[RANT] It's time of the year again, late payments :(

Discussion in 'Property Management' started by EN710, 13th Jan, 2016.

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  1. Lizzie

    Lizzie Well-Known Member

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    But that is why they are renting in a low socio-economic area ... but they don't understand the basic fundamentals of "getting ahead". They live in the day and, if there is money in the bank, it needs to be spent rather than planning ahead.

    Personally I prefer to buy one step up - more middle ground - where lower rung people move up to when times are good, or higher rung move down to when times are bad.
     
    Scott No Mates and EN710 like this.
  2. Azazel

    Azazel Well-Known Member

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    Just followed up on a non payment today.
    PM said they were about to contact me.
    Excuses from the tenant.
    Gotta stay on em.
     
  3. Shawn

    Shawn Well-Known Member

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    I had a non payment last week too.
    Notice to vacate issued for 8 April. Fingers crossed
     
  4. Scott No Mates

    Scott No Mates Well-Known Member

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    Great insight Lizzie - if you're at the bottom of the pile, the choice is homelessness however if your market is one or two rungs above this, there is room to move (both up and down) in good and bad times.
     
    legallyblonde likes this.
  5. legallyblonde

    legallyblonde Well-Known Member

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    I agree. I like the theory @Lizzie ! My IP1 and soon to be IP2 are both original condition 80's houses in nice suburbs. I am not considering renovating at the moment because I want to keep them in the affordable middle rent bracket for the area.
     
  6. Tejas57

    Tejas57 Member

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    i've got 2 IP's in lower socio ecconomic areas of brisbane. both fell behind over christmas. we have decided not to renew leases and will be selling out from those areas. i'll be upgrading to one IP in a higher socio ecconomic area.

    at least my units in toowong have great tennants
     
    legallyblonde likes this.
  7. mini2

    mini2 Well-Known Member

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    So I've finally got the bonds released to me and the tenants still owes me ~$500. Now gotta figure out if I should enlist the help of a mercantile agent to get my money back or just write it off/chalk it up as a lesson. I'm leaning towards even if I see $0, I wouldn't mind having a bit of fun with that idiot who caused me some grief...
     
  8. DaveM

    DaveM Well-Known Member

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    Wont your insurer cover the rental loss?
     
  9. mini2

    mini2 Well-Known Member

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    ...didn't have insurance at the time. The previous PM sold them as the perfect tenants as they've been there for 7+ years and haven't been in arrears or caused any damage to the property. Then her replacement subsequently told us (after they've already gone into arrears) that the father had transferred the lease over to the son which the son should've never been accepted by the PM's predecessor.