Thinking of managing our own properties. Any thoughts or tips appreciated.
1. Make sure you have landlord insurance
2. Make sure you inspect the property religiously every 3-4 months.
TheFinanceShop | Elite Property Finance
http://www.elitepropertyfinance.com
Email Me | Phone MeResidential and Commercial Brokerage
I've self managed. Can be beneficial if you have a steady tenant. I took over for one who had been paying religously for 3 years straight. Was definetly worthwhile to get the rent weekly in your account paying down either your deductible or non deductible rent. Eezirent is a great program to get its $29 a month for unlimited properties and has plenty of information for each state etc. Just make sure you follow the current market rent when adjusting the rent.
Tony Fleming | Triumphant Property Group
http://www.triumphantpropertygroup.com.au
Email MeNSW Buyer's Agent specialising in Western Sydney-Blue Mountains-Orange-Albury
I have done both over the years it comes done to your knowledge and time available. One thing I have often done is let out the properties myself therefore I work out who to put into my properties and I do a very detailed check on clients and I then get the agent to look after the day to day management.
Nigel Kibel | Property Know How
http://propertyknowhow.com.au
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My wife self manages our local IPs and we've had no major issues so far.
I wouldn't inspect them too frequently – and it's not necessary if you've placed decent tenants. We usually inspect one month after the tenancy commences and then usually every 12 months thereafter.
Make sure you're clued up on the tenancy laws of your state and document everything – take photos when preparing your condition report so you have a reference for how you expect the property to look once the tenancy ends.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
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