Property Management Spreadsheet - Attached

Discussion in 'WebBoard Property Investor Forum Archive' started by frian03, 26th Sep, 2002.

  1. frian03

    frian03 Member

    Joined:
    2nd Oct, 2002
    Messages:
    29
    Location:
    Perth
    From: Anthony Friday


    Okay - I have learned my lesson.

    I offered this spreadsheet to others by email because I was too lazy to learn how to attach a file to this forum's board. Having spent this evening responding to 86 emails, each with a spreadsheet attached, I have now taken the time to learn how to attach the spreadsheet to a message.

    Here it is with my best wishes. There is no reservation on my IP and you are free to use or modify it as you see fit. All I ask is that if you spot something that is wrong, or I have missed something essential, please drop me an email to frian03@iinet.net.au so I can change my copy accordingly.

    Regards
    Anthony
     
    Last edited by a moderator: 5th Apr, 2017
  2. Donna L

    Donna L Member

    Joined:
    27th Sep, 2002
    Messages:
    137
    Location:
    Sydney, NSW
    Reply: 1
    From: Donna L


    Thanks for the spreadsheet.

    I was somewhat intrigued by the
    expenses. Food expenses??? You feed
    your tenants as well??? What a guy!

    Donna L
     
    Last edited by a moderator: 5th Apr, 2017
  3. frian03

    frian03 Member

    Joined:
    2nd Oct, 2002
    Messages:
    29
    Location:
    Perth
    Reply: 1.1
    From: Anthony Friday


    We also have a small backpacker/boarding house and this spreadsheet is also the recording tool for this investment.

    It just gives us a consistent tool that we can use across all properties.

    As a general rule, we try to avoid providing food as part of our rental agreements. ;-)
     
    Last edited by a moderator: 5th Apr, 2017
  4. JoannaK

    JoannaK Member

    Joined:
    3rd Nov, 2001
    Messages:
    1,821
    Media:
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    Location:
    Sydney
    Reply: 1.1.1
    From: Joanna K




    Hi Anthony,

    I note with interest that you have a boarding house. I've seen a few advertised for sale lately and I'm interested in this type of investment. I hope you don't mind that I ask some questions..

    do you run it yourself or have an agent run it for you?

    how do you find the returns compared to a standard residential investment?

    what are the pitfalls that you've encountered?

    do you have a problem with occupancy and/or delinquent tenants?

    On vacancy how do you attract your tenants?

    Do you aim for long or short term tenancies?

    what were your thought processes behind deciding to invest in a boarding house compared to a standard residential?

    My apologies for sounding like an inquisition - I'm very curious and haven't yet come across anyone who owns one.


    Kind regards

    JOANNA
     
    Last edited by a moderator: 5th Apr, 2017
  5. lauries

    lauries Member

    Joined:
    27th Sep, 2002
    Messages:
    19
    Location:
    Brisbane, Qld
    Reply: 1.1.1.1
    From: Laurie Shaw


    Joanna

    My wife and I invest in multi-units in Brisbane. As this is off-topic, you may wish to email me as above and I will see if I can address some of your questions if you think it's relevant.

    As a general guide to other forum attendees, be aware that boarding houses have a number of very serious differences to standard residential and can viewed by entities such as banks as commercial with the usual requirements thereof.

    Other factors of note are insurances - next to impossible to obtain at any price; and fire regs - very stringent and tightening as we speak - to name a few.

    Saying that, it's our preferred niche and can be quite reasonable investments cf standard residential.

    Contact me if you wish some of your questions addressed more specifically.

    Regards

    Laurie Shaw
     
    Last edited by a moderator: 5th Apr, 2017
  6. WebBoard

    WebBoard Guest

    Boarding houses

    Reply: 1.1.1.2
    From: Keith J


    Hi ,

    I too have a boarding house - in West End, Bris.

    > do you run it yourself or have an agent run it for you?

    Onsite manager, who gets free accom & occasional pizza vouchers.

    > how do you find the returns compared to a standard residential investment?

    Excellent - the boarding house returns I've seen in growth areas are around
    10-11% gross.

    > what are the pitfalls that you've encountered?

    Insurance is steep - 4K pa.
    Fire regulations are tough (after 3 recent boarding house fires in QLD
    - all arson or suspected), but BCC will assist financially.
    Good managers/caretakers are hard to find - lots of them disappear with the
    weeks takings - it's more than they take home in a month.

    There are a lot for sale at present because of the upgrades required
    before you can get any insurance.
    BCC regs require hard wired fire alarms among other things.
    Make sure you don't buy anything that can be burnt down easily - don't
    but a high-set QLDer

    > do you have a problem with occupancy and/or delinquent tenants?

    The manager kicks anyone out (on the spot) who causes any trouble.
    It's better to have an empty room than a dozen other unhappy tenants.
    Currently boarding houses are not covered by the Residential Tenancies Act,
    so you make up your own rules - however, this will change.
    Don't tolerate drugs or anyone who looks like they might be inclined that way.
    I suppose the bottom line is - run it as you would your own home.

    > On vacancy how do you attract your tenants?

    Most are repeat customers, if a room is empty for more than a couple of weeks
    use local notice boards.
    Always keep the Vacancy sign up regardless of whether you have a room & take
    phone numbers.
    Your tenants will know people in other boarding houses who are unhappy
    where they are - so make sure yours is the preferred option.

    > Do you aim for long or short term tenancies?

    Long term - there are GST implications for tenancies of less than 30 days.
    My longest tenant has been there 16 years - half have been there over a year.
    Most of mine are on benefit or retired or lower paid workers and are happy
    to have a safe & clean & quiet place among a few mates.

    > what were your thought processes behind deciding to invest in a boarding house
    > compared to a standard residential?

    High yield - mine is c/f +ve by 20Kpa after borrowing 105% P&I over 25 yrs.
    Interest is currently 6%, but with an LVR of 75%.
     
    Last edited by a moderator: 5th Apr, 2017