MANAGING YOUR OWN PROPERTY

When I first started with an investment I took on the management myself - being a real estate agent I thought how hard can it be right? HMMMMMMMM

Everything is fine when everything is going along swimmingly, but what happens when the tenant stops paying rent, trashes your place, absconds and doesn't let you know, you dont do enough inspections on your property and there is major leaking, blockages, there is just so much danger in handling the property yourself it would make your hair stand on end truly.

Everything went well for me for a few years until I had this experience with one tenant who apparently was running drugs out of my duplex.  The next door neighbour rang me to say that he was concerned about all the odd hours that people were coming to my tenant and they were only there for no longer than 3-4 minutes.  Also he had reported a few broken windows (yes claimable on my insurance) why were people trying consistently to get into his place.

The police were aware of the activities however could not do anything unless they actually catch them in the act.

When I confronted my tenant for his rent (his cheque had bounced) I got the cash off him and I told him that I wanted him out, he knew his rights and was quite bold about telling me, I wont say what I said to him (my property managers would freak) however I can tell you he was out within 7 days.  Yes the property was a mess and I had to pay to get it cleaned up but it was worth getting that nightmare out of my lovely next door neighbours hair.

The next tenant in that property played the system very well, when I took her to court after 6 months (she was 6 weeks behind in her rent) the judge gave her a further 3 weeks to vacate the property because ........ hmmm let me see now felt sorry for her circumstances.
Now anyone that knows me well I am pretty straight forward and not back ward in coming forward, I told that judge it's all very well for you to give away $600 worth of my rent as you are not paying for it, neither is the Government, the bailiff should have been called and she should have been out.  You have insurance dont you says the judge - irrelevant says me, was very lucky to get out of that court room unscathed I can tell you.  Those judges half of them wouldnt know anything about the real world out there and good land lords that give people a chance, those b......ds that take advantage and are not smacked about it what message is that sending to all those bleep bleep people out there.

When I told the property manager at the place I was working at the time she nearly fainted and said Gill you cannot just say or do those things, yep it was about that time I handed my properties over to the professionals because i would have probably ended up in jail myself.

I am a firm believer of treat people how they treat you but the law doesn't see it that way and we are just way too soft on people that do the wrong thing and quite frankly it's way too dangerous these days to handle your own property.  If you are I would suggest you go to all the updates and courses you can and be fully armed because when you do hit that snag you are honestly going to need it.  Me, nope stick to selling real estate let the property managers do their very professional job (wouldn't be one for all the money in China).

Oh yes and all those private landlords out there make sure you get those bonds in to the Bond Administrator before the end of the year otherwise there is big fines coming your way, yep you guessed it they want to control you too you wont escape them. 

MAKE YOUR OWN DECISIONS AND GIVE IT A REAL GO !!