I've been in here for a while and thanks to everyone I learn a lot from all of you guys. This is my very first post and I need your opinion pls.
Here's my story.I just purchased my 1st investment house in QLD through a buyer agent and the owner wanted to rent back while completing her new house. Thing is she only agree to pay for $270pw while the market price is around $295pw, so the REA said he will help me by managing the house without any fee during her stays and the old owner will deposit weekly payment directly into my account (this is all I heard from my agent buyer and thought this is alright for me). During the settlement progress, I asked to have a rental agreement from the owner which both agents said I don't need to as this will create hassle for the REA,I kept my opinion firmly.
Yesterday after everything's settled, I called the REA and only knew that I need to pay half of the fee for them to do rental agreement (it's sending to me now) and I have to manage the IP myself because they can't do it for free unless I pay them 7% management fee(which is discount fee because I bought house from them). I haven't talk to my buyer agent yet, he currently on holidays and will be back next monday. I'm a bit upset and getting nervous since I'm new in this and in Sydney, it may hard to manage the IP. I wonder what if I didn't asked them to do the rental agreement for me, they may tear me into parts now.
Here's my story.I just purchased my 1st investment house in QLD through a buyer agent and the owner wanted to rent back while completing her new house. Thing is she only agree to pay for $270pw while the market price is around $295pw, so the REA said he will help me by managing the house without any fee during her stays and the old owner will deposit weekly payment directly into my account (this is all I heard from my agent buyer and thought this is alright for me). During the settlement progress, I asked to have a rental agreement from the owner which both agents said I don't need to as this will create hassle for the REA,I kept my opinion firmly.
Yesterday after everything's settled, I called the REA and only knew that I need to pay half of the fee for them to do rental agreement (it's sending to me now) and I have to manage the IP myself because they can't do it for free unless I pay them 7% management fee(which is discount fee because I bought house from them). I haven't talk to my buyer agent yet, he currently on holidays and will be back next monday. I'm a bit upset and getting nervous since I'm new in this and in Sydney, it may hard to manage the IP. I wonder what if I didn't asked them to do the rental agreement for me, they may tear me into parts now.