Happy new financial year! I thought I’d start off with a 2 part story about a self managed property.
Here we have our poor hopeful lovely owners who secured a ‘bargain’ property sold through a local Werribee agent. It had tenants in it, was receiving regular income, great!
The day prior to settlement though, their conveyance receives notice that, sorry, owner self manages the property and was only using an agent to sell, he made a mistake and the rent was in fact, 2 months behind. Oops, sorry. Also, they didn’t get to do a pre-settlement inspection – sales agent said it would be fine and the tenants were tired of allowing access…
For most investors, alarm bells would be ringing loud and clear! But sadly, our lovely owners went through with settlement, thinking the sales agent said their property management department would take over management and all would be well.
A week after settlement, the owner received the property file in the mail – sorry, too hard for us to manage, we’re terminating our agreement to manage the property.
Here is we step in. Short story sort, another 2 months later and finally we get possession of the house (kicking, screaming, police at the property, lock changing possession)
Below is what the house looked like after that moment;
This was in February 2017. Tune in next week for what it looks like now!