Forum Replies Created
^ exactly my point!
My building insurance will cover that, I am using these guys for landlords insurance. Predominantly loss in rent etc
If steve's investing ideas are so good why does he waste his time running seminars?
Maybe he should be running seminars on how to run seminars on investing in property? Seems thats where the money is?
Anyone else claimed with these guys?
anyone? I have tenants moving into my property requesting locks to be changed. Am I required to do this or can I say they have to pay if they want to do it?
What are you required by law to do? Does the Residential Tenancy Act specify that locks have to be changed? I just had a tenant request locks to be changed. Am I required to do this or can I say if you want it done you have to pay for it yourself?
I heard locksmiths can come around change the groove in the lock and cut a new key which saves putting a new lock on the door, is this true?
Yep I read the PDS, seems pretty good nothing jumped out at me except for the fact that the product and terms seem much more competitive than landlords insurance offered by the likes of RACV etc
Dont read those property magazines they all sell a false dream but never actually disclose most peoples $10m property portfolio is funded 90% on debt (what happens if 20% decline in value takes place? do you want to be stuck in the city you invest in to manage) or the fact that they were able to get to that figure as they had equity via unencumbered property from family members to begin with. No real value add there.
I couldn't think of a worse trap to get into! Just a slave to the Bank
potential vacancies
damages to property
increase in rates
property manager fees
body corp fees
insurance
personal costs to manage relationship with mangers
want me to keep going?
The Residential Tenancy Act states that the Act does not apply if I intend to use the place as a PPOR. So what applies then? Does this mean I can ask for 3 months rent in advance as I will be moving back into the place after the fixed term?
9. Principal place of residence
This Act does not apply to a tenancy agreement
that is a fixed term tenancy agreement if—
(a) immediately before the agreement was
entered into, the rented premises were the
landlord's principal place of residence; and
(b) the fixed term is less than 60 days; and
(c) the agreement states that—
(i) immediately before the agreement was
entered into, the rented premises were
the landlord's principal place of
residence; and
(ii) the landlord intends to resume
occupancy of the premises on
termination of the tenancy agreement.
I thought the rent in advance restriction only appled in victoria under the residential tenancy act if the rent is less that $350 per week? I will have to revisit this.
Thanks Josh, you have raised good points for me to consider there. Appreciate it.
Also thank you to everyone else for your help.
I was mistaken the letting up fee is 1.5 weeks.
I have found someone who is willing to rent my place for 24 months at a decent rent. I am contemplating on going private and mitigating risk by getting 3 months rent upfront and having adequate landlord insurance. If I am comfortable with the tenants do you think this is completely something I should avoid if I will not be on the ground to manage the property? I mean worst comes worst if something goes wrong my landlords insurance will cover (putting aside sort term liquidity issues while I am not receiving rent as I will have adequate cash reserves to act as a contingency).
That would be grealty appreciated.
How do I find out who the good managers are? I have always manged the place myself but cant anymore as I am moving,
I have had real issues with my body corporate manager.
For example, we had a major work done to common land and he did not manage the works. He did not check the work post completion to make sure it was in line with the contract. It was ok in this situation as I was abel to check the works and chase things up however if I was overseas all the poor work would have just gone unnoticed.
How do I make sure my manager is capable of managing the job properly if I am overseas? I want someone who will undertake the same due diligence as me. However, it appears only way you can make sure they will manage trade work is to ensure they have goodwill with existing tradies who wont rip them off?
Thanks,
so it seems the market rate is 5%-6% rental fee and 1 week letting fee?
Is this what I should be pushing for?
Is that 1 week a recurring fee or is it only once upon engagement?
If I start my cover for the date he moves in and he misses the second months rent will I still be covered?
Thanks for help. I have one other question.
i have put reconnected the gas electricity and water in my name as i need to show prospective tenants through and clean the place up so i need the utilities connected. The postal address for the bills is different to the ip's address. Because ive put the bills in my name is this an argument for the ato to say i was living there or is it still kosher. I am genuinely not living there
Also what if I let a friend stay in there at below market rent?
