Buying Ip and tennets

[SOULFLY3]

hi just wondering if i bought a house as an ip and it came with tennets
do they keep paying the rent they currently pay or can i increase it? because-
The house is owned by his mate so he is doing a good deal with the tennets letting them pay only $240 per week (about $30-40 under what it should be)
The catch is the tennet just signed a contract till feb to pay rent at $240


can anything be done ?
hope it makes sense!

 

[rogue]

hi just wondering if i bought a house as an ip and it came with tennets
do they keep paying the rent they currently pay or can i increase it? because-
The house is owned by his mate so he is doing a good deal with the tennets letting them pay only $240 per week (about $30-40 under what it should be)
The catch is the tennet just signed a contract till feb to pay rent at $240
can anything be done ?
hope it makes sense!

Not until the contract is up.

And it's 'tenants' not 'tennets'.

 

[SOULFLY3]

Not until the contract is up.

And it's 'tenants' not 'tennets'.

Ahh is see bro thanks

 

[willy008]

Not until the contract is up.

And it's 'tenants' not 'tennets'.

are you sure, I did just had to give 60 days notice of a rent increasement through my PM

 

[KaPow]

Not until the contract is up.

.

:yeahthat:

 

[rogue]

are you sure, I did just had to give 60 days notice of a rent increasement through my PM

If the tenancy agreement is for a fixed term (such as 6 months, 1 year, etc), the landlord cannot increase the rent before the end of the term unless the agreement makes specific provisions for a rental increase, in which case the landlord must give 1 month's written notice before the rent increase goes into effect. If the tenancy is a periodic tenancy (e.g. month-to-month), the landlord must give 2 months' written notice before raising the rent.

This is for QLD. Perhaps Melb is different but thought it was the same across Oz.

Edit: Just checked. It is the same in Melb. Must be a provision in the contract for a rent increase during that period of contract. And you can only raise rents once every 6 months at most.

 

[sailor]

Your other option is to buy under vacant possession. Tenants move out. Put in new tenants at a higher rent.