Your tenant, your rental income and Covid - 19
- By Peter Gordon
- •
- 02 Apr, 2020
With the current pandemic spreading across the globe we have all felt the effects - cities going into lock down, businesses closing their doors, staff have been made redundant, on leave without pay or working reduced hours.
We have to consider over the coming days, weeks and months the unemployment rate and how high it may go. Australian’s across the nation are starting to feel the pain of either losing their income or working reduced hours.
Tenants and landlords will also be feeling the flow on effects of the pandemic. It’s hard not to panic in the current global climate. However, now more than ever it’s important to review your budget so you can focus on getting through this difficult time.
As an investor and business owner that works with Australian’s, educating them on how to invest in property, I have outlined several questions that you might like to consider for your tenant, your property manager and yourself.
Request the following from your property manager. They will have this information on file.
- Or are they sharing the accommodation
Knowing your tenants employment position, their individual or joint incomes can assist you with your own cash flow and budget for your investment property. If they are a couple leasing your property then knowing their income can assist you with working out what they might be able to afford to pay each week if one tenant loses their job.
I believe it’s always best to plan ahead. That way if circumstances change you can pre-empt your strategy.
If you are concerned about the ever changing landscape and are unsure of what to do please reach out for assistance.
The Team at Investo Property are here to help.
CONTACT ME NOW peter@investoproperty.com.au
| Quiet simply, the Palms is the place to buy! |
Sydneysiders and Melburnians, put aside your equally outstanding flat whites for a moment. Stop bickering about whether great beaches beat cool laneways (they do) and desist from debating whether all baristas require waxed moustaches (ideally).
Because Brisbane is closing in on the title of Australia’s best city, and we must join forces to keep this subtropical upstart in its place.
Time magazine recently named Brisvegas on its “World’s Greatest Places” list, and omitted our cities. It’s a huge shock (and who knew they still published Time magazine?). But they might be onto something.
Time points to the 2032 Olympic and Paralympic Games, which will be hosted in the maroon metropolis. Brisbane will do a fine job, even though it’ll baffle the world when rugby league is added to the schedule and Queensland is allowed to field its own team.
Time’s most radical claim is that Brisbane is worth visiting now, but tourism is surging. Not only did Lin-Manuel Miranda recently drop in to catch Hamilton , but hundreds of Hamilfans flew up to watch his interview with Leigh Sales (presumably unaware that it would subsequently arrive on iView for free).
A leading local agent has appraised each side of these duplex's to be worth $665k on completion and rent for $495 per week. So that is massive potentail instant equity of up to $390K on completion, which is incredibly hard to find.