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July 31, 2011 - 11:07 am

May I ask how much rent you were paying trackstar, where you feel maintenance was lacking/inferior?

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May 23, 2011 - 9:03 am

mrproperty wrote:

Hi all ,
I have just purchased an investment property and would like to management it myself rather than use an agent.
I have a month until settlement and I was wondering if anyone could tell me the best way to market the property , are you allowed to list it on realestate.com.au , are their specific sites for this?
any advice would be much appreciated.

Is there a To Let section in your local paper that the property could also be listed in?    
Suggest by whatever method you choose, you ask for 2 references (that you make sure you follow up), preferably from prior landlord/s.    Also drive past their most recent address to see it's condition).    Also search your state Consumer Protection website for rental forms that you can download & use.
Tenants who've been in some sort of breach of agreement with Real Estate Agents are listed on an Australia wide data-base, so no other agent is likely to accept those same tenant's rental property application.    Those tenants therefore head straight for private landlords, so any applicant is needed to be screened absolutely thoroughly.
Hope it works for you, but if there's a problem with a tenant, the 9.25% (or whatever property management fee's charged in your state) looks pretty small compared with the problem-solving effort that may be required on your part.
Cheers,

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May 14, 2011 - 9:28 am

ricksta1969 wrote:

I had a look at the website and I dont believe a word of it. These are not tarted up 4 bedroom appartments split up to make 4 one bedroom serviced apartments.She is pulling your leg.  

Did I miss something?    I didn't see where she divided 4 bedroom apartments to make 4 one bedroom serviced apartments.

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May 13, 2011 - 7:08 am

I found myself to be doubly motivated with my investment properties while I was with my partner of 15 years.   And so was he.
Since we split up, I lost most of my motivation, & although I have a new partner, I'm progressing very slowly on my own with investing.
I'm told my ex has stopped investing.
So I could feel Buffet's comment regarding "the two best investments were wedding rings!"   WOW!

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May 11, 2011 - 11:50 am

Generally only Property Managers themselves have done the specific course.
Most often, not one of their peers has, so how could the peers select a "good" Property Manager?    They wouldn't know what they were looking for?

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May 11, 2011 - 11:42 am

From my experience, it doesn't matter much who the Agency is, but the individual Property Manager.
It's the Property Manager you're having a business relationship with, not the Agency.

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April 30, 2011 - 11:14 am

What a clever girl is Carole????    Good on her for taking the initiative, I take my hat off to her.
……..and to you too Angel, for sharing her story
A desalination plant has been built over the last few months here in W.A., 20 minutes North of the town I live & operate a business in.    Quite a few of the construction workers were fly-in-fly-out, & one of the supervisors in the desal plant rented six 4 x 2  houses in his name from a local real estate agent, sparsely furnished them, then "sub-let" each bedroom to a fly-in-fly-out worker, their rent including electricity, water, gas & lawnmowing, plus some profit for himself, which partly included cleaning when they vacated.
He didn't "service" the houses, as Carole did, but he made enough profit to make it worth his while.
The Real Estate agent still did 3 monthly house inspections, so the tenants were responsible for maintaining the house in the condition stated in their original Property Condition Report.

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April 25, 2011 - 1:55 am

Hmmmm, not a lot of tenants looking in Wagin, W.A. I'm afraid

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April 24, 2011 - 12:06 am

There needs to be plenty of other types of industry in the area for there to be no risk.

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April 24, 2011 - 12:01 am

You don't have to be wealthy to invest,
but you have to invest to become wealthy.

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April 19, 2011 - 11:56 pm

Educational post, thanks ALF1  

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April 17, 2011 - 4:01 am

My perception of this site, is that we who participate are sharing our knowledge to the best advantage to each other.
I don't think any of us here thinks as if the sky's falling in.      Most of us are looking outwards to see if there's other opportunities that could work to our advantage, but then that's what serious investors do, even during a boom.

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April 17, 2011 - 3:47 am

Not really sure which doomers & gloomers you're referring to gronk007, want to enlighten me?

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April 17, 2011 - 1:03 am

sc541,  how long's the $400,000 house been on the market?

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April 17, 2011 - 12:11 am

Another trick that worked on the last three property purchases made by my ex partner, was to tell the agent at the time of handing over his signed offer, that it would be his only offer.
It worked perfectly the first 2 times, he got the properties at his offered price.   The third time, the seller negotiated, but only by $1000.00, which was agreed to by my ex.    He still felt he'd won!
And like you said ALF1, to hell with etiquette!
When our agent first met my ex partner & I, he actually said  "I can't hand over an offer like THAT!"  when we made our first very low offer on a house.     But he got used to us!     Especially when he realised our very low offers worked!       Our habit was to buy a house in a pleasant street that the general public didn't want because the carpets were worn, or the curtains were out-dated. We just knew we'd get them cheap – & of course we threw out the carpets & curtains, paying for new ones from the mortgage, which increased the rent by $15 a week, but only cost about $2.00 a week in extra mortgage repayments.

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April 16, 2011 - 11:49 am

It's great to have your reassurance ALF1 

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April 15, 2011 - 2:51 am

Choose an independent agent, who's then working in your favour, and not the sellers, and ask "if this was you, what would you offer?"
He/she may skirt around the answer you want, but watch the body language very closely to determine his/her truth.   You'll probably get the answer you were looking for anyhow.
Hmmm, if the property you're pursuing is for your place of residence, that's a slightly different kettle of fish.     In that case, what you pay, is what you feel the property is worth to you, & you'll no doubt have your little heart attached to the house (or the shed?)    Still consider the length of time it's been on the market, before deciding what to offer.      I know if I was selling my own house, & it had been on the market for more than about 3 months, I'd be getting peeved at having to keep it in pristine presentation "just in case."    It  would also be difficult to know my next move, if I was relying on the sale of this house to be able to move on.  So I suspect after about 3 months I'd be willing to consider a lower offer.
I can't help but think that if a person is  demanding a set price or higher, that perhaps they're not really ready to part with it yet.     What do you think?

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April 15, 2011 - 2:06 am

I'd consider circumstances re the sale, like how long has the place been on the market (are the owners likely to becoming impatient), is it worth $400,000/+400,000 (compared to other nearby similar properties), why is it for sale (is it urgent?)?
I've always offered well below an advertised price, and the most I've ever paid is $12,000 less than the advertised price.   I've never been knocked back yet, although had to negotiate a couple of times.

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April 13, 2011 - 10:34 am

Hi Rachel,
I didn't see your March 31st letter arrive???
I would've chosen step 1, then held my breath!
Which did you choose?

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April 13, 2011 - 3:26 am

Johnwilly1000, cycles have been around since Adam was a boy.
This part of this cycle just happens to feel slightly uncomfortable for the moment.
I'm hanging in because I hear over & over from those with many more years of property investing experience than mine, that "this too shall pass."