All Topics / The Treasure Chest / Current Tenant Issue

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  • Profile photo of The DIY Dog WashThe DIY Dog Wash
    Join Date: 2003
    Post Count: 696

    Hi Folks

    I would really like some feed-back about this situation.

    We are buying a tenanted property in country Vic, that has very good numbers, but! the tenant has been in the property in Sept 2002 on a verbal agreement paying $150 per week.

    I have received a signed letter in the vendors statement that the rent is up to date and that the tenant has been no touble.

    There is no bond or lease, I am wondering how I will go getting both of these once settlement has taken place. I don’t want to piss the tenant off (pardon me[:I]) but I want to protect my investment. I know I am answering my own question, but what are your thoughts.

    Leigh K[:D]

    Read, learn, grow but most of all just do it.

    Profile photo of SooshieSooshie
    Join Date: 2002
    Post Count: 974

    Hi Leigh,

    Do you want to Wrap or L.O it to the tenant? Could you speak to the tenant prior to settlement, introduce yourself perhaps? I reakon once they see you, they might be relieved to sign a formal arrangement/lease, so that they have somewhere permanent to stay and they know you’re not going to kick them out.

    Just a thought
    Sooshie [:)]

    “Giving is a Blessing, receiving is the bonus”

    Profile photo of NessieNessie
    Join Date: 2001
    Post Count: 73

    Hi Leigh

    I always try to meet the Tenants before settlement. It is amazing what information you can find out when meeting them – like what their situation is, what their plans are, what they might need to help them stay in the property (this is really important)

    eg: They don’t have good TV reception – get a repair man to fix the antenna or they can’t afford to buy a sandwich toaster – doesn’t cost much.

    Then suggest that you will do one or both for them if they will sign a lease and pay the bond.

    If they have a problem paying the full amount of the bond in one hit, let them pay it by instalments by them paying extra rent for 5 or 6 weeks to cover the bond.

    Tenants can be hard to get so look after them.

    Also you can use the line “my Bank agreed to help me with finance to buy this property on the condition that I have a signed lease, so unfortunately I need to ask you to sign a Lease”

    Make yourself the “good guy” and you should be able to get what you want.

    It has worked for me. Good Luck.

    Oh, don’t forget to take out Landlord Insurance.


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