QLD Queensland COVID-19 residential tenancy legislation

so the government should bail out the tenants with 0 leverage who live pay to pay by choice?

biggest argument fail for 10th april 2020

 

True, but it depends if you actually trust the government not to screw us over even further when landlords start filing tax returns with massively increased negative gearing claims due to properties being leased for nothing or near nothing.

Assuming that the government would not further sacrifice us to repair their budget black hole I think is foolish.

 

Could be the best hedge with this legislation.
I say this with tongue in cheek - Rentvestors have a good (unintended) outcome:

• Rental Losses can be claimed against the income - NG - even better if capitalized.
  
• Stopping payment to LL is saving on post tax expenditure.

 

To your ‘every investment carries risk’ reasoning... ‘always save for a rainy day’. - another well used mantra that you might like to send to QLD renters that try to evade their obligations.

 

That is one of the risk of running a business (and owning investment properties is a business) - the risk of the Government changing the rules.

Over the years I have been hurt a number of times by Government rule changes.

 

Sigh! Only too true. If only there was a dislike button for your post, because I really don't like it, knowing full well that it is true.

 

I haven’t gotten my head around the new rules fully yet but one saving grace is that the Queensland State Elections are in October, just after the eviction moratorium ends.

If this new legislation is as bad as some are making out, start lobbying every Queensland State politician there is (at least, ALP and LNP).

As well, us Queensland landlords can express our distain with the ALP and this legislation (if it is that bad) at the ballot box.

It could be bye bye Anastasia and Jackie.

 

So... I can't evict for non-payment of rent, and I can't evict because I want to sell an asset that is losing money because I am obliged to offer an additional 6-month fixed term to the tenant... and if I try to sell tenanted then I can't get inspections in and anyway who in their right mind would buy a property that is occupied by a non-paying tenant?

The government has just acquired my property for the "greater good", but I'm still paying all of the fees on it.

 

Yes, me too and in ways which did seem unextremely unfair and against what the government at the time claimed to stand for, but this is to the point where you completely lose trust in government and law. And many people will stop choosing to do business under these circumstances and will lose respect for the rules.

Landlord insurers for example completely pulling their products from the market, not just removing rent default cover, I do not think they are going to put them back on the market for a very long time. Because we do not know what outrageous further things the government will do.

 

yes it does seem really against the spirit of the consitution that the government can't just take your private property without compensation. But as you said it is even worse because you are forced to keep paying for it.

 

But if found by the RTA that they are not affected by covid19, the tenants are still required to pay back any missed rents or can be evicted as per normal no?

 

Most of us anyway!

 

I’m not sure on this but it’s a point anyway, if a tenant is not in hardship this doesn’t apply to them. They can go to tribunal but then be told, well, it’s still 30% or less of your income, you have to keep paying.

 

Not if the LL can't afford to keep paying for it.

 

6 months plus another 6 months mandatory lease extension plus however long it takes to get the non payer out plus however much longer the government wants to extend this because they aren't really going to let everyone get kicked out at once are they.

That's assuming the non payer doesn't leave damage and a huge mess behind having been enjoying their free rent for so long and not caring.

And a lot of landlords will have lost it to the bank by that time especially those that also lost their jobs. Not to mention the council rates, water rates etc that will be owing these people will be coming after the house too. And whatever penalties owing the tribunal is going to dream up for landlords who fail to repair their properties.

 

There's an election coming up. Renters will vote for who they always vote for. BUT there won't be a single Labor voting Landlord.

Is this even legal what they state government is doing? A contract is a contract right? How can laws be changed to apply retrospectively? It's just goes against everything that this country was supposed to be.

 

So your point is basically everyone should not invest in property unless they pay cash? Cause leverage is debt.

Or is there a perfect LVR that means your not affected by a tenant completely not paying rent, whilst as a landlord you have lost your job as well?

Oh you should have huge buffers to see you out 6-12 months of no rent right? On top of All that cash you put into the property as a deposit.

Your idea’s of how an investors situation should look is very unrealistic and I’d say is not 95% of the population.

I don’t need a lecture on how to manage money, I just need tenants to be fair and pay for the use of a property they signed up for, Just like the same agreement I have with my bank, to pay for the mortgage, just like the power I use, the internet I use, the phone bill, we ALL agree to pay for things. Why is a tenant the only demographic that’s resolved of responsibility @marmot ?

 

Not just changing the contract but we have to "offer" a new 6 month contract to our tenants on top of having our contracts with them completely changed, so we are forced into an additional contract somehow (are we forced to sign something under threat of penalty or will it be automatic)?

 

I hope one of the big firms tries a class action against the state government for this. Every single landlord who loses money and has their property damaged as a result of these policies will sign up.