I wanted to hear from the forum experiences whether good or bad re letting individual rooms out. I know I was reading about one of the Mappers in Steve’s last book that let rooms out to students low income earners and they had learnt alot of things they would do differently again.
Any comments on the subject?
Thank you
Jenny1
Hi Jenny,
We not only do it on our own investment properties, but my company sets up mult-let accomodations for other investors too. It would take me a whole day to explain what I know about it. Why dont you sentd me an email and I can send you a brochure that we put together explaining the concept to our landlord clients. You may get some useful information out of it.
My email is [email protected].
Once you have read the brochure, I would be happy to chat with you on any specific questions.
Kind Regards, Xenia
Investment Property Management
http://www.adprop.com.auI do it – quite well too I must admit.
I have written about it a number of times in this forum.
If you do a search on Student accommodation I am sure you will get heaps of info.
Or ask some specific questions in this thread and I and others will try to answer them.
Is just a big ask to expect me to write all about my experiences with them ….
Simon Macks
Residential and Commercial Finance Broker
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Hi,
Just another question regarding this if this is ok.
I was under the impression that over a certain number of rooms your legal situation changes with regards management and also insurance can then become more expensive as it is by the room. Is this your experience or does the extra income outweigh these changes?
Thanks
Thank you Simon and Dr X for your info my nephew dropped over the other day and said he rents the other 3 rooms of his house at $230 per week (not to students but to other computer nerds) this amount covers rent, electricity etc. He says that of all the places that he has rented the bone of contention is electricity and other utility bills.
Is this similar rent to what you both charage? [blink]
Thank you
PS Xenia your email address bounced back to me [glum]
Jenny1
I have five bedrooms which I get $540pw. So mine is more. Really depends on supply and demand. $100 – $120 pw for a room in my area is reasonable. there are cheaper but not in as nice a house. There are higher and I guess they get more. Some have a fridge per room and extra bathrooms etc. Mine seems to fill well and everyone is happy.
re electricity, I have three years bill history and my agreement with the tenants is that if it jumps higher than the same usage in previous years then they split the difference.
Same with water. Though it embarrasses me to admit that my wife and two daughters (and me) use more water than five teenagers … [blush2] They don’t water a garden though
Only once has this been an issue was when one guy started using a portable aircon. He agreed to pay the difference in electricity when I showed him the bills so it was no big issue.
Telephone was a nightmare. I did put it on and pay the rent with them paying call costs. I was always out of pocket $20-30 as they never agreed on who made what call so I told them the phone was their problem. That has worked fine since.
Any more questions?
Simon Macks
Residential and Commercial Finance Broker
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Thank you Simon for info just a little bit more and I will leave you alone [biggrin]
– Do you collect your own rent from your tenants or use an agent?
– Are the tenants on individual leases or one lease with everyones
name on it. The deal being that they replace themselves when
they leave
– What do you do for common areas like who cleans up or do you
get a cleaner in.Cheers
Jenny1
Originally posted by Jenny1:Thank you Simon for info just a little bit more and I will leave you alone [biggrin]
– Do you collect your own rent from your tenants or use an agent?
They pay it direct into my account fortnightly via internet banking. No problems there.
– Are the tenants on individual leases or one lease with everyones
name on it. The deal being that they replace themselves when
they leaveFive seperate agreements. I used a lease in year one but haven’t bothered since. I made up my own document. I will never go to the tribunal – what can I win from a student? Hasn’t been an issue yet.
– What do you do for common areas like who cleans up or do you
get a cleaner in.They clean everything. I get a pro in annually at the start of semester one to get it sparkly and the carpets done. Then they know the standard I expect at the end. So far they have tried hard and I have no complaints. I don’t run their household. If they want a grubby kitchen I will mention cockroaches and mice and ask them to clean it and they do. Being respectful young folks they have never argued with me nor have I ever been unreasonable.
Cheers
Jenny1
Simon Macks
Residential and Commercial Finance Broker
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
We get a cleaner in for the common areas and students are only responsible for their rooms. Everyone does it different there are no set rules!
Jen, I;ve had over 20 emails come through asking for brochures [biggrin], I’m assuming my email is working for everyone else!
If it bounces back again, you can contact me through our website
http://www.adprop.com.au I have the brochures there available to download!Please feel free to contact me regarding any specific questions! [biggrin]
Investment Property Management
http://www.adprop.com.au
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