Hi Zippys
It’s a free country. Great to discuss this with the tenant, after a courtesy call to the agent (if there is one). The tenancy (lease) is an essential part of the asset, so it is important to talk to the tenant and neighbours to satisfy yourself as to the quality of the tenant ( stability of tenant and tenant’s business, tenant’s ability…[Read more]

Hi mcgregor
Have survived the management of 3 van parks.
They vary a lot, as do the guests and the accommodation.
We enjoyed high returns on buying vans, then renting them out on site, preferring ones with showers & loos. Bought around $6K, rent $120 pw.
Where else do you get 100% return ?
However, operating a van park which provides short and…[Read more]

Hi Matt
They’re all correct actually, IMHO.
I’ve been a PM and know they earn their money the hard way. I wouldn’t want to do the job again, and I wouldn’t want to manage my own properties either. But, I would suggest you use a PM for say the first year, learn all you can, then run it yourself for the second year, then hand it back to PM. The real…[Read more]

Hi Brian61
The lease options can be on a use it or lose it basis, where the lessee must advise the landlord in writing giving (e.g.) 6 months notice of their intention and committment to take up the option, or to be allowing the lease to lapse, which gives the landlord time to find another tenant. Include the access rights to show prospective…[Read more]

Hi Gonnaberich
Most landlords agree that the tenancy laws favour the tenants so it would be reasonable to direct the property manager to take the necessary legal steps to remove the tenants. The law makes sure they are not disadvantaged. They haven’t been sufficiently co-operative to deserve more consideration than they just gave you when whacking…[Read more]

Hi Rick
Have you made a final decision on what kind of establishment you want it to be ? e.g. backpackers, boarding house, rooming house, student accomm., share accommodation . . . ..
There are a number of alternatives, different markets, quality of occupants varies, can be seasonal, different legal structures, usually under different legal acts.…[Read more]

Inya Marc – I’m all for being considerably less tolerant of politicians (please excuse the profanity) and loudly screaming and demanding full accountability from them for their performance and honesty.
None of them should “retire” and collect their payout until each has been “cleared”.
That’d be a good start.
cheers
thecrest

Hi Twinpeaks
Wouldn’t be surprised if Bob Carr doesn’t own a few motels over there to take advantage of the flood of property investors he has forced out of NSW.
cheers [wink]
thecrest

Hi waprincess
If the lady REA was genuinely looking after your best interests, she would have either not placed you in that position with slick, or she would have rescued you from him on the spot.
Assuming she did neither, then you are right about the good cop bad cop charade. They’re both slick. That being the case, you can’t trust either of…[Read more]

Hi Rouquin
Care to flesh out your basic member details a tad more ? what do you call a deal of high yield in your field ? info is good, it all helps.
cheers
thecrest

Should be empty this week, many residents gone to Palm Island according to the news.
cheers
thecrest

Only a slight hiccup in maintenance is required to knock out your $20 per week with the older property in the sticks, and it’s more likely with an older place. New places require less maintenence for the first 5 years, provide higher depreciation to claim p.a, and for longer. They tend to attract better tenants, be in better neighbourhoods, higher…[Read more]

Hi All
I’d prefer to manage one property than 4.
Lets look at the aggro factor of 4 properties.
4 tenants who can be in arrears or default somehow or vacate.
4 HWS wearing out
60 tap washers
4 gardens
4 roofs and sets of gutters
4 TV aerials
4 sets of carpets
4 property fences
4 homes to paint
4 statements from agent plus fees
On the other hand,…[Read more]

Hi Ian
The risk factor increases when the tenants are charity cases. Expect some damage. Ask your bank to check the financial capability of the charity organisation and ensure it is written into the agreement. How is the lease structured ? – is it a lease to the charity which allows them to sublease ? Make sure the charity is fully and immediately…[Read more]

Hi Alf
The tenant should pay the reletting costs for breaking a lease during the fixed period. This includes all advertising costs because the cost is caused by the tenant breaking the lease. It may OR may not have become necessary at the scheduled end of their lease to advertise for another tenant, who knows?, many tenants are walk- ins off the…[Read more]

Hi Derek
You’re quite right, always good to scrutinise the tenancy applications, helps to learn more, get a feel for the market, lets the PM know you’re watching the situation too.
cheers
thecrest

Hi Bonnie
I don’t agree with placing a rental property with more than one agent and starting a race because then the temptation is there for a PM to place a less than satisfactory tenant in your property merely to beat the opposition.
It is important to choose an agent who is already advertising sufficiently and with properties similar to yours…[Read more]

Hi Xquis8
Since you said any reply is most welcome . . . . I’ve gotta say the property sounds like a garage, don’t do it.
I’d rather own half a good quality property, than all of a bad one, if ’twere my money. Don’t dodge debt, dodge bad investment.Quality properties seem to be the only ones appreciating all the time.
cheers
thecrest

Another yack attack ?
Good onya Yack, can’t type for chuckling, thank you
cheers
thecrest

Hi Tools
Most PM’s software has the facility to pay twice monthly because many landlords require it to pay down mortgages faster. PM’s without this facility are not competitive and will quickly lose managements.
cheers
thecrest