My "Armchair Developer" Experience (cont. from Somersoft)

That sounds like all you have to do is give 28days notice to me.

 

Totally missed this entire post!

Just give them a call then, would love to know if this that easy.

 

Just spoke with our current PM and yes, it's that easy ... until they find us a tenant we just need to inform them in writing that we'd like to rescind the management agreement and they'll let us go.

Our next strategy is better photography, so they are organising that for next week, and I've asked them to update the advert spiel to one I have written that "sells" the property and some of the different aspects better (like the beaut courtyard).

Cheers,
Crido

 

Check your management agreement.

 

Hi all,

Update ...

We're still looking for a tenant, but since getting professional photos done (thanks for the contact here @Westminster ), the interest has risen, and we're also confident that our asking rent ($299/wk) is competitive for the market, and so we should get a tenant soon!

We're also staging the bedroom with a furniture package, and the kitchen and bathroom with knick-knacks (from WA Furniture Packages), so this should give the unit a homely feel for those inspecting in-person.

We looked into NRAS (once again, thanks @Westminster for the suggestion) and there is an allocation there that can be "substituted" from an old NRAS dwelling to our dwelling (for a purchase price of approx. $8000 for seven years of $11K in tax-free gov incentives each year), but there are too many ifs, buts, and maybes that seem to go with the NRAS scheme that my gut feeling is that it would be a major punt with a lot of risk to it. For example, even after we apply for the substitution, it would be anywhere from 1-6 months until we find out from the gov if we are successful, and during this time we would have to let the property at at least 20% less than the market rent, with no guarantees of the substitution and hence the incentives.

Also, with NRAS the tenant pool is reduced, as only those with incomes of less than $48K/yr are eligible to apply for the lease, and so it could be even more difficult in the current market to find a tenant.

Furthermore, with NRAS if the property is vacant for more than 91 days a year (it's been 82 so far with our current PM!), the gov incentives are forfeited.

As well, with NRAS applicants are asked to go through a lengthy and stringent application process, and so, once again, in the current market where there is so much to choose from, this could be a turn-off even to those who ARE eligible to apply for tenancy.

Anyway, there's a lot to consider.

Thoughts and ideas welcome!

Cheers,
Crido

 

Here it is with the new pics ...

4/33 Windsor Street Perth WA 6000 - Unit for Rent #418529254 - realestate.com.au

 

the units looks fantastic, love the kitchen and love the size of the back yard for a 1 bedder, very attractive

 

Agreed! I have seen smaller kitchens and smaller yards in a 4x2 townhouse in Cloverdale. This is really nicely done. Great layout, good finishes, spacious.

 

Thanks MTR and Perthguy! I think it's come up alright too, but just can't understand why someone doesn't jump at it for $299?!

So far we've had two applications ... both a tad dodgy, so turned them down.

It's got to rent soon!

 

my g/friend had to drop rent, older unit, great location. She advertised via gumtree as she self manages, finally rented, just have to be patient

you have a nice product and eventually when market picks up it should be good long term hold/sell

 

The new photos are a million time better - I think that will be money well spent as you'll be able to reuse those photos over and over.

Adding the plan to the advert is also good so people can see how large that courtyard is.

 

Latest update ... we have a lease signed and a tenant lined-up and ready to move in the week after next! Thank $^%$ for that!

 

Phew!

 

Great news Crido