First IP - Melbourne Outer South-East

[Daredevil]

Hi All

I have been following this forum for long time and this is the first post, I just bought (contract signed) my first IP in Cranbourne North, and it is currently tenanted (month by month basis).
I am totally new this and I want advise what steps to follow from here?

1. How soon I should get the Landlord insurance
2. How to get a Property Manager and what services they provide for the price we pay,
3. If I continue with the current property manager, what charges they will take from me to continue. (with the same tenets)
4. Can anyone suggests good Building and Pest inspection, Quantity Surveyor and a landlord insurance company.

Sorry for the long post, it is quite overwhelming the first time.

 

[Lil Skater]

Congratulations!! Exciting times ahead!

I'd start looking at insurance before settlement, most don't take long to set up and most will ask for a start date for the policy ie. Settlement. I'd recommend either EBM or Terri Scheer for landlords insurance. Cost is around $300, and tend to be easy to deal with. Obviously read through each policy and make sure it suits you, I would suggest you look for a policy with accidental damage.

Research PM's, get referrals. The price will vary from each company. Whether you stay with the current PM or not, the process is the same. You'll still be required to sign an authority, and the charges will be whatever they set it at. Some will negotiate, some won't.

For depreciation I'd suggest speaking with BMT or Depreciator - there is a number of different ones though.

 

[Rudugger]

Hi All

I have been following this forum for long time and this is the first post, I just bought (contract signed) my first IP in Cranbourne North, and it is currently tenanted (month by month basis).
I am totally new this and I want advise what steps to follow from here?

1. How soon I should get the Landlord insurance
2. How to get a Property Manager and what services they provide for the price we pay,
3. If I continue with the current property manager, what charges they will take from me to continue. (with the same tenets)
4. Can anyone suggests good Building and Pest inspection, Quantity Surveyor and a landlord insurance company.

Sorry for the long post, it is quite overwhelming the first time.

Hi Daredevil,

Well done on your first investment, be proud of yourself and keep monitoring the market for your next one! It's addictive. To answer your Q's below;

1. When you signed the contract - Signing means it's yours, anything that occurs from going unconditional is your problem.

2. Meet two PM's use your gut and go with the one that provides constructive knowledge about your property, the area and types of tenants out there. Don't go with the one that blows smoke up your butt. Ask them if they can recommend an improvement to your property to increase yield or something similar. Most provide the same services for the cost.

3. Should be no charges with an incumbent tenant. Think about this with fees... you give the PM 4% which is $40 on $1000 pcm. Another landlord pays 7.5% or $75 on the same rent. I know who I would rather concentrate my time on. Don't worry too much about the % comms, its deductible, worry about service delivery and how they manage your tenant.

4. There are a number of threads on the forums here for services and insurances. An agent worth their salt can assist with trades, inspectors etc. in your area.
Good luck with everything, feel free to PM me for advice. I'm not far away (literally).

Rudugger.

 

[Daredevil]

Thank all for the forum posts and private messages,
it was a great help, All going smoothly and settlement is mid next month
Landlord insurance is with EBM thanks brettc for help
Did building and pest and all good
Waiting to get a time with tenants to do a depreciation schedule

Everything going smoothly so far...