Just watching the Pity Party story on Current Affair about people deciding to stop paying rent until they reckon the Covid-19 crisis is over. Appears the prominent couple in the story do not understand the circumstances under which evictions cannot be carried out. If you do not pay your rent, an application by the Property Manager to QCAT (Qld) can see you out on the street quick smart. Great opportunity for CA to produce a story sure to create outrage in the uninformed who see the simple statement from Govt re: an eviction moratorium as an excuse to get out of their legal obligations to pay their rent. The Hype in the story is in the majority coverage of people who don't want to pay their rent, and then a tiny piece on the way these selfish people push their problem on to the Landlord. Family member who is a Property Manager is taking a number of tenants to court next week and they will be out on the street soon after. The way to avoid eviction from a domestic rental is to enter into a Financial Agreement to defer payment of rent in some manner. None of that information is in the CA story.
What's the connection to caravanning? My Property has had several applications for short term rentals from full time travellers who need to Self-Isolate or Self-Quarantine.
Iza
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Iza
Semi-permanent state of being Recreationally Outraged as a defence against boredom during lockdown.
Just watching the Pity Party story on Current Affair about people deciding to stop paying rent until they reckon the Covid-19 crisis is over. Appears the prominent couple in the story do not understand the circumstances under which evictions cannot be carried out. If you do not pay your rent, an application by the Property Manager to QCAT (Qld) can see you out on the street quick smart. Great opportunity for CA to produce a story sure to create outrage in the uninformed who see the simple statement from Govt re: an eviction moratorium as an excuse to get out of their legal obligations to pay their rent. The Hype in the story is in the majority coverage of people who don't want to pay their rent, and then a tiny piece on the way these selfish people push their problem on to the Landlord. Family member who is a Property Manager is taking a number of tenants to court next week and they will be out on the street soon after. The way to avoid eviction from a domestic rental is to enter into a Financial Agreement to defer payment of rent in some manner. None of that information is in the CA story.
What's the connection to caravanning? My Property has had several applications for short term rentals from full time travellers who need to Self-Isolate or Self-Quarantine.
Iza
you raised the question .what is the connection to caravanning ? some of us rely on rental income to fund our life style
some of us rely on rental income to fund our life style
And that is my main issue with the CA story. In my view, CA is supporting the people who want to get away with not paying rent, despite their legal obligation to do so. Any Landlord who is trying to service a mortgage on an investment property needs the rent to service the mortgage. Those who need the rent to fund their lifestyle may find it rough going in the near future. Tenants asking for a free ride just because there is a public heath issue going on should not be supported just to bring in a TV audience.
Iza
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Iza
Semi-permanent state of being Recreationally Outraged as a defence against boredom during lockdown.
okay i think i get it. you objected to CA(ACA) doing the story because it high lights a few people trying it on, hoping that others will join in an think they don't have to pay rent. if they told the whole story ,what the PM requested was that if people are affected by corona issue they might be able to defer some rent and make it up later !
at this point in time ,councils haven't cancelled any rates, insurance hasn't been reduced bank haven't cut mortgage rates anything that may be deferred will have to be made up later or tacked on to the mortgage. no relief coming my way
I am a Landlord & have managed my own property but for the last few years have gone through a real estate agent.
My tenants have both lost their jobs & don't qualify for assistance. They filled out extensive paperwork with the real estate agent which in turn asked me for a reduction in rent. I have agreed and back dated it to the beginning of April.
This is by far my largest percentage of income so I will have to tighten my belt, but I have saved over the years for adversity. Years ago I had to come up with tens of thousands of dollars when we had to cut out a floor/ceiling between two units due to concrete cancer. So probably I am more prepared than others having been through these situation.
At the end of the day I have an asset but my tenants don't!
__________________
Procrastination, mankind's greatest labour saving device!
50L custom fuel rack 6x20W 100/20mppt 4x26Ah gel 28L super insulated fridge TPMS 3 ARB compressors heatsink fan cooled 4L tank aftercooler Air/water OCD cleaning 4 stage car acoustic insulation.
I am a Landlord & have managed my own property but for the last few years have gone through a real estate agent.
My tenants have both lost their jobs & don't qualify for assistance. They filled out extensive paperwork with the real estate agent which in turn asked me for a reduction in rent. I have agreed and back dated it to the beginning of April.
This is by far my largest percentage of income so I will have to tighten my belt, but I have saved over the years for adversity. Years ago I had to come up with tens of thousands of dollars when we had to cut out a floor/ceiling between two units due to concrete cancer. So probably I am more prepared than others having been through these situation.
At the end of the day I have an asset but my tenants don't!
I am a Landlord & have managed my own property but for the last few years have gone through a real estate agent.
My tenants have both lost their jobs & don't qualify for assistance. They filled out extensive paperwork with the real estate agent which in turn asked me for a reduction in rent. I have agreed and back dated it to the beginning of April.
This is by far my largest percentage of income so I will have to tighten my belt, but I have saved over the years for adversity. Years ago I had to come up with tens of thousands of dollars when we had to cut out a floor/ceiling between two units due to concrete cancer. So probably I am more prepared than others having been through these situation.
At the end of the day I have an asset but my tenants don't!
have you checked your landlord insurance (if you have it) reducing the rent may cause more issues later. i'm getting mixed messages about the best way to deal with the problem in case it goes on for longer than expected. talk to your agent a short term fix may make you feel warm and fuzzy but in the end the tenants can walk away, the problem becomes wholly yours. you still have to pay the bills
-- Edited by dogbox on Wednesday 15th of April 2020 08:44:49 AM
I haven't looked at my LL insurance. Our building has been through a major headache with insurance due to being Tenants in Common. Insurance companies have decided they only wanted to do Strata Title.
We run our building really well, fix things ASAP, have maintenance plan, asbestos plan & have been removing it, OH&S report, fire safety plan, did major electrical upgrade recently, implemented the NSW Child safety requirements, & we have a lot of funds in the Sinking Fund.
The neighbouring building which is Strata Title have no funds of replace their flat roof which is leaking, & each Unit has to come up with $16k.
Last year I found out even though I had LL insurance I wasn't covered as the LL insurance was for within a Strata Title. Just one big headache & I don't want to push my luck for the long term.
As far as the rent reduction the agreement is for 3 months or to when the government lifts the lockdown if it goes on longer. I can live with that. I keep distance from the tenants as they are in the same building as us & would rather they stayed put for the long run. It costs a lot everytime tenants change especially if the property is empty for a few weeks.
__________________
Procrastination, mankind's greatest labour saving device!
50L custom fuel rack 6x20W 100/20mppt 4x26Ah gel 28L super insulated fridge TPMS 3 ARB compressors heatsink fan cooled 4L tank aftercooler Air/water OCD cleaning 4 stage car acoustic insulation.
Predictions by my Property Manager is that the end and a back to normality is going to be messy. Qld has legislated (or is about to) do what my PM has already been doing, that is, rent arrears will have to be paid once the eviction moratorium is lifted. As many are asking for a 50% or more reduction, and that there is no guarantee that jobs lost will suddenly become available again, lots of total defaults are being anticipating. Landlords who have borrowed also lose any protection from the demands from the bank once the moratorium is lifted. Landlords with Rent insurance are also having to read the fine print, carefully. Not a good situation all round.
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Iza
Semi-permanent state of being Recreationally Outraged as a defence against boredom during lockdown.
