I am afraid that I have broken the number 1 rule when self managing one of my Adelaide properties.
I have let the tenant get behind on their rent.
This has occurred as I have currently got the property on the market for sale and as the tenant can be a little difficult sometimes (and also has been diagnosed with cancer so I felt sorry for him) I overlooked a couple missed rental payments here and there but he is now 4 weeks behind.
I have not served a breach on him because I have not wanted him to be difficult for the opens and effect the sales process.
So my question is what should I do to recover my lost rent and prevent further losses?
The auction is on Saturday the 12/2, if it doesn't sell I am definitely going to have to take action by serving a breach and/or working out a repayment plan so that the tenant catches up. But then if he does move out I am going to have a vacant house not earning any rent until it sells!
I was also thinking to have the settlement day timed for when the lease ends in 2 months time, so that I could at least recover the last 6 weeks rent and then the tenant could re-sign with the new owner if they turned out to be an investor or find another property to rent. But its odds on that he will not have the bond payment for the new lease and thus not be able to resign or move out on the settlement day!
Any advice?
Thanks in advance.
I have let the tenant get behind on their rent.
This has occurred as I have currently got the property on the market for sale and as the tenant can be a little difficult sometimes (and also has been diagnosed with cancer so I felt sorry for him) I overlooked a couple missed rental payments here and there but he is now 4 weeks behind.
I have not served a breach on him because I have not wanted him to be difficult for the opens and effect the sales process.
So my question is what should I do to recover my lost rent and prevent further losses?
The auction is on Saturday the 12/2, if it doesn't sell I am definitely going to have to take action by serving a breach and/or working out a repayment plan so that the tenant catches up. But then if he does move out I am going to have a vacant house not earning any rent until it sells!
I was also thinking to have the settlement day timed for when the lease ends in 2 months time, so that I could at least recover the last 6 weeks rent and then the tenant could re-sign with the new owner if they turned out to be an investor or find another property to rent. But its odds on that he will not have the bond payment for the new lease and thus not be able to resign or move out on the settlement day!
Any advice?
Thanks in advance.