Forum Replies Created
You have my complete sympathy and empathy.. see note in your previous reply re uni students – Not in your state but its the same no matter where i guess and my opinion of the REagents is on par with yours – saw some suggestions in a couple of forums about giving the “good agent” a gift by way of thankyou for doing a good job and i’ve decided if were to ever find one of them “good job” agents I might just do that..
Its good that you can keep a sense of humour and by the by, do make sure you get insurance because i didn’t first time round with my bunch of dropkicks and it cost me heeeeaps. But you live and learn,, I did actually resort to the knee cap thing in the end – not quite literally but nearly… very very fustrating and as for the market is flooded so you just get the dropkicks what a great theory that is..
Anyways best of luck and please let us know how you go…Hi, Cant see what state you are in – I have property in an area in Qld close to Uni and Hospital and have found if the agent finds me tenants they are not the ones i’d like (move out, damage etc etc.)
I go to the Uni and make up share adds (my property has five bedrooms and is set up for student rental but is a family home) But I have recently in the last two years changed my way of doing the tenant letting to what in Qld is Boarding..
All rental bond legislation applies however if I provide service which is a TOP way of protecting my investment it is classed as boarding so I provide gardening once a week and housekeeping by way of floors and washing once a week.
Now this has done two things – the tenants i found two years ago ARE still there… The people who clean and garden see the property every week and if there were to be any problems re damage etc etc I would know weekly. however there has not been and everyone I’m so pleased to say is happy…
I dont know if this would work in your situation however I though I would leave it with the agent with the first year and had nothing but trouble.
My solution provides these students with an in effect boarding house – they can get on with studying and partying, they do not have to concern themselves with grass or mopping floors the cleaning day was agreed to by all and is still the same two years later.
Rental $ is at a premium and I have chosen to give each tenant their own agreement meaning if one of the folks moves out, i am only down one fifth of my rental income and their is no pressure on the tenants to replace, I would always give them the option of finding someone new but if they did not want to I would have no trouble.
Just my experience.
You dont say what size ie bedrooms etc.
I have also found if there is a Police station and you ask to put up a notice on their internal board ( with a favourable rental – great tenants )
Hospital notice boards.
Unfortunately my experience with agents has never been too favourable although i do use them.Also the big MUST is INSURANCE !!!
MActually the only free report I have found is from – Aussie home loans would you believe will autoreply with postcode data foc.
If you are looking through agents sometimes if they know you are an investor and you ask they do actually send you the info…
Good luck – MPlease let us know how you travel.
Hope it all is as good as it sounds and yes definitely worht looking at
and by the by I think your quote is tops….. and pretty much how i feel.
Good Luck
MAlso forgot – the one thing lots of people forget about is Rental Insurance – dont buy a rental investmant property without it..
MI have property in an area in Qld close to Uni and Hospital and have found if the agent finds me tenants they are not the ones i’d like (move out, damage etc etc.)
I go to the Uni and make up share adds (my property has five bedrooms and is set up for student rental but is a family home) But I have recently in the last two years changed my way of doing the tenant letting to what in Qld is Boarding..
All rental bond legislation applies however if I provide service which is a TOP way of protecting my investment it is classed as boarding so I provide gardening once a week and housekeeping by way of floors and washing once a week.
Now this has done two things – the tenants i found two years ago ARE still there… The people who clean and garden see the property every week and if there were to be any problems re damage etc etc I would know weekly. however there has not been and everyone I’m so pleased to say is happy…
I dont know if this would work in your situation however I though I would leave it with the agent with the first year and had nothing but trouble.
My solution provides these students with an in effect boarding house – they can get on with studying and partying, they do not have to concern themselves with grass or mopping floors the cleaning day was agreed to by all and is still the same two years later.
Rental $ is at a premium and I have chosen to give each tenant their own agreement meaning if one of the folks moves out, i am only down one fifth of my rental income and their is no pressure on the tenants to replace, I would always give them the option of finding someone new but if they did not want to I would have no trouble.
Just my experience.
You dont say what size ie bedrooms etc.
I have also found if there is a Police station and you ask to put up a notice on their internal board ( with a favourable rental – great tenants )
Hospital notice boards.
Unfortunately my experience with agents has never been too favourable although i do use them.
MThanks so much for a win for the tell it like it is…
I am a newbie to the site and have to admit that some of the comments I have read from a few people suggesting things i wouldnt try or condone in a fit had me a little worried.
I am very glad it has gone ahead.
MHi Shaun,
You are definitely on the right track re your investigating ( personally i dont touch commercial by chioce however have friends that have done quite nicely )
I’m in Qld dont know about whichever state you are in. Food outlets are the ultimate two way street Kill you or make you rich. Do plenty of homework.
Now if they are selling, and you are a serious potential buyer, they have got to show you their books.
Then i would get my solicitor to also request them from their accountant ( this was one of the times i looked at delving into commercial i had and this paticular thing caught them out, (they showed me one set of books and their accountant presented my solicitor with another set. needless to say we went no further and the $200 for searches etc was well spent )
The one thing you should never ever cut corners on is research,, have your solicitor do all the standard company /personal background etc etc. tell your solicitor you feel a little uneasy. And for that matter when you are having a look at the property talk to the owners and ask them why they are putting it up for sale. Usually business people dont feel threatened by realistic questions and if they do i would take this as a red flag…..
You dont mention size of shop site etc and region so its hard to speculate on pricing however if residence and trade the amount does seem really low. If there is a genuine reason that you feel comfortable with, then after you do all your figures and have your solicitor draw up the contract for the three X three options so you know your interests are protected then what is the worst that can happen?Personally I always look at the worst case scenario and if i feel i can wear it, I go for it.
Good luck
Myes as all have suggested the one thing that i think you can be CERTAIN about is that LAND will ALWAYS be sought after and it matters not it size..
MHi Manic,
Just to add to the INTERESTING comments.
Yes you need clauses Yes they need to stipulate,
With regards to the “white lie” you may be able to get your bank manager to do for you re finance clause, this is actually FRAUD and a legal and jailable offence if proven…
True someone would have to be aware that an offence was commited however I just wish to point out This is NOT a suggested strategy for anyone and ILLEGAL..
Good luck and remember it is not wise to sign anything if you haven’t done all of your homework..so make your clauses something you are happy with.I agree the land contamination issue is the first one, I see you are from Qld dont know if you recall the Diamond street fiasco where an entire street of long lived in houses were built on contaminated land….
Major issues for all concerned and the one I would check out first before developing.
With regards to the Council anomolies i have always found that if my surveyor or building certifier (ie the person who will actually be doing the approval asks council they can often get the answer you want. As others suggest there are some things you should just NOT CUT CORNERS on. You know save 20 to cost yourself thousands.
Good Luck
MHi Amber,
Im a newbie to the site also however am situated in Qld and just to reiterate what Jo said – definitely the way to go re net research and then when you think youve found the one or two enquire in the forum re area etc.
Like all states I guess we have certain suburbs with high rental rates and matching high property damage/headaches etc. and also unfortunately sometimes dissapointing property managers that are not worth what they are paid ( yes i have had one or two not so happy experiences )
On the brighter side though half the fun is in looking and researching..
Lots of luck
MThanks – Well all indications are that yes i can and if need be i can add my home (val600k) but at this point the broker is not asking and i have a history with these guys and no issues. Will let you know how it pans out.
Maureen
