Managing my own property?

[z611143]

Im looking to get a mate and someone else to move into my place. This guy i trust quite alot however we all know things can change quickly with friends.

Still with like 17-20% cost involved for a PM id still look to do it myself.

So i was wondering where to start. Where can i find contracts online for rentees and stipulate some of my own guidelines/rules?

I still want to do this professionally so if problems do i arise i have something to fall on and use if required.

Property is in Perth.

Thanks
Z6

 

[Jamie M]

Still with like 17-20% cost involved for a PM id still look to do it myself.

Ouch! Is that what PM's are charging over there in Perth?

For the properties in the ACT we've self managed - it's been a matter of getting the lease agreement and condition report online and getting clued up on tenancy laws.

Personally - I'd find it easier self managing a property when the tenant is a stranger rather than a friend/family member.

Cheers

Jamie

 

[Perp]

Start here: https://www.commerce.wa.gov.au/consumer-protection/renting-home

 

[thatbum]

Also, there's a big difference between managing "tenants" that live with you, or managing an IP. Which is it?

 

[z611143]

Also, there's a big difference between managing "tenants" that live with you, or managing an IP. Which is it?

managing IP

 

[westminster]

Im looking to get a mate and someone else to move into my place. This guy i trust quite alot however we all know things can change quickly with friends.

Still with like 17-20% cost involved for a PM id still look to do it myself.

So i was wondering where to start. Where can i find contracts online for rentees and stipulate some of my own guidelines/rules?

I still want to do this professionally so if problems do i arise i have something to fall on and use if required.

Property is in Perth.

Thanks
Z6

Did you use FHOG on this property? If you did then make sure you don't invalidate that buy subletting some rooms.

 

[Jamie_]

Did you use FHOG on this property? If you did then make sure you don't invalidate that buy subletting some rooms.

Just on this as well, are you moving into the house? otherwise you will have to pay back to FHOG+Stamp Duty if you don't move in within the first 12 months.

 

[z611143]

Did not use FHOG

 

[Jacaranda]

If you aren't using a PM I would suggest calling one in relation to a rental property they own and try to get a copy of their rental application which you can copy to get your friend and other to fill out separately, also ensure you get copies of their Drivers Licence and address and phone number of other family members.

Also check with TICA to see if either of them have been listed as a bad tenant www.tica.com.au. This is now open to landlords of self managed properties.

Get everything in writing.

Good luck

 

[z611143]

If you aren't using a PM I would suggest calling one in relation to a rental property they own and try to get a copy of their rental application which you can copy to get your friend and other to fill out separately, also ensure you get copies of their Drivers Licence and address and phone number of other family members.

Also check with TICA to see if either of them have been listed as a bad tenant www.tica.com.au. This is now open to landlords of self managed properties.

Get everything in writing.

Good luck

Friend will be renting the property

I am also having a friend who is a property manager help me with understanding of forms and what i need ect

 

[perthguy]

The Renting out your Property a Lessor's Guide on the Commerce website is really good. https://www.commerce.wa.gov.au/publications/renting-out-your-property-lessors-guide

A tip if you have frequent flyer points is to lodge the bond using your credit card. Last time I lodged a bond the bloke behind the counter advised that I could have used a credit card and got the points.