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Who gives a **** what they feel about it as long as someone else is prepared to pay. I'm still negatively geared so I'm subsidising their lifestyle - the fact that I may be subsidising their lifestyle by 60 dollars less per week is not particularly pertinent.
Who gives a **** what they feel about it as long as someone else is prepared to pay. I'm still negatively geared so I'm subsidising their lifestyle - the fact that I may be subsidising their lifestyle by 60 dollars less per week is not particularly pertinent.
It's business, pure & simple.
but dont forget that with this investment your success is not in your hands 100%.
Hi all,
Sparky I would check the tenancy laws in the particular state you are talking about, they all seem to differ. Here in Victoria there is some sort of 10% rule (max increase) for existing tenants.
A friend of mine who bought a block of units that were undercharging rent, had to increase rent by a max 10% per year until rents reached market levels over a couple of years. Of course when a tenant leaves you can do what you like.
bye
I hear what you are saying, no dispute from me but hearings in small claims court are often made on emotions, not facts such as market price etc. You can tell a magistrate till you are blue in the face that all you have done is move it up to market price, and they might not support you. Whats happening is tenants are challenging below and over market prices and you should be aware of it.
if the tenant takes me to tribunal over the increase, i send letter out giving vacant possession in 60 days, and i put the rent up again with new tenant... problem solved
I am referring to black dragon's vacancy figures:
http://www.somersoft.com/forums/showthread.php?t=49035
If vacancy rates are in fact increasing eg. in Melb/Syd, are people seeing this in their own IP areas?
I am seeing a plateuing of rental values, albeit after 18 mths of crazy increases in my IP areas in Melbourne.
Just another thought too, with interest rates about to drop another 1% and then again it will make the difference between buying and renting marginal. Will this have some bearing on the vacancy rate?? ...
A few people have mentioned they have vanquished their troublesome tenants in such a manner. Doesn't the 60 days notice preclude you from renting it out again for a specified period?