Was not sure where to put this so here it is. Just an introduction and a bit of a blurb on how I got here.
Earlier this year we decided to go to a larger house as the house we where in was 14 square and getting smaller by the day. Initially we where going to sell the other property but I had a brain flash and decided to keep and rent out. We live in Seymour, Victoria and the rental market is very tight. Around 10 - 20 applications for any property that comes up with around a 6% - 7% return for decent houses, a little less for flats and older run downs. We are currently getting 6.5% which I think is not bad ? It took a while to convince the missus that we would not be paying the mortgage on the rental that someone else would be but after she agreed it was easy. We moved out and 2 days later the tenants moved in.
I have heard some say that this is a nightmare to do this sort of thing but so far it has been a breeze (touch wood). We lived in the house for 8 years and we have some attachment to it and it is pleasing to see the tenants looking after it.
Do most people here go through a property manager ? we decided to go through a PM first up as it was all very alien to us. Seem to pay out a lot of money to them and wondering the value ?
Anyway I will leave it at that and ask some more questions later. I also have a bit of reading to do on here !
Chris.
Earlier this year we decided to go to a larger house as the house we where in was 14 square and getting smaller by the day. Initially we where going to sell the other property but I had a brain flash and decided to keep and rent out. We live in Seymour, Victoria and the rental market is very tight. Around 10 - 20 applications for any property that comes up with around a 6% - 7% return for decent houses, a little less for flats and older run downs. We are currently getting 6.5% which I think is not bad ? It took a while to convince the missus that we would not be paying the mortgage on the rental that someone else would be but after she agreed it was easy. We moved out and 2 days later the tenants moved in.
I have heard some say that this is a nightmare to do this sort of thing but so far it has been a breeze (touch wood). We lived in the house for 8 years and we have some attachment to it and it is pleasing to see the tenants looking after it.
Do most people here go through a property manager ? we decided to go through a PM first up as it was all very alien to us. Seem to pay out a lot of money to them and wondering the value ?
Anyway I will leave it at that and ask some more questions later. I also have a bit of reading to do on here !
Chris.