Hey,
It isn't that bad to manage yourself!
Mine are mainly around Melbourne.
It is a bit of paperwork but not too bad. Especially if your real estate agent draws up:
1. The Tenancy Agreement
2. The Condition Report
3. Get the tenant to pay the Bond and sign the Bond Lodgement forms
Step 1, 2, 3 -not that hard. You may also need to do step 4 - Post the correctly signed Bond Lodgement form and Cheque with the Bond Authority.
It is NOT TRUE you need a PM in order to take Bond!!!!!!!!!!!!!!!!!!!
Yes you MUST lodge the bond with the Victorian Bond Authority, with you listed as the Owner/Property Manager, and it must have YOUR signature on this form.
You should make the payment of the bond to be made before settlement commences (?) DEFINETELY make sure you get the bond and all the tenancy agreements and condition report drawn up and SIGNED by them BEFORE settlement. Check all this with your conveyancer. You MUST have all the stuff in writing, or things can go quite queer.
You know there are all sorts of rules about the bond? I strongly suggest that you take the rent payable monthly in advance. So they also will be required to pay the months rent in advance prior to settlement.
You can get your conveyancer to talk to theres to include both the rent in advance and the bond to be taken care of in the Statement of Adjustments for settlement if you like.
Don't be scarred of it you are prepared to do a little bit of reading and a bit of managing to make sure payments are made.
Have fun - learn - read - ....
If you have committments (ie work and private) that don't allow you to check that the payment is made, then employ a PM. Otherwise dont be scarred - its not scary. Most people are reasonable and law abiding and respectful.
Sheesh, 3 answers to your question.
