I have a friend who Ive been talking to about this site and they have a property rented out for $210 per week up the road from my IP [
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He is thinking of renovating and then putting the rent up to $245 per week as his property is -ve at the mo and he wants it to break even.
He then wants to increase rent bit by bit over the next couple of years to make it +ve.does anyone ahve any tips or advice I can pass on to him? its a 2 br unit, again… Just like mine [
]thanks
What the mind of man can conceive and believe, it can achieve.
riffraff,
The way things are going with rentals at the moment, i would rather hold on to a tenant then try and increase the rental with the risk of them moving. What are renovated units renting for in the street? (how many are vacant???) In my experience renters in units are less inclined to hesitate when moving out, caus there may well be a unit thats exactly the same in the same complex, or down the street for a lower price…
I wouldnt remove a tenant to do a renovation either, Any major work i want to do that is voluntary (such as a major renovation) is best done between tenants in my opinion!
Perhaps the renovation money can be repayed into the loan for the time being, reducing repayments abit, wait till the person moves out then renovate. in the mean time a rental increase of 5 or 10 dollars might not hurt if the owner believes its fair.
How does the tenant feel with the property? are they constantly winging about trivial things? are they constantly late with rent? are they unsure about their future in the conversations u have when doing an inspection or changing a leaky tap?
Just my opinion, all the best!
Jason
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