Current Tenant Issue

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The DIY Dog Wash
Member
@the-diy-dog-wash
Join Date: 2003
Post Count: 696
June 16, 2003 - 11:42 am
Hi Folks
I would really like some feed-back about this situation.
We are buying a tenanted property in country Vic, that has very good numbers, but! the tenant has been in the property in Sept 2002 on a verbal agreement paying $150 per week.
I have received a signed letter in the vendors statement that the rent is up to date and that the tenant has been no touble.
There is no bond or lease, I am wondering how I will go getting both of these once settlement has taken place. I don’t want to piss the tenant off (pardon me[]) but I want to protect my investment. I know I am answering my own question, but what are your thoughts.
Cheers
Leigh K[]
Read, learn, grow but most of all just do it.
Sooshie
Member
@sooshie
Join Date: 2002
Post Count: 974
June 16, 2003 - 12:42 pm
Hi Leigh,
Do you want to Wrap or L.O it to the tenant? Could you speak to the tenant prior to settlement, introduce yourself perhaps? I reakon once they see you, they might be relieved to sign a formal arrangement/lease, so that they have somewhere permanent to stay and they know you’re not going to kick them out.
Just a thought
Cheers
Sooshie []
“Giving is a Blessing, receiving is the bonus”
Nessie
Member
@nessie
Join Date: 2001
Post Count: 73
June 16, 2003 - 10:39 pm
Hi Leigh
I always try to meet the Tenants before settlement. It is amazing what information you can find out when meeting them – like what their situation is, what their plans are, what they might need to help them stay in the property (this is really important)
eg: They don’t have good TV reception – get a repair man to fix the antenna or they can’t afford to buy a sandwich toaster – doesn’t cost much.
Then suggest that you will do one or both for them if they will sign a lease and pay the bond.
If they have a problem paying the full amount of the bond in one hit, let them pay it by instalments by them paying extra rent for 5 or 6 weeks to cover the bond.
Tenants can be hard to get so look after them.
Also you can use the line “my Bank agreed to help me with finance to buy this property on the condition that I have a signed lease, so unfortunately I need to ask you to sign a Lease”
Make yourself the “good guy” and you should be able to get what you want.
It has worked for me. Good Luck.
Oh, don’t forget to take out Landlord Insurance.
Cheers
Nessie