Hi Tman
Elika is right, and others too. But it is most important to identify the problem and do something about it, otherwise it might cause your tenant to move, and it’ll be there for the next tenant too. Check that the rent level is correct. Check with the neighbours about noise or other local negatives. If there’s too much supply, Monopoly & Richmond are right, drop the price.
cheers
thecrest

Hi Monopoly
You’re very understanding, thank you.
Haven’t had a reply or acceptance of help yet from mikesemple, but the door’s still open.
My inheritance process was quite complicated, stressful and was a very steep learning curve for me. I had no prior knowledge, and felt I was swimming with sharks. If I could make a similar situation easier for someone else, it would be very satisfying.
You’re also correct that Mikesemple’s query requires clarification as per your questions.
Could be an interesting posting and thread when he replies.
cheers
thecrest

Hi Malachii
That’s a dirty deal. If it was found that either REA has not acted in your best interest, they are liable. The process is available, and is probably lengthy. It’d be tempting to put a very sharp-toothed 10% ambulanace chaser type legal hound onto the REA’s heels.
Sounds like you need a good PM and a good REA, and you are suffering from a lack of both.
Tenant is liable for the rent until the end of the fixed period of the lease (2 years?) and all break lease / re-lease costs associated with changing tenants during the fixed period of the lease. Claim it all at a Tribunal, then claim it all on insurance. If they don’t cover it, change insurance companies to one that does.
cheers
thecrest

Hi Rodie
The goalposts have moved, and if your ex teams up with another partner who also wants to plan ahead, a collision is likely.
Why not set yourselves an exit strategy / agreement in writing for 2 years hence, get your own personal and private wealth creation plan formulated with all the right professional help, and then you’re set on your own sweet course.
You might be able to finance a buyout of your ex’s property, it would have good credibility with the current lender and therefore should be easier to finance.
cheers
thecrest

Hi Millsy
You will need a handyman, they are always available, especially in rural or remote areas. Pay him some extra to do property inspections for you, while he is doing routine maintenance. While he’s there, replace all tap washers, oil anything, check insect screens, carpet, cleanliness inside & out, roof & gutters, read the water meter, inspect issues raised by tenant.
cheers
crest133 [biggrin]

Hi Muppet
Say, just while you’re in your clairvoyant dreamstate, would you happen to have 6 winning lotto numbers for Sat night too ? Just so I know which numbers to avoid.
Ta mate
thecrest

Hi Shaunwalker
It’s a free country. You can charge what you like for the rent, the tenant has choices too, object, pay up, or leave. If you want to increase the rent, instruct the PM to increase the rent, end of story. If he refuses to follow reasonable instructions, and let’s face it, $5 is reasonable, then burn him. Fax the PM and CC the licencee offering them an ultimatum, comply or lose the management. It’s no good having a PM who refuses to follow reasonable instructions.
cheers
thecrest

Hi Bennido
Property Management is not social work. Just because the previous owner was soft, ignorant of rent levels, or could afford to be generous, doesn’t mean you have to copy them.
Consider a wrap, they might feel entrenched, not want to lose all that history etc etc.
Or match the market rent.
Provided you have a good property, there are enough good tenants out there for you, if this one decides to leave.
Suggest you decide how long you want to subsidise this tenant’s rent. Then, offer the tenant the existing rent for that period, say 90 days, gives him time to adjust or find another property. In NSW, a rent increase requires 60 days notice, if you give him 90 days subsidy, you should send the notice of rent increase 30 days from now. Time for a reality check.
cheers
thecrest

Check the local paper in your property’s suburb, and see which REA already advertises the most in the category of your property e.g. units, or farm, or commercial, whatever your property is, which you haven’t mentioned in your post.
That REA should already have a reasonably good enquiry rate on your type of property, so capitalise on it.
cheers
thecrest

Hi Milly
doesn’t sound like a good PM. Can’t speak for Qld, but, in NSW, the PM has the legal obligation to look after the best interests of the PO. In your case, the PM placed you, herself and the REA licencee in danger of litigation by the tenant for compensation for any medical problems resulting from the ignored problem of the lice. She’s in the job, so can’t plead ignorance, so it’s negligence. Wouldn’t want her on my team. A Tribunal would eat the PM for breakfast.
And in view of her negligence, shouldn’t be hard to convince the PM and/or the licencee to agree to a quiet and immediate termination of the managing agreement.
cheers
thecrest