pijoko wrote:
Thanks for all your suggestions.I'm just wondering how the 'hand over' will occur. Should I just turn up at the property and advise the current tenant that, as the owner, I will be taking over the property management, and give my contact details along with new bank account details.What is the usual procedure here? I guess I should…[Read more]

Ernie, make sure you examine and understand all the figures and fees very carefully. Look out for commissions and ongoing management fees – these may be excessive or unnecessary e.g. a 1% annual management fee in additional to PM management fees is typical of one-stop-shop investment schemes. Ask yourself if it's really worth paying fees like this…[Read more]

Phorsha wrote:
Turns out this is the cheapest fee schedule i can find….anyone got any recommendations for a Perth NOR property manager that charges more like what people get over east in melb etc? I am starting to think i should do this myself but have no idea where to start, seems a lot of paper work (initially anyways)…

Phorsha, we were i…[Read more]

JessW wrote:
Hi KateMelb – I'm still certainly interested in self-managing in the future – I'll check out your website – wish I had of looked at it before I made the decision to go with the PM!!! I was struggling to find easy to understand, straightforward info about self-managing…..Cheers, Jess

Jess, we were in your shoes when we started…[Read more]

GeraldineM wrote:
If you keep the tenants during the sale, why not offer them reduced rent as a 'thank you' incentive to open the house whenever needed and to keep it presented really well?  This could cover giving access for any repairs and gardening.G

It is the tenant's obligation (at least in Victoria) to provide access for sales…[Read more]

Jess, contrary to the myths, self-managing is really very easy. I only use a PM to find a tenant. Once they're in, I take over and in all the years I've done this with a number of properties, I've never had any issues with evictions or Tribunals – finding a good tenant in the first place and treating them with respect and courtesy once they're in…[Read more]

The contract of sale should have the building permit in it. You can also special condition a sale based on the provision of a certificate of occupancy by a certain date, otherwise you can walk away.But based on his apparent financial difficulties, I wouldn't be giving him a deposit directly – his agent/lawyer should hold this on trust in case t…[Read more]

maree_bradross wrote:
You would have to check with your states legislation but in Victoria you can evict a tenant with 60 days notice if you or a family member need to move into the house. If you use this option there is rules about when it can be rented again though.Why don't you make your offer subject to vacant possession and let the vendor…[Read more]

keiko wrote:
I don't know if I agree with that, I left school at 13 and the time I was 20 I had seen alot and done alot and had several businesses running and making a whole lot more money than someone with a degreeI know lots of people that went to uni and studied and then when it came time to go out and do what they studied they had a change i…[Read more]

Getting a uni degree or trade qualification is the smartest way to set yourself up to have a higher-than-average paying job, which will allow you to borrow more and buy more IPs. This is exactly the path I took – sure, had less income while at uni but once I was out in the workplace, that situation changed very quickly. Was well worth the…[Read more]

I definitely endorse the above comments regarding switching to an interest-only loan with an offset account. This strategy has certainly worked for me.

Hi guys,

Like the rego plates say, Melbourne is “the place to be” – not enough houses for everyone makes real estate in Melbourne a great investment. I’d go for anything within 15kms of the city and near a train/tram line.

As for the FHOG, have you checked that you guys are eligible?

Good luck!

To hedge your bets, sell with the tenants there on a month-to-month tenancy. That way, an incoming investor owner can offer them a new long-term lease or an incoming owner occupier can swiftly evict them. And if it doesn’t sell, you still have tenants!

Hi Clint,

When we first started out, we were working longer hours than 9-5 but every weekend for six months we were at the property supervising tradies, painting, etc. There were also some before-work visits to open doors for tradies but sometimes they’d just pick up the keys and access whenever it was convenient for them.

They were tough times…[Read more]

Sounds reasonable Darren. I just sold a place with internet advertising only (no board, no newspapers) and it cost not much more than $350 after photos and a floor plan. Was well worth it and will be claimable as an exit cost to offset CGT.

emej78 wrote:
Hey Rossco, A similar thing happened to me when I moved from a previous rental property. Utilities were cancelled, paid up to date, and I gave them my forwarding address should there be any additional charges once the meter was read. I didn't receive any billing, but found out about 9 months later that I had a default on my credit…[Read more]

starbud wrote:
What I want to know is how much is too much to pay in body corp fees (I am tight and having to give away $15 extra is going to kill me!)?

Quote:
This depends on whether you need the deductions to offset your rental income and achieve negative gearing. If you don't, I'd analyse exactly what the body corporate management is…[Read more]

maree_bradross wrote:
If you don't already have one I would recommend getting a PO Box so the tenant doesn't know your actual address. If your listed in the white pages I would recommend getting in the nearest CBD and getting it redirected.Try to keep a distance between yourself and the tenant.

Couldn't agree more. I have a PO box, mobile phone…[Read more]

ducata wrote:
Purchased for 800k approx three years ago, I am having trouble selling it at 750k now.

I agree with others' comments: it depends what your investment strategy is. Mine is capital growth over return, so I recently sold a property that had zero capital growth for the last three years (I mistakenly paid too much buying off the plan).…[Read more]

You may be able to redraw some of the equity (say a $25,000 'top up') without needing to redocument the loan. This will depend on your lender's rules.*******************************I DIY manage with Rentwise.