Hey

It’s sound like you might have yourself in a bit of a pickle. I think you need to look for an easy low stress solution!

I would simply organise a meeting with the tenants and negotiated with them. Courts and tribunals cost money and time. Offer them $500 or $1000 for vacant possession in two weeks, you can possibly guantee them their full bond back and allow them to leave house in as is condition – you are doing a reno so it probably make no difference to you if it’s a bit messy.

You might not like giving them “Free Money” but may be what is neccessary for you to come out on top, it will end up saving you money.

They are probably are pissed about the house being sold and probably not on good speaking terms with the property manager due to unpaid rent etc so make sure you do all negotiating yourself personally

The only other choice is to use the legal system and wait but remember each week they are there you are losing rent and your reno gets pushed back

The decision is yours – have fun and remember to enjoy yourself, don’t let this upset you, things could be worse.

Mick

Hey J
I think your talking about the second profile (four kids, four properties)with the airforce guy. Everyone else is talking about the couple with the 10 or so houses and lack of cashflow.
By the way an extra $150per day and tax free pay is hardly worth 6 months (or more) in Iraq away from your family and friends is hardly worth it. It sounds good but trust me, it bites
I guarantee he earned every cent!!!

Hey guys

Well I thought I might throw my two cents worth in. I think the first plumber saw you coming! If I rang my plumber on a public holiday he just would have explained how to isolate the hot water (which is easily done) until he could attend to the problem the next day.

Mick

Hey all

In regards to WA housing market still looking OK and having a shortage of houses on the market, well I would agree. May have something to do with stamp duty reduction here for first home buyers introduce on 01 Jul.

Another note to all, keep an eye on rockingham WA, I’m expecting big things to happen here. Major infrastructure planned. Just watch this space!!!!! Things looking great in my corner of the country. No doom and gloom to be seen here!!

Mick

I manage all my IP’s and haven’t had any major probs.
I quite enjoy it. The only bad experiences I’ve had is with property managers.

I say “if you want something done right – do it yourself”. Now that’s what I call piece of mind!!!!

My only advise is be organised and professional, you only have one IP to manage so you should be able to do better than a PM who looks after over 100 IP’s

And get onto overdue rent straight away

Have Fun!!!!

As I see it there are two ways to create equity.

The first is obviously to buy below market value.

Second is renovation etc.
If you’re just starting off there are plenty of low cost things to do.
1. Improve street appeal
2. Create outdoor entertainment areas
3. Painting (yuk)
4. Removing clutter
5. Gardens / lawns
6. Brighten up dark areas of the house using skylights, lighter curtains or remove trees/plants blocking windows etc. Maybe paint walls a lighter colour.
7. Removal of all rubbish, general tidy up and lots of cleaning.
8. New kitchen benchtop and cupboard doors
9. Replace worn out carpet with good quality carpet remanants which can save heaps

hmm boss coming
gotta go

mick

Hi Kim,

I have been renting out rooms for years. Both in my PPOR and IP’s. I never used to tell the tax man about income from PPOR. I do now, but only because I want to prove income to keep buying IP’s.

I do have tailor made leases, ID forms and room reports sheets if you would like them.

If you like you can email me on [email protected]

Mick

My prediction is next rate rise will be in June/July (0.25%) if at all. I believe the RBA is worried about strenghening the Aussie dollar, and a rate rise will do that!

Mick INC