Society/Culture Landlords - What is the point?

[Captivating]

that is not the same as a margin call

No, a margin call is easy to deal with. Mortgage stress not so much.

But you know that already, right?

 

[Gralin]

No, a margin call is easy to deal with. Mortgage stress not so much.

But you know that already, right?

They're not the same thing
Just like shares and property are not the same thing

 

[Gralin]

Also just like investment stress is not the same as homelessness but hey that one might be a little too much for you to understand

 

[Nuggs Bunny]

I'm still confused about how there's a choice between mortgage and renting + a $700k loan for shares

Mortgage payments - $4,500 per month for a $700k home loan

vs.

$3,000 per month rent for the same house + $6,000 per month in loan repayments and getting back $2,500 per month at tax time assuming top bracket.

 

[Nuggs Bunny]

Also just like investment stress is not the same as homelessness but hey that one might be a little too much for you to understand

You just need to get one of those margin loans that don't require you to make the repayments

 

[rank and file]

Gil McLachlan scores a job with Blackstone,
the biggest corporate landlord in the world.
Responsible for pumping up rents on a grand scale.

https://www.forbes.com.au/covers/in...ng-inside-blackstones-australian-investments/

 

[Dockerau]

No, I said, like for like, the renter should have extra saved because rental payments are less than mortgage payments. There is no 700,000 loan for index funds. Renters pay considerably less to live in the same house than a mortgage holder.

So renters should find it easier to deal with rental stress than a mortgage holder dealing with mortgage stress.

you can get margin and equity loans for shares or index etf, but its a matter what bank will loan it to you, putting a 10% deposit down for a 700k loan for shares the banks will basically laugh at you

 

[yodellinhank]

Christie Lewis facing big damage repair bill because her rental home wasn't big enough for her wheelchair - ABC News https://www.abc.net.au/news/2024-06-22/disability-accessible-housing-renting-in-wheelchair/103965748

 

[Kram]

Yeah I don't want people living on the streets, but when they know there is zero consequences to their actions they just then continually take the piss. Not saying it has to be even super strict like a private rental but I'm talking about windows smashed, holes in walls inside and outside, graffiti everywhere, a yard full of rubbish.

And yep they will try and rob your house with a place to live in anyway, again first hand experience.

Acter being repaired front windows smashed yet again today

 

[X_box_X]

Advice sought.

I have an investment property in QLD.

In July, I received this email from my property manager in relation to a new lease agreement.







I responded by saying I concur, requesting if the price of $580 per week can be offered to the tenants.

In late August, I asked for an update whereby my property manager informed me the tenants had agreed to the new offer. I requested a copy of the lease agreement and was told it would be emailed to me when they return to the office. I didn't receive a copy of the lease agreement.

I've since discovered the lease agreement that had been signed in August was for $550 per week. This figure of $550 is consistent with the amount my tenants are now paying.

I was in contact with my property manager yesterday in relation to the rental income shortage. She acknowledged the error and asked me to leave this with her while she speaks with the business owner as to how this issue can be rectified and she'll get back to me by the end of the week.

While I await a response, what's everyone's thoughts here? Legally, is there anything I should consider doing if the rental income remains $30 lower that what I proposed and never had a chance to reject the offer made / negotiate further?

 

[kickazz]

Since it was the PM's cockup I would they should pay you the $360 (or deduct that from their fee for the year).

In the grand scheme of things that would be small fry for them. If they refuse I'd get a new PM next year.

As you never signed maybe the current deal is not binding (don't know) and you could re issue a contract but that would be a shit move on the tenant who has done nothing wrong.

 

[Ghost Patrol]

Advice sought.

I have an investment property in QLD.

In July, I received this email from my property manager in relation to a new lease agreement.



View attachment 2489819



I responded by saying I concur, requesting if the price of $580 per week can be offered to the tenants.

In late August, I asked for an update whereby my property manager informed me the tenants had agreed to the new offer. I requested a copy of the lease agreement and was told it would be emailed to me when they return to the office. I didn't receive a copy of the lease agreement.

I've since discovered the lease agreement that had been signed in August was for $550 per week. This figure of $550 is consistent with the amount my tenants are now paying.

I was in contact with my property manager yesterday in relation to the rental income shortage. She acknowledged the error and asked me to leave this with her while she speaks with the business owner as to how this issue can be rectified and she'll get back to me by the end of the week.

While I await a response, what's everyone's thoughts here? Legally, is there anything I should consider doing if the rental income remains $30 lower that what I proposed and never had a chance to reject the offer made / negotiate further?

Bad vibes, I'd sell it.

 

[Billy ray]

If you havent signed the new lease surely there isnt one and they are essentially on a month to month?

 

[Frank Grimes]

Since it was the PM's cockup I would they should pay you the $360 (or deduct that from their fee for the year).

In the grand scheme of things that would be small fry for them. If they refuse I'd get a new PM next year.

As you never signed maybe the current deal is not binding (don't know) and you could re issue a contract but that would be a shit move on the tenant who has done nothing wrong.

($30 ×52 weeks) minus the assumed 7% management fee would be $1450 the realestate agent would need to reimburse for their mistake.

 

[morningbrown]

Advice sought.

I have an investment property in QLD.

In July, I received this email from my property manager in relation to a new lease agreement.



View attachment 2489819



I responded by saying I concur, requesting if the price of $580 per week can be offered to the tenants.

In late August, I asked for an update whereby my property manager informed me the tenants had agreed to the new offer. I requested a copy of the lease agreement and was told it would be emailed to me when they return to the office. I didn't receive a copy of the lease agreement.

I've since discovered the lease agreement that had been signed in August was for $550 per week. This figure of $550 is consistent with the amount my tenants are now paying.

I was in contact with my property manager yesterday in relation to the rental income shortage. She acknowledged the error and asked me to leave this with her while she speaks with the business owner as to how this issue can be rectified and she'll get back to me by the end of the week.

While I await a response, what's everyone's thoughts here? Legally, is there anything I should consider doing if the rental income remains $30 lower that what I proposed and never had a chance to reject the offer made / negotiate further?

Well if you weren't a parasite you could have just offered a lease at $530 again. Or sell the house like the other person said.

 

[Taylor]

You're entitled to the price you agreed to but I can't say I'm disappointed that your tenant is getting a better deal - property managers I know are peaked in highschool types so good luck explaining the idea of them being accountable for their mistake.

They should wear the mistake, not you or the tenant.

Crazy that rent is at nearly $600 a week. That's what my mortgage cost me when I bought my place ten years ago. Currency collapse, woo!

Those poor tenants. Maybe a few property managers could stuff up more, save more people some money.

 

[X_box_X]

Well if you weren't a parasite you could have just offered a lease at $530 again. Or sell the house like the other person said.

It's a tree house, though. Under the Forests Act 1958, a tree house can't be sold unless there's 2,500mm of rainfall in a three year period.

 

[faible]

If you havent signed the new lease surely there isnt one and they are essentially on a month to month?

Would depend on whether the agency is authorised to sign off on the lease agreement on the LL's behalf I'd think.

 

[Kram]

Crazy that rent is at nearly $600 a week. That's what my mortgage cost me when I bought my place ten years ago. Currency collapse, woo!

Compared to what people are paying in Perth atm $530 is very cheap.

 

[X_box_X]

I can't be unhappy about the result. I don't lose out and importantly neither do the tenants.









The tenants are getting a decent deal. Average weekly rent for a similar home is $22 more than what they're paying. A win for me and a win for them.

 

[Vassp]

The main problem is the gap between income and house prices.

completely out of sync to what we were used to 30- 40 YO.

Costs to be a landlord have gone up a lot. So its only natural rents have gone up as well.

Thank mass immigration for that.

 

[JHF1870]

I have an investment property but I wish I could sell it and get my own property here in SA but I can't afford it with the loss in transfer costs.

I'm set to lose $135K transferring properties Taxes, selling costs and Stamp duty etc. which means I'll be out of reach of a property, or will severely downgrade from what I had.

Having said that, leasing property isn't all beer and skittles. It's a shitty income earner tbh. If it weren't for the growth I'd have gone backwards. I'm up for about $8k additional maintenance expenses in a tough year. I own over 60% of the property and will probably break even next year or earlier if rates drop. Even saying that, a single home property investor isn't raking in the money.

 

[Vassp]

I have an investment property but I wish I could sell it and get my own property here in SA but I can't afford it with the loss in transfer costs.

I'm set to lose $135K transferring properties Taxes, selling costs and Stamp duty etc. which means I'll be out of reach of a property, or will severely downgrade from what I had.

Having said that, leasing property isn't all beer and skittles. It's a shitty income earner tbh. If it weren't for the growth I'd have gone backwards. I'm up for about $8k additional maintenance expenses in a tough year. I own over 60% of the property and will probably break even next year or earlier if rates drop. Even saying that, a single home property investor isn't raking in the money.

I hear you......
Many of my clients have sold up..its not worth the hassle for them, The taxes in the socialist state of VIC are out of control.

 

[JHF1870]

I hear you......
Many of my clients have sold up..its not worth the hassle for them, The taxes in the socialist state of VIC are out of control.

I know someone who had a rental in VIC. Cost them 40k to get the druggie out of his house for 2 years. Magistrate sided with tenant despite trashing it. Absolute madness.

 

[Vassp]

I know someone who had a rental in VIC. Cost them 40k to get the druggie out of his house for 2 years. Magistrate sided with tenant despite trashing it. Absolute madness.

YEP, standard issue.