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Buying to Rent out ?

Buying to Rent out ?

Old Nov 18th 2002, 3:31 am
  #1  
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Joined: Aug 2002
Location: Perth Arse end of the planet
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Default Buying to Rent out ?

Its very in here to get an investment home , god help you if you end up with some of these good people.




20,000 bad tenants on rampage
By KELLY GIRDLESTONE
17nov02
MORE than 20,000 destructive tenants are ruining the investments of WA property owners.

National tenancy figures from a leading rental insurance broker show 20,000 tenants in WA owe more than $8 million in rent and have caused$2 million in property damage.

Aliquot Property Management general manager Peter Bruhn described the results as shocking.

"It may surprise many first-time property investors that claims for malicious damage have jumped by 30 per cent over the past two years," Mr Bruhn said.

"The rate of deliberate arson by tenants in retaliation for being evicted has tripled."

He warned the surging number of home investors in WA about the rising risk of damage and financial loss caused by "cowboy" tenants.

He said the problem was growing in WA because of a growing number of naive first-time investors and rising vacancy rates that lead landlords to take on risky tenants.

"The rental vacancy rate in Perth has jumped to 4.4 per cent which is at very high levels compared to previous years," Mr Bruhn said.

"Because landlords are finding it more difficult to find tenants, they have been less stringent in their checks.

"In addition, there has been a surge in the number of first-time investors during the past year and many of these people tend to manage their own property."

WA has the highest number of self-managed rental properties per capita in Australia, more than half of all WA rental properties are self-managed.

"First-time investors do not appreciate that professional property managers have access to a national database that identifies problem tenants," Mr Bruhn said. "Property managers will also ensure the landlord has comprehensive landlords' protection insurance cover."
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