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Really? And you know this because of your vast holdings of properties in 'inferior' areas?In most cases inferior areas attract inferior PM's and tenants. You might have the odd PM in an inferior area that cares about clients property...but most don't.
In blue chip areas it is less likely to run into PM's that don't care
Bully for you!I know this because i have been investing in all kinds of properties from junk to blue chip and personal experience of 13 years.
Well, since you don't know what I hold in my portfolio you are again talking out of turn.Not as elite as you, only hold about 5M in property ranging from $300k to $1M plus and i know which properties attract what.
Some of you wonder why we invested in the 'rougher' area in the first place. This was done with eyes open, as we're looking for higher yield to help with holding cost for our more expensive properties in Inner Sydney. We hold several properties in ex-housing areas in Tamworth, Taree, Orange, Albury and Armidale. Our experience have been that they have more issues in general compared to IPs in better areas, but Skater nailed it in the head when highlighting the importance of a good PM. With this Orange property (Incident 4 in original post), the same tenant had resided in the place since 2010. The previous local PM did a good job and arrears was never more than 3-4 weeks, still very much under what insurance will cover in the case things go south. After management was moved to them, we now have an arrears of 40+ weeks, which I believe reflects the skills of the PMs.
I have a feeling that 'rougher' area of Orange maybe a bit too rough for our taste.
Before we throw in the towel though - anyone know a good PM in Orange who manages IP in the 'rougher' area, please let me know
There was another PM in St Mary's that embezzled a heap of money. Sent some LL's to the wall. I got done for around $25k, but couldn't get any money out of him because he declared Bankruptcy. The worst part was, that even months after moving everything from him to another agency, you'd still find more bits missing - like Bond's not lodged (and pocketed).
Stay strong! You'll get through this.
It's not defamation if it's true and can be backed up by evidence though, is it?You can get vocal about your complaints but be-aware that he has built up a vast cult like following of delirious pilgrims that are ready to pounce on anyone that tries to bring Down or defame their property messiah
And this is good advice because you know the OP's goals and objectives? No? Well then, I think the only person who can comment on whether someone should or shouldn't sell is the person who owns the place. Unless, of course, they have asked for specific advice, and then they would only want to listen to said advice from people with a track record in dealing with their particular circumstances, not someone on the sidelines looking in.
My previous post I merely point out an option and that's my personal view, that's all.
It's not defamation if it's true and can be backed up by evidence though, is it?