Need advise on my first IP

Discussion in 'Property Management' started by Beng, 8th Apr, 2017.

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  1. Beng

    Beng Member

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    Hi all,

    I'm in the process of buying a property in Redbank Plains, QLD for my first IP.

    So, since I live in Melbourne, I need to find a good PM to help managing it.
    Any reference whom I can reach out ?

    Also, any other advise for a beginner investor will be appreciated.
    Such as,
    # what insurances I need to get ... other than landlord / property
    # I am looking for building inspector ... but this is already on other thread, if can be combined here, it's fine with me
    # Anything else I need to watch out for ? from a local point of view ?

    Thank you for reading
     
    Beng, 8th Apr, 2017
    #1
  2. The Y-man

    The Y-man Moderator Staff Member

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    We use Archicentre for our purchases where inspection is required.

    The Y-man
     
    The Y-man, 8th Apr, 2017
    #2
  3. The Y-man

    The Y-man Moderator Staff Member

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    Where are you at in the process?


    The Y-man
     
    The Y-man, 8th Apr, 2017
    #3
  4. Beng

    Beng Member

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    Hi Y-man,

    Thank you for your suggestion and interest.

    I had looked online and actually found more bad reviews than the good ones around ... or maybe I looked it wrong.

    # Building and pest inspection
    I'm considering between Brett from Inspec (as suggested by people in this forum) & inspectmyhome.com.au (referred by buyer agent)

    # Property management - considering the one currently managing it
    # Quantity surveyor ... haven't even start looking, but consider using BMT (referred by buyer agent)
    # Insurance ... friend mentioned he uses Aami for building and tenancy & Terri Sherri (or similar) for rental insurance .... I haven't research insurance yet, actually.
     
    Beng, 12th Apr, 2017
    #4
  5. Tanya1335

    Tanya1335 Well-Known Member

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    As you are living in Melbourne, you certainly require a proactive PM to ensure the maximum return on your investment.

    Talk to property managers who have investment properties of their own as they have a better understanding of what is required to manage your property.

    I find Terri Sherri one of the best to deal with in regards to landlord insurance.
     
    Tanya1335, 16th Apr, 2017
    #5
  6. Beng

    Beng Member

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    Thanks , a friend of mine also using them.
    will check it out
     
    Beng, 17th Apr, 2017
    #6
    Tanya1335 likes this.
  7. Beng

    Beng Member

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    Hi all,

    Update on this thread.
    Building and pest inspection done, no major issue found, possible pest treatment required (possible never had done in a very long while)

    However, here is the story:
    Tenant and current PM of the property reported issue with ensuite bathroom, leaking (possibly behind the wall) ... and tenant no longer use the ensuite.
    This, is not reported/detected in the building inspection ... maybe due to tenant hasn't been using it ?
    PM has got a quote from plumber to fix it ... it's pretty much the whole thing, remove vanity, fix issue, waterproof, re-tile, etc ... predicted 8000-8500.
    For an issue that will cost that much, it surprised me that it's not detected.

    My question would be, does that quote sounds reasonable ?
    Or anyone has a plumber that services Redbank Plains area that I could contact for second opinion & quote ?
    so far, these are from tenant & PM & plumber, whom no one I know, so, maybe good idea to find an independent party.
     
    Beng, 25th Apr, 2017
    #7
  8. The Y-man

    The Y-man Moderator Staff Member

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    Yes it should have been picked up if it was visible.

    It must have been visible at some stage because the tenant knows about it - BUT it could have been painted over just before the sale. I recalll one house we sold that we had to keep painting a small patch of wall every week before the open to hide a moisture patch that kept reappearing.

    If you are buying a property with tenants, it is very important to get to talk to them and ask "HI, are there any issues with this property?". Where a seller will have reasons to hide things, a tenant never will.

    The Y-man
     
    The Y-man, 25th Apr, 2017
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    Anthony Brew likes this.
  9. Jamie Moore

    Jamie Moore MORTGAGE BROKER - AUSTRALIA WIDE Business Member

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    Hiya

    Best to start a new thread with "looking for a PM in xxxx" as the title - you'll get more responses.

    As for building/pest - same deal. Although - you could also do some googling and read up on reviews. That's how I found my last build/pest inspector and he was awesome. I knew I was onto a winner when Real Estate Agents were giving the guy 1 star for his damning reports :)

    Cheers

    Jamie
     
    Jamie Moore, 25th Apr, 2017
    #9
  10. Beng

    Beng Member

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    Thanks Y-man & Jamie.
    I decided to terminate the offer, being honest in numbers it's not a great IP afterall ... back to drawing board.
    Note for admin: if can close this thread, please do so, thank you :)
     
    Beng, 29th Apr, 2017
    #10