Finding tenants in the month of December / January

[K4K4M]

Received an email from PM that tenants vacating the prop by 28 Dec and PM also mentioned that their office may be close from 28 Dec to 3 Jan.
That means final inspection of the prop will be on 4 Jan 2010 & I am going to
Merimbula (well earned short break from work) at the same time as mentioned above, my Qs are !!!!
1) Do I have to check the final inspection means physically there with PM ?
2) If prop goes without tenant for a week (hope not), would this affect my ITWV form which I think, I have to submit again for new tenant ?
3) Where you going for holiday this festive season ?

Sorry if above Qs seem very basic but I had to ask from experienced fellows here & I can tell you that I did not like the idea of lease finishing end of Dec.

OMG>>>>I am semi stressed.

KK
____________________________
Trust your hopes, not your fears.

 

[Propertunity]

1) Do I have to check the final inspection means physically there with PM ?

No. What are you paying a PM for? so you can double up and both do the same job?

If prop goes without tenant for a week (hope not), would this affect my ITWV form which I think, I have to submit again for new tenant ?

No. ITWV forms are not done on a tenant by tenant basis. My goodness if that were the case investors would be doing ITWV's every few weeks if they have a large portfolio.

OMG>>>>I am semi stressed.

Look, get a grip. If one, two or three weeks vacancy is going to stress you then you should consider a different asset class to invest in or have a stronger cash buffer for these kinds of things. Relax

 

[Perp]

What Propertunity said.

 

[bradje]

Yep....Sit down, work out the actual amount you would be down each week and see if your wage/income can cover it and relax . Remember u get some back at tax time anyway....It's always better to work with actual figures rather than worry about "what if" situations.
JB

 

[K4K4M]

No. What are you paying a PM for? so you can double up and both do the same job?

OK thats good, got the point.
So visit to Merimbula without stress

No. ITWV forms are not done on a tenant by tenant basis. My goodness if that were the case investors would be doing ITWV's every few weeks if they have a large portfolio.

I am giving the prop vacant (was semi furnished before) this time so I am expecting rent would be drop too so I guess I should fill the ITWV again.

Look, get a grip. If one, two or three weeks vacancy is going to stress you then you should consider a different asset class to invest in or have a stronger cash buffer for these kinds of things. Relax

I have enough $$ in saving just for rainy days
I thought if the prop is vacant for X numbers of week then we can not claim (vacant period)in the ITWV as IP is not generating any money, Please correct me here if I am wrong.

Your reply is much appreciated P'tunity.

KK
____________________________
Trust your hopes, not your fears.

 

[Propertunity]

am giving the prop vacant (was semi furnished before) this time so I am expecting rent would be drop too so I guess I should fill the ITWV again.

If you are expecting LESS rent then your losses will be greater and you will be paying less tax. On the other hand, no furniture = less depreciation meaning you should pay more tax. You'll have to run the numbers to see if you need to do anything....but there's no hurry.

I have enough $$ in saving just for rainy days
I thought if the prop is vacant for X numbers of week then we can not claim (vacant period)in the ITWV as IP is not generating any money, Please correct me here if I am wrong.

You are WRONG here. It only has to be "available for rent" not actually rented full time.