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I own a property in the country and I purchased a unit overlooking the swan river about 1 1/2 years ago. I am having dificulty getting tenants in and to also get the rent I require to cover my mortgage.
Can someone please advise what I should do??
Do I sell my house to pay out part of the mortgage on the unit which will leave me no where to live as I work in the country or do I sell the unit to pay for my house to be fixed up and then rented out but then how do I get back into the property market??????????Hi Sandrar,
Shame you are having trouble – if you really want to keep both and still have time have you thought about or tried a different property manager … surely if the one you are with is not performing you are quite at liberty to find another. Also did you have landlords insurance? They cover vacancy periods too. Maybe someone else in WA can help more?
Re selling – it seems as though selling the unit would be the better short term option but maybe the worse long-term option. Do you have any spare equity you could apply to draw out first to cover costs short term before going down either of these routes?
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Mel
[email protected]
Hi Sandrar,Shame you are having trouble – if you really want to keep both and still have time have you thought about or tried a different property manager … surely if the one you are with is not performing you are quite at liberty to find another. Also did you have landlords insurance? They cover vacancy periods too. Maybe someone else in WA can help more?
Re selling – it seems as though selling the unit would be the better short term option but maybe the worse long-term option. Do you have any spare equity you could apply to draw out first to cover costs short term before going down either of these routes?
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Mel
[email protected]Hi Melanie,
No unfortuneately I don’t have any other equity to draw off at the moment. I’m just managing to keep my head above water.
I had no idea Landslords Insurance covered vacancy periods. I actually cancelled after my previous tenant left.
Do you know whether they cover you straight away if I were to resign up?
You are right my property manager hasn’t been assisting me at all.
Will try for a new one!
Thank you for all your advice Melanie.
SandrarHi Sandrar
I fairly certain landlords insurance only covers you when a tenant causes malicious damage to your property, the insurance company then covers your lost rent while repairs are happening.
re your current situation. Yes try a new PM but also you might be able to do something simple and cheap to attract new tenants ie a ceiling fan etc or offering the first weeks rent for free or offering to assist with removal costs or free movie tickets …. the options are endless.
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