daren999

hi all, i am emigrating to the brisbane area, as a paramedic employed by queensland ambulance service.For the first 6 months i will be renting a house,what are the pitfalls (if any) to renting,ie ID, deposits/refferees etc
many thanks

daren&family

ridds

Biggest pitfall at the moment is the lack of rental properties. When you arrive, have a folder with everything you need in it (ID, bank statement, chequebook etc) and be prepared to move quickly! Most realestate agents have different requirements for ID etc so have a range with you (passport, licence, medicare card etc) - just makes it easier than sayihng "I'll come back to you with that one!"

Most places require a bond (usually 4 weeks rent) plus 1 month up front. References are a good idea (some places are picky) but not everyone will want them.

When you move in, your agent should give you an Entry Condition Report - fill it out in excruciating detail (the time is well spent up front, rather than arguing with the agent about scuff marks on the wall / broken items etc at the end of the lease). If something is really bad, take a picture and attach it to the report.

You can get loads of info from the Rental tenancy Authority (Qld)

themerlin

Yep we put ours up from rent yesterday and already the agents have 4 people booked to look around.

CathnPaul

we have been asked for sooo much info. We have needed 5 references for one real estate agent. It tends to go that they need absolutely everything including your shoe size.

we are on a daily treadmill of putting in applications for rentals. We have 3 on the go at the min, hopefully we will get something soon.

datamile

Be ready with cash as well. Putting 3 months rent up is a big swing, especially when you dont have much in the way of Aussie ID.

Expect to pay more than you expected, and they'll try to get you into 12 months.

TrickyTree

I agree with this we were asked for more info many times (which is difficult to find when you have never rented before). As soon as we told them we would pay 3 months in advance suddenly there was no need for all this extra info and the red tape seemed to disappear in an instant.

Its amazing the power of cash!

raven

Hey cath Dont know if this will help but we found out very quickly that most people actually offer more than what is being askedfor the rental. We offered 30 dollar a week more and 6 months up front and it sure made certain we got the property.Rental agents are sharks Money is the only language they know. Good luck. Keep in touch
Raven

CathnPaul

we did offer more on every application and we offered 6months up front. But they have said it doesnt make any difference around here as so many people are doing it they are looking at stopping it. Plus the people who own the houses have interest only mortgages and it doesnt make any difference to them.

we are still looking.

DadAgain

Rubbish.... owners may well have fixed interest mortgages so they can maximise their 'loses' and benefit as best they can from negative gearing tax rules - but anyone who gives it a moments thought can see that earning more money from your investment is 'a good thing'.
If yoru income rises sufficiently that your investment is then 'Positively geared' it will mean you get a tax bill - but your getting that bill because its making a profit and that is what property investors are ultimately interested in!

CathnPaul

I hope the 'rubbish' comment is aimed at the agents who have told us that DA and not us.

We have pushed the same thing with all the real estate that we have had dealings with to be told that twice by two seperate agents. I do take onboard what you have said as that was our logic too.

DadAgain

Indeed - sorry CathnPaul!

Just suggesting that the idea that property investors dont give a toss about the size of their return seems a little unlikely! (As someone thinking of moving and renting our my house I can tell you if someone offers me $50 a week more than I thought the house was worth AND pays me 6 months upfront then thats a DAMN good sounding deal to me!).

Real estate agents however, are concerned about 'toxic tennants'. SO a lack of rental history and references from other agents will be a HUGE black mark against you (Fear of tennants trashing the place, or not paying is huge and the fear is very much over-inflated by 'shock-horror current affairs TV' shows that every now and then run a story about "poor mum&dad investors who get their house trashed by evil tennants"...

Some landlords, ruled by this fear might be prepared to take a lower income on their property if they feel assured that the tennant has a good history (i..e. has 5 years rental history with no missed payments and all good condition reports when leaving properties)

Not fair or reasonable at all I know -.....

doub

smart lot those real estate folk!

CathnPaul

I wish they were, we are being looked over with these apps. We have just emailed our estate agents in the UK for the spec on our house so we can prove we improved our last property and that it was top end of the market for the area. As we have never rented I have been really shocked at how hard it is and that money isnt talking. We have a significant amount of equity (>£100k) and have proved it to them, but they just arent biting on it.

Has anyone got any other suggestions by any change that hasnt already been mentioned??????

Munchmel

HI Cathnpaul
We were looking for rentals near where you're looking, and we did give up after 3 weeks. Like you said the refs etc they wanted started to get rediculous....and some of the landlords following us round the properties as we looked didn't fill us with confidence for a trouble free stay It sounded mad to family back in UK, but we took the plunge and bought, the agents treat you SOOOOOOOOOOO much better, we didn't think we'd get a good mortgage deal as we were new, but still got a competitive deal, and settlement in 30 days. We just needed to know we could settle and get the kids in school. We so know what you're going through, its the last thing you need when you get here. We are worried about struggling financially for a bit, but I'm sure once the dust settles we'll manage OK. Good luck!

CathnPaul

Mel, thats something we are considering, but neither of us have got jobs yet. Otherwise it would have been our planA.haha.

I have a couple of interviews this week, so will see how they go. really appreciate hearing from you Mel.