Taking the plunge with property management

Discussion in 'Introductions' started by Girl from Oz, 24th Feb, 2020.

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  1. Girl from Oz

    Girl from Oz New Member

    Joined:
    24th Feb, 2020
    Posts:
    3
    Location:
    Nowra NSW
    Hi,
    I’m hoping to find ideas and guidance with property management as I try my hand at it with my Wollongong investment property.

    I’ve invested in shares in the past and am currently building some investments using the Barefoot investor Breakfree portfolio.

    At the same time I’m investigating building a granny flat in my backyard as a long term income source.

    I’ve got lots to learn and I’m ready to give it a go, making a few mistakes along the way I’m sure.

    Good luck everyone
     
    Girl from Oz, 24th Feb, 2020
    #1
  2. SeafordSunshine

    SeafordSunshine Well-Known Member

    Joined:
    24th Jun, 2015
    Posts:
    1,003
    Location:
    Sydney
    Dear Girl from Oz,
    Welcome!
    Do you know the legal side of things?
    Find out which laws you have to follow.
    I would start with that, so that when the time comes you know your rights and obligations,
    Find out about Tax,
    Planning.
    Set yourself a timeline,
    Find out about the property chat meet-ups, with like minded people,
    Post about your investigations so that other people can learn rom your experience!
    I hope this helps.
     
    SeafordSunshine, 24th Feb, 2020
    #2
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  3. Scott No Mates

    Scott No Mates Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    27,255
    Location:
    Sydney or NSW or Australia
    Go to the fairtrading.nsw.gov.au website

    Check out the PDFs on property management, for alot of the information that is essential to know, how to complete a tenancy agreement, condition reports, termination of tenants, rent reviews, information you are required to provide to the tenant etc.

    Depending upon your current level of experience, it can be useful to engage a property manager for the first tenant, see how it goes, learn from what they are doing etc. Possibly use an agent to source your tenants after the first one vacates.
     
    Scott No Mates, 24th Feb, 2020
    #3
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  4. geoffw

    geoffw Moderator Staff Member

    Joined:
    15th Jun, 2015
    Posts:
    11,679
    Location:
    Newcastle
    I had a property (with three lets) which I self managed for a couple of years. I was quite happy with the money I saved - and also with getting rid of an awful PM. But when I couldn't quite keep up any more, and took the property back to the same firm but a different PM, I found out that the market conditions had changed in my absence, and that the rents could be out up by far more than the management fees I'd been charged.
     
    geoffw, 24th Feb, 2020
    #4
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  5. Girl from Oz

    Girl from Oz New Member

    Joined:
    24th Feb, 2020
    Posts:
    3
    Location:
    Nowra NSW
    Thanks, I’ve been reading on the Fair trading website and lots of threads.
    Also a property management book which is great but unfortunately American.
    I have tenants and have used a property manager for 2 years however I’ve always found them a bit opaque and received some strongly worded replies when I enquired about changing managers due to their re-leasing fees (a whole weeks rent when there was no change in tenant!). They actually told me the tenant would leave if I changed from them to someone else. It’s been interesting, but I’ve had enough.
     
    Girl from Oz, 13th Mar, 2020
    #5