not buy an investment property just because it has a tenant.
is extremely important to do your research.
are the advantages:
Income and cash flow
have to spend time, money and effort finding a tenant
investment is already relatively secure
can focus on managing your property and maintaining a good professional
relationship with tenant
Here are the disadvantages:
the existing tenants are problematic, you are stuck with them until the lease
you want to undertake renovation and repairs, you are subject to the conditions
of the existing lease and may have to pay compensation to the tenant, lack of
access to property etc
may inherit a lease that is close to expiration or even tenants who are off
lease, which means they can vacate with no notice and leave you back at square
one, looking for tenants.
Legal Advice when checking the Lease
to the existing Property Manager and find out about the existing tenant
sure you inspect the property beforehand
the rental yields in your location and compare them to what you are considering
if there are any other agreements in place, written and/or verbal as you may
have to honor these.
sure the bond is transferred properly so that it can be transferred to your
name on settlement
how often the property is inspected and make sure you are comfortable with the
frequency and outcomes of each inspection.
the property condition report to your own observations.
the performance of the Property Manager and consider DIY Property Management
with www.realrenta.com.au it’s the same as having
a professional property manager but without the price tag.
Not yet a
RealRenta Landlord today and get 50% off the normal subscription fees:
Friday, 26 June 2020