- guys
I am into my research and would be looking to buy soon in country vic
a small IP
obviously i will do my research in knowing good and bad areas …
but lets say i have jumped in into one which seems perfect after crunching numbers ( but in a known bad area)…
with already being tenented or to be…
what sort of head aches – i would be expecting
after due diligence in selecting tenents ( if there arent already one;s) they turn to be bad and stop paying rent – destroy the property and leave ( i will take landlord insurance )
what are the danger signs to look for …
2) dealing with property management with rea
how much do they charge per year
and how does it work out with repairs – do they let the onwner know and leave it him on how the repair has to be done or do the repair and send the bill ( i guess if this is the case – more bucks out of the pocket )
just want to know how you guys are managing them ( without loosing ur sleep and getting disturbed with ur 9-5 job )
being in melbourne – i cant run for every minor issue with ip
all ears
sri
guys any one on these
any tips , precautionary measures , tales
pretty sure there would be many things to look at
tenent stories
sri
Don't know what sort of property you intend to use.
My suggestions are
Instal comforts tenants pay to run, like watering systems, R/C Air Cons.
Tenants aren't keen gardeners, so minimise it, expect dead plants.
No pool.
Handyman to visit once every 12 months to replace every washer in the property.
Inbound & outbound condition reports and 3 monthly inspections must have photos and written reports sent to you.
PM must give you written arrears strategy, stating at how many days arrears warning letters, phone calls and termination notices are issued.
Rent arrears must be handled surgically and promptly.
PM must be instructed that repairs must be done immediately at lowest price, ring first.
The quality of your chosen property will decide the quality of tenancy applications you can expect.
Higher unemployment rates are normal in rural areas. Bread n butter housing enjoys higher occupancy rates.
Good luck
cheers
thecrestthecrest | Tony Neale - Statewide Motel Brokers
http://www.statewidemotelbrokers.com.au
Email Me | Phone Meselling motels in NSW
I have 3 IP in regional NSW and I live in SA so totally remote managed. I have a rental manager who I trust, don’t be afraid to change if you find they don’t provide sufficient info. I ensure interior and exterior inspections and I ask for photos to be emailed to me of any issues (repairs or damage). My property manager has a handyman who fixes the minor things at reasonable prices so no need to bring in the Plumber etc if it isn’t needed.
Gardens are basic and need no work from tenants, I aim for no additional work – ours have established gardens that haven’t even really needed watering even through the last 3 dry years. The weeding I give them a chance but if the manager notices it isn’t done the tenants are put on warning and the next time a contract is signed I include a seasonal visit by a Jim’s equivalent.
How small is the country area you intend to buy in? To minimise the effect of unemployment levels we chose regional centres not small towns. Afterall one business closing in a small town can have huge implications.
Also, we travel to the towns once a year. That way we can have a quick look at the property and assess what needs doing.
The property manager is paid 8% and on two of our properties it is pretty much money for nothing at the moment as the tenants are great (pay on time, look after the property, deal with minor issues themselves) in the other property they have to do a lot more to earn that fee! (Thankfully the tenant’s lease is ending in a month and not being renewed) I think they’d want someone else to change a light globe if it blew!
Cheers
Ruth
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