I don't manage all my properties and two of three I do manage have the best tennants you could wish for. Now the other house with granny flat out back (kippa ring for those that are interested) have been a constant battle from day 1. I regularly ring the couple in the house to ask where my rent is this week. And the couple in the grannyflat…..well frankly I got dragged into their domestic and felt sorry for the woman who was punched by the bf. He got a Dvo on him but she was still too scared to go baack to flat. So now it has been about 5 weeks since I've seen rent and I've had enough.
Yes yes I have sent them the appropriate forms but I still kept hoping they would all improve. I worried they wouldn't be able to get accommodation if I kicked them out. But I think they have taken advantage of me. So now I have taken all the paperwork and given it to an agent. Peace at last I hope. I have to say I was mighty embarressed to tell the property manager that 5 weeks had lapsed and I had not been paid. He told me 'not to worry , i had a woman in here this week who hadnt seen a cent of rent for the past 6 months!!"
I wonder if anyone can beat 6 months?
Milly wrote:I don't manage all my properties and two of three I do manage have the best tennants you could wish for. Now the other house with granny flat out back (kippa ring for those that are interested) have been a constant battle from day 1. I regularly ring the couple in the house to ask where my rent is this week. And the couple in the grannyflat…..well frankly I got dragged into their domestic and felt sorry for the woman who was punched by the bf. He got a Dvo on him but she was still too scared to go baack to flat. So now it has been about 5 weeks since I've seen rent and I've had enough.Yes yes I have sent them the appropriate forms but I still kept hoping they would all improve. I worried they wouldn't be able to get accommodation if I kicked them out. But I think they have taken advantage of me. So now I have taken all the paperwork and given it to an agent. Peace at last I hope. I have to say I was mighty embarressed to tell the property manager that 5 weeks had lapsed and I had not been paid. He told me 'not to worry , i had a woman in here this week who hadnt seen a cent of rent for the past 6 months!!"
I wonder if anyone can beat 6 months?
No, although I did have problems when I had a hopeless agent managing for me. Your example shows the danger of trying to manage your own tenants. I've had instances where good tenants turn into bad tenants and had no rent for 6 weeks but never 6 months. Do you have landlord's insurance? It's worth every cent.
The $40 a fortnight I pay my managing agent is an investment for me, not a cost. It's tax deductible and it save me postage, phone calls, time but best of all, allows me to sleep at night.
I am with Hieung regards to Property Management.
My property manager was doing such a good job that i decided to buy the company and now own the Agency and the whole rent roll.
If anyone wants a recommendation for a good agent in the Brissie are let me know.
Richard Taylor | Australia's leading private lender
Milly,
6 months I have case worse than that trust me. You have only one option issue a notice to leave and then once they have ignored that (which they more than likely will) prepare documents for an emergency hearing (Small Claims Tribunal) and get yourself a Warrant of Possession. This is your one and only option. I have posted a few times on topics like this and the only rule to have is ZERO TOLERANCE. Rent is your cash flow and when its not paid you where the lose not the tenant until you make them accountable for there actions.
Drop me a line if you need some more help.Milly,
I had the opposite. We have been lucky that we rented a house to a third party. The guy they put in it trashed it after only 6 weeks. We got paid rent for the next 6 months while the $49700 worth of repairs was done. We didn't even need to ask. The guy was evicted but got arrested and put in jail for another incident prior to all the paperwork being actioned. This was a really fortunate thing as he was causing the neighbours grief and I am sure he would not have left of his own accord. So 6 months rent with no tenant. Our insurance company did not like this, but still insured us (thankfully, otherwise I could not sleep at night).
JodieI would also advise the use of an agent as it is my intention to be financially free and time free not locked into issues that someone else can sort out, for me it is a case of having true passive income not working to purchase myself a job. I am in the process of selling a business at a small loss, as Robert Kiyosaki (Rich Dad Poor Dad author) says if it does not make you time and/or money get rid of it. I like the fact that you can develop and use a system that requires less of yourself so you can duplicate what works over and over again.
I took over a self managed property once, the owners said that the rent was a few months behind. when i went through all of the payments since the start of the tenancy i discovered that the tenant owed 364 days rent. when i took the matter to VCAT the member though that the tenant was paid allmost up to date until i pointed out that he was paid to the year before. Made it quiet clear that i had only just taken over the management.
Yes thanks for the replies.
As I mentioned, I have no problems with two other houses I manage. Perfect tennants. Problem there is I don't want to put the rent up cos I'm either too altruistic or a ruddy fool.
As I am not officially working at the moment (aside from raising 4 boys on my own and renovating my home) I always feel I have to justify my existance and have some sort of job. So I have considered myself 'property manager' this year and really don't mind doing a few odd jobs, changing washers, replacing locks, bit of gardening. Also I don't pay tax so of course tax deductions are irrelevant.Kippa-ring was the last place I was going to invest in earlier in the year. And I won't bore you with the details as to why except to say it involved relatives! I agreed to take over their contract when they got cold feet but the rent was $470/wk and I paid 325k about 7months ago. While some may say 7,5% return is pretty good, I'd rather stick to higher growth areas.
You know the thing that truly stuns me is the woman in the house told me she was interested in buying the house. I don't think the rent has ever been on time since they moved in.
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