Self Managing rural rental. Advice please

[JASA]

I have purchased a 3 bed house on 3.3 acres 40 min North of Adelaide CBD. I have advertised it on Gumtree a few days ago and have had a number of responses so far.

I already self manage 2 apartments in the city and they are a breeze. I have professional low maintenance tenants. An agent in the city did a let only deal for me on those apartments and has agreed to draw up a contract for me for this property but no longer offer a let only service which means I will need to find my own tenants.

This property let is worrying me a bit because it is in a lower socio-economic district. The rental will be $375/ week and my mortgage will be around $450 then there are my other costs; rates/ LL insurance etc. So it would help a lot to save PM costs. (have not had particularly good experiences with PM's in past anyway.)

How can I safeguard myself (other than engaging a PM?)
best LL insurance?
Any tips on identifying bad tenants?

 

[jim1964]

I have advertised it on Gumtree a few days ago and have had a number of responses so far.Any tips on identifying bad tenants

I think this will be half your problem IMHO.The PM fee is a small cost to guarantee you sleep at night,especially in the area you have bought.Did you buy around Gawler?

 

[JASA]

It is MacDonald Park, there is a lot going on around this suburb, lots of subdivision in Playford and especially in Angle Vale around the corner. It's a lot closer to Adelaide than Gawler. Yes I was a little worried about Gumtree. The enquiries I have so far are from people with horses / or need somewhere to park their trucks. At least that means they are working or love animals. They can't be all that bad. I think at $375 it is too expensive for someone on benefits.

 

[jim1964]

I think at $375 it is too expensive for someone on benefits.

One would think :eek .I think for the peace of mind aspect,especially in these areas,do yaself a favour and get it managed.Your lucky you dont need the apartments managed,so your in front with that.

 

[JASA]

I am being bombarded by calls from would be renters off Gumtree, have 3 coming to inspect tomorrow

 

[jim1964]

I am being bombarded by calls

Personally i would tread carefully with this.Nice looking place you have there if you pick the wrong one!!

 

[JASA]

Thanks, the place is my mum and dads . Dad died in May from dementia. I've struggled with my Dads demise as evidenced on this forum. It was his special place. I've stepped in and bought it to help my mum out to move to a more suitable property. We had a contract to sell this one that fell through at the last minute. I'm hoping that it will rent ok. Probably not my most wise investment but needs must.

 

[Rolf Latham]

Given the possible emotional attachment, even more important to get hands off management with a guarded eye

ta
rolf

 

[JASA]

Thanks Rolfe, sure you are right, tried to give Kudos but apparently have given you too much already. You must be a very wise man

 

[JASA]

Had my first tenants from Gumtree to view property tonight. They seem nice but very thin and he has goaty and piercings. A little worried that the shed may be a good place to grow stuff. Maybe a PM after all?