Hi all
We have had an investment for 4 years at Muswellbrook we were encouraged at the time of purchase to furnish which we did. Anyway our tenants are moving out the vacancy rates are 10% and we have been told by PM that it could take 2 weeks or 3 months to rent.
We have decided to do a mini Reno while it is vacant our rent has gone from 700 per week to possibly 280 or less unfurnished. I am wondering if anybody has a good PM they would recommend for this area
The house is 2 storey that has a separate granny flat on the bottom floor
not sure whether we should consider separating this completely we would have to make a new entrance any thoughts on this?
Also found out council has no land to develop but there is a developer that
has released stage 16 out of a 32 stage development that's a lot of land.
Circumstances has definitely changed in the 4 years we are happy to sit it out
but I am also wondering if the rent goes so low it could take quite a while to
get it up to decent rent again. Has anybody else gone through this.
Thanks
We have had an investment for 4 years at Muswellbrook we were encouraged at the time of purchase to furnish which we did. Anyway our tenants are moving out the vacancy rates are 10% and we have been told by PM that it could take 2 weeks or 3 months to rent.
We have decided to do a mini Reno while it is vacant our rent has gone from 700 per week to possibly 280 or less unfurnished. I am wondering if anybody has a good PM they would recommend for this area
The house is 2 storey that has a separate granny flat on the bottom floor
not sure whether we should consider separating this completely we would have to make a new entrance any thoughts on this?
Also found out council has no land to develop but there is a developer that
has released stage 16 out of a 32 stage development that's a lot of land.
Circumstances has definitely changed in the 4 years we are happy to sit it out
but I am also wondering if the rent goes so low it could take quite a while to
get it up to decent rent again. Has anybody else gone through this.
Thanks