Hi all,
I am not too sure how to tackle my situation.
Husband and I converted our PPOR in Perth to a rental/IP in December 2010.
The property was on the market for sale for 3 months in 2010 right when there was a slow down in real estate sales and at that time no one even attended our home opens and no offers at all.
On the market for 1,100,000 we then dropped the price to 990,000 still no interest so we decided to rent it out. Agent said there was nothing more I could do as he could not fault the property nor presentation nor price I was asking.
It has since been tenanted from January 2011, same tenant still residing, a lovely professional couple with 2 toddlers. Very good tenants.
Currently rented at $795 per week (- we pay monthly pool service). Lease due for renewal Feb 2013.
The home is well presented, built in 2002, has below ground pool and top fittings, 3 bathrooms, ensuite with spa bath , granite bench tops through to bathrooms, kitchen and laundry, 2 balconies , split level on several levels and is in a good area.
To me it is not sustainable as a rental property as too much maintenance is involved long term and not such a great yield. It would suite owner occupier.
Our concern is that we would like to put it on the market again, but, don't want to lose the tenant or risk the tenant leaving and in turn not be able to sell anyway. (.ie. having no rental income for months whilst it sits for sale ).
My question; How would you go about obtaining a sale with a tenant under lease in this situation with the least financial damage ? I would cherish some input from ss fellow investors before I speak with an agent.
Many thanks,
I am not too sure how to tackle my situation.
Husband and I converted our PPOR in Perth to a rental/IP in December 2010.
The property was on the market for sale for 3 months in 2010 right when there was a slow down in real estate sales and at that time no one even attended our home opens and no offers at all.
On the market for 1,100,000 we then dropped the price to 990,000 still no interest so we decided to rent it out. Agent said there was nothing more I could do as he could not fault the property nor presentation nor price I was asking.
It has since been tenanted from January 2011, same tenant still residing, a lovely professional couple with 2 toddlers. Very good tenants.
Currently rented at $795 per week (- we pay monthly pool service). Lease due for renewal Feb 2013.
The home is well presented, built in 2002, has below ground pool and top fittings, 3 bathrooms, ensuite with spa bath , granite bench tops through to bathrooms, kitchen and laundry, 2 balconies , split level on several levels and is in a good area.
To me it is not sustainable as a rental property as too much maintenance is involved long term and not such a great yield. It would suite owner occupier.
Our concern is that we would like to put it on the market again, but, don't want to lose the tenant or risk the tenant leaving and in turn not be able to sell anyway. (.ie. having no rental income for months whilst it sits for sale ).
My question; How would you go about obtaining a sale with a tenant under lease in this situation with the least financial damage ? I would cherish some input from ss fellow investors before I speak with an agent.
Many thanks,
