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I've owned an IP for 7 years....every tenant, apart from the current tenants have asked to rent it back.
That's great, nice to know you don't have to worry about getting tenants.
Has it got something unique? Great reno, great area, great owner?
Just curious.
Hi,
Perhaps you may wish to investigate whether you are charging enough rent.
If the Tenants are hurting after the rent negotiations, then you know you've extracted the maximum possible rent.
If however, multiple Tenants are lining up to rent again, perhaps you aren't extracting what you could out of the box, which in turn hampers all of your surrounding fellow Landlords.
What is your experience with renting your large triplex block? Does it rent easily? Do you get more or less rent than surrounding, smaller properties?
They've been there 6 years now, and I recently signed her up for a further 5 years, with in built 6% p.a. rent increases. She pays her rent exactly on time, but it's only $ 300 p.w., so what do you reckon - 3x1 B/T house on a huge triplex block for $ 300 p.w ??
I reckon it's a screaming bargain for her, but we only paid 96K for it 12 years ago so dunno.
We must be doing something right.
I've never had problems getting resi tenants, many I know never had problems getting resi tenants. This over a period of >20yrs.
So maybe it has nothing to do with you (me or them) at all.
It's a big yard to look after. The lawn takes two hours to mow. The last time I paid someone to mow it, it cost me $150 about 7 years ago, and the lawn mower guy asked me to not call him again. Seven years ago I had to give incentives such as providing a mower to get people interested. I don't anymore. Maybe the smaller block sizes you get now is a factor. People moving to capital cities from rural area's don't like to be boxed in.