Hi there,
this seems like a good site, so thought i'd come and look for some advice here.
We've just bought our second investment property. We manage our own properties, and have had no issues so far.
The property was sold to us with a tenant in place, and the agent didn't disclose any issues. the house appeared very clean and well taken care of, and apparently the tenant was reliable, so we decided to purchase the house with the tenant in place. they are paying about 20% below market rent, but we thought it would be an easy transition, and we would increase it in another 6 months or so. thought that would be reasonable.
a day before settlement our lawyer was completing the apportioning of the rent. it came out that the rent was nearly 4 weeks in arrears. when i queried the listing agent about this, he came back with an email from the vendor that he "had missed", stating this was so. Had the agent disclosed this in time, i would have requested vacant possession, and gotten a fresh tenant in, paying market rent.
3x weeks' bond was transferred to my name as new landlord.
we took possession nearly 3 weeks ago, and i still have not seen any rent. i served the tenant with a notice of rent in arrears last week (after he was 2 weeks behind), and i still haven't heard from him. he is not returning my calls.
my questions are (though other advice is appreciated):
advice is appreciated.
Nick
this seems like a good site, so thought i'd come and look for some advice here.
We've just bought our second investment property. We manage our own properties, and have had no issues so far.
The property was sold to us with a tenant in place, and the agent didn't disclose any issues. the house appeared very clean and well taken care of, and apparently the tenant was reliable, so we decided to purchase the house with the tenant in place. they are paying about 20% below market rent, but we thought it would be an easy transition, and we would increase it in another 6 months or so. thought that would be reasonable.
a day before settlement our lawyer was completing the apportioning of the rent. it came out that the rent was nearly 4 weeks in arrears. when i queried the listing agent about this, he came back with an email from the vendor that he "had missed", stating this was so. Had the agent disclosed this in time, i would have requested vacant possession, and gotten a fresh tenant in, paying market rent.
3x weeks' bond was transferred to my name as new landlord.
we took possession nearly 3 weeks ago, and i still have not seen any rent. i served the tenant with a notice of rent in arrears last week (after he was 2 weeks behind), and i still haven't heard from him. he is not returning my calls.
my questions are (though other advice is appreciated):
- what is the easiest way for me to get the tenant out? 90 days notice in this event seems crazy.
- is the listing agent liable for anything? as a minimum, they have a PM department which i think should sort the issue for me free of charge.
- is this something i should be talking to my insurer about? i imagine the fact that i didnt screen the tenant (as they were already in there) will be a sticking point.
advice is appreciated.
Nick
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