Me too please SIS
Pretty please [biggrin]
thecrest

Dear Successplanner
More info required to help you.
I have info on leasehold Motels if you need it.
cheers [biggrin]
thecrest

Dear SuzieQ
Monopoly is right. I’ve done plenty of these and they’re all unpleasant, and not for those who don’t fully understand all the laws relating to this situation.
On the basis of the limited info provided, you have a bad tenant and a potentially violent situation. Get a PM immediately, negotiate terms with them and pay them to do the…[Read more]

Better price the Maldives Robo, maybe only enough for 7 days.
cheers
thecrest

There are numerous formats of course, they each must satisfy the local legislation to be valid.
It’s a legal letter with strict legal requirements. Otherwise it’s invalid, and can be later challenged, and in the event of a successful challenge, you may have to repay the amount of “invalid” rent increase for however long you’ve been charging it.…[Read more]

Poor ol’ tenant sounds like a disposable slave. It’s not easy finding a good tenant, so i suggest waiting for April, but give the tenant plenty of notice before April so he can move or go on the holiday (that bit sounds great, good onya chefman). sizzlin duck sounds like a good landlord too, I know tenants in Cronulla who’ve been there for 17…[Read more]

checkout OSR website or ring htem – Office of State Revenue.
cheers
thecrest

Anyone like to give us a little rundown on USA conditions for IP’s, any info would be interesting. The USA economy is improving we hear, may be this is a good time for investors.How does the taxman treat Australians, or absentee investors ? How do property managers operate ?
What are typical buy and sell costs ?
cheers
thecrest

s’pose these details should all be in your members stats, but the extra comments are nice, forums can be cold. i sacrificed all the excitement of a PM rent roll of 170 properties for a motel, good deal.
cheers
thecrest

I would guess that the finance holding up the Smith empire is dependant on the credibility of the valuers in question. It would probably be in Mr Smith’s best interests not to have the “pillars” of his temple tested, so a very likely outcome is a quiet settlement, as soon as Mr Smith becomes convinced the complainant is serious and not a…[Read more]

Been a PM in NSW, not much fun sometimes. Declining tenancy applications is a perilous activity and should be handled with care. PM’s don’t have to give a reason why an application is declined, so they don’t.
Lease clauses are contentious and the Residential Tenancies Act doesn’t support some of them.
e.g. “tenant must get carpet professionally…[Read more]

My suggestions ( 2 cents worth at least) – You already have a good IP, no need to throw away that effort. You need to establish a legal agreement with the PM, after discussing and refreshing both memories about the arrangement.Make the managing agency agreement reflect the arrangement. Give the PM 2 weeks to find a tenant, providing you with all…[Read more]

PM looks pretty lame. Request from the agent immediate copies of the following documents in the agent’s possession:
lease copy being used by the agent
rent record
all correspondence with the tenant
ingoing & outgoing inspection reports
managing agency agreement they are using
all bond forms used
all periodic inspection reports.
Doesn’t matter if…[Read more]

Don’t have residential equity, yet. Watch this space.[biggrin]
thecrest

Hope this data helps someone.
St George. Commercial loan for purchase of motel. 7.42% P&I 10 years with LOC 7.92%. Actual LVR 54% , limit of 60%. No entry fees. $600 p.a. a/c fees, $350 break cost. Had to pay commercial int rates unfortunately. Wish I had known before that if you use res prop as security to buy commercial, you get res loan rates.…[Read more]

Spent a month searching the finance options. Just financed with St George, priced everyone else, 3 brokers said they couldn’t beat the St George deal. Couldn’t fault STG with service, communications, flexibility. Not pro-active though, I had to know all the options and ask myself. PM me if you want a contact there.
cheers
thecrest

As a former PM, I have to agree with those who motivate the PM. They are the key to it all. I expect tenants to abide by the lease, it’s a business deal. I expect property owners to abide by their responsibilities too, otherwise I hand them back the property and the management because I don’t want to be sued by a tenant. So, best target is both…[Read more]

If you pay for the valuation, demand a copy. I paid for a valuation on a commercial property (ouch) several months ago and insisted on being sent my copy in the same format and quality as the one the Bank gets, after all, I paid for it.
cheers
thecrest

Trojanhunter is good, free trial offer is also useful. Symantec.com.au site has a free scan service for viruses & trojans.
cheers
crest133

Been a PM, it’s a tough spot between the rock and the hard thing. Licencees are reluctant to overstaff in this area, but demand regular increases in total managements, so PMs are usually stretched, and on a treadmill. I would hesitate to place a property in a PM’s hands where the property ratio to personnel exceeded 140:1. Ask them how many staff…[Read more]