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  1. #1

    Default Should I avoid becoming a landlord ?

    I have never owned rental a property but logic tells me I should be considering this option. I am trading down and can afford 2 houses.
    But I am nervous about becoming a landlord. I realise my success or failure probably all depends on my rental purchase decision.
    Provided I do my research, should I be worried ?
    I can finance the rental to roughly 80% of purchase price.

  2. #2
    Join Date
    Oct 2013
    Posts
    1,681

    Default

    What's your worry?

    Trading down gives you a bunch of cash you should absolutely invest somewhere. Whether it's property, a share portfolio, term deposits, or anything else is a matter of weighing risk with expected reward.

    So, what risks are you worried about?
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  3. #3
    Join Date
    Sep 2011
    Location
    Dunedin
    Posts
    1,723

    Default

    the main problem with being a LL is having tenants

  4. #4

    Default

    When I think about it, my number 1 concern would be choosing the wrong tenant. The bad tenant stories worry me.

  5. #5
    Join Date
    Oct 2013
    Posts
    1,681

    Default

    Solid background checks reduce that risk. Buying in a 'nicer' area reduce it further, as does keeping your property in above average condition, and hiring a good property manager to do regular checks.

    Nothing can eliminate the risk, but it gets pretty small if you do the above.

  6. #6

    Default

    How can I learn property management skills and manage it. myself?

  7. #7
    Join Date
    Jan 2012
    Posts
    1,118

    Default

    Quote Originally Posted by ermat View Post
    How can I learn property management skills and manage it. myself?
    Practice and experience.
    Especially the unsuccessful kind. Nothing prepares you for the road ahead other than having already traveled it.

  8. #8

    Default

    Can you suggest specifics that can help minimise management pitfalls.

  9. #9
    Join Date
    Jan 2012
    Posts
    1,118

    Default

    I started off managing my own rentals and it's cost me dozens of days and thousands of dollars learning the ropes. 12 years on, 14 set of tenants across 3 properties, 4 TT rulings ( 2 in favour, 1 against and a draw), one mediation and a 4 year debt collection saga I'm still learning.

    Spend a day or two lurking around the back row of your local TT. Spend a week or two reading this forum. And always remember that everyone's normal is different. Sooner or later a tenant will do something you never thought possible.

  10. #10

    Default

    What is an average cost for the property management fee ?


 

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