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Slacks creek "Logan" rental market

Discussion in 'General Property Chat' started by tomlemke, 17th Mar, 2016.

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  1. tomlemke

    tomlemke Well-Known Member

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    Hows everyone finding the rental market at the moment? i have a 4bd highest in slacks creek and after 3 months of no rent and finally managing to get the tenants out in February. The p.m has spent the last month doing repairs so the property can be re let. Photos were done today and will be online tomorrow P.m said she felt like a proud mother when she got sent the photos this afternoon: ) Bit different to when she had fleas up to her knees when she had her first inspection after taking over from the last p.m.
    Had a quick look online seems to be only 6 x 4 bed room houses for rent are they still in demand? there has to be at least 50 x 3 bed houses for lease.
    Has anyone put new tenants in lately ?
    Hopefully find some quality tenants this time.
     
  2. Coconutwheels

    Coconutwheels Well-Known Member

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    I've just been through similiar experience in slacks creek, only a 2 brm unit though. There's plenty of completion for the units but still only took about two weeks. Good agent makes a big difference though.
     
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  3. dabbler

    dabbler Well-Known Member

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    I do not know, you would have to think with all the investors buying recently that there would be a bit of choice.

    I had tips off trades people to buy in Slacks Creek....an indicator it was flooded to me :)

    Just took 4 weeks to get a tenant in Bris bayside, was only 6 similar places, I thought that was a very long time as there was a lead up to being vacant too. All up will have been empty for 5 weeks. I agree with the other comment, a good agent will make a big difference, however many of them seem somewhat asleep to me, good in terms of buying, no so much for the managing.
     
  4. tomlemke

    tomlemke Well-Known Member

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    Yep got an awesome p.m now, learnt some good lessons with the last one.
     
  5. RetireRich101

    RetireRich101 Well-Known Member

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    was it the agent that was highly recommended here in the first place that you used previously ?
     
  6. tomlemke

    tomlemke Well-Known Member

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    Yep started off good then went bad so quickly, knew exactly what to look for with the next p.m biggest issue with the last one was the to p.m to rental ratio.
    @RetireRich101
     
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  7. RetireRich101

    RetireRich101 Well-Known Member

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    it's more pot of luck really. while it may start off good, business change, and you cop it.

    i also stopped recommending my PM, in case I give them more business that they cant take
     
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  8. TMNT

    TMNT Well-Known Member

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    when an area jumps in value due to increased investors, the rental market will soften dramatically,

    Real estate investing 101

    im actually surprised that the rental market isnt even softer
     
  9. tomlemke

    tomlemke Well-Known Member

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    Yep I'm keeping tight lipped with the new one. I would cringe every time someone would recommend the last p.m knowing what could happen if she got to busy.
     
  10. JameZ

    JameZ Active Member

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    damn I was just about to ask for the details of your new PM :p
     
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  11. RetireRich101

    RetireRich101 Well-Known Member

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    going back to your post, my PM advised to keep no rent increase in my last renewal.

    i recently put a Access Community assist tenant in another one ( i think they are refugees tenant for 6 month, then they're on there own). no problem so far.
     
  12. RetireRich101

    RetireRich101 Well-Known Member

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    interesting debate on 'increased number of investor' buying in the area .

    they just forgot the Seller may also be an investor. noone is pulling the stats on how many Seller that are investor, only on Buyer...

    so 100 Seller (that are Investor),
    and 100 Buyer (that are also Investor)

    then Tenant roll is in equilibrium, wouldn't one think?
    are there any stats that can confirm, Seller Investor < Buyer Investor?
     
  13. RetireRich101

    RetireRich101 Well-Known Member

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    we no charge $100 per referral. no private messages pls :p
     
  14. tomlemke

    tomlemke Well-Known Member

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    Good point! when applying for the loans the banks would have on record if the house is going to be a rental or a home.

    What suburb are you in @RetireRich101 when did you buy?
     
  15. RetireRich101

    RetireRich101 Well-Known Member

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    A few from LCC LGA from 2014
     
  16. RetireRich101

    RetireRich101 Well-Known Member

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    I am pretty sure that's my brother from another mother..:p