Ballad of a landlord .. Rant
- Thread starter mumbai
- Start date
Have bad tenant right now, prefer NO tenant. Bad tenant causes a lot of headaches with dealing with PM, chasing rent, tribunal, damages, etc. No tenant, you only have one headache.
I should have stated my question more clearly - a truly bad tenant is like EN710's - squatting, knocking holes in walls etc. I wouldn't take a tenant like that either.
When I said bad, I meant a taking a tenant who had no references, no job, no source of income and 20 cents in their bank account. Would a landlord take a punt on accepting such a tenant, if they had no other applicants?
But if you have no tenant, How do you deal with paying the mortgage, if you have no other source of income then?
When I said bad, I meant a taking a tenant who had no references, no job, no source of income and 20 cents in their bank account. Would a landlord take a punt on accepting such a tenant, if they had no other applicants?
But if you have no tenant, How do you deal with paying the mortgage, if you have no other source of income then?
I will not be taking in the first tenant. Infact, I had posted the ad on gumtree as well and a guy inspected the property.
Looked very shady and said he liked the property and would like to start asap. But, when I said apply through my REA and they will go through rentals checks, he said he does not like REA and does not have a rental history as he always stayed with mates paying them cash or doing odd jobs for them.
Obviously, a big NO!
The applications I have received for the property have submitted tax returns, income proof, etc.
Looked very shady and said he liked the property and would like to start asap. But, when I said apply through my REA and they will go through rentals checks, he said he does not like REA and does not have a rental history as he always stayed with mates paying them cash or doing odd jobs for them.
Obviously, a big NO!
The applications I have received for the property have submitted tax returns, income proof, etc.
Well, learning from SS, I have buffer to take care of the mortgage, but just that. I could not renovate the property to make it brand spanking new.
but even a buffer will run out one day.
Most people will have, say, 6 months max of buffer.
What happens when that runs out?
Some people can't let their properties for a year.
Most people will have, say, 6 months max of buffer.
What happens when that runs out?
Some people can't let their properties for a year.
No, this is potential big problem waiting to happen.
I think prevention and preparation is the key here.
I have other source of income to handle shortage, also about 1 year of buffer if really needed. If I don't have the above, I won't be buying property, will be too much for me to have a good night sleep. It's a matter of risk profile, honestly I want to build that buffer to 2 years worth of interest per property to feel a lot more comfortable.
Thanks EN710.
OK, I'd better start saving then!
Other people are risk-takers and invest that 2 years of savings into something and make big bucks
Does make me worry. Lots of oversupply in rentals at the moment. Many pretty decent properties not being able to be rented out.
OK, I'd better start saving then!
Other people are risk-takers and invest that 2 years of savings into something and make big bucks
Does make me worry. Lots of oversupply in rentals at the moment. Many pretty decent properties not being able to be rented out.
Though what will you do if you sell it? Will you buy somewhere else where you think you can easily rent out the property?
That will the aim.
My next aim is a one-bedder close to the CBD.
But there's a glut too in glebe and marrickville.
You wouldn't have thought so, would you.
Why?
I'd love to own a one-bedder in bondi, elizabeth bay, sydney CBD.
Not that I can afford that, but that's another story.
I would love to have a house as an IP. Although, after following your story, I'm beginning to have second thoughts.
The problem with units is there are alot of strata problems. But if I owned a house like yours, it seems I'd have a different set of problems.
I gave you the sob story about that IP.
The good part is it has increased almost 40% since I bought it 2 years ago!
I am not sure whether I would have been to beat that if I would bought a 1-bedder in Bondi instead.
I reckon you might have, and possibly more than on the house you'd bought too!
Never mind.
Well, all the best with the house. Let us know what happens in the end.
So how does this hypothetical tenant pay his bond, let alone the rent?
cash in hand jobs, looking for a new job and will get one soon, illegal activities, or they say family will pay their rent for them.
I had an applicant like that once. If the agent had accepted them, they would have had to transfer the bond + rent to the agent straightaway. And they knew that they would have to do that. But I don't know where the money would have come from. Maybe from under the mattress.
Too damn dogdy and no proof of stable income.
cash in hand jobs,
Everyone said that, even a job offer meant nothing until you have it on contract. Even after that you still have probation.
No no no no no no
Can work if the tenant is a student, has parents guaranteed and of course, provide all documents and contact details.
