Placing A Good Tenant – PART 3

by Administrator 26. November 2013 23:56

This brings me to my third point when it comes to buying rental property, tenants. This is something that most people overlook when they are shopping for their property. You see, a good quality tenant will just make your life easier. They will take care of the house and communicate if anything is wrong. If you get a bad tenant they may damage the house, which you will have to fix. They may also pay rent late which puts more stress on you. You may even have to end up evicting them which takes time and could cost you additional money.

 

In order to get a good tenant the place your buying should be clean, free from bugs and rodents and be a nice place for someone to live. It should be in a safe area and the outside should also have an appealing appearance. In order to get this type of property you may have to pay a bit more for it up front but it will be worth it in the long run.

 

If you remember to keep these basic things in mind you should be fine and it should lead to a good experience that is profitable for you each and every month. When it comes to buying rental property remember, if the numbers work and the place is nice then go for it

 

Contact M Residential for further information Property Management, Selling and Buying in South Perth, Como and surrounds.

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PART TWO: Potential Problems With The Property

by Administrator 18. November 2013 22:49

After you have decided that the property will make you money it’s then time to take a good close look at it. The first things you want to look at when buying rental property are the things that would cost you the most money to fix. Things of this nature would be the plumbing, electrical and the roof. If any of these items need to be fixed then you must consider that cost before you buy. In some cases, if any of these needs to be replaced right away you may be able to get the current owner to do these things for you before you buy. That doesn’t happen often but it may happen for you.

 

Addressing any potential problems before you close on the property can make things much easier. When it comes time to get a tenant you want to have everything already fixed so once they move in you don’t have to bother them.

 

Contact M Residential for further information Property Management, Selling and Buying in South Perth, Como and surrounds.

 

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What To Look For When Buying Rental Property

by Administrator 11. November 2013 22:13

When it comes to buying rental property there are 3 main things you need to consider.

First you need to be sure that the property you want to buy will make you money each month above and beyond expenses. Second, you want to consider the overall condition of the property. Third you want to consider what type of tenants you can get to move into the property.

Buying rental property is really not that hard as long as you make sure to cover the important things. The first important thing to consider is whether or not the property will make you a profit each and every month. In order to figure this out you need to take into account what the payment of your mortgage will be, then include any other expenses. Examples of additional expenses would be taxes, insurance and maintenance. If you’re paying cash for the property then the mortgage will not matter but you still need to take into account how long the property will need to be rented to recoup your initial investment.

An example of what your number should look like:

            Mortgage                    $500

            Insurance                   $50

            Other                          $50

            Maintenance              $40

            TOTAL                                                $640

            Rent                            $800

            TOTAL PROFIT                                   $160

 

Although your numbers will be different than the example it’s important to have the same outcome, that outcome being that you make a profit.

Contact M Residential for further information Property Management, Selling and Buying in South Perth, Como and surrounds.

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Pets At My Property

by Administrator 5. November 2013 00:18

If I allow pets at my property, what expectations will be given to the tenant?

M Residential always signs pet conditions with your tenant on their tenancy agreement. This obligates them in 4 ways:

1. No additional pet may occupy the property without prior permission.

2. The pet may not come inside the property.

3. The pet must be removed from the property if it becomes annoying or bothersome to neighbours (after reasonable warning has been given in writing).

4. The tenant must be responsible for any damage caused by their pet, and remove any rubbish or faeces deposited by the pet. A pet bond is taken when they sign up. The tenant is also required to fumigate the property both internally and externally upon vacating the property and provide proof of receipt. A pet bond is taken when they sign up $260

M Residential record the details of the pet on the agreement, which is then signed by the tenant.


How do I ensure the pet will not come inside the property?

M Residential obligate the tenant to commit in writing that they will not bring the pet inside. However as we are unable to monitor the property all of the time, we cannot guarantee that the pet will not come inside the property. We do look out for any warning signs whilst at the property conducting inspections. However, the only way to ensure that a pet will not come inside the property is to insist ‘No Pets’ right from the start of the tenancy.

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