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Awesome tennants!

Discussion in 'Property Management' started by Blueskies, 7th Oct, 2016.

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  1. Blueskies

    Blueskies Well-Known Member

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    Often there are threads on here about tennant horror stories, enough to scare people off the idea of ever wanting to be a landlord. I have had some duds in my time but wanted to give some examples of some of the best tennants I have had to point out it isn't always drugs/tribunal/evictions.

    Last night I did an inspection of one if my properties. When the tennant moved in I had mowed the lawn and sprayed the weeds and that was about it. Yard was pretty depressing to be honest. 6months later and she has fully landscaped the gardens, flowering plants in the garden beds, made a neat hedge of natives, tropical plants in a shady spot and a neat veggie patch in the corner (now I feel like a b@stard for recharging for water!) Inside immaculate, rent always ahead of due, just makes the whole thing very pleasant.

    In the past I have had a tennant who was storing things in the carport that we're getting wet in the rain, asked me if he could put up some sheeting to protect it, no worries I said, next thing he has basically converted it into a fully sealed waterproof garage!

    Another time, elderly tenant who liked to have financial certainty, 1year rent in advance!

    Anyone else have any examples, There are some gems out there!
     
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  2. Blueskies

    Blueskies Well-Known Member

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    Just remembered another one I heard about, mining town at the height of the boom, with landlord permission, tennant who installed a pool in rental property at own expense!
     
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  3. Colin Rice

    Colin Rice Mortgage Broker Australia Wide Business Member

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    What an awesome person you described.

    1% spoil it for the rest. Most tennants / people do the right and if they didnt LLI would be a lot more expensive.
     
  4. Big Will

    Big Will Well-Known Member

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    Like with anything in life it is the minority that ruin it for the majority.

    There are bad tenants that you hear about but majority of tenants are just normal people and have no issues.

    There are bad LL that won't fix anything even if forced to and there are good ones that always keep their property in top shape.
     
  5. Phase2

    Phase2 Well-Known Member

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    I had a tenant that paid 6 months in advance! PM wanted to keep the funds in their trust account and pay me monthly.. cheeky!
     
  6. melbourne171

    melbourne171 Well-Known Member

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    One day I visited the IP and was surprised by fresh painting. I told tenants that I appreciate it but let me know any changes befor they make next time. Who know tenants can turn house to less desired color or remove something we are unaware them.
     
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  7. WattleIdo

    WattleIdo renovating Premium Member

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    Similar. I love the changes my Franga tenant has made but worried he might do too much. At own epense has replaced sleepers in garden, built a deck and cemented nearby and, at my expense for materials only, has put up a hip-roof carport.
    Difficult to put up the rent though it's time I did! Paid in advance and weekly.
    He tells me he wants to stay for 10 years.
     
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  8. Joynz

    Joynz Well-Known Member

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    It would be a bit awkward to put up the rent if he has increased the value of the property through his own labour - and possibly used his own money too.
     
  9. WattleIdo

    WattleIdo renovating Premium Member

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    Yeah but I didn't ask him to. In fact, I've had to ask him to stop. The rent is now $50 below market rent and I can't put it up until April anyway. Even then it'll only be $10 or $15.
    Also, there are plenty of things I've done to the property as well. And he has 4 boys and a wife living there too.
     
  10. Scott No Mates

    Scott No Mates Well-Known Member

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    Offer them a long-term lease upon renewal, set the increases. Sounds like they want some stability.

    It may be in your interests that the agent holds the rent - do you want to front load all of that income in the wrong financial year?

    The agent can't claim the commission until it disburses the funds fron the trust account.

    The trust accrues no interest for the agent, tenant or you, so there's no benefit to the agent.

    What if you spend the rent received and the tenant breaks tge lease? How do you repay it?
     
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  11. WattleIdo

    WattleIdo renovating Premium Member

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    You mean like a 5 year lease with a $10 increase every 6 months for 2 years and $10 each year after that? For example?
    And a split system and polished floor and new garage door?
     
  12. Joynz

    Joynz Well-Known Member

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    Are they offering to polish the floor etc?
     
  13. WattleIdo

    WattleIdo renovating Premium Member

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    No I have given them a letter via PM instructing them not to do anything else!
     
  14. DaveM

    DaveM Adelaide Buyers Agent & KFC Strategist Business Member

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    This is the deck at one of my IP's. Parents and adult son live there. Son is a carpenter so he offered at his expense to install guttering around the deck roof, drain it, and re-varnish. Its not a small deck and he did a great job!

    15224395_800x.jpg
     
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  15. Phase2

    Phase2 Well-Known Member

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    It happened in July, so no problem with loading in the wrong FY. I benefit from off-setting against PPOR (about $500). I treat the cash as an asset, and the pre-paid rent as a liability.
     
  16. Xenia

    Xenia Adelaide Property Manager Business Member

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    Well done
    I have about 195 out of 200 properties that are awesome tenants that are absolute gems and improve properties.

    Often we take marketing photos once a good tenant has staged a property with their fantastic taste in furniture - with their permission of course.

    I've had tenants paint properties, add pergolas, add new blinds, relandscape gardens and do all sorts of improvements.

    .... And you are right, we tend to focus on the 2% of tenants that are causing dramas and work for property managers and landlords

    Thanks for sharing
     
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  17. Ed Barton

    Ed Barton Well-Known Member

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    For me, any increase would have to based on him not having done any work.
     
  18. ellejay

    ellejay Well-Known Member

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    We had a landscape gardening couple live in one of our IPs. They eventually moved out, but left the gardens looking amazing. Must have spent a fair bit on trees, shrubs, plants etc. I put the house on the market when they moved out and it sold really quickly. It looked fantastic. Having said that, like Wattle said it was nearly impossible to put the rent up with these guys due to the money they'd spent. I can't eat the extra net worth gained from a fabulous garden, providing cash flow was supposed to be the role of that property. I've now moved the money into a higher yield asset.
     
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  19. Luke T

    Luke T Well-Known Member

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    Yes its hard in these situations to put the rent up ! When the rent goes up and the tenant decides they cant afford it and gets offended by the landlords "ungreatfullness"-One gets a vision of a tenant with a chainsaw ripping through the improvements on move out day LOL -Or have i become too cinical these days after managing properties for so long ??!!!
     
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  20. WattleIdo

    WattleIdo renovating Premium Member

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    I must say, the thought has entered my mind. I think he mentioned at one time that all his rent is covered so hopefully that's true.