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Self managing my properties

Discussion in 'Property Management' started by col col, 18th Apr, 2016.

  1. col col

    col col Member

    Joined:
    1st Feb, 2016
    Posts:
    13
    Location:
    sunshine coast
    Hi Folks
    I have 2 IP which are both within a ten minute drive from where i live.
    Both properties have good long standing tenants in them who phone me rather than the agent .
    Im ok with that as it minimizes any time delays or dramas ,not there has been o much of either.
    Im thinking rather than pay a property manager to do this i might do it myself.
    What should i look for as far as setting it up and running.
    This would make both properties positively geared at long last.
    Thanks for any input and ideas

    Col
     
  2. markson

    markson Well-Known Member

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    14th Feb, 2016
    Posts:
    310
    Location:
    NSW
    col col likes this.
  3. MTR

    MTR Well-Known Member Premium Member

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    19th Jun, 2015
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    7,497
    Location:
    Perth, Melbourne, USA
    generally I would so no way, but sounds like your scenario may be low risk ...go for it:)
     
    col col likes this.
  4. wylie

    wylie Moderator Staff Member

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    18th Jun, 2015
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    Location:
    Brisbane
    Read up on the RTA site. I've always self managed, find it easy and enjoy it. That is not even counting the thousands I'm saving each year.

    But you do need to know what you are doing, and reading the RTA site is the first port of call.

    I also have great relationships with every tenant I have. I know things can go bad, but your situation and your situation with good tenants sounds very similar to mine.
     
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  5. Jamie Moore

    Jamie Moore MORTGAGE BROKER - AUSTRALIA WIDE Business Member

    Joined:
    18th Jun, 2015
    Posts:
    2,162
    Location:
    Canberra and Sydney
    Hi Col

    You've got a unique situation - and if you like being involved at the moment then self managing might work. You have to be very organised, be clued up on tenancy legislation and follow the correct processes. Property managing isn't hard....until something goes wrong :-(

    Cheers

    Jamie
     
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  6. col col

    col col Member

    Joined:
    1st Feb, 2016
    Posts:
    13
    Location:
    sunshine coast
    thanks for your encouragement.

    guys i shall have a rad of the RTA documents for QLD and get it all underway.
    Im sure there will be problems ahead but i think if i deal with them as they arise i will be able to keep on top of it

    Col
     
  7. Adelaide

    Adelaide Member

    Joined:
    1st Jul, 2015
    Posts:
    16
    Location:
    Perth
    I use Rentbook.com.au to track the rent payments and expenses for tax time.
    Everything is done by email and text.
    I have great tenants and sounds like you do to.
    I would use a different bank account for each tennant.

    Will you be able to increase the rent when it is time or decrease it if you need to?

    I love it most of the time.
     
  8. chibs

    chibs Active Member

    Joined:
    16th Jul, 2015
    Posts:
    44
    Location:
    WA
    You can always engage a property manager later on if you don't enjoy it or too busy to manage yourself. I am also learning to self manage and so far amazed at how much I learnt by actually doing.
     
  9. Pumpkin

    Pumpkin Well-Known Member

    Joined:
    27th Jun, 2015
    Posts:
    142
    Location:
    Brisbane
    I would say it depends on your capability, personality and time.
    There are a lot of regulations surrounding real estate, renting, body corp, council rules etc. Fortunately there are a lot of materials and training you can go to to educate yourself.
    I started buying properties over 20 years ago, got myself involved in many property-related areas and with time, my confidence grew and now we are in the business!
    On personality, half the time tenants are good, but the other half you might get not so good ones. Some people get stressed out with this, the people management.
    Maintenance is the easiest part, compared to people.
     
  10. Sonamic

    Sonamic Well-Known Member

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    18th Jun, 2015
    Posts:
    956
    Location:
    Sunny QLD
    There are agents out there who will find you tenants and set up your Bond and rental accounts for a fee. I think $750 was about the money last time I looked. This approach would work well if your tenants are long term and reliable with their rent.
    Alternately, like yourself, I have a couple in the same area. I use a PM for these at a cost of about $40 a week per property. Yes you can claim it on tax, but at the end of the day if you're prepared to field the complaints it can be worth the savings. My tenants don't know me and I like it that way. So it works for me.