Have you Accidentally Discriminated against your Tenants?

When rent out your property, you want the right tenants. You want great tenants, ones who will look after your property as if it were their own, and pay the rent on time. Figuring out who those perfect tenants are can be a bit tricky, as you cannot chose tenants based on personally characteristics, and can only look at an applicants history.

In Victoria it is against the law to discriminate on areas such as: (Taken from Consumer Affairs Victoria )

Some Pro Tips for Property Investing

You would've heard these time and time again, and the reason you hear them frequently is because they remain true, which means you can never hear them enough.

So get your team in order, your finances in order and your head in order and then lets have a look at this list.

Choose a property that tenants will like

It's not about you, it's about them. It's about what tenants find attractive. What's attractive? Close to amenities, good sized bedrooms, clean, light-filled, not too close to a main road, off-street parking, safe neighborhood. Get as many of these as possible in a property and you will be able to attract lots of good tenants.

Do You Know What Makes a Good Investment Property?

Investing in property is much different from home buying. It is all about the numbers and has nothing to do with emotions. Choosing a good property means you have to think logically and long-term, with perspectives of future developments in the area or location of choice.

Here are some hints to help you determine if you are choosing a property that makes for a good investment:

1. The property caters to an existing market. When there is no need to create demand for a property, because there is one place, this is a good sign. An academic community with a nearby university or colleges is good for acquiring investments such as units or apartments suitable for students or faculty staff. There is already a demographic profile of people that you can take advantage of when deciding on which properties to buy.

Steps to Take When Your Tenants have a Violent Situation.

This is definitely something you hope to avoid as landlord or property manager, but unfortunately it does happen. This is why it is wise to have a general idea on how to handle a situation like this. A situation, that is far too important to ignore.

If your tenant is involved with a family violence situation there is in fact a set of steps you can help your tenant to follow. 

If your tenant has confided in you that there is an issue, encourage them to work with your state's law. This information is for Victoria, so be sure you know what is required in your state. I would advise that in any situation like this, you get legal counsel so you can understand the ramifications of any decisions you make. Out of the goodness of your heart you may think that changing the lease without legal intervention is the right way to go, but it depends on the case, and you never know, by jumping the gun you may do more harm than good. So again, seek out legal counsel first and foremost.

For this discussion we are going to assume that if changing the lease quickly was the right thing to do, you would. But so you don't get yourself in hot water, here are the actual steps your tenant needs to follow.

This is what is required of the tenant:

• The tenant/victim needs to apply to the Victorian Civil and Administrative Tribunal (VCAT) to have their tenancy arrangements changed.
• This can be done only after a family violence intervention order is finalized by a magistrate.
• The protected person(s) (i.e. your tenant) can apply to VCAT to end the lease early or arrange for a new tenancy agreement even if their names are not on the existing lease.
• VCAT will determine who is entitled to any bond or who is responsible for any damage.

The Landlord in this situation: 

• Has the right to have a new 'Condition Report' provided on the property and also be given entry to the property to view the condition of the property (after property notice has been given).

As you can see VCAT is where the power is in this situation, and without it your tenant may create more problems for themselves. 

For further information on this please see Consumer Affairs Victoria.

Have you ever had to deal with this before? What was your first step?

Is buying a home and buying an investment property the same?

No, buying a house for you and buying an investment property are two different purchases.

You may be buying property in both cases, but the motivation for doing so are quite different. One, you a buying with your heart and the other you are buying with the calculator.

When you are buying your own home, you have a personal wish list that you want to achieve - or as close as you can. Maybe you want to live in a certain area, with a minimum number of bedrooms and space with all of this coming within budget.

Yes, you need to keep on top of maintenance!

There's a reason it's called maintenance, it means you have to be constantly checking on things to make sure your rental property stays in tip top condition.

Tenants are legally entitled to a safe and habitable property, but it also makes good business sense - if it's not kept in good repair then your tenants will be few and far between and you will be losing money.

So lets have a look at maintenance.

The Tenant's View

Make sure you keep in mind that other people are going to be living here and you want them to be safe and happy. Happy usually means they will turn into long-term tenants and that's what you want. So look at it from their perspective. What would put someone off? Is the gate hanging on it's hinges? Is the paint peeling? Are there dripping taps? These things don't take too much money to fix, but they have a big impact on what the place looks like and how your tenants feel about the place.

DIY Property Manager Traps

You've decided to forgo the use of a Property Manager in favor of managing your property on your own. Now you need to brush up on your skills so that you don't fall into some of many potential traps out there.

Most DIY property managers assume the hardest part will be dealing with the day-today side of things: Tenants not paying rent. Phone calls in the middle of the night. Not abiding by the rules etc. Yes, they can be frustrating, but I would argue, however, that the toughest part for any DIY Property Manager is the legal side of things. If you are not 100% up to speed on tenancy legislation and the paperwork required, you may find yourself in some unwanted hot water.  

There are lots of areas to look out for, but here are a few common problems that may arise with new DIY Property Managers.

A Successful Rental Open Home vs a Failure

So you have your rental property ready to go and now you need to show it. You've advertised that it is open for viewing on a certain day and time and now you need tenants. What can you do to make sure it's a success and not a failure?

Preparation
Just like a good Boy Scout (or Girl Guide), you need to be prepared. Make sure you are confident with your property and the open home will go a lot smoother.

The DO NOT INSTALL List for your Investment property

You have a rental property and you want to make it as attractive to tenants as possible, but there are certain amenities that if you do install, will only create headaches for you. By headaches I mean, they will suck up money on maintenance and time to get them fixed. Anything that is likely to break, will break at some point, so you need to strike a balance between adding a feature that will attract tenants, and a feature that will cause you headaches.

So what are they?

A Pool

Why on earth would you want to install a pool, unless of course the tenant is responsible for all care and maintenance? You do not want to be responsible for cleaning filters and green pools and broken pumps. This is also does not take into consideration laws around fencing and pools. Pools also includes spa pools too. Lots of headaches here.

Waste disposal

How many times do you want to be called out because of the tenant shoving eggshells down the waste disposal and jamming it? Yes there are good quality waste disposals units around, but a  fork being munched in the unit will adversely affect it forever. So avoid it.

Bidet

Anything over and above the basic bath/shower/toilet and vanity is probably asking for extra work. You could consider installing a heated towel rail to add an extra touch, but again, anything that may break will break, so just be prepared.

Make Improvements to your Rental Property - on a Tight Budget

So you have a rental property but a very tight budget to make improvements on it.You know you need to add value to maximise returns on your rental, but what can you do?

The good news is you can keep your rental in good condition and add value without breaking the bank. By making upgrades and renovations wisely, you will not eat into your maintenance budget  and you can still come out on top. So where to start?

What could you buy for $300k?

So you have $300,000 and you want to invest in property. What solid properties are available in some popular places across Australia?

Here are some options:

Lakelands (Perth/Mandurah) WA

For Sale $298,734

This is a 3 Bed, 2 bath property, garaging for 2 cars. It is 'on the doorstep' for activities such as fishing, cafes and restaurants.

What utilities are you responsible for?

As a landlord you know you know you have to pay taxes, the mortgage, maintenance costs, fees to any of your team members that you may use on a regular basis (like a property manager for example)  But what about utilities, can't you just make your tenant pay for everything?

Well in a way they are through the rent that they pay, but this comes directly from the Consumer Affairs Victoria website.  Which spells out exactly what tenants and Landlords are responsible for

Water

If the property has its own meter, the tenant must:

• pay for water consumption, and
• (in the Melbourne metropolitan area) sewage disposal, unless the landlord has agreed to pay these charges.

House vs Apartment: Which investment is right for you?

One question that comes up more than any other is, “Wouldn’t a house with a backyard make a better property investment than a one bedroom apartment?” The answer is the most frustrating of all -  “it depends”! It depends on the property, it depends on your budget, it depends on the location, and it also depends on your investment strategy.

Choosing a House for your Investment

• Houses have better potential for growth. Land will always appreciate and there is more land attached to houses than apartments. Land is also in short supply. In following the principal of supply and demand this means that good growth is to be expected. 
• Greater capacity for development. It is possible to increase the market value of a house through decorating, landscaping, extensions and remodelling.  The same scope for improvement is not present in an apartment. 

7 Investment Property Calculators

So you are considering buying an investment property - good choice! It can feel overwhelming with all the numbers to keep in mind - Do I have enough money? How much money will I make? How much rent to charge?  There are a lot of free calculators online that will help you give you an idea of the numbers. I would recommend if this is your first time out, that you develop your team who will be able to give you full and complete advice on what to do.

Who do you have on your team?

If you are going to be a successful property investor it's best to have a solid team that you trust. Make sure you get recommendations from family and friends. You're looking for team members who are successful investors themselves. Also keep in mind the best way to see if they would be a good part of your team, is to see how well they have done for others.

Once you have a list of people go and talk to them and see if they fit with you. Find out how your investing strategy fits with their philosophy.

But who is it you should have on your team?  

4 Things Great Tenants Hate

So you have a great tenant - that's fantastic, they are what all landlords hope for. They pay their rent on time, they look after your property and they are undemanding.

However, they can still get frustrated and want to move. Do you want to know what drives them over the edge? Here are a few areas that you control, that could drive them out. So take heed.

1 - Great tenants don't like being bugged.

They don't like it when neighbors (especially in an apartment complex) throw wild parties, they don't like drug dealers in the neighborhood and dealers' clients knocking on their door, and they don't like you showing up early Saturday morning wanting to get stuck into the garden.

Good tenants want to live undisturbed in a safe neighborhood. So if there is activity that is going on in the area that is annoying or unsavory, then work with the owners of the properties to sort it out.

As for you showing up 8am on a Saturday morning. Don't! Call your tenants first (at least 48 hours in advance) and work out a time that's good for both of you.

Neutral or Bold for your Rental?

So you have a unique design style your home looks like it comes out of an architecture magazine. You have funky paint, reclaimed furniture and your light fittings are made from recycled baskets.  Now you would love to put your 'flair' into your rental property, you are convinced it would stand out and people would line up at the gate, wanting to rent your property.

Good idea?

No, bad idea. Sorry.

You may love that style, but what about those people who like more of a french country look, or those who like a traditional home, or even the people who prefer a nautical theme? You've just knocked out all those people as potential tenants.  

The Bad Tenant - How to get rid of them.

It's the nightmare of all Landlords, the Bad Tenant.

No one wants them, and you're probably kicking yourself that you may have been able avoid them, 'if only' you had done X,Y, Z. Well you can't go back in time, so the next step is to deal with them here and now.

But what do you do?

First of all it depends on what is happening? Not paying rent, being rude to the neighbors, destroying your property (pulling out water heaters, tearing up the floor, setting fires etc)

Managing your Property Manager

You have an investment property, that's great, you also have a property manager to manage your property that's even better (check out this article why that's a great idea), but do you know how to get the most out of both?

Well if you want the most out of your investment property, then you really need to work well with your Property Manager, and the only way to do that is to participate. 

You don't want to be under the feet of your property manager, otherwise your relationship will sour, but I'm not saying have a 'set-i-and-forget-it' attitude either.

What I'm talking about is being confident in your choice of property manager, but also don't just take their word for it. Make them work for their keep! (Me included.)

Here's a couple of ways to make sure your property manager is doing the best for your property.

Water Heaters for your Investment Property

Owning an investment property means you are looking at getting the most money out of it, rather than sinking money into it. Which is exactly how it should be. Getting the most out of it often revolves around your tenants and what they are looking for in a rental property. Tenants these days, are looking to be more fiscally and environmentally responsible. One of the ways to save money on a day to day basis is with hot water.

I'm sure you know that a traditional water heater runs all day and night keeping the hot water hot, which means it is using power whether you like it or not. That means more electricity used which is both a financial and and environmental drain. If the water heater in your rental property needs to be replaced, you may want to consider a a different option which can be a good selling point to potential tenants (especially if they have to pay their own utilities).

There are many options to consider when it comes to installing a new water heater. Here are a few that might interest you. The Government of South Australia has some great information about water heaters. But if you don't like in SA you better follow up in your area when it comes to rebates.   

Adding Value to Your Rental Property

One of the best ways of making money from your investment property is adding value. By adding value you can (usually) increase your rental yield, as well as increasing the value of the property, so a win/win all round.

So what are some ways to increase value but won't break the bank? Well, in fact they are very similar to how to renovate your property post that we wrote about not long ago. But you have to keep in mind that there is not 'One List'. It depends on your city and suburb, what is normal for one area, may be pointless in another areas.

However, there are some things definitely worth considering.

Landscaping

An attractive yard, with a good fence can go a long way in attracting tenants. It broadens the appeal of who will be interested. A fully fenced property would work for a professional couple to a family. So it makes sense to add one if appropriate.

Finding Properties to Renovate

Do you like to renovate?

There are some people who love to find properties that they can do up, add value to and rent out, or maybe even flip. But sometimes it can be a little tricky to find the right kid of properties to invest in. Especially if you head further and further out from the CBD. This is  because you can often buy a new house and land for about the same price as decent house closer to the CBD.

So some things that will help you track down the right property to renovate. 

Ownership

You're likely to find the good places in an area where there is an owner-occupier percentage of 20% or higher. Looking for these areas will give you options. If you decide after you have renovated the property, that you would rather sell than rent out, then you are likely to find a buyer in these established neighborhoods. If you decide to rent out your property - especially if the property is a good one for families -  you will find that it will be easier to rent out too.  

The Art of Negotiating

One of the keys to getting a property that is good value, is the art of negotiating. I bet you have come across a really good negotiator, one where they can get thousands and thousands off the price - of anything! From cars, houses, furniture, they see the price as a starting point rather than the end point. Here are a few trick they probably use.

When it comes to negotiating in property, there are a few key areas that can create a more favorable environment - for you.

Keep your Long-Term Tenants.

Long-term tenants = long-term cash.

Now you have tenants in your property how do you keep them happy so that they will become long-term tenants?

The most effective way is by building a good relationship. It costs a lot of money whenever a tenant moves out so it would make sense to retain your tenant for as long as possible. It takes roughly 5-times as much to replace tenants, as it does to keep them, so put some effort into keeping your tenants happy.

Or think of it this way, if you have a tenant in your property for 10 years and they are paying you $2000 per month, that's $240,000 they have paid you! If they haven't paid off the property by themselves, then they have made a very large dent into the mortgage.

When to buy property - for the first time.

Which do you think is harder? Knowing HOW to begin a property portfolio? Or knowing WHEN to begin your portfolio?

I would say the latter, and it's becoming more and more difficult to start. Entering the investment market means you need money and you either get that by saving for a deposit and buying a house as you normally would. Or if you already have a home, leveraging the equity in the property as a deposit. To leverage your own property, then you need to have paid some or all of the original loan, or the property has to have increased in value. 

Both of these options take time, especially if you are waiting for your owner-occupied property to be completely paid off before you begin investing. At which point you may jeopardize your portfolio's full potential.

Do you know how to make money from property?

Everyone starts in the same place when it comes to property. They start from the beginning. They don't wake up one morning with a portfolio of properties that are raking in a very nice passive income. They had to start from square one*. They made mistakes, they worried about each move, they fretted about tenants and maintenance and nest eggs.

They had to learn how to make money in property and once they understood that they then built a strategy, and once they had a strategy they built up their portfolios. So the starting point is HOW to make money in property, and there really are only two ways:

Before you make an offer, ask these questions.

A Buyers Agent is your best friend when it comes to negotiating a price for a property, but if you have decided to do it yourself, there are a few key things to keep in mind.

You have hopefully looked at a lot of properties if you are ready to get to the negotiation table, so you will be well aware of what similar houses are selling for in the same area.

Remember, the key number here is the final sale price, NOT the asking price.

It is fairly common that an agent will list a house 5-10% more than what the vendor will settle for, so keep that in mind when you are heading to the table. This means that the asking price is really just the starting point! The final sale price could be quite a bit different.

So before you barge on through to the negotiating ring, here are a few questions to consider:

The Inspection Short Cut when Buying Property

When buying a property either as an investment or for you to live in, you need to do your due diligence. One of the steps is to get an independent house inspection completed. But before that step, you can have a quick look 'under the hood' to see if it's worth getting an inspection done on the property at all. If the house 'fails' this list, then you need to decide if the price is right to go ahead with the inspection, knowing that there will be a lot of work that needs to be done. But at least you will be fully informed to make that decision.

Hopefully the vendor is understanding about what you are about to undertake, you might need the house for a few hours!

 1 - What's down the drain?

• Replacing plumbing can be a very costly 'adventure'. You want to avoid that if at all possible. If the owners of the property are willing, then you can get a quick idea if there is a back up in the pipes by doing this: - Run a full load of laundry, fill up the bath and sinks and then attempt to drain them all at the same time - along with flushing all the toilets!  What happens? 
• This also allows you to see how the toilets flush? Are they easily clogged? Can they handle lots of toilet paper?
• Don't forget to turn the shower on for awhile and check the pressure, if there is more than one shower in the house, turn them on at the same time.
• This exercise also lets you turn on all the taps to make sure they are all functioning and check to see if the waste disposal is functioning, what about the dishwasher and any other water using appliances? While you're looking at water based appliances, don't forget to check to see the range hood is working and the oven is in good condition, Maybe cook something while you're doing everything else?

2 - Let the fresh air in.

Open all the windows and see if they stick, see if they are all functional.

3 - Turn on the heat.

If there is a fireplace, light a fire, this is a good way to see if the chimney needs some attention, if they draft in the right way or if there are any other unseen problems.

4 - Take a drink

You may know that the water supply to the city is good, but you won't know what the pipes are like until you pour a glass of water or 2 and see what ends up in the glass. Is it just water, or lots of particles? What colour is it? Will you need to put a filtration system in, or can you get away with a couple of filter jugs

5 - Open the electrical breaker panel

If you open up the panel and there are lots of wires that go no where and you have no idea what each of the fuses are for, you might want to reconsider purchasing the property.  On the other hand, if it's all well labelled and clean, then it probably an indicator that the rest of the wiring is pretty good (but do get it checked, don't base your decision on a control panel.)

6 - Turn it on.

Turn on all heating and any air conditioning. Let it run for awhile, play with the temperatures and make sure it's functioning properly.

7 - Look under the hood

• If the property is carpeted, look underneath in several places if possible. A good place is in closets. See if there is mould or mildew under the carpet. This will also allow you to see if it's hardwood or concrete underneath, this may help you decided to pull up the carpet and refinish the floors.
• Make sure you look around too for mildew and mould. You might find signs of dehumidifiers and other 'Damp Rid' products. The homeowners are probably smart enough to get them out of sight, but look for any silica bits that may have fallen out, or indentation in the carpet where a dehumidifier may have sat near a power outlet. Mind you, you do need to take into consideration the climate, if property is in a humid place, dehumidifiers may be par of the course anyway.

8 - Chat to the neighbors

Find out if they know anything about the house, have they seen workmen in their regularly? Have they noticed the owners completing regular maintenance on the property. Does the property get regular visits from animals families moving in each year that you may not have been told about?

So do you have anything to add to the list that you always look for before buying a property? 

How to Create Curb Appeal in your Rental Property

What do you need to do to make your property stand out from the other rentals on the block?

First of all you need to get potential tenants up the driveway. if the outside is looking a little less than appealing then they may not come in at all.

We recently talked about how to present the inside of the property, here is what to consider for the outside.

• If the property has a front fence, make sure it is in good condition - painted and fully functional. Broken boards, a gate that hangs on it's hinges or a fence covered in graffiti is going to put off most people.

• Weed garden beds, it's a simple thing, but it makes the garden visually more appealing. 

• Replant if the gardens are looking tired, suggestions for large areas are: yuccas, grasses or larger varieties of plants depending on size and scale of land, and driveways. But make sure you mix in some color (see below)

• If you are thinking long-term, mix up the planting with both perennials and annuals, this allow you to have some color all year round.  To achieve this, use fewer annuals at the front of the garden bed and then use perennials towards the back. Some flower suggestions are pansies, begonias and petunias.  

• Don't forget walkways - planting along these areas is just as important as the rest of the garden.

• Fresh mulch is a great way to cover up any gaps, to give a crisp fresh look and also reduces maintenance and water consumption.

• Once you have upgraded the gardens make sure you sweep and tidy front and rear yard. Keep on top of this until the new tenants are in place.

• Mow the lawn and keep it neat - this is the equivalent of vacuuming the carpet inside.

• If you have concrete steps, consider painting them, or pressure washing to clean off any old grime. Add a large pot with colourful blooms or deep green rich foliage.

• Pressure wash the house, or repaint if necessary. This is a good opportunity to update the look of the property if the budget allows.

What are your favorite tricks when it comes to keeping your rental properties looking good from the outside?

Finding the Elusive Positively Geared Properties

Image Source

These are the holy grail of investment properties - the properties that put money in your pocket (after expenses) rather than it costing you money.

The trick is finding them, a lot of new investors have trouble coming across them, most likely because they don't know how to look for them.

So lets find them:

Have a strategy and goal - You need to know what you are looking for, otherwise all properties may or may not fall within your search field. What yield are you looking for? What properties tick the boxes?

Don't rule out options - If you are comfortable with some debt and you can manage it well, you could open up more opportunities by investigating debt funded properties. The debt would cover the short-fall.

Am I Throwing Away Money by Renovating an Investment Property?

I guess the answer is, it depends on what you are doing with the property, and what sort of renovations you are talking about. If you are doing it up to sell, then you need to know what sort of returns you are likely to get before starting the renovations. If you are trying to attract tenants, then you need to find out what comparable properties are offering.

But there are some simple 'cheap tricks' to make a property more attractive either way. You don't need to fully renovate the property - you don't need to spend $10,000 on the kitchen -  when all your property needs is a bit of 'cheering up'.  You can't go wrong when you try to make the house feel more like a "home" so consider trying these:

What is the best flooring for your Rental Property?

One of the main expenses when you own rental properties is maintenance. It is important to keep on top of the little things before they become large and expensive things. So anything that you can do to help minimize those maintenance expenses is a good idea. Flooring is one of those areas that by choosing wisely at the outset, can save you a lot of money in the long run.

Worn carpet, chipped tiles, squeaky floorboards, you no doubt have heard all the complaints about flooring. But which source provides durability,i s cost effective, and also gives you with an opportunity to update the look of your property?

It depends on where your property is located. If you have property in Darwin then tile flooring is a great idea, but it's not so warm and friendly if your property is in Canberra -  so what options would work best?

The Top 3 In Property Investing

If you were to ask 100 successful property investors to choose 3 keys to being successful in property investing, what do you think they would say?

Would it be:

Doing the numbers?

Employing a good team?

Having a watertight rental agreement?

They are all very important, but how about these 3:

Is there ONE key that will make the difference to your Investment Property?

There are so many things to consider when you are buying an investment property, is there any one 'thing' that will make the difference?

Yes, by far and away it's location. But which location is best?

It obviously depends on where your property is located e.g. rural vs city etc. But if you were going to buy an investment property in a city such as Melbourne, Sydney or Perth, buying as close as possible to the CBD makes sense.

Why?

Lets Talk about Dog Poo

I'm sure being in Melbourne you know all about dog poo, it infuriates most people.

How appealing would your rental property look if the front yard and footpath were covered in these doggie bombs? Would it be harder to attract the right kind of tenant? Well I don't think it would put off everyone, but I'm sure there are a few people who it would adversely effect.

It seems that this problem has caused frustration around the world, I came across this article where a solution has been found and it seems DNA testing is the answer.

What would you do with this kind of Property Manager?

So you have a rental property and you have made the decision to employee a Property Manager to take care of it. You want to be able to enjoy the benefits of owning but you don't fancy dealing with the stress. The property manager you've selected seemed nice and ticked all the boxes, so all looks good so far.

Lets skip ahead...

It's been 12 months and you've heard practically nothing from your Property Manager. You've been receiving the rent into your account, so no major red flags have been raised.

The Holy Grail - Buying Before a Boom

Isn't that what we all want to do, buy property before the boom hits? But how do you determine exactly when that is going to be?

Your Investment Property wrote a great article on exactly this, comparing a couple of different approaches.

Here is a reprint of the article, you can find the original HERE

Do you Use the Bad Books?

One of the most stressful aspects of owning a rental property is deciding on good tenants.

It is normal to worry about who you are choosing. Are they the right person? Will they trash the place? Will they pay their rent on time? What have they been like in the past? 

Yes you can call their references and ask questions, but are those references genuine? Or are they friends of the potential tenant posing as a landlord? 

There are some landlords who employ a Property Manager who take all the stress out of it. There are others who run on gut feeling (those who have been in the business for a while), and there are those who make their potential tenants jump through as many hoops as possible,in the hopes that only the good ones will make it though. But how often do you consult "the bad books"?

Rental Property: Renovate or Buy Brand New?

You have two potential investment properties you are looking at: 

Number 1: You have a brand spanking new, fresh from the box, 4 bed, 2 bath home in a new development.

Number 2: You have a tired and unloved but lower priced property that needs quite a bit of work. 

How do you choose which is the better bet?

Signing your life away!

Do you know what you are signing when you are buying a rental property? There are numerous forms to sign and while a few will look straight forward, I'm sure there are many that seem a bit baffling, but you just sign anyway.

I would advise you to stop!

The old adage "read the fine print" is even more important when it comes to property. But not just reading the fine print - but understanding it. If it all seems too daunting then turn to your team who will help you not only understand what you are getting into to (and how to get out of it, if necessary), but will be able to make sense of this new language.

Did you Look Out for These in your Investment Property?

When you are buying an investment property, you know to look at the numbers. You take the heart out of it, and it all comes down to the dollars and cents. Which is the way it's supposed to be. You look at a the local stats for the area, look at any developments that may be happening on the books and look at the neighborhood. Is there anything else you should be looking at?

Well yes - there always seems to be something else to consider. These are some things that experienced investors look for that may not be top of mind initially, but can make a big difference down the road.

Evictions aren't Fun, but Sometimes Necessary.

The last thing anyone wants to deal with is an eviction. In the best situation, you have great tenants who pay their rent on time, and respect you and your property. What is not acceptable are those tenants, who don't pay their rent, trash the property, are disrespectful to you and their neighbours. So what do you do? 

Well they have to go. 

Timeless Tips for Property Investors

After many years in the business, there are some things that don't change when it comes to choosing the right investment property. I'm hoping that you've seen these all before, and this is just a reminder list for you.

1. Buying in the same area you live in is often preferable, especially for a new investor, as it is easier to keep an eye on the property. Driving past the property regularly will help you stay on top of any potential problems, and relieve any new-investor anxiety.
2. Three or four bedroom homes are usually easier to rent and normally have a quicker chance of re-sale should you need to sell any time in the future.
3. Low maintenance cladding materials on the exterior of the home will help to reduce ongoing maintenance costs. Maintenance is not something you should take lightly.
4. Double income properties, for example homes with a granny flat, often offer excellent rental yields. If you lease these at different times, then you won't be down double income if both are vacant.

Are you a Good Landlord?

Good landlords are brilliant. They are kind, caring people who make the world a better place while providing a valuable product to people who need it. We don't often hear about the good ones because the bad ones hog all the attention. The bad ones are certainly more interesting to read about.

But lets talk about you, the good landlord! At True Property Management we always assume that you are one of the 'good guys', and if not, then we will try our best to guide you in that direction.

I can't remember where I came across this this is a great simile: "A good landlord is like a bartender!" (A GOOD bartender that is.) Which is so true, they are not hounding you when you don't need a drink. But when you do need one, they are quick at providing you with great service and a great product. 

So what makes a great bartender landlord?