Renting out Property

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Hu$tler

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Aug 25, 2007
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Perth, Western Australia
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West Coast
So you've bought a flat, apartment, house whatever and had the idea of letting them pay off the mortgage themselves smoothly and being good tenants......WHOOPS!!

How hard is it jeeeez. Thread can be for advertising, good websites, forums, places to get GOOD, WORKING RELIABLE, NO TROUBLE tenants....

Sick of the stories (got my own too) of people trashing houses, not paying on time, excuses, poor respect....Is this the undertold epidemic of Perth?
 
Hu$tler said:
So you've bought a flat, apartment, house whatever and had the idea of letting them pay off the mortgage themselves smoothly and being good tenants......WHOOPS!!

How hard is it jeeeez. Thread can be for advertising, good websites, forums, places to get GOOD, WORKING RELIABLE, NO TROUBLE tenants....

Sick of the stories (got my own too) of people trashing houses, not paying on time, excuses, poor respect....Is this the undertold epidemic of Perth?
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Interested in hearing the results of this...


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Hu$tler said:
Anybody on here successfully renting out property over a decent amount of time...?
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I've rented my house in Victoria for the last four years. Not an issue. Looking to put it on the market now though as I've bought a house in Queensland so don't think I'll be moving back to Victoria anytime soon.
 
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Hu$tler said:
Anybody on here successfully renting out property over a decent amount of time...?
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Does 8+ years count?
A good agent is what you need, they screen and advise which prospective tenants to consider and will advise the best candidate.
 
It's the 50% rule.

Nobody tells you before taking the plunge that, over the lifetime of your property, on average half of your gross rental income will go towards expenses.

Happens everywhere. The agents in Perth are quite good, try renting out property in the UK if you really want to tear your hair out.
 
TheMightyEagles said:
It's the 50% rule.

Nobody tells you before taking the plunge that, over the lifetime of your property, on average half of your gross rental income will go towards expenses.

Happens everywhere. The agents in Perth are quite good, try renting out property in the UK if you really want to tear your hair out.
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yup got to say its doing my head in at the moment
 
Hu$tler said:
So you've bought a flat, apartment, house whatever and had the idea of letting them pay off the mortgage themselves smoothly and being good tenants......WHOOPS!!

How hard is it jeeeez. Thread can be for advertising, good websites, forums, places to get GOOD, WORKING RELIABLE, NO TROUBLE tenants....

Sick of the stories (got my own too) of people trashing houses, not paying on time, excuses, poor respect....Is this the undertold epidemic of Perth?
Click to expand...

Funny you should say this .
We have one single property in Perth, a good house , have rented it out for nearly 16 years,
have had problem,s with it on occasions but minimal.
The house had paid the mortgage and we owe perhaps a touch under a third of what we could sell it for. Although the market is rubbish in WA at the moment. So no sell, YET??? It will now be a genuine losing property.
The last three months disaster struck, lost tenant! a trashed house , the worst thing is we have landlord insurance and blow me down , when I get onto the insurance company the girls firstly says all the correct things and that we'll get some money, then comes out with ( and I guess this is in the small print) oh there's no rent cover for the first month. I faint! Thanks for that???
We actually got covered for about 5 weeks rent by insurance, we have dropped the rent three times in the last 18 months. Also wear and tare , is not considered malicious damage when you realise after looking that it was careless in the least, but probably malicious to a degree too, no middle ground there , and the place was filthy full of dog hair , stink , wall damage and floor damage and broken window , you who are landlords know what I mean!
We got $400 hundred bucks for some cupboard repair that I have no idea about. Never saw it, the area we are in now has a huge build up of rent houses available and apparently not many renters! Our ask is $295.00 dollars per week now.
We are not the wealthy type of landlord so you need some back up money if you start up. We have not had a major problem til now , and it seems like our decision will be made for us, I don't see any tenants soon.
Got to pay the Mortgage in a couple of weeks too.

Also, does any one know anything about Bazzo real estate, WA , good?bad ? etc?
 
JoondalupJ said:
Funny you should say this .
We have one single property in Perth, a good house , have rented it out for nearly 16 years,
have had problem,s with it on occasions but minimal.
The house had paid the mortgage and we owe perhaps a touch under a third of what we could sell it for. Although the market is rubbish in WA at the moment. So no sell, YET??? It will now be a genuine losing property.
The last three months disaster struck, lost tenant! a trashed house , the worst thing is we have landlord insurance and blow me down , when I get onto the insurance company the girls firstly says all the correct things and that we'll get some money, then comes out with ( and I guess this is in the small print) oh there's no rent cover for the first month. I faint! Thanks for that???
We actually got covered for about 5 weeks rent by insurance, we have dropped the rent three times in the last 18 months. Also wear and tare , is not considered malicious damage when you realise after looking that it was careless in the least, but probably malicious to a degree too, no middle ground there , and the place was filthy full of dog hair , stink , wall damage and floor damage and broken window , you who are landlords know what I mean!
We got $400 hundred bucks for some cupboard repair that I have no idea about. Never saw it, the area we are in now has a huge build up of rent houses available and apparently not many renters! Our ask is $295.00 dollars per week now.
We are not the wealthy type of landlord so you need some back up money if you start up. We have not had a major problem til now , and it seems like our decision will be made for us, I don't see any tenants soon.
Got to pay the Mortgage in a couple of weeks too.

Also, does any one know anything about Bazzo real estate, WA , good?bad ? etc?
Click to expand...

Still no tenant, any one else in the same boat? Neighbour waited 8 months?????
 

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Hu$tler said:
So you've bought a flat, apartment, house whatever and had the idea of letting them pay off the mortgage themselves smoothly and being good tenants......WHOOPS!!

How hard is it jeeeez. Thread can be for advertising, good websites, forums, places to get GOOD, WORKING RELIABLE, NO TROUBLE tenants....

Sick of the stories (got my own too) of people trashing houses, not paying on time, excuses, poor respect....Is this the undertold epidemic of Perth?
Click to expand...
I've got 6 rentals, accumulated over 8 years, never had real issues aside from the odd, tenant breaking a lease & riding a runner, or from the odd hole in the wall.

Get a good property agent, there are some good property forums out there
 
What I've learnt in Victoria, you are lucky to keep 8 months of 12 months rent.
You lose;

one month to council rates
two months for land tax
one month to repairs and agents costs.
 
JoondalupJ said:
Funny you should say this .
We have one single property in Perth, a good house , have rented it out for nearly 16 years,
have had problem,s with it on occasions but minimal.
The house had paid the mortgage and we owe perhaps a touch under a third of what we could sell it for. Although the market is rubbish in WA at the moment. So no sell, YET??? It will now be a genuine losing property.
The last three months disaster struck, lost tenant! a trashed house , the worst thing is we have landlord insurance and blow me down , when I get onto the insurance company the girls firstly says all the correct things and that we'll get some money, then comes out with ( and I guess this is in the small print) oh there's no rent cover for the first month. I faint! Thanks for that???
We actually got covered for about 5 weeks rent by insurance, we have dropped the rent three times in the last 18 months. Also wear and tare , is not considered malicious damage when you realise after looking that it was careless in the least, but probably malicious to a degree too, no middle ground there , and the place was filthy full of dog hair , stink , wall damage and floor damage and broken window , you who are landlords know what I mean!
We got $400 hundred bucks for some cupboard repair that I have no idea about. Never saw it, the area we are in now has a huge build up of rent houses available and apparently not many renters! Our ask is $295.00 dollars per week now.
We are not the wealthy type of landlord so you need some back up money if you start up. We have not had a major problem til now , and it seems like our decision will be made for us, I don't see any tenants soon.
Got to pay the Mortgage in a couple of weeks too.

Also, does any one know anything about Bazzo real estate, WA , good?bad ? etc?
Click to expand...
Nope don't go with these guys. Had a real estate agent from there with a house i rented for 3 years. Useless.
 
Even a good tenant will stuff things up.

Never ever tell the tenant the house will be renovated at some point. They seem to think that means they can move fixtures and drill new holes in the walls.

Brisbane is going to be running into a big glut of brand new apartments very soon. Anyone with older flats has been dropping rents for a while now as the tenants want new or very cheap old.
 
Orange Agent said:
All tax deductible, get a new accountant.
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While rates, taxes and fees are tax deductible, you are still losing a third of your income. Fortunately my income is not squeezed further by negative gearing costs. If you are tempted to enter the market with the aid of negative gearing you might find yourself in a asset rich, cash poor scenario.
 
Todman said:
While rates, taxes and fees are tax deductible, you are still losing a third of your income. Fortunately my income is not squeezed further by negative gearing costs. If you are tempted to enter the market with the aid of negative gearing you might find yourself in a asset rich, cash poor scenario.
Click to expand...
That's the one!
 
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