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I just bought an investment property, what should I do?

Posted by Byron Miller on February 20, 2017
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Congratulations. Here’s a bit of a list of a few things to consider that you might not even have thought of.

Quantity Surveyor: This will cost you around $700, but you’ll see on your first tax return the additional savings you’ve made. BMT Tax Depreciation guarantee if they can’t double their fee in deductions they don’t charge you . You can’t get much better than that. Call them on 1300 728 726 or investor@bmtqs.com.au

Landlord Insurance: Just like car insurance, it’s one of those things you hope you’ll never need but will be very thankful you do have it if in the unlikely event you’ need it. Terri Scheer is very popular and can you contacted on 1800 804 016. Once you have this set up most of our landlords then address it to our PO Box 24, Palmwoods QLD 4555 so we can pay this for them yearly.  In addition to landlord insurance, you’ll also need to insure the building and Terri Scheer can assist with that too.

Smoke Alarms; It’s the lawn in Qld that these are regularly maintained. While as a landlord you can maintain these yourself. Get it wrong and huge fines apply. We use Smoke Alarm Solutions on 1300 852 301 who for a yearly fee of $99 at the time of writing will manage these. All our landlords have the bill addressed direct to us and we pay these on the behalf of our clients. It’s something our landlords don’t need to worry about because we organise everything for them.

Water Efficiency. You can charge a portion of your water bill to the tenant if the property is water efficient. Get a licensed plumber to check this, then get your water bills addressed straight to your property manager. This will allow them to on charge what they can and pay the remainder on your behalf. Our landlords have their bills address to us at PO Box 24, Palmwoods QLD 4555. We can also organise our licensed plumber to do the efficiency certificate, which is Guy Pickering on 0404 001 521

Permission to maintain your property

As property managers we deal with lots of maintenance requests from tenants daily. Most are small, like leaking taps or light fittings or door locks. But some can be larger like air conditioners or hot water failing.

What we need from all our landlords is permission to action small maintenance requests, so we can all get on with our jobs. It’s just not feasible for us to contact and wait for our landlords to approve every single item that needs to be dealt with.

Usually we have permission to spend around 1 weeks rent on maintenance without having to bother the owner.

Most of our landlords prefer to deal with all maintenance as they arise to keep the property maintained, when the issue arises.

Form 6

Prior to your property being managed by a property manager. You’ll need to sign an authority which in Qld is called a Form 6. This gives the property manager permission to represent you and your property . Without this they can’t even advertise the property for rent. The form also outlines all costs that the property manager will charge you for there services.

Bank Account Details

Your property manager can’t start to pay you your rental income until they have your bank account details. So get this to them as soon as you can.

There is lots more you need to have done as a property investor but above are just a few basics you might not have considered and I hope it helps you get off in the right direction.

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