Forum Replies Created
Hi QL,
The % of gross rental that managers charge really does not mean anything in the scheme of things. Some managers charge for inspections and drawing up leases, this may end up costing more than someone who’s fees are 1% higher.
I know you are in QLD and I can’t really help out there but if you want a pm fee schedule to compare, please have a look on my website, we have made one available as a download PDF.
Email me if you have trouble finding it and I would be happy to attach one for you just as a comparison.
All the best [biggrin]
Investment Property Management
http://www.adprop.com.auYou also need to consider that the owners will not want to fix things on their properties if they are going to be demolished. That would be unfair for the tenant because if they are paying rent, they should have everthing in good working order!
Investment Property Management
http://www.adprop.com.auWe get a cleaner in for the common areas and students are only responsible for their rooms. Everyone does it different there are no set rules!
Jen, I;ve had over 20 emails come through asking for brochures [biggrin], I’m assuming my email is working for everyone else!
If it bounces back again, you can contact me through our website
http://www.adprop.com.au I have the brochures there available to download!Please feel free to contact me regarding any specific questions! [biggrin]
Investment Property Management
http://www.adprop.com.auFantastic!!! Thanks for sharing [biggrin]
Investment Property Management
http://www.adprop.com.auOriginally posted by magnetman:Originally posted by Dr.X:Both of these methods are described in detail on my website (too long to repeat here).
Looks like your explanations aren’t on your site either…pages under development [confused2]
It’s up and running now [biggrin]
Investment Property Management
http://www.adprop.com.auNo! Last one I bought was eight years ago, the market now is such that you need to get creative to achieve a positive cash flow situation.
We achieve this by buying good properties in growth areas and using strategies such as lease options or multi-tenancies to increase the cash flow. Both of these methods are described in detail on my website (too long to repeat here).Developing or subdividing can also achieve positive cash flow.
Buying positive cash flow in rural areas is high risk! If there is no growth and just cash flow you are left exosed to debt. I run not walk away from these type of deals. [biggrin] but that’s just me!
Investment Property Management
http://www.adprop.com.auInvestors clubs usually exist to sell people properties. There is nothing wrong with it if that is what you are looking for.
If you are just after information an investors network group may be better. We run one in Adelaide, you can join through our website or just email me!
(no properties sold there, just information)Investment Property Management
http://www.adprop.com.auI have a couple sitting on my desktop. If you email me, I would be happy to attach one for you, I think they are in an excel format [biggrin]
(please send email to [email protected], not a private message please, I don’t check those every day).
Investment Property Management
http://www.adprop.com.auIt is an innovative way to sell properties and to get your full asking price. It is also a win/win solution.
My website could give you some input, we do it as a business in SA.
There are no pitfalls if done properly, the only considerations from the sellers point of view is that:
You put a cap on capital growth, so if there is apprecaiation in the property above the option strike price, it belongs to the tenant. I don’t consider this a downfall at all, it is part of a good business strategy, part of the win/win formula.
Once you have a tenant/buyer commited to buying withing a time frame, say one or two years, it may be difficult to liquidate out of the property if you need to sell in a hurry. You are tied in for that length of time. But there are ways around this! [biggrin]
Feel free to contact me with any specific questions. I only know SA legislation but you may be able to relate it back to similar rules in your state.
Investment Property Management
http://www.adprop.com.auWell Put guys. Great stuff [biggrin]
Love your web site too!
Investment Property Management
http://www.adprop.com.auI would just go back to the lease agreement and point out that providing a modem of any sort was not part of that agreement. The tenant can install it if he wants and take it with him but you have nothing to do with it.
Investment Property Management
http://www.adprop.com.auWe do everyday WC
Investment Property Management
http://www.adprop.com.auHi Jenny,
We not only do it on our own investment properties, but my company sets up mult-let accomodations for other investors too. It would take me a whole day to explain what I know about it. Why dont you sentd me an email and I can send you a brochure that we put together explaining the concept to our landlord clients. You may get some useful information out of it.
My email is [email protected].
Once you have read the brochure, I would be happy to chat with you on any specific questions.
Kind Regards, Xenia
Investment Property Management
http://www.adprop.com.auAll agent’s that collect money from tenants or purchasers on behalf of another party (landlords or sellers) must maintain a trust account that is regulated and controlled by a state government authority. In SA it is the office of consumer and business affairs.
Under no circumstances must the money ever go into the agent’s personal account until it is authorised. Ie even when commissions are owed to the agent, the money has to remain in the trust account until there is a written authority to take it out.
It is a legal requirement to have a trust account, there may be a logical explanation why the cheques dont have the words trust account on them, maybe they are not paid “directly” from there??? I would quirie the agent just to be clear.
Investment Property Management
http://www.adprop.com.auI run an investors network group in SA and have access to many successful property investors who may be able to contribute.
Can you tell us more about the magazine?
Please see my questions on your other post.Investment Property Management
http://www.adprop.com.auCan you tell us more about it?
Is it Sydney based?
How many readers do you anticipate?
Who is your target market? Start up investors, experienced investors, developers, property traders etc…Investment Property Management
http://www.adprop.com.auHi Stanners,
why do you need a property manager if you already have the tenant?
I think the problem with a friend is that it may be difficult to increase rents if you need to. If it is only going to be short term (2 years), then there is no problems of ongoing rental increases on a “friend”
Property managers vary considerably in price and especially efficiency. Find one that is recomended.
I have a list of questions on my website to ask a prospective property manager, but the site is down this week due to some tech problems, I would be happy to send you an attachement of questions if you email me.
[email protected]Investment Property Management
http://www.adprop.com.auYou probably would not need council permission but you would need some kind of privacy of the two tenancies and they must be lockable as mentioned.
There are 2 types of tenancies, the residential tenancy where the whole house is rented to a tenant or a rooming house agreement which is what you do in a share accomodation.
Yours would fall under rooming house rules which means that some of the services in the common areas need to be built into the rent instead of charging seperately.
Certainly doable [biggrin]
Investment Property Management
http://www.adprop.com.auI agree with Terry, I personally don’t like investing only for cash flow. If there is no capital growth that leaves you exposed to debt.
I like “creating” cash flow by giving the tenants an option to purhcase or setting up multi-tenancy accomodations. I have a brochure on this that may be helpful email me [email protected] and I would be happy to send it to you.
Other ways you could create cash flow and equity is through subdividing, developing and renovating. [biggrin]
Investment Property Management
http://www.adprop.com.auI’m confused, what is the difference between a rent collection fee and a management fee?
Is it a % of gross weekly rent?If you want email me [email protected] and I would be happy to attach our fee schedule (I don’t manage properties in Brisbane) but just to compare with what you have there.
Investment Property Management
http://www.adprop.com.au
