Opportunity -- Property -- After 20 yrs its here again

[aus_trader]

Been there done that, the house was trashed so bad I had to demolish it, then sold the block. That was when the other half said, never again.

Oh, it could get that bad hah? When I had my investment property I had to go through 3 tribunals to get rid of them and the house had to be repaired including broken glass (shower screen/ some windows), holes/cracks in the walls, new carpets, light fittings and a code of paint to finish off which I painted myself to keep the costs down. All out of pocket too (except painting), since I didn't have landlord insurance. But thankfully didn't have to be demolished as it was not structurally damaged.

So I am not in a hurry to do it all over again but I wouldn't say never.

 

[tech/a]

I hear you all

People who trash property have no respect for
You the owner or any tribunal.

I have on 3 occasions come around with a few
Mates and literally removed then changed locks
And slept over the next week

I’ve been hauled up to courts and armed with photos
and witnesses Copped the fine. But they never came back.

Tribunals are to help good people who get in bad situations
They seem to miss that owners can actually be good people
And tenants can be really bad people.

The other thing I learnt over time is that the more expensive
the rent the better the tenant became.
Ferals just don’t want to pay or live in these areas.

You get better at it.
Just don’t get sucked into the owner with his heart
On his sleeve —- it comes back and bites hard.

 

[qldfrog]

Agree, not as bad experience but no permanent rental for me anymore
Holiday renting, airbnb, so far so good

 

[tech/a]

Agree, not as bad experience but no permanent rental for me anymore
Holiday renting, airbnb, so far so good

Ahhh

Interesting.
I bought the house behind me. Being on the esplanade once I join it with my property
the land value goes from $500 a square meter for 1 back from the espy to Esplanade
Rate $1100 a square meter.

I want to keep it on separate titles and to do so have to place a dwelling on it.
So have designed the Pool/Outdoor Kitchen Gym Sauna,Games room which
can be totally separate to the Two Bedroom Apartment which is designed into
the development.
Or it can be opened up the make available all of these facilities.

Air B@B just a 2 bed Apartment 100 meters from beach
OR
All of the above.
We can close off from our home or open it right up.

In planning as we speak.
Another passive income stream.

 

[aus_trader]

The other thing I learnt over time is that the more expensive
the rent the better the tenant became.
Ferals just don’t want to pay or live in these areas.

Thanks for the advice mate, I'll keep that in mind when I decide to diversify back into a rental property. When the price is right, next one I look for will be a house on a block hopefully catering for the financially better off tenants.

The investment property I had was a unit (unattached except at the garages) which was in a good suburb and prior to having the bad tenant I had two good tenants who styed there for 3-5 years at a time with no problems whatsoever. So it was an unfortunate incident that cost me a fair bit of money but hasn't put me off from property investment altogether. In fact I didn't sell up due to the incident but due to the market rising too fast for my liking. I have sold too early, well before the peak but still realised a nice capital gain on it.

 

[Trendnomics]

Right....but you don't see a problem with risking 5 times as much capital for the same return? Or are there no inherent risks with property investing (same bias perpetuated by every muppet out there)?

Not much of an opportunity, nor is it an equivalent opportunity compared to 20 years ago.

Those "inherent risks" become more apparent today!

 

[tech/a]

Well again I don’t know about that
My $470k investment is still work that
Dropped 18% in my SMSF and have quite a few friends
Who lost 20-35%