Property managers question

From: Jacque Parker


Hi out there- I'm hoping someone with experience can help me. I've just purchased my 2nd investment property and have decided to initially manage it myself, as the tenant is a clean living bachelor (nearly impossible I know!) who is already living in the house, courtesy of the previous owner (relative). I've got all the appropriate paperwork etc but still have a couple of questions:
1. Can I begin the tenancy agreement from the date of settlement or does it have to be the following day?

2. My tenant wants a month to month lease, as he is a casual contract worker. Do I write this up in the lease agreement as a fixed term (one month) or do I simply put it as a periodic agreement, from month to month?

As I want to do everything by the book I would really appreciate any managers out there with experience giving me their answers and any other vital tips I may need. Thanks in advance everyone! Cheers, Jacque :)
 
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Reply: 1
From: Michael G


Hi,

If you want to do everything by the book, then get the book ! its free from the Dept of Fair Trading I believe.

Also a book called the "Landlords Handbook" (forget author) is quite good reading and helpful to boot :)

Michael G.
 
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Reply: 1.1
From: Jacque Parker


Michael, thanks for the fast reply! BTW, I have both books (Suzi Bilosh's book is great) but the questions I've posted are not properly addressed in either. Cheers, Jacque :)
 
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Reply: 1.1.1
From: Michael G


Hi,

Sorry, maybe some realty agents that are on here can answer those questions with more detail for you :)

Michael G.
 
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Reply: 1.1.1.1
From: Jacque Parker


That's fine Michael- at least you tried to help me!! BTW, you must spend a lot of time on this site- your name pops up everywhere. When's the book coming out?! Jacque :)
 
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Reply: 1.1.1.1.1
From: Trina Blum


Hi,

I can't help you with your questions but there is a lady who's name is Joanna (not 100% sure if the name is correct) who visits the ninemsn property investment web board. She is a rental specialist so perhaps you could post your query there and she may respond and be able to help you out.

Regards
Trina
 
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Reply: 2
From: Miakat .


I'm not an expert but I do manage my own properties. If it were me, I'd start the lease from the day of settlement. After all that is the day you become the landlord.

Also, you can just set up a 1 month fixed term lease which will revert to the periodic lease at the end. One thing to remember is that Landlord insurance may be declined if you don't have a 6 month lease. Check with your insurer.

Miakat
 
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Reply: 1.1.1.1.1.1
From: Michael G


Hi,

It could be Joanna Karavasilis, her company's called "The Rental Specialist", operates in the Eastern 'burbs of Sydney.

Michael G.
 
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Reply: 2.1
From: Paul Barnett


Hello,
* A normal contract for sale states that the vendor retains rent up to and including the day of settlement. This means that you would need to start the lease the day after.
* On a normal lease agreement where is says "term" just put in "periodic". You just need to put in the commencement date and not the end date.
Regards,
Caz
 
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Reply: 2.1.1
From: Jacque Parker


Thankyou Caz! Also to all the others who were helpful. It's great to see so many people with real knowledge and experience on this site! Cheers, Jacque :)
 
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Reply: 2.1.1.1
From: Joanna K


Hello,

I have only joined this forum today, and I'm totally surprised to see my name mentioned in previous replies. Nice to see I'm developing a reputation!! :)

In answer to the original question, firstly I need to know if there was ever a lease between the old owner and the tenant?

If there was a lease in existance, all you need to do is send the tenant a "Letter or Attornment". This is basically a letter letting the tenant know that he has a new landlord. If the original lease between the old owner and the tenant has expired, the tenant will be on what is called a "Continuing Agreement".

If there was never a lease in existance, it really doesn't matter because in the eyes of the law an implied lease has been created as there is an offer and acceptance in place.

However, as you wish to do it the right way, all you need to do is have a lease signed for a one month period. Once that lease has expired, as mentioned earlier, it reverts to a continuing agreement. This means that the landlord and tenant are bound by the same terms and conditions as the original lease, the only difference being, if the tenant wishes to vacate, he may. If the landlord would like his property back, he may deliver the appropriate notice to the tenant. Being on a continuing agreement also allows the landlord to serve a rent increase notice to the tenant.

Hope this helps.

Kind regards
THE RENTAL SPECIALISTS

JOANNA KARAVASILIS
 
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