as an investment then you are decreasing your market. Sure you can sell both to one investor but open it up to the wider market.Have you considered tax implications? I am not an accountant but there are tax implications for selling something you inherited. I could be wrong but there is something about you must sell in a certain amount of time- 2 years or something. After that there is a capital gain and I am not sure how it is applied but it goes back to when the property was first acquired?? Check with an accountant or the ATO.
Nigel’s comments is sound advice. Do a lot of due diligence. Decide what you are investing for? What strategy you want to go with and mix with like minded people. You will work out the wood from the trees and figure out what is right for you.
