Appointment of agent and PM schedule

[dink]

Hi guys

I'm about to convert my PPOR townhouse to my first IP and have a PAMD 20a form to fill out. It's almost as daunting as signing my first PAMD 30c. Anyway, I have a few questions about filling out this form.

1. A PM had 90% water is paid by tenant and 10% by landlord to avoid getting the waterwise certificate. Is this advisable?

2. Do you let the PM pay body corp/rates/insurance? If not, why not?

3. I'm putting $0 for part 6.3 - max value to be paid by agent without approval. Should I do this or put a lowish limit?

4. I'm also allowing small pets and tenants to pay for damages caused by their pets. Are there anything else I should add to this apart from subject to body corp approval?

5. Should I also put in a tenancy condition where tenants pay for "no fault found" maintenance requests?

6. Are there any standard special conditions you guys normally add or wished you've added?

Thanks

 

[Peterw]

Hi, hope you dont mind the thoughts of another agent.
1. Read the information on the RTA website about how you can charge a tenent for water. If the property is non compliant, then you cannot charge for consumption. That aside, you can charge for excess. Find out from your local council, what the average family useage is,, and nominate that amount, with the amount above that to be paid by the tenant.
2. With the PM making all payments for you, you will then reveive an "annual statement" and the 30th of June, with a full summary. Your tax work is done.
3. Discuss this with the PM. Tell them that you want a call before any expenditure, however if difficulty to contact, then say up to 2 weeks rent as a value.
4. You may find that pets are against the body corp bylaws. You should have a copy to give the PM to give to the Tenants.
5.To us this is standard, and all tenants are advised this at the time the repair request is made.
6. A lot of additional conditions I have seen, do not in fact comply with the act, so be careful.

Have you got advice from an accountant, when a PPOR becomes an IP, as to the best "ownership" structure? Are you getting a depreciation schedule done?

Best of luck
Peter Weiss

 

[dink]

Have you got advice from an accountant, when a PPOR becomes an IP, as to the best "ownership" structure? Are you getting a depreciation schedule done?

Thanks for that. Structure should be all good and we're looking to get a schedule done after a quick cleanup/reno.

 

[Peterw]

Hope my answers were of some assistance, all the best with the project.
regards

 

[Fudge]

Hi guys

4. I'm also allowing small pets and tenants to pay for damages caused by their pets. Are there anything else I should add to this apart from subject to body corp approval?

Thanks

If small pets are allowed (dog / cat??), put in lease that a professional carpet cleaning / odour removal is required to be paid by tenant on vacating premises.

F