No tenants in 2 of 3 IP's... What would you do?

Pecan said:
Hi Miss Muffit
It doesn't include people that looked at the ad 6 months ago, just since it was put on re.com.au this time (four weeks I think you said?).
Click to expand...

Sorry, but I know that it has not been reset since the first time I had it let back at the end of 2007... I know this because I check it each time it goes onto RE.com.au. It looks like they just "Put it on hold" or something similar each time it is up for rental again
Apparently my PM has rung RE.com.au and they can't reset it, but I don't know why exactly.
My other property at Gladstone didn't have this problem!?
 
As an incentive for a new tenant to look seriously at your property rather than all the others, is to offer something. Maybe furnish the place with a plasma TV and if they re-sign at the end of their lease, they can keep the TV when they do leave. It's tax deprecaitable so overall cost is minimal. If they dont re-sign new lease, just offer the deal to next tenant.
 
As far as the empty place at Agnes

4 weeks empty at 220 is $880 lost 6 months at $200 is $520 simple maths, plus it could take longer.
 
Update!

Had some good news today.

Our MP in Gladstone has found a tenant!! WooHoo.

So it looks like the $330 price was right! He moves in Monday next week, 12 month lease...

Now only 1 more to find a tenant for...Come on Agnes!
 
Still no tenant for Agnes Water

Just thought I would update what has been happening...
Last month I thought I had tenants for the Agnes Water property.
A young couple who were getting married and were going to move in on the 15th of July.

I thought... "Thank God!!"

Fast forward to today... I ring my MP to find out if any rent will be going in this month, only to be told.
"Oh they didn't end up moving in after all, didn't you get my email!?"

They apparently signed the lease and were set to move in on the 15th, but the girl got Pneumonia, and they had to go back to Brisbane.
All this time I thought I had tenants... Even rang the insurance to tell them to stop taking extra for an empty unit!!

This is going to kill us.. in 2 weeks my husband has his shoulder operation and will be off work for maybe 8 to 10 week (Or more).
My cat needed an operation today, that was $860.
And now I find out we don't have a tenant in the most cashflow negative properties we have...
3 months we have carried this one, I can't see us managing for more than another month.
This is getting me down... I have been crying, I don't think I am cut out for this investing after all!
 
Last edited:
NedKelly said:
If they signed the lease they are committed.
Click to expand...

The PM told me that they are only 18 and 19, and she told the young guy that they are responsible for the lease as they had signed it!
She said he nearly Sh*t his pants when she told him that.
That was all she said about it!

Also, the property is back on RE.com.au
but it again has not had the show visits fixed, it's up to 967.

http://www.realestate.com.au/cgi-bi...t=&header=&cc=&c=45217096&s=qld&tm=1249372248

I am very upset about this whole thing...
Does anyone think I can do anything about this with them signing a lease??
 
MM,

It is a moot point for you at this juncture but this is why we don't buy IPs in holiday locations. I know this purchase was also to be your future PPOR and so you have also learned the lesson that you need different criteria for investing Vs own emotional reasons for doing things.

This is no comfort to you now, I know, but can I refer to you to a post I did a while back on a thread that seems very relevant now in light of your experience? It must have touched some nerves as I was overwhelmed with the kudos I received from SS forumites after I posted it. (That was a very humbling experience - for which I am very grateful)

http://www.somersoft.com/forums/showthread.php?t=52398

Things will seem better in the morning. Chin up.

Signed a lease - no bond paid - 18 & 19 year olds - good luck! Let that thought go IMO.
 
I have to ask:

1. The tenants were supposed to move in on the 15th July but you only found out today that they had moved back to Brisbane. Why didn't the agent call to tell you?

2.Are you still using the same PM that had problems letting it 6 months ago?

3. Why did the agent take it off RE.com.au if they didn't have a bond?
 
MissMuffitt said:
Ok, we have found ourselves in a bit of a pickle!

1/Tenant on 12 month lease has vacated after 4 months as he lost his job.He has now moved to Sydney/Melbourne. Our PM has told him that he is still responsible for the rent until we find a new tenant to take over the lease. He has continued to pay the rent for the last month, but what if he closes that account and we can't get rent from him? Property is in Gladstone QLD and there have been a lot of workers put off from Comalco. Prospects for tenant is not good as there are a lot of properties at the moment on the rental market because of the above.
2/ No tenant in Agnes Water property as she moved after her 6 months lease expired to a bigger property for her kids.

My question to you all is this... What would you do to encourage people to look at your properties?

Any bright ideas about our current problems would be appreciated.
Click to expand...

Unfortunatly for you, you have learnt first hand why you need to be prepared and to have a large buffer for such circumstances. Be thankfull that it was only 2 vacant and that one found a tenant in a reasonable time frame.

Last year I had 6 vacant (4 of them for around 5 months) as well as one with a tenant that was in the process of being evicted. So, 7 with no money coming in. Interest rates were higher AND rents from all concerned lower. There were some issues in a regional area that had to be addressed before we could let the ones in this area. We were not told by our PM about such issues, so a new PM was high on the list of things to arrange. Predictably, when things go wrong, they do it in abundance.

Reduce the rent on the remaining property and get it leased ASAP. Is the problem with it due to a slack PM? If so, then change.
 
NedKelly said:
I have to ask:

1. The tenants were supposed to move in on the 15th July but you only found out today that they had moved back to Brisbane. Why didn't the agent call to tell you?
When I rang she said "Didn't you get my email? I said NO, I did not get an email!

2.Are you still using the same PM that had problems letting it 6 months ago? I signed over to anther RE after Ray White did nothing, however, the new RE changed hands during the last tenants lease, she left on the 22nd of April I think, it's been empty since then.

3. Why did the agent take it off RE.com.au if they didn't have a bond?
Click to expand...
That is a very good question and one I have not asked yet, to be honest, I don't know how long the add has been back online for, as I only found out about this today.

Just spoke to my husband, He wants to try to sell Gladstone IP (Old PPoR) and pay down $100,000 off Agnes, he thinks we would have no hope of selling agnes and will just have to ware it!
Might need to sell Corio too, might get a few thousand over what we paid for it... Maybe...
 
Why not sell your dog...the Agnes property...you might be surprised.

Don't sell Corio...it is pitched to do well.....


MissMuffitt said:
That is a very good question and one I have not asked yet, to be honest, I don't know how long the add has been back online for, as I only found out about this today.

Just spoke to my husband, He wants to try to sell Gladstone IP (Old PPoR) and pay down $100,000 off Agnes, he thinks we would have no hope of selling agnes and will just have to ware it!
Might need to sell Corio too, might get a few thousand over what we paid for it... Maybe...
Click to expand...
 
sash said:
Why not sell your dog...the Agnes property...you might be surprised.
Have a look at the other properties for sale...
To be able to pay the loan out and pay commission to the RE we need to get $320,000, do you think that would be possible??
http://www.realestate.com.au/cgi-bi...nbed=3&maxbed=3&parking=&minlandsize=&m=&p=10

Don't sell Corio...it is pitched to do well.....
Click to expand...

Corio is cash flow+ so that is a good thing... BUT the 4 bay shed is about 30+ years old, and will need to be replaced one day, needs a LOT of work to fix it, or replace...
 
Miss Muffit

Most properties are still sold or let from the board at the front fence.

Make sure you have good sized, For Let signs on the properties.

My last vacancy, the board company rang to say that the board was installed, the pm left the office to drive to the property to do the pre-vacate inspection, the phone rang with the enquiry which led to the new tenants, all of 10 minutes that the board had been in place.

Never underestimate the power of letting the neighbours know that the place is available and who to contact!

cheers
Kristine
 
Have you thought of including the address on the rental ad? Many rental ads give the address so that people can drive by to see if they may be interested in following it up.

Also as previously suggested a board on the actual property?
Marg
 
sash said:
Why not sell your dog...the Agnes property...you might be surprised.
Don't sell Corio...it is pitched to do well.....
Click to expand...

Agree 100%. People are strange emotional beings which is not good for investing. They sell the good ones to support the bad ones. Exactly the same with shares. People sell the ones that have had good growth to make up for the losses on the bad ones. Keep this strategy up and you end up with a portfolio of dogs.
 
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