Has anyone here self-manage more than one IP to maximize income ?
- Thread starter JohnHenry
- Start date
Huh?
Problems that caused us to self manage instead of going through a PM?
Everyone is affected by tax laws - there are no differences between those who care to self manage or use a PM.
Problems that caused us to self manage instead of going through a PM?
Everyone is affected by tax laws - there are no differences between those who care to self manage or use a PM.
If I had two IPs I would. I don't even have one at the moment, but looks like I will soon and it will be self managed as I think a PM would be a waste of money. I self managed the last one, albeit for less than a year.
If I had two and they were both close I'd self manage two, but I wouldn't if they were more than a 45 min drive away or somewhere I don't regularly pass by. Why pay 10%+ to a property manager if you don't have to?
Absolutely no difference with tax so not sure why you ask that
If I had two and they were both close I'd self manage two, but I wouldn't if they were more than a 45 min drive away or somewhere I don't regularly pass by. Why pay 10%+ to a property manager if you don't have to?
Absolutely no difference with tax so not sure why you ask that
Not sure i understand this one,what caveats are you talking about i self manage several,and one still working on after the floods,never had a problem with the ATO,every time i ring up they always help me,please explain..
By "self-manage" do you mean knocking on the front door each fortnight and collecting the rent in cash?
And by "stay legally under the tax law" do you mean not declaring this cash to the tax office?
And by "what's your problem and the caveats" do you mean how do you go about hiding this activity from the tax office while keeping up payments to the bank on the property's mortgage?
If so, the only rational response to this would be . . . wow!
And by "stay legally under the tax law" do you mean not declaring this cash to the tax office?
And by "what's your problem and the caveats" do you mean how do you go about hiding this activity from the tax office while keeping up payments to the bank on the property's mortgage?
If so, the only rational response to this would be . . . wow!
Hehe *snort* I think you nailed it
I have a question
Do you all self manage because you don’t believe that a PM is worth 8 to 10%?
Or have you had ban experienced with Pm in the past
When I was working for someone else the worst part of my job was when an owner asked me what’s your management fees per week on a $650 rental
To tell them $55pw + Petties and to see their faces was the reason I went out on my own
Be interested to hear your thoughts
Do you all self manage because you don’t believe that a PM is worth 8 to 10%?
Or have you had ban experienced with Pm in the past
When I was working for someone else the worst part of my job was when an owner asked me what’s your management fees per week on a $650 rental
To tell them $55pw + Petties and to see their faces was the reason I went out on my own
Be interested to hear your thoughts
Been thru this at length in other threads.
I do it because no-one can do it quite like I can...
And...yes a very bad experience (culmination of experiences) with ex PM.
And I save $104/week into the bargain....!!
it's not hard work and it only takes a few moments a week to update & receipt rent payments and deal with maint. I have good trades to call on and we have worked well together now for many years.
Finally...I like doing it.
I do it because no-one can do it quite like I can...
And...yes a very bad experience (culmination of experiences) with ex PM.
And I save $104/week into the bargain....!!
it's not hard work and it only takes a few moments a week to update & receipt rent payments and deal with maint. I have good trades to call on and we have worked well together now for many years.
Finally...I like doing it.
No, they're not worth 10% plus 2 weeks rent to sign up a tenant plus 1 week rent to renew plus $35 to inspect plus postage of receipts plus cost of statements when your IP is NEXT DOOR.
With my last IP they had minimum charges that added up to 20% of the rent. And they previously managed the same tenants and let them go thousands of dollars in arrears because it never occurred to them to get them to pay via Centrepay, which I did and their rent was perfectly on time and I never had an issue with them. Sif pay 20% of your rent for ... what exactly?
I self-manage my locals, and let a PM manage my non-locals. All rent is recorded by direct deposit into ATO readily-inspected bank accounts, and, as I have no inclination to get bulldozed by the ATO or the OSR, I pay my all taxes in full properly.
As regards being assiduously careful with tax compliance, I'd estimate I'd be in the 99% category of property investors who are.
I self-manage where I can because it's a rational way to reduce holding costs, and I actually feed these savings back to my tenants with lower rents than I'd otherwise have to charge, because they're good long-term tenants and I really want them to stay where they are and for all of us to be happy in our relationships. (Honestly, I could easily get $30 more a week each on of my two local properties, but I know I could just as easily lose the same amount annually with unexpected vacancies and unhappy tenant delinquencies towards rent or property care.)
Landlords are mostly just small business people hoping to find good and reasonable tenants. You pay us, we pay the banks, and hope like you the world won't take us down. We work hard in our jobs, we save and invest, and we pay a phenomenal amount of this nation's taxes. And we supply almost all of the rental housing stock (about 30% of all housing) to rental tenants in this country.
Would you really prefer that we went away and that there were no rental housing available?
As regards being assiduously careful with tax compliance, I'd estimate I'd be in the 99% category of property investors who are.
I self-manage where I can because it's a rational way to reduce holding costs, and I actually feed these savings back to my tenants with lower rents than I'd otherwise have to charge, because they're good long-term tenants and I really want them to stay where they are and for all of us to be happy in our relationships. (Honestly, I could easily get $30 more a week each on of my two local properties, but I know I could just as easily lose the same amount annually with unexpected vacancies and unhappy tenant delinquencies towards rent or property care.)
Landlords are mostly just small business people hoping to find good and reasonable tenants. You pay us, we pay the banks, and hope like you the world won't take us down. We work hard in our jobs, we save and invest, and we pay a phenomenal amount of this nation's taxes. And we supply almost all of the rental housing stock (about 30% of all housing) to rental tenants in this country.
Would you really prefer that we went away and that there were no rental housing available?
Been thru this at length in other threads.
I do it because no-one can do it quite like I can...
And...yes a very bad experience (culmination of experiences) with ex PM.
And I save $104/week into the bargain....!!
it's not hard work and it only takes a few moments a week to update & receipt rent payments and deal with maint. I have good trades to call on and we have worked well together now for many years.
Finally...I like doing it.
My response would be similar to Thorpey's - bad experience with PMs is what got us into self managing initially. I also don't mind doing it (and I think we've done a pretty good job so far) - but I can see why it wouldn't be for everyone.
Cheers
Jamie
self manage,
~10% per year, would be 30000
the deposit for another purchase
look thru all the threads, havent seen one yet with any kind of title 'look how good my pm is' plenty with the title 'look what my dumbasastump pm did'
pm not conversant with the RTA, landlord loses $$,
landlord responsible for what the pm does or fails to do
~10% per year, would be 30000
the deposit for another purchase
look thru all the threads, havent seen one yet with any kind of title 'look how good my pm is' plenty with the title 'look what my dumbasastump pm did'
pm not conversant with the RTA, landlord loses $$,
landlord responsible for what the pm does or fails to do
It would actually be more than 10 %..because the PM's charge for all piddily maintenace issues..like $100 to change a smoke alarm battery.
Gee do you make $300,000 a year in rent???
I did self mange my property; but i now let my PM mange them all;
I dont mind paying for good service; and my 3 pm all provides good service + price ( it pays to ask for discounts/shop around every time it has to be re-leased and let your PM know what your expectations are).
P.s yes i had c*** PM before, but im happy with my current team ( to date).
Regards
Michael
Gee do you make $300,000 a year in rent???
umm..this year it may be a bit more...
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