Luckyphil
spoke with PM and made sure tenant is approached prior to end of tenancy to ascertain if he wants to commit to another 6/12months tenancy.
My PM does this as par for course thats why it was bit of a shock when the other PM said the tenants lease ahd come up and he was happy to go on a periodical lease, i’m unsure as to whether he asked for it or the situation was that after the initial 6 mths it just rolled into a periodic lease.
Robert Kiyosaki says to mind your own business and by that i mean i work for a company but the real estate is my business the fixed lease gives me ‘peace of mind’ thats all.
Re; the dog situation, we have a dog in one property (it’s an outside dog) we didn’t up the rent but put a extra bond on the property just in case of damages.a lot of times you can miss out on tenants by stipulating ‘no pets’ which is no good in a depressed rental market, the PM is very good and i respect her judgement on the type of tenants she chooses. this ones a single mum and the dog gives her ‘peace of mind’ and ‘sense of security’ i dont begrudge her that.
No Tenant-No Money
REDWING
“The man that thinks at 5o as he did when he was 20 has wasted 30 years of his life”
Hi all
about the landlords insurance.once your tennant goes onto a periodic lease, by the way must be written in the contract, the land lords insurance changes.you are no longer covered by loss of rent.ie if they skip the place and you loose 4 weeks rent the insurance will not cover it.check your own policy for other changes in the damage clause once periodic rent comes into play
cheers lynnemThanks lynnem,
and to C2 for making sure i check my LLI also, would be a nasty gift if you went to claim on the policy and then found that out. And you could’ve been paying the policy for no reason !
Pays to check when the situation changes and be aware of your policies.
REDWING
“The man that thinks at 5o as he did when he was 20 has wasted 30 years of his life”
Thanks Phil – and I thought I was quite competent in English expression!
Anna
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