I would not get a PM. For a start there are too many bad ones & not enough good ones that will look after your best interests. And secondly you have being doing things reasonably well yourself reading your posts, despite being a newcomer landlord. I would keep the tenants you have , sounds like they are a bit untidy but they've obviously being there a long time ; apply the "better the devil you know" rule of thumb . You can give your tenants a written 60day rent notice increase as long as the last rent increase is over 6 months ago.This is for a periodic TA . There is absolutely no point in getting the "untidy" tenant to take care of the lawns ,its never going to happen,even if its outlined in their TA. Best you continue to do the lawns yourself & build that cost/hassle factor into your rent increase. Have a contractor organised to take over the lawn maintenance while you're away.Doing the lawnservice also gives you an active vigil presence.All of the existing terms & conditions of the TA with the old landlord simply pass over to you. You can & should also give your tenants written notice to this effect, advising that you are the new landlord & supply all your contact details & address for service.
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Get a PM. Talk to other LL's in the area to find one that works.
Not having a PM has led you into the current situation.
Unless your parents are well experienced, don't dump the issue on them; willingness to help should not be confused with ability !
There are few substitutes for experience, and if you are leaving the country for four years, you don't have the time to get the experience yourself.
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Originally posted by Maccachic View PostYou missed the point that he is going to be overseas from September and must appoint someone.
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Originally posted by rueben View PostA good property manager would have advised you take over the property with vacant possession - that way you could have signed a new tenancy agreement with the existing tenants on your conditions - i.e, a higher rent and they look after the lawns, and could have spoken to them about their expectations of cleanliness - your property would have had at least 2 inspections since then, and you could have probably been receiving another $30 per week rent, (quick look on trademe - 3 bedroom properties in Fairfield). Or you could have some other good tenants..
Management fees are tax deductible - don't make the mistake of letting your parents manage it while you are away - this is your business, they can still keep an eye on it for you, but give the property to a good manager to safeguard your investment.
my two cents...
Originally posted by Keys View PostSpend the money and get a competant PM. You'll regret not doing so,
One question though: if a property manager messes up, are they liable, or me? I.e. in TT cases. I suspect I'll still be liable for the consequences of their decisions.
Originally posted by mrsaneperson View PostI would not get a PM. For a start there are too many bad ones & not enough good ones that will look after your best interests. And secondly you have being doing things reasonably well yourself reading your posts, despite being a newcomer landlord. I would keep the tenants you have , sounds like they are a bit untidy but they've obviously being there a long time ; apply the "better the devil you know" rule of thumb . You can give your tenants a written 60day rent notice increase as long as the last rent increase is over 6 months ago.This is for a periodic TA . There is absolutely no point in getting the "untidy" tenant to take care of the lawns ,its never going to happen,even if its outlined in their TA. Best you continue to do the lawns yourself & build that cost/hassle factor into your rent increase. Have a contractor organised to take over the lawn maintenance while you're away.Doing the lawnservice also gives you an active vigil presence.All of the existing terms & conditions of the TA with the old landlord simply pass over to you. You can & should also give your tenants written notice to this effect, advising that you are the new landlord & supply all your contact details & address for service.
Cheers.
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