Hi everyone,
I bought this IP back in April. It was already tenanted, self managed by the previous owner, with rent below market value and no bond. I suspect the tenant is some kind of relative of the previous owner but I can't be sure. Anyhow, the lease expired in July and I brought the price back to (the lower end of) the market and put the tenant in a bond plan to deposit the bond in weekly installments. After the beginning of the new lease the maintenance requests started to pop up (between April and July I had none and in the 3 weeks after the beginning of the new lease I had 3). 2 for things that mysteriously just broke and 1 for cleaning the aircon filter. The PM seems very keen in organizing repairs and even have someone to service the aircon to clean the filter and I believe she gets some kick backs for the services. What would you do in this situation? If things continue breaking in a weekly basis I will be the one who is going to go broken!
I bought this IP back in April. It was already tenanted, self managed by the previous owner, with rent below market value and no bond. I suspect the tenant is some kind of relative of the previous owner but I can't be sure. Anyhow, the lease expired in July and I brought the price back to (the lower end of) the market and put the tenant in a bond plan to deposit the bond in weekly installments. After the beginning of the new lease the maintenance requests started to pop up (between April and July I had none and in the 3 weeks after the beginning of the new lease I had 3). 2 for things that mysteriously just broke and 1 for cleaning the aircon filter. The PM seems very keen in organizing repairs and even have someone to service the aircon to clean the filter and I believe she gets some kick backs for the services. What would you do in this situation? If things continue breaking in a weekly basis I will be the one who is going to go broken!