Life as a Landlord

[Glenn]

You are too simplistic in thinking what you see is what it is.
These people have lived the good life in NZ for ages. What is the bet they will act like the moaning poms used to do all the time.
They used to come out here paid for by the state and never stop moaning. Then often they would return to the land of their fathers only to discover life over there was not what they remembered and so turn around and this time pay their own way back here seeing NZ in completely different eyes.
So my suggestion is to take the case to the tribunal and get the specified sum awarded against them.
Then load that debt up on Veda and set up a monitor on their name.
You might be lucky because one day they might come back and then you can pounce. At that stage they will have a heap of gold in their pockets.

[Sante]

Now, you all know I'm a bleeding heart liberal, but...
I do think the 4 week bond limit is too low. If a tenant decides to scarper leaving damage, at least 2 weeks of that gets eaten up in lost rent; and 2 more weeks doesn't cover a lot of damage, particularly if the rent's low to start with.
In the UK we paid 6 weeks rent in advance, and 6 weeks bond. Yes, it did mean we had to stump up a large lump of cash, but you can bet we scrubbed it down thoroughly when we left!
Getting the bond back was a PITA though - not because of the landlord, but because their bond lodgement system is privatised. Funnily enough, those private companies are keen to make you go through every hoop imagineable before they'll release the cash that's earning them money while it's in their account.

[eri]

have got some final year foreign students

who will probably bolt OS at the end of this uni year

regardless of their lease that goes into next year

even if they leave the place perfect

which won't happen as they've been leaving indoor furniture outside in the rain and denying it

the 3 weeks bond will soon be used up in the fruitless search for new tenants just before xmas

which will mean some belt tightening for my family over the holiday season

[speights boy]

eri
Is it still a business that is overall worth being in, taking into account these downside risks ?

[eri]

guess we'll see

[Keys]

Is it still a business that is overall worth being in, taking into account these downside risks ?

As life goes on I think to myself, what is the reason I work so hard?

For me, October next year will be decision time. With my health good and income stable, do I need the extra stress and worry?

It is not a bed of roses being a PM. The continual monitoring, negotiation between tenancies, attendance to small and large things. All take a toll.

[speights boy]

As life goes on I think to myself, what is the reason I work so hard?
With my health good and income stable, do I need the extra stress and worry?

Very valid questions.
Questions that people in this position should ask themselves on occasion.

[Glenn]

As life goes on I think to myself, what is the reason I work so hard?

For me, October next year will be decision time. With my health good and income stable, do I need the extra stress and worry?

It is not a bed of roses being a PM. The continual monitoring, negotiation between tenancies, attendance to small and large things. All take a toll.

Oh come on it all gets easier once you are on a pension like me.
Have you not noticed things go by faster when heading down hill on thin ice.

[Davo36]

It is not a bed of roses being a PM. The continual monitoring, negotiation between tenancies, attendance to small and large things. All take a toll.

Which is why people employ you rather than do it themselves

[mrsaneperson]

Saturday morning 10am: I installed a new washing machine in my rental. Checked the new hoses were secured to the hot & cold taps & tight. Checked for any leaks from hoses. Ran washing machine to test. All good.
Sunday morning 6am: Rudely awakened to a cold pouring rainy day by knock at the door. Its the tenant who tells me the washing machine is leaking water into his bedroom. He's unsurprisingly not impressed.
Half asleep ,grabbed tool bag and went to check situation.Mopped up pools of water in laundry which had seeped into bedroom below. Looked at water inlet hoses connected & could see a water drip coming down plastic hose constantly from the cold feed. Checked tightness of hose ,all ok, still dripping. About to conclude that it must be faulty hose. But then...My good wife who accompanied me on said mission, notices that the hose fitting isn't sitting flush with the tap. Obviously more observant than me! Unscrewed hose fitting , re-aligned ,screwed backup, no leak. Thank you wifey!

Damn it! Just pays to double check these hose fittings are properly secured & not cross threaded!!!!!!!!!!!!!!!

[sidinz]

I once had a situation where a PM failed to tell me about a 'leak' in the bathroom. The pooling water made its way under the wall and into the bedroom carpet next door.
By the time that had happened, the tenants had already gone to the TT who ordered me to pay for an expert to come and check that there were no mould spores. So new carpet AND expert advice.

When the PM finally did discuss it with me, she wanted me to send a plumber to fix it. "But where is it coming from?" I asked.
"I don't know," she replied.
"But how can I decide who to send if I don't know what the problem is? If it's from the washing machine, a repairman is needed. If it's from the toilet, a plumber is required. If it's coming up from under the floor, it'll be a Body Corp issue."
She failed to get the point and just wanted to waste my money by sending a tradesman, any tradesman. (Similar thing happened under the dishwasher with the same result.)

It turned out that a previous tenant had only used cold water and for reasons unknown, had unscrewed the 'hot' inlet hose from the tap, losing the washer in the process. The new tenants had simply reconnected the hose, not realising that the lack of the washer had the water running down the hose and dripping all over the floor.

All that drama and expense for a flipping $2 washer and as many minutes to fit it.

[flyernzl]

I stress to all incoming tenants that the only time the tub taps that connect to the washing machine should be turned on is when the machine is actually running.

"Put you clothes in, put the soap powder in, turn on the taps, turn on the machine.
When the cycle is finished, turn off the taps, take the clothes out".

So simple We do exactly that at home.

Also, I have a clause in my TA that states that the repair of any damage caused by leaks in the washing machine or its connections is entirely the tenants cost.

[Wayne]

I stress to all incoming tenants that the only time the tub taps that connect to the washing machine should be turned on is when the machine is actually running.

"Put you clothes in, put the soap powder in, turn on the taps, turn on the machine.
When the cycle is finished, turn off the taps, take the clothes out".

So simple We do exactly that at home.

Also, I have a clause in my TA that states that the repair of any damage caused by leaks in the washing machine or its connections is entirely the tenants cost.

To turn my taps off I need to open the cupboard, reach in and turn the tap on or off - not happening everytime the machine is run.
I have installed Supertubs in rentals with the same thing.
Install it right in the 1st place?

[Wayne]

It turned out that a previous tenant had only used cold water and for reasons unknown, had unscrewed the 'hot' inlet hose from the tap, losing the washer in the process. The new tenants had simply reconnected the hose, not realising that the lack of the washer had the water running down the hose and dripping all over the floor.

So was this a washing machine you supplied?

[sidinz]

So was this a washing machine you supplied?

Yep, so I would love to see this fly in my case:
"a clause in my TA that states that the repair of any damage caused by leaks in the washing machine or its connections is entirely the tenants cost."