Forum Replies Created
I'd be more worried about having an IP that that the police visited regularly.
Maybe you'll get Officer Friendly moving in?
D
DWolfe | www.homestagers.com.au
http://www.homestagers.com.au
Email MeHi again,
Now that you have decided that this guy isnt the right guy for you have you approached him to say that you do not want to go ahead with the subdivision, and that you would like to get your money back (maybe less whatever he has spent on skips and 2 random guys)? There are people out there who can renovate your property, but if this guy is changing his mind, and hasn't given you a clear scope of works (in writing) then he may not be the guy for you.
If it was me, I'd try asking for my money back and explaining that I wasn't happy with the way he was doing things, and that I was going to put the renovation on hold at this stage, until I thought about what I wanted to do. If he then refuses to give back the money, then I would see a real solicitor (you've handed over $10k, its worth paying the $250-$300) and getting them to write him a nasty letter demanding a refund. Then you can go from there. If you do need to take further legal action you then already have someone familiar with the situation who can advise you, and you have a solicitor who can provide you unbiased advice for next time.
Hope this helps.
D
DWolfe | www.homestagers.com.au
http://www.homestagers.com.au
Email Meokay.
So now my suggestion is to go into damage control.
Probably you should have gotten something in writing on the scope of the work he was going to do, the time period and how much it would cost. But now it's probably a bit late.
If he's not showing up and you have paid him 10k, I don't like that. I also don't like the fact that he was on a job being paid by someone else (Antenna co) then talked you into a reno.
I would suggest, firstly asking very nicely for your money back. A couple of skips and a days work – let's be generous and let him have $1500 out of it. but you want the rest back. Then you tell him that either the bank wont give you the rest of the money, or if you have already told him they will then you tell him you have changed your mind.
A subdvision will take up to 4-6 mths to do. How long has he told you he will take to reno your house? What sort of reno, and why are you putting up the $40k? What is he getting a whole piece of land from you for, just for doing the work? I'm not in love with this whole scenario.
The main this is to back away from this whole thing. It smells. The fact that he is chopping and changing ideas, has been unreliable when saying he will do the work, and I'm not sure if you have anything in writing to give you some legal recourse.
Keep us posted, were here to help.
D
DWolfe | www.homestagers.com.au
http://www.homestagers.com.au
Email MeInteresting…
The latest figures on population are growth for Vic by 95000 people over the next year. (No sorry too busy to quote where from, use Google friends) and 350-400k population growth for OZ. Vic has the largest amount out of all the states. Might be a turn around coming?
Supposedly Vic has also been in recession already for 9 mths (can't remember where that is from, it's not working for me today!) It's a tough gig, but you have to admit some tradies are flat out coz they are good, and some are slow coz they are not so good. Also I think it depends on your network as word of mouth can bring in a lot of jobs.
Nice photo Freckle.
D
DWolfe | www.homestagers.com.au
http://www.homestagers.com.au
Email MeAww take a load off friend.
We're all mates here, The Goose, Johnny, Jimmy etc…..
Tell us your problems………..
D
DWolfe | www.homestagers.com.au
http://www.homestagers.com.au
Email MeHi all,
Terry and Freckle, I'd go with the partial drop too. Good call Johann as well to keep an eye on the market.
Jacqui is right in the points that legally you don't have to do anything, but happy tenants pay bills on time.
The other suggestion I would add is how is the market going for sales in your area? Are there more rentals because more people are choosing to buy rather than rent? Might be worth talking to an agent about what sort of sales price you would achieve.
I know – half the room just sucked in a breath when I said sell – but as a wiser person once said, sell when you can do something better with the money.
Cheers
D
DWolfe | www.homestagers.com.au
http://www.homestagers.com.au
Email MeAhh whinge!
I love it, at least there is way more active topics on the front page, and it's easier to read!
I did think I had friend requests tho in the top corner, but alas!
Keep going PI.com!
D
DWolfe | www.homestagers.com.au
http://www.homestagers.com.au
Email MeThis was the most random thing ever.
KRUDD thinks he's a hero double talking everyone, thank goodness we got rid of Crean, and Julia, keeps on keeping on.
Dear Governor General,
Are you able to fast forward to election?
Cheers
D
DWolfe | www.homestagers.com.au
http://www.homestagers.com.au
Email MeHi Oscar,
Apologies if you knew the people involved and the these comments offended you. They were made when the story first broke.
I haven't been able to find any news article about a suicide, I think as an adult if you do choose to commit suicide over something like this there are more issues than just a couple of mull plants.
D
DWolfe | www.homestagers.com.au
http://www.homestagers.com.au
Email MeBump!
Don't forget this is tonight, I'm sure they still have a couple of spots!
I'm actually surprised that they are doing this special event as the last APN meeting was going to be the last ever!
D
DWolfe | www.homestagers.com.au
http://www.homestagers.com.au
Email MeYikes!
Dennis – which posts have been abusive? Please report any abuse to the Moderator, it will be deleted.
The comment "Sure I realise most of the people on forums are renters" may or may not be correct, do not let emotion cloud your judgment of seasoned property investors advice.
That's cool that at 17% increase is small to you. If your power bill went up 17% suddenly, you may be upset…… maybe?
Did your tenants get a discount? A discount is "A deduction from the usual cost of something, typically given for prompt or advance payment or to a special category of buyers." (Google) Did your tenants get a a deduction from the usual cost? Who ever was managing the property prior to you owning the property and the real estate agent decided that this cost was fair. Tread carefully.
No one has suggested that you are pulling numbers out of thin air. And I'm not sure who you think is crucifying you, the suggestions made are to help you learn as you said in your very first post that "this is your first time doing this".
Please take friendly advice exactly as it is meant. If you want to learn, really want to, you might hear some things that you don't necessarily like, or want to hear. Everyone on this forum is here to share and learn.
Good luck.
D
DWolfe | www.homestagers.com.au
http://www.homestagers.com.au
Email MeLol!
Were the landlords being charged for a gardener too?
D
DWolfe | www.homestagers.com.au
http://www.homestagers.com.au
Email MeJacqui and Richard have great points.
If you haven't got cash savings you can use super to invest in buy and holds.
You could also talk to people who may be able to invest with you, this isn't always a great strategy, but if you are really stuck, might be a way to get a foot on the ladder. You need to set a bunch of boundaries, and be careful.
Also start saving, or sell some stuff. Plenty of household items you never use, go eBay or sell at a market.
The savings part is huge though, and so many people never want to hear it, put some money aside each week or month, then start cutting costs. Keep a money diary, and see where it all goes.
Cheers
D
DWolfe | www.homestagers.com.au
http://www.homestagers.com.au
Email MeMaybe do the inspection with the PM Dennis, then you can see exactly what the property is like in person.
You can then decide – hey $40 is a small price to pay, or wow I wouldn't pay the extra $40 to live here!
If you really want to dig deeper, head to a couple of rental properties that are open and see what competition you have.
Do the maths, $40*52 = $2080 extra per year. So you only have to have a vacancy for 1mth at that $500 pw mark to make a rent increase not worth it.
Just playing devils advocate here really. It's all these small factors that make up the big picture when being a landlord. You really need to view from all angles to make sure you make the right decisions.
Keep us posted, and keep learning.
Cheers
D
DWolfe | www.homestagers.com.au
http://www.homestagers.com.au
Email MeThat's ok Lila, sometimes the text is no substitute for a person!
And yes I totally agree that PM's being paid by us, need to always be working for us. And as investors we need to be super vigilant, and make sure they are.
Good that rent is going up in your area too!
Cheers
D
DWolfe | www.homestagers.com.au
http://www.homestagers.com.au
Email MeLol!
Went to the shops today and these two guys were handing out Labor fliers and wearing Labor shirts. They looked very dejected, I don't think they were having much luck.
D
DWolfe | www.homestagers.com.au
http://www.homestagers.com.au
Email MeGreat rant Lila.
Oh and your snide comment on forum members pm's is not appreciated. We're all friends here.
It is a business, and like anyone running a business sometimes you need to take advice from one of your team. I have had property managers explain during slow rental times not to put the rent up, and after checking some of the other properties I have agreed.
$80 per week is a lot. A property manager who encourages a landlord to do such a huge jump in rent (20%ish jump) is not doing their job property. Unless the market rent really has done a huge jump like in mining areas etc.
Your example is great, I also bought a property and immediately increased the rent, but this is not what has happened here. The rent has stayed at a certain level and the tenants have been in place for 3 years. Lila, in your example you did not put the rent up $60 in the first hit. You are doing two increases. Why didn't you put the rent up by $60 in the first place? Because it was too big a jump?
You have to be smart as a property investor and weigh up the pros and cons in any situation. That is what myself and the other investors here have been trying to explain.
D
DWolfe | www.homestagers.com.au
http://www.homestagers.com.au
Email MeI'd get the agent to drop off a nice bottle of wine, or get some flowers delivered.
The selling agent needs to really get in good with the tenants before you do anything. You can help by offering an decrease in rent over the selling period to help ease the annoyance factor. You'll want the tenant to be agreeable to opens when they need to happen.
Also you really need to see if the end buyers want to by with vacant possession or with a tenant. There's no use promising high and low that you'll let them stay if the end buyers only want to buy to live in. You'll stuff the tenant around as well as put off all the buyers.
softly, softly, and at every chance be as accommodating (within reason) as you can.
Good luck
D
DWolfe | www.homestagers.com.au
http://www.homestagers.com.au
Email MeI got told my rent was going up $50 – so off I went!
D
DWolfe | www.homestagers.com.au
http://www.homestagers.com.au
Email MeHi Dennis and all.
Have to say you may have just had an attack of "Bull in a China Shop" !
Recently becoming interested in property does not mean that you can break laws trying to remedy situations that you may thing are wrong.
The first step to do is get a market appraisal of rent from a couple of real estate agents. This means getting a property manager through the property first. Over the phone they can give you general numbers but only by seeing the property can they tell you exactly.
It's possible in a SLOW RENTAL MARKET (yes there is such a thing) that the PM will be very conscious of keeping a good tenant rather than trying to find another tenant, and have a possible rent drop.
It's important to keep a level head, and put your emotions to one side when viewing property as a business. If you have come in part way through, not really done much research, then blasted away at a PM then you may need to take a step back and really think about what you want to achieve.
It's no use you burning through 3 PM's saying "I want the rent at $560, coz that's what I think it should be!" because you'll lose your (or your parents, by the sounds of things) good long term tenant, and you'll end up with an empty property for a long time. This will cost your family money, possibly be vandalized etc. Not the way to go.
Legally (in Vic at least) you can only increase the rent every 6 months. Doesn't matter if it has never gone up, or if they aren't paying market rent.
If your PM does follow your instruction (they may be in trouble if you are not the owner) then the tenants (once again in Vic) can take you to VCAT claiming that your rental increase is unjust and you may end up with no increase.
It is so important not to charge in, take the time, ring and APOLOGIZE to the new property manager and explain that you have only just become aware of the issues and no you have further understanding you hope that you can both work together to keep the good tenants and have a moderate increase in rent.
Enjoy, but do make nice with the new PM, if they know you and understand you and you are good to them they will look after your property.
D
DWolfe | www.homestagers.com.au
http://www.homestagers.com.au
Email Me
