No news is good news

J

Jayro

I would just like it if ONE single day could pass without my PM calling to tell me a new thing that needs repairs and will cost x amount of dollars.

We purchased an IP in Tassie and all agents at the time said there would be no issue with finding a good tenant to move in on settlement. During the purchasing stage we realised how bad the current PM was as the place wasnt in the best maintained state, then there was calls never returned etc etc. So we shift to a new agent. Now the property had a tenant but not a good one so sale was conditional upon vacant possession. Anyhow on day of settlement my solicitor called and said it wont settle as they wont be out in time for a final inspection and carpets to be cleaned etc. However at 4.30pm they called me and said "surprize" we just settled. The tenant did vacate yes but the house was left filthy dirty, rubbish left behind and now you guessed it IM LEFT WITH THE CLEAN UP BILL :mad:

Well we have had the place vacant now for 4 weeks. A tenant moves in this friday which I hope turns out well. My next problem is the new agent requires the property be a certain standard before they rent them out and everyday I get a call that I need to spend $150 to get the lawns ready for the new tenant, then $150 also for a new toilet bowl to be installed as the old one was cracked and wobbly and was not noted on the building report, then I had to pay $200 to paint a water stained bedroom ceiling (i did know about this one) then I just had to give the go ahead for a $1500 repair to the roof (was better than the $5000 replace option). Then we have the issue of the pooling water near a tap out the back. On inspection find a rusted out pipe. Again a few hundred to fix this up. Then I get a call today saying that the place is just filthy and the agent that was managing it at time of sale never stuck to there word and never had the place cleaned like they said they would. Unfortunately for me another $350 for cleaning.

This game certainly does cause some stress and tests you from time to time doesnt it. My wife keeps saying "everything will work and all will be fine" And I do think she is right and that is the right attitude but still gets you down a little I guess. Trying to make a few sacrafices and get ahead but then it gets costly along the way. fingures crossed the new tenant is great and things settledown from here on.

Ok thank for listening, REALLY needed to get that off my chest. No point stressing the wife anymore than I probably do ;)

Cheers Jayro
 
Anybody taking bets on how long until Dazzling answers this one with his usual "concentrate on the big picture" line :p

I buy close to home because I would be worried about being at the mercy of somebody else's decision making, and somebody else telling me my house is not up to their standard, and spend, spend, spend. But think of it this way - the work will have been done, it should not need doing again. You obviously knew about some of this stuff and if you lived nearby, you would either still have to pay somebody to clean or do it yourself, so look at it as just another expense, like stamp duty etc.

Listen to your good wife, because down the track this expense is just part of doing business.

I actually DO look on this stuff as part of the big picture. $1K now will mean diddly squat when the price of the place has doubled in however many years' time.

Hope you get some nice trouble-free tenants. If the PM is as fussy as she sounds, she might just find some nice tenants. Fingers crossed and good luck.
 
Thanks Wylie,

I agree, it is just part of the big picture and I know the thousand or 2 today wont mean much down the track i guess. Just gets to you a bit at times I guess. Im just glad I have a wife who doesnt say "i wish we wernt doing this" Or other neg coments. She is very supportive and keen for a good future for us so that certainly makes it easier. And its not sending us bust or anything like that.

And yes we did know a few minor things that needed repairs. But just all the little extra's that have jumped aboard. The PM called me a little while ago and said there cleaner can go give it all the clean it needs for $160 so I said sweet and go for it. The last tenant has left mold on the shower screens and filthy stove etc. Just be nice if the last PM done her job properly.

Anyhow like you say, some trouble free tenants will be very nice so here's hoping. Oh and this glass of red has made things much better also ;)

cheers Jayro!
 
I know exactly what it's like.

I've just had the following repairs on a 4 year old townhouse over the last 3 months:

- The thermostat on the gas ducted heating doesn't work - $250 (meanwhile I freeze in my place! - I was going to install a $3.5k gas central heating system but I will only be here another year or two and I figured I'll just be giving myself a maintenance headache for future years)
- The ignitor on the HWS service is 'missing' (probably stolen by kids, however it's a very secure unit...?) - $200
- One window won't open/close - $100
- A door won't close (the house shifted slightly) - $150
- The dishwasher handle just 'broke off' - $?
- The timer knob on the oven just 'broke off' - $?

Note all of these appliances are top brands, I bought this off an OO who built it as her retirement unit.

But then... a very similar unit (in the complex of five) just sold for $361k.

Last revalue of mine was $285k a year ago... ahhh... big picture... :)
 
Jayro

$150 to get the lawns mowed? How big is the land area?? We pay $60 to get 2000 sq metres (half-an-acre) mowed!! $150 sounds a bit steep to me.

If it is any consolation, there seems to be a period after you purchase a property where you've got your hand in your pocket constantly, but everything seems to settle down after a while, with only the occasional repair needed - that has certainly been our experience, anyway.

Your wife is right - hang in there! As Wylie says, a couple of grand now will be diddly squat when the CG starts kicking in a few years down the track.

Cheers
LynnH
 
it's nice to be optomisitic but in an environment of global pice correction for resi housing it is difficult to keep accepting these hits. imagine copping these bills fo 3 years to find your house is now worth 30% less?!
 
Hi, welcome to the landlords' world. I went to my IP on Monday to evict a tenant to find that the trailer load of rubbish was still standing in the front yard + the garbage was still in the back yard.

It's good news that the inside didn't have holes though I've not back to check whether she returned to break in.

I had to wait [my manager was there too] + the locksmith charged for waiting until the bailiff put up the eviction notice.

I still have to give the ex tenant 2 days before I clean up the inside.

She never paid a day's rent either!

i resolve never to buy another property that attracts single mothers on rent assistance.

However, the good news is that this property was bought for its devt potential & I've onsold it for more than $100K profit. Paying the buyer $1500 to clean up.

Good luck,
KY
 
It is an indisputable law of investing that everything happens at once. And usually at the most inconvenient time.

Having said that, with over 20 years of investing in IPs I have found that things do tend to go wrong in batches, followed by a (usually) longer period of calm.

Hang in there. Do as much of the work as you can, make sure it is all documented on the condition report so that the IP is left in the same condition as when the new tenants move in.
Marg
 
kum yin lau said:
Hi, welcome to the landlords' world. I went to my IP on Monday to evict a tenant to find that the trailer load of rubbish was still standing in the front yard + the garbage was still in the back yard.

It's good news that the inside didn't have holes though I've not back to check whether she returned to break in.

I had to wait [my manager was there too] + the locksmith charged for waiting until the bailiff put up the eviction notice.

I still have to give the ex tenant 2 days before I clean up the inside.

She never paid a day's rent either!

i resolve never to buy another property that attracts single mothers on rent assistance.

However, the good news is that this property was bought for its devt potential & I've onsold it for more than $100K profit. Paying the buyer $1500 to clean up.

Good luck,
KY
Click to expand...


Maybe next time you will have the irrepsonsible working family / irresponsible single person who do the same thing - I think the end result & feelings of being ripped off etc are the same, depsite it not being done a single female with a child

Moral of the story, idiots are not limited to certain demographics, why would intelligent pple want to think otherwise ?
 
Today was a great day. No calls asking me to spend more money, lol.

Lynn im not sure why the lawns cost so much to be honest. I wasnt even aware they were going and didnt know I was paying for it either. I knew the lawns were in need of doing but last I heard was that they were trying to get the last PM to sort the lawns as they were ment to be tidy before I took over ownership. Anyhow didnt happen. Apparently they mowed, done the edges and trimmed back trees that were rubbing my house and they didnt think they should leave them to scracth the walls. How nice of them to spend my money ;)

And to be honest KY I dont really care what property values do within reason over the short term. I dont want to access any possible equity or anything so it really doesnt matter for now within reason. As long as the rent returns keep heading north then ill be happy for now.

Thats a bugger for you also David. Especially on a new place to. Its all the small $100 and $200 here and there that quickly add up dont they. Before you know it its into the thousands. But alls good. Like I said to my wife last night its a game really and one that most of the time we enjoy so we just deal with whatever pops its head up. And hey TAX time soon enough :)

Cheers Jayro
 
Ausprop said:
it's nice to be optomisitic but in an environment of global pice correction for resi housing it is difficult to keep accepting these hits. imagine copping these bills fo 3 years to find your house is now worth 30% less?!
Click to expand...

Ausprop your postings these days are really negative. Have you not read the latest ANZ housing survey. Have you lost all hope!!!
 
my outlook is all over the place. vey confusing when you read the ANZ report and also get the daily reckoning emails. one moment i feel hapy then soon after am depressed. I think my opinion is that in a large credit expansion all assets inflate, so why invest in just low yielding ones?
 
Well BUGGER is about all I can say, lol. I got the final invoices today and the total came in at $2500 to do roof repair, clean the house, do the lawns, paint a ceiling and a few other maintenance issue's. PM just called me and does say the house is looking much better so thats one positive I guess :)

Just need to find where I put that $2500 now ;)

cheers Jayro
 
DavidMc said:
I've just had the following repairs on a 4 year old townhouse over the last 3 months:

- One window won't open/close - $100
- A door won't close (the house shifted slightly) - $150
unit (in the complex of five)
Click to expand...
I'm just curious David....wouldn't the window, and the door (if the place has shifted slightly), be covered by the body corp's insurance?
 
DavidMc said:
- The ignitor on the HWS service is 'missing' (probably stolen by kids, however it's a very secure unit...?) - $200
Click to expand...

That must be one of those solid gold ignitors. I bought one from my local plumbing supplies shop for $7.20 last week and fitted it myself in two minutes.......

Is that price serious or am I missing something?
 
Jayro, how old is the place?

This is one reason why part of my purchasing criteria is near new and/or new property. No/low maintenance plus builders/manufacturers warranty.
 
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