Good answers everyone.
Now let’s see if we can learn something from this.What makes us act?
Actions are the consequence of thoughts. Thoughts are caused by our believes. Believes are placed in our minds as a program usually well before age 10.
When we set our conscious mind in action in the understanding that WE are making decisions, it is in fact our environment including all the person that had a go at programing us from an early stage that are determining what action we take.
Take this little experiment for example. I know how sensitive the topic of rent is for many. The landlord wants his return, the tenant does not want to pay more. The landlord is the bastard, the tenant is the moron, etc etc.
Yet forget for a moment who says what, put emotions and pride aside, look at this for what it is, a riddle, and think. IF all you want is an outcome X, and you know that you are not reaching such outcome because a particular program is stopping you, what would you do? Would you cuddle and pet the offending program because it brings you memories of the shop owner who sold it to you or would you drop it for what it is, rubbish, and bring in something that will serve you to reach outcome X?
Everything we do in life is due to a set of believes that are in our subconscious with our permission or without it, placed there most of the time without our knowledge. We have as always a choice. To pet and cuddle our limiting beliefs that stop us from achieving, but that we think are what makes us socially acceptable to others or we can drop them and replace them with believes that serve us.
There is no point in defending other people’s principles, recycling them only for a false concept of social loyalty. The deep rooted bias and angry reactions I was able to extract from you so easily, are but the tip of the iceberg, little samples of a huge array of limiting beliefs that appear not to be serving you but are a handicap to success.
Each time you feel the urge to express anger and frustration against a particular idea, stop to think why you feel that way.
Identify your limiting believes and drop them, replace them with principles that serve you and others and you will not fall in the same trap ever again.To your success !
May God prosper you always.[biggrin]
MarcUh, thanks for that Anthony Robbins…[rolleyesanim]
Or not.The deep rooted bias and angry reactions I was able to extract from you so easily, are but the tip of the iceberg, little samples of a huge array of limiting beliefs that appear not to be serving you but are a handicap to success.So do you fancy addressing my point?
Not all (infact not even most) property investors need to raise their rents in line with the recent and upcoming interest rate rises.Or is this fact one of those ‘limiting beliefs’ of which you speak?
Regards, F.[cowboy2]
(Who has already been ‘prospered’ thank you very much, and not by god…)Hi All,
This is interesting, and lots of fun, but lets get back to the topic and answer shaztas’s original question……
It was something like “how many of you are considering putting up your rent/s due to the latest rise in interest rates?
The way I personally see it is –
generally suburbs with a limted number of rental properties in a well located area tend to achieve high levels of rental income because of scarity factor.Am I putting rents up???
I review every 6 months and look at the trend in the area, what similar properties are renting for. I also ask my PM, check local papers, and keep an eye on it.I am not sure how or whether interest rates factor into the equation.
Originally posted by Marisa:Hi All,
This is interesting, and lots of fun, but lets get back to the topic and answer shaztas’s original question……
It was something like “how many of you are considering putting up your rent/s due to the latest rise in interest rates?
The way I personally see it is –
generally suburbs with a limted number of rental properties in a well located area tend to achieve high levels of rental income because of scarity factor.Am I putting rents up???
I review every 6 months and look at the trend in the area, what similar properties are renting for. I also ask my PM, check local papers, and keep an eye on it.I am not sure how or whether interest rates factor into the equation.
That is a scary thought.
It equates to your local deli operator doing the rounds to see how much his competitors sell salami and prosciutto, and saying “that is all it counts”, “what does the cost of salami has anything to do with prices”?[cigar]May God prosper you always.[biggrin]
MarcHi Marc
I’ll tell you what is scary though, if my IPs remain vacant because I am not realistic with my rents. The lose will be more than just a couple of dollars.
Cheers, Marisa
Marisa,
It’s nice to read a post from a professional. You go about your business in a most professional manner.
I look forward to reading more of your posts.bruham.
Well, quite.
One’s rents should be at market. If they are too low, you’re a mug of a landlord. If they’re too high, you’re a mug of a landlord.Interest rates have nothing to do with the market rent, other than, if landlords collectively feel the pinch and with a sort of critical mass mexican wave all decide simultaneously (or through their rental managers) to put the rent up, thus the ‘market rent’ will increase and up yours goes with it.
In my experience buying properties it is the self managed by mom and pop ones that tend to be underlet, professional rental managers tend to (mostly, unless they are lazy) keep the rent bubbling ‘at market’.
Interesting to see the lack of cohesion and fear in the residential market. Maybe in a century or two the banks and insurance companies will become large players in the residential market, like in Europe. No worries then about making a decision on rent increases!
JPD
Hi All,
Here’s a personal story that is both scary and reassuring on different levels.
I haven’t been visiting here much lately as I have several health related family issues that have pushed both our IPs, PI.com and a lot of other things into the background.
Old tenant moves out of IP. New tenant moves into IP. OK – good… not vacant. This is background info as I’ve got other things on my mind. Rental statement arrives in the mail. Hey wow… look at that… the new tenant is paying $10pw more than the old tenant. Thanks PM for being on the ball when I’ve got little (to no) idea what is going on. Lucky me in this instance.
As I said both scary (wake up call for me) and reassuring (PM is picking up my slack and earning her money).
So, yeah, I guess I’m putting my rent up (for this IP anyway).
Kind Regards,
SonjaPS. Guess this also supports Mini’s point about proffessional/decent PMs.
Originally posted by Sonja:……….Guess this also supports Mini’s point about proffessional/decent PMs.
Agreed.
RE a block of 6 flats, all identical, old PM was always making excuses for having a smorgasboard of rent rates, from 120 to 150, depending on how long the tenenat had been there, and other rather irrelevant trivia like condition of the courtains.
Too far away for me to have a real feel of the market, I had been relying on PM too much.New PM sends me an e-mail on this lines: After inspecting your flats, I seek your permission to change the blinds in one flat, and one lounge in another, after that I will proceed to put all rent up to 155 if you agree.
Yea… like I will say no to that [biggrin]
May God Prosper you.[biggrin]
Marc
http://www.chosen4u.com/?aceDear JPD,
I am interested to know which of the world you are in.
Cheers,
FrancisFabulous, and God Bless our property managers, running a professional business, acting as our eyes and ears in the market. I could not invest as I do (in various locations all over NZ) without them.
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