Property Management steps to start

Hi All,

I have purchased an IP in my town (in SA) recently. I want to do the PM myself for this IP.
I have got a friend who is ready to move in as tenant.
Can somebody pls tell me where to get the standard lease/contract papers and all the steps for setting up the lease. Where do I get the 4 weeks deposit bond papers and after signing the bond papers, where do I submit them. Where to find the pre-lease inspection list. etc.:confused:
Any help by fellow investors is highly appreciated.

Regards
Sanjay
 
Start at the post office or newagency. If they dont have them, try the tenants union. Alternatively, google standard lease and see what you come up with, you can print most forms online these days.
 
You are managing your own property and renting out the property to a friend?

This could be a disaster? Why do you want to manage your own IP? Management fees don't seem to be that high and at least you have someone chasing the rent for you.

And what happens if your friend can't pay the rent on time?

I believe don't mix friends with business.
 
You are managing your own property and renting out the property to a friend?

This could be a disaster? .

Agreed.. Never rent to friends or relatives!

Are you going to evict them when they fall behind with the rent or increase the rent to the max the market will bear when they are struggling??

Will you hold your ground on a maintenace issue which the tenant should pay for when they ask you to pay .. what about a blocked toilet .. they hit you up for the plumbing bill when they blocked the toilet?

It comes down to this .. are you prepared to loose the frendship acting impassionatley or wil you be a charity?

good luck

RightValue
 
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