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Thread: Rental deposits

  1. #11
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    Quote Originally Posted by Houses4Rent View Post
    Letting is a business, not a charity so a (constant) late payer needs to be brought in line. Eviction is too costly and overkill in this case. Why not just wait until lease expires, do not renew it and find a better tenant with the help of TPN or a decent letting agent. Of course, the later is probably even harder to find than a decent tenant...
    100%, renting is a business and when you give tenants an inch they take a mile and it's difficult to reel them in because they cry abuse and make the landlord look like the asshole. I've had these tenants for 3 years and they're always late and rack up big utility bills, and then complain to me when the city cuts the electricity and charges them the reconnection fee.

    I was desperate for tenants when I brought these guys on but now that I'm in a stronger position now, I'll definately ice them at the end of the lease and bring on new prospects, even if it takes a month or two of vacancies.

    Preferably young professionals that are out working all day and earn salaries and NO PETS.

  2. #12
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    Talking about the eviction process, Has anyone got a estimate of the costs involved ?

  3. #13
    Gold Member Houses4Rent's Avatar
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    How long is a piece of string? I doubt one can you a ballpark figure as it depends on countless variables.
    Houses4Rent
    "We treat your investment as we treat our own"
    marc@houses4rent.co.za www.houses4rent.co.za
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    Global Residential Property Investor / Specialized Letting Agent & Property Manager

  4. #14
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    Quote Originally Posted by julies View Post
    Talking about the eviction process, Has anyone got a estimate of the costs involved ?
    This happened to us some years ago at the cluster house, took 8 months to get the tenant out, the sheriff came to remove his furniture and place it on the pavement, he came up with 8 months rent immediately...legal fees were a bitch, don't know what we paid those days but we definitely lost out.

    I've also been in a situation where a tenant stopped paying and we had to go into litigation, they paid up the rent but removed 11 air conditioners and removed the carport coverings (it was a commercial property) and did serious damage to the property making it untenantable, that little exercise cost me R80k and took 3 years for me to pay the lawyer. A nightmare I'll never let happen again.

    In my experience, tenants always have the upper hand, especially in a residential lease, they can stop paying, destroy the place, be nuisance etc and its DIFFICULT to control, and the legal route is a LAST resort. Once you get lawyers involved, it's game over, that's why I try handle disputes face to face with people and avoid lawyers at all costs!

    In my opinion, the KEY to landlording is good tenant placement, never compromise even if you have to stay vacant.

    I've had very good experiences with tenants in recent years, sometimes 8 months goes by with no phone calls and money rolling in, it's a dream if you have a good tenant.

  5. #15
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    Quote Originally Posted by Houses4Rent View Post
    I responded yesterday as post #2, seems to have gone into a black hole and would like to know why?
    Absolutely no trace of the post you refer to, I'm afraid.

    As to why - Most likely cause is the full packet stream didn't make the trip all the way to the intended destination when you posted. And like missing socks, no-one knows where they end up. They just vanish without a trace.

  6. #16
    Gold Member Houses4Rent's Avatar
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    Quote Originally Posted by Basment Dweller View Post
    In my opinion, the KEY to landlording is good tenant placement, never compromise even if you have to stay vacant.
    Very wise words. This is exactly what I do. We now manage 120 units and had only 2 real evictions in 7 years. And on top of that very rarely a vacancy as we start marketing 2m before lease end.
    Houses4Rent
    "We treat your investment as we treat our own"
    marc@houses4rent.co.za www.houses4rent.co.za
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    Global Residential Property Investor / Specialized Letting Agent & Property Manager

  7. #17
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    I use:
    TPN
    www.landlords.co.za
    Tenrisk

  8. #18
    Gold Member Houses4Rent's Avatar
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    Tenrisk is an insurance, not a guarantee.
    Houses4Rent
    "We treat your investment as we treat our own"
    marc@houses4rent.co.za www.houses4rent.co.za
    083-3115551
    Global Residential Property Investor / Specialized Letting Agent & Property Manager

  9. #19
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    Quote Originally Posted by Houses4Rent View Post
    Tenrisk is an insurance, not a guarantee.
    Yep, thats right. It works like most insurance products i.e. insures against the risk, in this case, loss of rent.
    Their product also offers the legal side (which is worth more) of a tenant eviction should the tenant default. They are not the absolute greatest i.e. it is not a guarentee that you will get your rent, but if you follow the policy rules, they will pay you from month 2 (month 1 is the excess) to month 6 and cover the legal costs of eviction, which should be done by month 6.
    Since we do not use a rental agency, I see the costs for this insurance as part of my costs for the rental management.

  10. #20
    Gold Member Houses4Rent's Avatar
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    What, an entire month is excess? That is insane. An eviction should in normal cases not take 6m. Is there a cap on legal costs?
    I only use guarantees (3m cover) without caps. PM me if you are interested.
    Houses4Rent
    "We treat your investment as we treat our own"
    marc@houses4rent.co.za www.houses4rent.co.za
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    Global Residential Property Investor / Specialized Letting Agent & Property Manager

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