Scott's Weekly Column

Private landlords beware

If you are a private landlord and self manage your own property then the following article will be of particular interest:-

Carolyn Parrella from Terri Scheer Insurance commented recently that it was not uncommon for drug syndicates to lease a property with the intention of manufacturing methamphetamines or growing marijuana.

She warns “Gangs using rentals to manufacture drugs are more likely to seek out landlords who manage their own property”,

“We deal with claims on a national basis. At any given point, we're dealing with a couple in each state,” she said.

She warned these activities, aside from being illegal, could also cause severe damage to the investor’s asset.

 Frequently, she said, drug syndicates would abscond from the property with no warning, they do the work they need to do and then abandon the property. There will be no trace left of what they've done but there is a funny smell that hangs around,” she said

“There might be damage to the house because they've modified the electricity or water supply, but the property also needs to be tested for safety because the chemicals can seep into paintwork and carpets. It's actually quite toxic,” she said.

In her experience, self-managed landlords are particularly at risk.

“We've tended to find that these gangs will target self-managed landlords because they might be less likely to do regular inspections of the property and do not have access to the same tenancy databases as real estate agents,” she said.

The award winning Nolans property management team are always happy to give professional advice to private landlords and can assist in finding properly qualified tenants for your property. Just pick up the phone and call them today on 0266500655.

Have a great weekend!