Landlord experience - in Tenant years

[jaycee]

Do we make this thread compulsory reading so that everyone is aware of the rankings and therefore respons accorindgly when replying on the forum as well so that this works ?

What about if someone experienced doesn't respond, how will we know whether to mock them or give them respect ?

I thought that many people on the forum already understood that pople like yourself, handy andy, kathryn & almsotbob, our obsession and many others have a lot of experience...

And most otf the time, their experience is reasonably evident in their replies I think. Interesitng to see the numbers.... I liketo be able to say 16 instead of 8 also, (yeah, I know....)

 

[handyandy]

I consider myself very fortunate to have at least the safety net of insurance should I ever need it...just, 'wow', for you guys.

We operate in Aust but we elect not to get LL insurance, basically self insure and over the years I recon I am well ahead. The bulk of our portfolio are full brick units so relatively hard to do major damage.

If I was to carry LL insurance then this would cost at least $15k PA.

Cheers

 

[kathryn d]

We operate in Aust but we elect not to get LL insurance, basically self insure and over the years I recon I am well ahead. The bulk of our portfolio are full brick units so relatively hard to do major damage.

If I was to carry LL insurance then this would cost at least $15k PA.

Cheers

That's what our approx costs now..with our limited insurance

 

[Scott No Mates]

You don't, if being asked about being a Landlord. Being a PM isn't even remotely similar.

Some trumped up 19 y.o. secretary who has been put through a 5 day course and sat a 2 hour exam on the RTA doesn't make you a Landlord.

A PM doesn't concern themselves with ;

• the pressures that a Bank can put you under as a Landlord.
• the financial commitments you made to secure the loan
• losing their home if the IP fails for whatever reason
• actually footing the bill for repairs
• actually forking out huge amounts for stamp duty to acquire the property
• paying capital gains tax to offload a property
• strategic thinking about buying next door

There is a myriad of things the Landlord must shoulder that the PM couldn't give two hoots about. One only needs to read a PM agreement to realise that the Principal of the agency and the Landlord's goals are not aligned.

I've obviously put this thread in the wrong category. I'll ask a Mod to remove it from the Property Management section forthwith.

Dazz, you obviously deal with idiots of PMs. Those which I choose to associate with hold a little bit of paper which took more than 2 hours to attain, are generally members of the API either as members or CPV's.

Poorly planned investments with little strategy put you in the position that the bank has stressed you not the PM, blame your inexperience/greed/risk tolerance for that situation. If you have a balanced portfolio, shifts in interest rates, vacancies, refurbishments, floods etc don't phase you.

Get your head out of the brown stuff before you put someone down.

I'm with you Geoff

 

[tess85]

This was a really interesting thread but took a side track recently, so hopefully we can get it back on track as I have enjoyed reading everyone's recount of their experience with IPs... whether it's been long or short, or as a LL or self managed etc.

I have a measly 5 years of experience. During that time we have made one claim which is OK I guess... someone nicked off with the aerial... and one vacancy of about 4 weeks which was a bit stressful but we got someone in eventually.

I'm in awe of how people got to triple figures.... good work! At this rate I'll be in double figures in 2 years... wonder how long it will be before I see triple figures... probably after a good 15+ years of investing at least, if not 20...

 

[bluebottle]

Just starting out in property investing really and still learning. But if being successful results in me sitting at a computer and inventing formulas to try and show posters on an internet forum how someone's opinion is worth more than someone elses then I fear early retirement and would rather be at work doing something constructive. . Some of the people on here seem incredibly bored.

 

[Scott No Mates]

Taking the PM out of the discussion Dazz, the rest of my response still stands.

 

[The Fence]

Just starting out in property investing really and still learning. But if being successful results in me sitting at a computer and inventing formulas to try and show posters on an internet forum how someone's opinion is worth more than someone elses then I fear early retirement and would rather be at work doing something constructive. . Some of the people on here seem incredibly bored.

Bluebottle...bluestorm...??

Not bored, but bored by some posters who make it boring to read with off tangent posts. The question was asked...how many tenant years do you have ?

Not, do you have a problem with the OP and his musings.

Answer the original Q and move on. Only feeding what you want fed.

 

[jaycee]

oh if only everyone knew how to behave

 

[chindonly]

Relative newby here.... 14 yrs of LL experience.

No real problems with tenants at all, but I get things fixed quickly - often doing it myself so I meet the tenants regularly....

I am a big guy though so maybe...... lol

 

[The Fence]

coming from you that's a resounding no then......JC

 

[The Fence]

Relative newby here.... 14 yrs of LL experience.

No real problems with tenants at all, but I get things fixed quickly - often doing it myself so I meet the tenants regularly....

I am a big guy though so maybe...... lol

That's the go...big or small...you gotta be there presented ready to act. Well done you'll go far...!

 

[jaycee]

coming from you that's a resounding no then......JC

I know, that's the problem.

If only everyone acted the way "I" wanted, I'd have this world sorted by now.....it's their fault

 

[Dazz]

The question was asked...how many tenant years do you have ?

Answer the original Q and move on.

Exactly right The Fence - cheers.

I simply saw an amazing number of over 500+ Tenant years of experience quoted in another thread as a by-line, and thought that the weighty topic of people's experience as a Landlord, and how that translates into their considered opinions offered on the forum hadn't ever been addressed in this forum....

If you don't wish to answer, fine and dandy.
If you do wish to answer the question posed, fine and dandy.

 

[geoffw]

Maybe a poll would be good, but I'm an IT fail whale....

You've got your poll.

There's probably others like me who wouldn't have minded answering but anonymously.

This should do it.

 

[our obsession]

That's what our approx costs now..with our limited insurance

Ah, gotchya, I see what you guys do, 'manage your insurance', yes, me too, but if I am a little dubious, want some proof of time and renting with me, I go for LL extra, once I have some mileage of them, I go back to ordinary insurance. Yes, I manage my insurance. I currently only have one IP on LL insurance, rest are all (relatively) long termers, but I still like to call upon/use it if I choose. Most is paid monthly, b/w $30 to $43, not long converted over from an insurance broker to a hefty (didn't compromise any inclusions of policy) to a major bank I have loans and accounts with. And got a personal banker, and 15% discount for more than 7+ insurance policies,
and no hoo haa with flooding terminology.

All the same, haven't had a claim for ....? when?

The Department of Public Housing doesn't insure either. Naturally.

 

[SYD]

The wife and I have around 25 years between us.

In that time we have sacked 1 PM and had a falling out with another.

We have had a house fire and been affected by flood. We have had 2 successes using the finance ombudsman with these events.

We self manage 1 IP and at one stage had a booking with the tribunal but have sinced turned around the Tenant that they have paid around 10 weeks rent in advance.

Next stage for us is to experience investing in CIPs. It should be fun.

SYD

 

[Dazz]

Good stuff SYD. All the best for your future endeavours.


Thank you for setting up the poll Geoff. Much appreciated.

 

[battler]

196 years for me.

 

[Trogdor]

Dazz, wouldn't Tenant Dollar Years be more appropriate?

I.e. Sum of (Property X Capital Value X Years of Ownership).

So if you had a $1m value IP for 5 years and a $500k value IP for 2 years, it would be $6m of experience...

Or alternatively capital value could be replaced with annual rent.

I.e. $20k net (pre-interest) cashflow for 5 years and a $100k (pre-interest) cashflow IP for 1 year you'd be at 200k of experience.