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My 30 Year Career as a landlord

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My 30 Year Career as a landlord Part 1

granny flat
Part 1:Owning a rental property the GOOD the BAD the UGYLY

Owning a rental property I have found to be rewarding, depressing, fulfilling, profitable, costly, tax efficient, demanding, cheap, and expensive. 

Great for capital growth, but poor for returns.

A little confused about the comments? Let me explain.  Owning an “Investment property” can be like 50 shades of grey.  You can have good ones bad ones and everything in between.

I have gained a lot of experience over the years and have learnt the best rule is to “ let it be” when all is good, but if there is a small problem act fast and fix the problem before it develops into a costly mistake.

I was surprised at some of the biggest landlord companies in the world, as they are more known for their other businesses, for example McDonald's are a large property owner.  They own all the restaurants and lease them to the franchisee.

  I believe they have over 34,000 restaurants in prime locations around the world.  That is a lot of rent and capital gain.     

Even Nicole Kidman’s relatives are among the largest landowners on the planet.  Researchers believe Australian company Kidman Holdings is the eighth biggest landowner in the world.

Australia has always been attractive for property investment FOREIGN investors were approved to buy or build 4500 Victorian houses last year - the highest level of foreign investment in Australia.
Of course banks have always offered finance for housing and investment houses, as it is the most secure investment of all, so I have always been keen on being a property owner and willing to learn the landlord trade.

My 1st rental property was my own home, which I had lived in for only a few years.  I was a carpenter and suffered a spine injury in my neck at work, which meant I could not work on the tools for a few years until I had recovered fully.  So I had to take an office job on the Gold Coast, Queensland, a city some 2 hours from where I lived.  I decided to move home but rather than sell I kept the home as an investment and rented it out.

There were a few reasons for this. The main one being that the housing market was flat and selling the home would mean taking a loss, so the better move was to keep it until the market picked up and rent a home near my new job location.

Being new to the rental property business, I did some research and decided to manage the property myself and save some fees from the real estate companies.  In fact getting a tenant was quick and pain less, I simply put a sign on the fence and like magic my phone started to ring within the hour. Of course being a self-assessed good judge of character I chose a tenant the 1st day!  No references needed, no rental history, just based on looks alone. oh! She happened to be a young good looking single woman, but that had no influence on my decision. I just felt she would be a good tenant. No I did not check if she had a job or could afford to pay the rent or even if anyone else would be moving into the home, being a good judge of character over ruled any of those questions.

Click for Next Page - How that turned out!.....

My Tips and common sense on :Rental Properties

If you have your own home, your property may have equity built up, that you can use on an investment property, check the current valuation, to see if you have money tied up that you can use for wealth creation.
Before you sell, check with your accountant to see the best way to be tax efficient.
A lot of tenants use false letters, false rental references, and false incomes to get a rental property – before you give the property to your chosen tenant confirm the documentation with a few simple calls.

Verify employment or income.

Create a web page for your rental availability.  Unlike most ads, a web page you control will give you unlimited space to describe the property, and (generally) the capability to post photos without limits in a number or file size. You could, of course, buy a domain name for the property (about $10 per year) and build your own site, but a quick-and-dirty page on Google's Blogger.com, using one of Blogger's default design templates, does quite nicely.

Finding great tenants takes some work, but when you think about the damage a bad tenant could do to your property, you will probably find it's worth the time investment.

Tenants gain many rights as soon as they take possession of the property.  Evictions are slow and costly; most can be avoided by doing the work before the lease gets signed.

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