Over the last 18 months I've looked at LOADS of properties.
Out of all the properties (that had tenants) NONE were being rented at market rent. Now I know rents have gone crazy in the last 12 months but that is ridiculous.
It makes me wonder whether the vendor was selling because they were sick of the negative cashflow and thought they'd get out now that prices were up?
Example-
-2 bed Unit in Harris Park. Sold at auction for $230K Rent was $170p/w (long term tenant). The owner was there. I was nearly tempted to ask him.
One unit I looked at had a 2008 lease which had gone up $10 in 18 months. It was at least $50 a week under market.
3 bed villa- value $280K Rent is $230p/w. Not for sale- someone I met asked what the rent should be. They asked the agent what people were getting and they said $230-260p/w. I know someone who has one in the block renting for $340p/w. Same same.
A few agents asked me if I bought it would I leave the rent with them. I said no, of course not as you don't know the rental values. One said ""but you can put it at whatever rent you want". Yeah thanks. I want to be doing your job for you. No thanks.
Has anyone else found this?
Out of all the properties (that had tenants) NONE were being rented at market rent. Now I know rents have gone crazy in the last 12 months but that is ridiculous.
It makes me wonder whether the vendor was selling because they were sick of the negative cashflow and thought they'd get out now that prices were up?
Example-
-2 bed Unit in Harris Park. Sold at auction for $230K Rent was $170p/w (long term tenant). The owner was there. I was nearly tempted to ask him.
One unit I looked at had a 2008 lease which had gone up $10 in 18 months. It was at least $50 a week under market.
3 bed villa- value $280K Rent is $230p/w. Not for sale- someone I met asked what the rent should be. They asked the agent what people were getting and they said $230-260p/w. I know someone who has one in the block renting for $340p/w. Same same.
A few agents asked me if I bought it would I leave the rent with them. I said no, of course not as you don't know the rental values. One said ""but you can put it at whatever rent you want". Yeah thanks. I want to be doing your job for you. No thanks.
Has anyone else found this?