WA DIY LANDLORDS - Self managing owners

Hi Everyone,

I have a rental in Perth, WA, My tenant gives me no trouble happy to do repairs on his own pays rent on time and wants to grow his young family up in the property and has no ambition to buy, Ideally a great situation for an owner. My Property Manager (Starts with L ends with hooker) charges normal for PM but I consider high fees for a service that I don't see the value in (first world problems). I would like to move forward with my tenant in a self-managing 'do it myself land lord tenant' situation. I am new to the forum, so if I have missed this information in the resource sector, i apologise i did do a search but nothing came to a result (if it is present could someone post a link).

Are there any WA Landlords who self manage there properties who could assist with direction, Tips and lessons learnt along the way?

Thanks in advance.

RockSolid

P.s Any reasonable question asked, i am happy to answer

 

Check out the resources on the Fair Trading website in WA (also see what other states offer in the way of guidance).

 

Cheers Scott, I will add this my to do list. Thanks mate

 

The easy parts of property management are easy - it’s the harder bits where a PM agency become worth the fees for most people.

I self manage most of my rentals, but also use PMs for others.

I don’t recommend self managing unless you know what to do to terminate the tenancy properly, or handle disputes arising under the lease.

Would you know how?

 

Hi Thatbum,

Thanks for your insight, and letting me know you self manage and PM your properties. Also i appreciate your recommendation of not self managing, i do have an understanding of the process of how to terminate the tenancy.. don't know what you mean by 'Properly'. If you have any tips or lesson learnt i would be happy to learn

Thanks

 

What do you mean by "have an understanding of the process"? That kinda makes it sound like you have a vague idea but not perhaps the specifics! Have you ever been through the process before?

I mean I probably have a nearly endless list of potential tips. It's probably easier just to ask about what you want to know specifically.

 

Sorry i didnt relise i was answering the question, i posted a topic to look for insight and help. But if you would like me to explain how to terminate a rental contract i can refer you to Tenant ending a tenancy | Department of Mines, Industry Regulation and Safety (commerce.wa.gov.au) this can help with your questions. Specifically, Have i ever been through the process?.. No. I do understand that having a rental property this does need to happen and i should be aware, so if you have any tips, knowledge, direction please share as i am willing to learn.

Im hoping your engagement is leading to some insight that would be great!

 

I think you misunderstood me?

If you're not exactly sure on how to terminate a tenancy, then I would recommend learning that more precisely.

Would you know what to do if the tenant stopped paying rent tomorrow and was uncontactable all of a sudden?

You also probably need to know what issues that come up are a lessor's obligation and what might not be. For example, damage to the premises.

I was in court recently where a lessor did not understand their obligation to repair the premises as soon as possible, and it will probably cost him a five figure out, including thousands in compensation to the tenant.

 

Cheers, I will look into that. Thank you

 

I self manage my properties in Perth. Choosing the right tenants is halfway to peace of mind. Buying in the right suburbs is also important. Then the rest is to have an handyman to fix various small problems. My experience is compared to a pm, I can be closer to the game and smell anything wrong sooner than an inspection report.

 

Thanks spoon, its great to hear your insight as my properties are relatively close to the city and beaches. So I believe good areas, my tenants are families with little ones on the way, It reinforces what i already believed. Cheers mate

 

One word of advice. Have all the documents and terms done properly. Family relationships are sometimes lost due to monetary arguments and favours. Don’t assume anything. Formalities first, kindness later.

 

Sorry, I might have misunderstood you. You meant your tenants are young families. Apologies.

 

I've self managed for 17 years. I have checklists. Start of tenancy, end of tenancy, then print outs of various forms. I think probably 80% of maintenance issues is plumbing, so have a good plumber. Keep records of trades, companies used as you may need them for warranty or other repairs. Have a PM folder for each property.

 

Hi @Propin would you have a good plumber to recommend? And an electrician too if handy, thanks.

 

Hubby is a plumber, phew, but when he is busy we use Adam - AJR Plumbing 0402 827 563, Last electrician I used was Camtec for lighting which I met through WM warranty 6258 0000. Air con I use Stav, Chilly Bear Air-Con & Refrigeration 0438 969 389 home, Appliances Online - excellent service for replacement appliances

 

Thanks. That enhanced my list!