Recently built an investment property through buyers agent in Brisbane that is about to complete.
He has suggested some companies for pre-settlement inspection and renting it out.
Pre-settlement: GQS
Renting: NCLPM
What questions to ask to get the everything checked and sorted properly?
Note: I am a total noob at the moment. This is my 1st IP. Just starting out.
Yes, built the place.
May be either he works with builder or builder works with him.
I went ahead with him as I didn't had much experience and a friend suggested him as he has built properties with him before.
I am trusting him but don't want to trust him blindly always. I do want to do my due diligence and understand how these investments works and how it will be beneficial for me in future.
I do want to do my due diligence
A bit late now….
May be. But, with defects and depreciation, I can ensure by asking right questions.
And, that is what I am looking for.
If you can let me know what kind of questions I should ask quantity surveyors and defect inspectors before hiring them, it will be helpful.
A bit late now….
…Overdue diligence.
May be either he works with builder or builder works with him.
This sounds worrying.
Get a quantity surveyor in to do up a depreciation report.
Get proper landlords insurance.
Make sure to get a good property manager.
Don't be one of those who jacks up the rent every 5 minutes 'just cos'. *unless you need to get rid a bad tenant.
GQS will also provide depreciation report.
Yes, Landlords insurance is also suggested by the builder. He said that I should take insurance as soon as property is in practical completion.
Property manager suggested by agent is NCLPM. Reviews look good but do you have any ideas about them?
No, I will never do that. I am more of a person to keep a tenant as long as I can.
"NCLPM. Reviews look good but do you have any ideas about them?"
Nope. :)
Try EBM for depreciation report.
Does it have a dishwasher?
is it free standing or installed
Free standing under benchtop.
I guess you mean free standing that can be replaced easily later on
At your cost or the tenants? Asking for a friend.
Yes.
BYO wife.
And on which IP address? 169.1.1.1 ?
8.0.0.8's
Funny, I'm getting 404.
What questions to ask to get the everything checked and sorted properly?
Your buyers agent should be providing you with this information as well as reasons why they are recommending said property manager. Check if your BA is receiving kickbacks.
Before checking with him, is it not good to ask questions myself to the surveyors?
Your building inspectors should have their own checklist of things they go through. There is no pre-set method. I would recommend checking how your inspector check for presence of moisture and termites. The more fancy/advance inspectors use thermal imaging to check the walls, floors and ceiling for presence of water ingress.
In regards to your property manager, generally there should be some type of interview conducted to determine suitability. Some questions to ask are:
1) How many assets/properties are each manager handling
2) What are the fees and are there any discounts from signing on with you today
3) How do they handle emergency call outs
4) What are their process to source tenants as well as vet/screen candidates
5) Payment frequency
Etc…
Thank you so much. That's what I was looking for.
This will be very helpful.
What's that saying? Some peeps have more dollars than sense.
How's that relevant here?
Even without dollars, some people don't have time to verify everything. People need to trust others as well.
Hope it works out for you, but you should have probably gotten financial and legal advice first. Lots of these schemes fizzle out, or you're left with a property with zero or negative growth after 10 years.
I agree and I did discuss with my broker and few friends who are already into real estate investments.
Buyer's agents find existing properties for you to buy.
But sounds like you built a place? Does the buyers agent work for the builder??