Hi all,
I am a first-time landlord, having bought a 3bd state house in Fairfield, Hamilton. I took over the property with the existing tenants. It still seems like a good investment, though I am heading overseas for four years in September, and I want things hassle-free by the time I go.
So, the problems:
On one hand, I keep the messy tenants with slightly lower rent, but who are likely to stay longer term (kids in nearby school). If I keep them, I was wondering if I can
I am heading overseas soon, but my parents may be able to manage the property, as really, all we are doing is mowing the lawns, which we need not be. Or, I could get a property manager to save myself the hassle --- however, I can't justify the 8% fee for them doing nothing. Thoughts?
On the other hand, I move in to the house (42 day eviction), clean it up, and get in new tenants. This way, I have the aforementioned problems sorted out, and get the new rent quicker. I'd also be able to choose more suitable (and clean) tenants. The only problem, of course, is how long it takes to find new tenants --- does anyone know if there is a resource telling me about this?
I realise I've got quite a few questions in there, but any responses would be most appreciated!
Regards,
Ianhoolihan
I am a first-time landlord, having bought a 3bd state house in Fairfield, Hamilton. I took over the property with the existing tenants. It still seems like a good investment, though I am heading overseas for four years in September, and I want things hassle-free by the time I go.
So, the problems:
- The existing tenants are untidy, and unclean, e.g. sleeping on mattresses without sheets, fires on lawn, mould on ceilings. I think there are two adults and 4 (5?) kids, which is probably too much. Unfortunately, I am unsure of the condition the house was in when they first moved in, as I was not the owner then.
- The previous property managers did the lawns, so I do too, even though it is not in the TA.
- The rent is $290pw, and I want to increase it, but don't know the details.
On one hand, I keep the messy tenants with slightly lower rent, but who are likely to stay longer term (kids in nearby school). If I keep them, I was wondering if I can
- create a new tenancy agreement (the current one is for previous owner)
- clean the house beforehand, and take photos etc such that I have a record for how clean I expect the house to be.
- stipulate in it that the tenants must mow the lawns
- increase the rent in it without waiting 180 days
I am heading overseas soon, but my parents may be able to manage the property, as really, all we are doing is mowing the lawns, which we need not be. Or, I could get a property manager to save myself the hassle --- however, I can't justify the 8% fee for them doing nothing. Thoughts?
On the other hand, I move in to the house (42 day eviction), clean it up, and get in new tenants. This way, I have the aforementioned problems sorted out, and get the new rent quicker. I'd also be able to choose more suitable (and clean) tenants. The only problem, of course, is how long it takes to find new tenants --- does anyone know if there is a resource telling me about this?
I realise I've got quite a few questions in there, but any responses would be most appreciated!
Regards,
Ianhoolihan
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