That's right just sharing our experience. In fact we believe one day Frankston will take off. It's our decision to exit we don't have another 7 years and can no longer afford it. If we can find a solid good property and a reliable pm we still won't buy in frankston again coz poor quality tenants. Cash flow is very important.
Dear Frankston, we have had enough from you!
- Thread starter Olive
- Start date
It's such a shame you have had this experience! I have previously worked in Frankston and I agree, there are issues. For the tenant to be awarded compensation though would only happen if you hadn't met your obligations as a landlord. This could have resulted from you not being properly informed of your obligations as a landlord by your property manager so it sounds as though a lot of your loss is due to poor management from tenant selection through to handling any issues that arise throughout the course of the tenancy.
The best advice I can give on Frankston managements is don't give them to a Frankston agent. They have a huge turn over in staff usually relating to the way the offices are run. The income offered for jobs in this area are typically lower than neighbouring suburbs and as such normally only very inexperienced people are hired and then this leads to poor work and high turn over. Someone in another area that isn't too far away is probably the better option. They don't manage all properties in the area and typically have less problem tenants. I live in Frankston in a great street with one bad neighbour and I frequently feel sorry for the owners of that property though I don't know who they are - it comes back to the PM time and time again.
Frankston varies so much from area to area it's hard to say if it's worth holding on to and hard to say what the rent should be. Depending on what the property is worth (rental wise) and how much the repairs would be to make it rentable there is potential to make money on this property and turn your investment experience around totally to a pleasant and enjoyable experience. If you do though, be prepared that there may be quite a bit of maintenance reported by the tenant when they first move in. Don't think this is history repeating!! It's 100% normal for a new tenant to find things that go missed when someone isn't living in the property and gas, electricity etc. aren't connected.
Either way, I wish you an excellent result and I don't remember if others have queried whether or not you have landlords insurance for the rental loss?
Good luck with the property whatever your choices and I sincerely hope that your future endeavours are both enjoyable and rewarding.
.
The best advice I can give on Frankston managements is don't give them to a Frankston agent. They have a huge turn over in staff usually relating to the way the offices are run. The income offered for jobs in this area are typically lower than neighbouring suburbs and as such normally only very inexperienced people are hired and then this leads to poor work and high turn over. Someone in another area that isn't too far away is probably the better option. They don't manage all properties in the area and typically have less problem tenants. I live in Frankston in a great street with one bad neighbour and I frequently feel sorry for the owners of that property though I don't know who they are - it comes back to the PM time and time again.
Frankston varies so much from area to area it's hard to say if it's worth holding on to and hard to say what the rent should be. Depending on what the property is worth (rental wise) and how much the repairs would be to make it rentable there is potential to make money on this property and turn your investment experience around totally to a pleasant and enjoyable experience. If you do though, be prepared that there may be quite a bit of maintenance reported by the tenant when they first move in. Don't think this is history repeating!! It's 100% normal for a new tenant to find things that go missed when someone isn't living in the property and gas, electricity etc. aren't connected.
Either way, I wish you an excellent result and I don't remember if others have queried whether or not you have landlords insurance for the rental loss?
Good luck with the property whatever your choices and I sincerely hope that your future endeavours are both enjoyable and rewarding.
.
Stupid question but would increasing the rent slightly above market do anything to rat out the riff raff?
That attracts more of them. They are willing to provide the illusion of paying above market (for as long as they feel like) to secure the lease and then ignore the lease and the law albeit heavily slanted in their favour anyway.
I have found charging/advertising at market rents (in a hot rental market) or slightly below market rents (in a cooler market) gives a larger range of applicants from which to choose.
A week ago, I only knew of one Dick Smith. Now I know of three.
DaveM, you're in the wrong thread, I think the thread you meant to post in was the 'Elizabeth' thread.
Hahaha!
by the way, congrats, D.T. on your latest Elizabeth buy. Sounds like a ripper price with a great yield! My commiserations to the OP.
Paying too much for an IP is never a good idea and often leads to future suffering. If I recall correctly, many years ago, the OP placed "Want to Buy" leaflets in peoples letterboxes. This sort of strategy is fraught with difficulty and usually ends up in tears. The only people who would respond would most likely want top dollar for their junk. It is truly tragic that the OP paid too much for her property from the very start.
To anyone buying an IP in Frankston: I urge you to concentrate on the cheapest quartile of the market. Doing anything else is totally nutty.
Buying cheap is the most assured way of getting decent Capital Gain. Personally, if searching in Frankston, I would only look for houses at or below $350,000 and not pay a penny more.
Again, my commiserations to the OP. Totally agree with you about the dodgy property managers - they can be a pain. It's always a worry if your own property manager rents rather than owns.... when push comes to shove, you know where their sympathies will lie.
Paying too much for an IP is never a good idea and often leads to future suffering. If I recall correctly, many years ago, the OP placed "Want to Buy" leaflets in peoples letterboxes. This sort of strategy is fraught with difficulty and usually ends up in tears. The only people who would respond would most likely want top dollar for their junk. It is truly tragic that the OP paid too much for her property from the very start.
To anyone buying an IP in Frankston: I urge you to concentrate on the cheapest quartile of the market. Doing anything else is totally nutty.
Buying cheap is the most assured way of getting decent Capital Gain. Personally, if searching in Frankston, I would only look for houses at or below $350,000 and not pay a penny more.
Again, my commiserations to the OP. Totally agree with you about the dodgy property managers - they can be a pain. It's always a worry if your own property manager rents rather than owns.... when push comes to shove, you know where their sympathies will lie.
+1,Good advice Sez and on the money.
Exactly and LL's would be silly not to follow this good advice!
Grand dad who said buy the lowest quartile of frankston in this thread (and a few others too)
I disagree about PM's who rent. I rent and I am a PM. I recognise that most LL's try to do the right thing and are not treated well by both poor PM's and poor TT's. The legislation in this state is currently heavily filled with ways to protect tenants against the landlords and it takes an experienced PM to be able to discuss with landlords the best ways to use current legislation to their advantage.
I do not sympathise or work for the tenants, I work for my landlords. I give them advice based on legislation and I tell them what they need to know whether it be what they want to hear or not. A big part of a PM's job is risk management, we need to provide our landlord with the tools to make the right decision to lower their risk and increase their return. Sadly, not all landlords try to do the right thing, there are horror stories about landlords as well as tenants. Of course, there are always far more about PM's!!
I think the biggest worry is a PM who has less than a few years experience and no grey hairs - if they've got none of them they haven't been in enough stressful situations and don't know how to handle them well
I do not sympathise or work for the tenants, I work for my landlords. I give them advice based on legislation and I tell them what they need to know whether it be what they want to hear or not. A big part of a PM's job is risk management, we need to provide our landlord with the tools to make the right decision to lower their risk and increase their return. Sadly, not all landlords try to do the right thing, there are horror stories about landlords as well as tenants
. Of course, there are always far more about PM's!! I think the biggest worry is a PM who has less than a few years experience and no grey hairs - if they've got none of them they haven't been in enough stressful situations and don't know how to handle them well
Hi
To Sez: that is a great post you have just put up and gives me some faith in your property management skills. I live in Patterson Lakes and whilst I look after all my own properties without the use of a property manager I would be more than happy to refer business your way for when people ask who I think would be a good property manager to use for their investment properties.
I see your profile states you are from Chelsea, may I ask do you work in the local area?
Regards,
alicudi
To Sez: that is a great post you have just put up and gives me some faith in your property management skills. I live in Patterson Lakes and whilst I look after all my own properties without the use of a property manager I would be more than happy to refer business your way for when people ask who I think would be a good property manager to use for their investment properties.
I see your profile states you are from Chelsea, may I ask do you work in the local area?
Regards,
alicudi
I hope your not expecting to buy under market and capitalize on the OP's misfortune.
Try rea dot com if ya looking in frangers.
Similar threads
