Investors using RE Agents/Property Managers - beware!

[justallan]

I wonder if in the future, applicants will put "no kids" on the application and sneak them later.

We're not certain, but we think when they read "Disability Pension", they move onto the next application. So we've considered having just my wife apply, then apply for me to move in later. Our problem with that is we're too honest.

Kids might be the new pets.

Well, some do behave like pets, LOL.

 

[westminster]

We're not certain, but we think when they read "Disability Pension", they move onto the next application. So we've considered having just my wife apply, then apply for me to move in later. Our problem with that is we're too honest.



Well, some do behave like pets, LOL.

She will probably get similar prejudices then as a single parent.

Did you look in the gumtree like I suggested for private rentals?

Have you also placed a Wanted Add on gumtree as some landlords will look there. Make your case attractive - i.e. state budget and that you will pay in advance. Do watch out for scammers though

 

[Ideo]

Well, one guy offered $30 more in rent, but the agent wasn't interested. Once he left she said to us, "We don't go in for that sort of thing so I won't be contacting the owner." (Another reason why Newcastle RE agents are pathetic. What investor wouldn't want to know about that.)

Actually, Newcastle PM's are, by and large, highly lazy.

Been 3 months now waiting on ours to get around to preparing a new lease for us. Slipped onto just a month by month ongoing lease. Works for me. Might not work for the owner though.

Neighbours just moved out. They hadn't had an inspection for 3 years. Moving to another rental. They appeared at the estate agent at the agreed time to sign the lease and they hadn't got around to actually preparing it.

Inspected one property where the agent just didn't bother turning up. I liked the look of it so I called up "I wasn't in the mood so didn't bother".

These are all with different estate agents.

I have heard good things about one company and one company only.

If I owned an investment property in Newcastle I would self manage. Abysmal culture for the industry.

 

[lizzie]

You could pickup a 3 bedder for under $300k in one of those suburbs your looking at.

That was my immediate thought - with $300k in the kitty, why not buy something?

Do you HAVE to stay in Newcastle? There are many rather nice homes in large towns up the valley for under that price.

I agree that PM's in Newcastle are pretty slack. Mine are great - except for renewing leases. They tend to slip into month by month until I ask.

However, the rental market in Newcastle is also very tight - I believe it's currently less than 2% vacancy which equates to near nil vacancy in real terms. My last 3 rentals were relet before the previous tenant had even left.

 

[Macca]

Agree with the other posters, why not buy ?

If you look at postcode 2319 you will be in a nice area, near the water, shops and primary school. You will also have money left over to upgrade your car and buy a small boat to go fishing.

It is only 30 mins from Newcastle and all its medical and entertainment facilities at your disposal.

Best value in the Hunter IMO and no, I don't have anything to sell you (yet)

http://www.domain.com.au/Search/buy...k/?bedrooms=>3&searchterm=2319&sort=price-asc

 

[lizzie]

Lemon Tree Passage - although lovely - is not for everyone.

But there is always something like this:

http://www.realestate.com.au/property-house-nsw-gateshead-112530463

or this:

http://www.realestate.com.au/property-house-nsw-cardiff-112597607

or even:

http://www.realestate.com.au/property-house-nsw-glendale-110690293

which would still leave enough for some minor reno's and still in transport hubs of Newie

 

[justallan]

I have heard good things about one company and one company only.

Please do share - (if you're able to).

 

[justallan]

Do you HAVE to stay in Newcastle? There are many rather nice homes in large towns up the valley for under that price.

The main reason is agents all said we wouldn't have time to settle anyway (so that we could move in, in time). Only one agent gave any indication they MIGHT be able to modify a contract for a quick settlement. They had one home where the sale fell through and vendors wanted out fast. But it was unsuitable for a few reasons. (The main one being it was two bedrooms for five of us.)

A second big reason is, who wants to be forced to purchase a home - right away - today. It's just not enough time to make an informed decision. Especially in my condition. That's why we're probably heading to a caravan park. At least it's a definite, "Sure, you can live here.", while we keep looking.

I agree that PM's in Newcastle are pretty slack. Mine are great - except for renewing leases. They tend to slip into month by month until I ask.

Well there you go... Admittedly we haven't rented a copious number of properties, but I've never even HEARD of renewing a lease in Newcastle. Once the initial lease ends, every RE we've ever dealt with just let it slip into limbo. (Here's me thinking that was normal practice until you just said otherwise.)

 

[justallan]

Thanks for the suburb suggestions... I check new listings (rental and for sale) each day. But I forgot to go back and look at older ones that were listed before our "new" situation arose. I will have a closer look. But I think we'll need more time with such a big decision.

Cardiff and Glendale are ok. There's a new supermarket in the former and an older open-air one in the latter. The other - in Gateshead - those ex-NSW Housing properties typically sell for ~$170k. Bath & kitchen gets reno'ed, some paint on the walls, and they add $100k. Maybe they are achieving that price. But I can't help thinking how on earth would we ever get that back or even access equity, when every other property in the area still sells for ~$170k.

I'd imagine the bank would laugh us out of town should we try and access $100k more equity than a property deserves. Thus my greatest fear would be realised... that we'd be stuck in a government housing area with a terrible reputation of high drug use, domestic violence, amongst multi-generation welfare families, unable to resell without taking a huge hit.

I will take another look with an open mind though. Thanks.

 

[Pete Chun]

Agreed, in my opinion you should be using the professional services of a strategic property investment company who specialise in developing portfolios. Know what your end financial goal is to be and develop the strategy around that to suit your personal and specific requirements.