Originally posted by gamay:
I am managing this property myself.

She paid last week’s rent and promised to pay for previous two weeks last Wednesday, but didn’t and also skipped this week rent again.

I tried to be reasonable and avoid the legal process, but looks like have no options. I issued an eviction notice.

Gamay

There can be no such…[Read more]

Investment Detective will crunch numbers for you, very nicely too, with enough different angles to keep most accountants happy.
It’s so cheap really, just get it, go for it, use it, get some investment happening and try to outgrow the software.
cheers
thecrest

Looks like OTEN provides the full accredited course to the stage of The Dept Fair Trading issuing a licence to be a Real Estate Agent ,
Here’s the quote from OTEN :
Course No.9673 Property (Real Estate) $1050 AUD
Mid-year rate $525 AUD
Diploma (AQF)
National Code PRD50101
cheers
thecrest

Make sure you follow all the instructions to the letter.
If you sign up the person on the lease, ensure you issue them a copy of the free booklet from the Dept Fair Trading about tenancy rights. The leases contain a clause which says something like ….”your rights and obligations as a tenant are contained in the booklet given to you by the…[Read more]

Hi Infinite
It’s not a re-let so a re-let fee does not apply. However, it would be correct to re-write the same lease with the same conditions but a different landlord’s name on it. Unless the tenant requests the re-write, the tenant is not required to pay half the lease preparation fee, usually the new landlord foots the whole lease fee, usually…[Read more]

Hi Bacchu
Derek is right. Let an experienced PM handle your first tenant selection, but ask to be kept informed of everything the PM does and why, especially in tenant selection, so you can learn. Let them choose a good tenant for you, but ask to see a copy of every application including the declined ones, and discuss the reasons why with the PM.…[Read more]

Originally posted by Mortgage Hunter:
All the oruginal forums are still there with all the same faces.

All that has changed is a few new closed forums for the paid subscribers.

Any division is in your perception [biggrin]

Don’t build walls where they don’t need to be!

Have a great weekend,

Simon Macks
Residential and Commercial Finance…[Read more]

So you’re obviously not developers, and no experience in property management, both are minefields for the unwary and the inexperienced, made worse by distance if you’re overseas, and worse with an older property.

If you want to keep it, there’s a very steep and extended learning curve coming up for you.

In effect you have sudden blind ownership…[Read more]

Hi Adambc
Hi All

My take on flyscreens is that all properties should have them as standard, no exceptions. Like TV aerials, and toilets. It is a health issue, and a basic living standard.

All PM’s should ensure that property owners instal them before leasing the property.

Tenants should pay for any screen damage whatsoever, minor, accidental or…[Read more]

Dazzling clarity.
cheers
thecrest

Hi Adam
CAREFUL tenant selection is always the key, and it is an art form. Some PM’s just don’t care. Good tenants don’t move as often as bad ones. They don’t have to.
Ensure that your PM selects tenants with a verifiable and good history, previous rental record with an agent – not a private rental, adequate income for the rent level, appropriate…[Read more]

If there is a For Sale sign up, then the property is on the market. If the REA obstructs, you are well within your rights to go direct to the owner.
Tread gently of course, in case the owner wants the REA to delay for some legit reason. But, if the sign is up, no-one should object to your response as a potential buyer.
cheers
thecrest

Hi Matt
Sounds like you need to say “NO” to your PM more often.
The booster saga happens to every PM until they learn to include the booster on the inventory and remember to check it is still in the property after the tenant has moved out. Often the movers grab it with the TV, or a helper does, or the tenant has been looking at the thing near the…[Read more]

Hi Maruco
A Tenant breaking a fixed lease is obliged to pay all expenses incurred which the landlord would not normally have to pay if the lease had not been broken. Usually this includes rent until a replacement tenant starts paying, ads, cleaning, lease document prep, re-let fee, prep of condition report, etc. If the tenant objects to the length…[Read more]

Bet you’re glad you asked Resiwealth, must be all clear as mud by now, having had some input from the experts and a moderator, eh ?
rotsa ruck
cheers
thecrest

Take some time to formulate a comparison spreadsheet on van parks, ROI, watch land tax ( Van parks are land gobblers).
Van parks have variations – some have permanent residents who own their own mobiles & pay rent for the land under them. Some are just holiday units like motels and van sites & camp kitchens. Some have owner holiday-occupied…[Read more]

Hi All
2 weeks before this snow season started, I visited Jindabyne & Thredbo. My purpose was to find a holiday unit for my family to use 1-2 weeks of the snow season plus other times of the year, and to let out during the remainder of the snow season through local agents / agencies. No doubt it’s a beautiful place. However, the ROI on…[Read more]

I’ve managed 3 van parks, now a motel owner, so I might be able to help. The management positions used to be advertised in the situations vacant column of Sydney Morning Herald, especially Wed & Sat, as well as under ‘Managers’ and under ‘Caravan Park Managers’. Some used one big ad and made the other ads little pointer ads to catch the eye of…[Read more]

Tenant needs to be reminded that the property was a WYSIWYG , and that the rent is attached to the goalposts too, move one & you move the other.
Improve the property, improve the rent.
Want a/cond, sure, only an extra $20 pw. What else would you like ?
good luck
cheers
thecrest

Good post Dazzling.
Traps I’ve experienced with commercial leases :
place controls on the lessee doing subleasing or selling the business to a new owner, ensuring the outbound owner has fully complied with all terms of the lease before being allowed to move on, especially in regards to maintaining the property or passing on the tenant’s…[Read more]