The Joys of Landlording

[HiEquity]

So we have an interstate resi IP. Tenants have been in since 2009. Looked after the place well enough - rental inspections passed OK but they never surprised to the upside. Rent was frequently "just a bit" late but never late enough to warrant any action. They were being watched by our PM and we were watching the PM too because of this.

Then the last lot of rent got a week late. Calls went unanswered and unreturned. Got a bit suspicious as the tenant is normally on the front foot with a story. PM goes around to check and the place is vacant - keys left in the house. Rubbish everywhere inside and out. Needs a massive clean out and possibly a new kitchen and bathroom fitout. And now we will be re-leasing at a bad time of year when the market is pretty depressed.

Joy!

Time to test out this landlord insurance policy and see what it's really worth. Could add up to a bit... just thought I would share - it helps to vent sometimes!

 

[knightm]

Sharing is grand aint it?

FWIW been there.

Stay on PM several times a week, in writing/email from here, make sure they follow procedure, re legal breach notices etc, ensure they take lots of photos and give you written confirmation of what they are seeing and doing.

Bond is for cleaning first then rent recovery - be clear with PM about this. I once had a PM refund all the bond to me for lost rent then when I tried to claim insurance for cleaning they wouldn't pay for cleaning or the rent.
Malicious damage and lost rent after bond is usually what insurance will pay, check ur policy for specifics.

Have fun and don't let it get you down.

 

[Cloudy_]

Wow that's pretty unlucky...
Nature of the beast I guess, hopefully you've been making attractive returns to offset the riskier tenants?!

 

[Andrew_A]

More looking at the silver lining.. Could be a chance to do a really good cosmetic improvement, improve the value and the rent, claim as much back from insurance as you can and include all the costs for tax and a few years from now it might even look like an opportunity

 

[Dazz]

Were you late with the chocolates and movie tickets ??

 

[our obsession]

Sorry to hear that HiE. Hope it's up and running soon, vent away the highs and lows of investing, the things that can go wrong---and do. Sober reminders for us.