Property for rent over 2 months - prime location - 0 applications

Be honest, are you willing to take a loss on this if you sell? How big a loss?

 

an

on selling HEELL NO, i would only sell if i make a good profit, i wont even sell at break-even tbh...i dont even want to sell it that bad tbh, i just contacted them a while ago and kept pushing and calling me so many times i was like ok whatever put it up....he was hounding me (theyre selling well in this building actually) rentals arent so great on the other hand unfortunately, i dont know why that its, but it is the way it is

on renting i dont care tbh, whatever gets it rented im happy to go that low, not unreasonably though

if i go 280 i think it'd get rented but im trying really hard to be ****ing patient and try and not make myself lose too much money, so i started at 350 late may and came down and down & freaking down to date but im just really getting over it tbh

 

Whats the body corp?

 

can i message you?
do you mean WHO it is or how much?
about 3400 a yr approx i think maybe a little less

 

Just wondering how much you are making or losing on this thing each year.

if you could claim all the depreciation as a new property it might have been cashflow positive. But you lived in it first.

 

yeah its not that significant for me to count so i havent counted
so my current loan is 280 pw
body corp 890 every3 months plus council fees 280 every 3 months i think?
id transfer to an investment loan on interest only so id probably pay less every week i suppose?
im more happy to move out of here than make profit tbh
ill leave it for sale and sale opens are by appintmet only so he doesnt hold opens everytime he feels like its only open IF there is an actual buyer whos enquired and is keen on viewing rather than wishy washy joy riders

 

Apart from the heacache of accommodating open homes, there is the prospect of then having to move if the new owner wants it at the end of the tenancy term anyway.

From a tenants point of view why not just rent something thats not for sale in the first place. You yourself orginally bought it as a ppor remember.

 

yeah i had literally the same viewpoint and was hesitant about it but ive spoke to a few renters for some objective viewpoint, and theyre like they dont care as long as they know they'd be subject to no changes for 12 months

i think as investors we have a different view but lets see ive asked the agent to give me feedback if anyone who wants to apply has a problem with this and ill pull it off the market

i just wont wanna pay this seller agent who hounded me any fees i had told him that day i wasnt ready and asked him if its going to cause any issues and he didnt explain anything, seriously some agents create more problems than anything

 

Read the agreement you signed. Chances are you need to pay for advertising.

 

i know i cant find a copy anywhere
he probably didnt give me one, i hate this guy

 

Maybe wait for the Covid situation to calm down and wait until start of next year and see how you feel then.

 

r

for sale? yeah definately think so no point selling at loss or rubbish price!!!
renting it whatever i dont care

 

Melb had the biggest rental demand drop from reading due to covid and your extended lockdowns. The rental market especially for high density is craphouse at the moment. Even in Sydney although its picking up slightly.

I know friends with units in the inner west that did not rent for 3-4 months and after 30% reduction in rent which is significant. Even myself I had to reduce BOTH of my units in rent as well to find a tenant and 1 too like 9 weeks to rent out last year.

Its just due to Covid and no students/immigration coming in. I even thought to myself that heck If I dont find a tenant i'll just leave it and cop the loss over the year. Minus it from my Tax and let that be the hardship due to covid.

On the other hand my houses even in Sydney have rented within like 3-4days and with significant increases in rent.

Just keep advertising it and what always worked for me is get a second agent listing it. I always list my properties with 2 agents no matter where they are and if they dont want to do a dual listing I'll get rid of them. Simple.

 

i understand but i dont know why its STILL the case
shouldve picked up by now, no?
also the sales v rental is so out of whack, precovid, it was at least on par or closely on par with each other? now its just crazy how the demand for rentals has dropped and sales picked up its just insane!!!! its ****ed up!i cant believe it

 

How will it pick up? No one is going to Melb - it actually had the most ppl move out of that state I believe last year along with Sydney. Brisbane had the biggest influx of residents move there due to affordability and lifestyle.

There is no intrastate migration into Melb happening, international borders are closed and will be until at least early 2022. The rental market for this year at least is still going to be tough.

You are not the only one in this situation. There are literally 1000s of landlords that own high density units in exactly the same position. I know some landlords that reduced rent by $400 per week on their Pyrmont units to find a tenant. Nearly a 50% drop.

This is the property game. Its not always hunky dory and life unexpected events like this always throw a curveball. If investing in real estate was this easy everyone would do it.

 

youre absolutely right

its so painful

wow $400! i cant imagine!!!
my unit used to be 370 precovid now i think i might have to go as low as 280 lets see!
i wanna sell it to buy a house but also not desparate happy to leave it rented until a buyer comes along at my asking price but rentvesting in apartmnet sure was a mistake for me

 

Just relax then. At this price its not that much. Lets just say worse case you cant rent it for 6 months. That's under $10k gross only. Just write it off on tax. You wont even lose that much.

Rent it out for whatever you can for 12 months. Then wait until it eventually improves which it will 100%. This is the beauty of being an investor you can write off all this on tax. Of course you wont get it all back but it wont be that painful.

Go get a second agent to list it as well!!! How do you know your current agent is doing a good job?

 

no council permit
ive seen heaps of even 2 bedders without carprak go quickly sales and rentals
lets just wait after price drop im so over this
what do u consider not to be ahuge number for rentals as in apartmnets in an area?
i am terrible at this :/ but the cheaper ones look crappy old looking :/