All Topics / General Property / Due Dilligence

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  • Profile photo of dave78dave78
    Member
    @dave78
    Join Date: 2004
    Post Count: 17
    August 19, 2006 - 4:46 am

    Hi All,

    We have a couple of investment properties but we have not purchused any in the last five years.

    We are currently looking around now and have found some properties that have made our short list. We purchused Steve’s Buyer Beware package and are implementing his due dillegence methods. In regards to obtaining information on current tennants we are finding most real estate agents refuse to supply the information.

    In Steve’s package he recommends we obtain the following information:
    * Condition Report
    *Evidence of Bond Lodgement
    *Print out of last 12 months rent report
    *Rental Manager Agreement
    * Signed Lease
    * Tenants Application Form

    The only form I can get anyone to supply is the Signed Lease. Has anyone got any thoughts on this. Are the agents correct in saying they have to protect the privacy of the people involved, or by law do they need to show these documents?

    Would love to hear any comments / help.

    Thanks

    Dave

    Profile photo of Don NicolussiDon Nicolussi
    Participant
    @don
    Join Date: 2005
    Post Count: 1,086
    August 19, 2006 - 9:42 pm

    surely a vendor could not be prevented from giving you access to information about deposits in his own bank account if he was that way inclined. That would have nothing to do with the tenant.

    Cheers

    I Buy Property http://www.cashflowproperties.co.nz

    Don Nicolussi | Mortgage Broker - Home Loan Warehouse
    http://homeloanwarehouse.com.au
    Email Me | Phone Me

    "I think of finance as a technology, a way of getting things done." Robert Shiller

    Profile photo of XeniaXenia
    Member
    @xenia
    Join Date: 2002
    Post Count: 1,231
    August 20, 2006 - 1:04 am

    Hi Dave,

    What state are you in?

    I would ask the agent’s to show me the part of the legislation that says that landlords are not to know personal information on the tenants they are putting into their properties.

    There is no such legislation in SA, I personally would have no hesitation in providing this info for landlords.

    Is your personal address shown on the lease agreement?

    My guess is that they either don’t have that information or they are too lazy to chase it up. [biggrin]

    Investment Property Management
    http://www.adprop.com.au

    Profile photo of dave78dave78
    Member
    @dave78
    Join Date: 2004
    Post Count: 17
    August 20, 2006 - 4:04 am

    Hi,

    Thanks for the reply’s. I am located in Vic, and the proprty is in Vic as well. I have asked the realestate agent if I am allowed to at least view a copy of the paperwork if I am not allowed to have a copy of it. He has told me he doubts it but he will check with his manager.

    If it wasnt a good property and deal I would have walked away from it.

    I have left two messages for the agent since and he hasn’t returned my calls. I know the details of the owners of the property and feel like letting them know I want to buy it but am having problems. But I wouldnt as it would be wrong.

Viewing 4 posts - 1 through 4 (of 4 total)

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