anybody sold the property because

Lets just put the 'bad tenants' scenario's in perspective.

Somebody who's had one or two IPs for a couple of years, may have a completely different experience to someone who has 20 IPs for 10 years. In the case of the second person, having 7 bad tenants might not be so bad, as a percentage. You also need to clarify what a 'bad tenant' is.

In the example of @EN710 he has a tenant who says that they can not pay more rent. That's not a bad tenant. Give them the usual increases & if they can't pay it (or don't want to, which is often the case), then you move them along & get new tenants. You don't have to hold onto tenants forever, out of loyalty. Over time, tenants come & tenants go.

I have a serial late payer. I don't consider him a bad tenant. OK, ok, he's not a great tenant, but he's not a BAD tenant. He pays and is usually about 10 days behind. Yes, it's inconvenient, but he's been there for about 10 years now. If he has a real issue, a phone call to his mother soon sorts him out, and both him & his mother (who is in another of our properties) pay market rent. She is a GREAT tenant, so a little trade off for the son is OK, as far as I'm concerned.

Now, as most of you know, we have a reasonable sized portfolio & many are in lower socio areas. We've been doing it for a while now & have had our share of bad tenants, but as a percentage of the portfolio, there really hasn't been THAT many of them.

 

pre-war home in brisbane. holding it for now. no problem with payments but posh tenants often needs high maintenance

 

One of the main reasons I sold an IP last year was because I didn't have faith in the building's physical integrity. By that I mean it was starting to lean over and several units had rectangular doors no longer fitting neatly in slanting doorways. Not quite acceptable for an 11 year old building! (Builders refused to honour warranty too)

Cashflow and growth was healthy so was quite a tough decision to let it go.

Any techniques to do this if the IP loan was secured by the IP? Or is this a loan secured by another property but used to fund IP deposit/LMI/expenses?

 

Hey Skater, do you manage yourself or have a pm? With a large portfolio then it must be nearly a full time job if you do? Would you recommend managing yourself if you have had some experience in property but not a huge amount of experience like you have?

 

The twist is that the tenant is not contactable, no rent in and we think someone else is occupying the house. and apparently QCAT take 2-3 weeks to come out with a hearing date??

 

1. Ask your broker, should be possible (I was going to do that)
2. I don't know about this one. Question for a broker.

 

No, we could never self manage. It's always good to have a go-between.

 

Just bite the bullet & get it done. It won't get sorted unless you do.

 

That's the plan, unfortunately when it's your own business you can't just run away

 

resonate with you @Tony66 , I have one of this, reno was badly done, so I got the whole bathroom redone. it feels terrible with maintenance bills every second week. maybe just get it fixed in one go, rather than patchy work.

 

Short answer yes.

I've been selling my NZ properties over the last couple of years, 1 to go.

Great cash flow properties (7%+), but just too far away. An occasional flight from the east coast of Australia is fine, but living overseas when I take holidays I want to spend them in Australia. I haven't even been able to drive past in more than 8 years.

It's a pity, actually NZ is good for in and out costs (no stamp duty ...CGT friendly), and you can get in pretty low ... last one for example is 1hr commute to Wellington cbd, sub $200k nzd.

If I was living in Sydney and could get across every couple of years it would be (and the others would have been) a keeper.

The ones I've sold have all been cash flow positive for me, and the subsequent buyers.

 

My partner is a ChCh girl and currently looking at buying a place in NZ. Of course I have my thoughts and opinion but I wouldn't mind going over with her here and there.

 

I call it mini heart attacks. Avg $4k in maintenance per month for abit of time and sick of it. To be fair it wasn't really anything out of the norm and warranted due to the age of the property.

 

but did you have pm managing your properties?

 

Yes, even I had / have a property manager.

 

just thought if the properties are good investment and cashflow, do you actually need to visit?

I think new budget does not allow investors to claim travel expenses? bummer

 

#%^*¥#

 

That's the property game

 

don't believe everything you hear