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Why it's time to ask for a rent reduction
Topic Started: 8 Nov 2016, 12:25 PM (7,381 Views)
Matthew
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deluded
15 Nov 2016, 03:35 PM
Matthew,

I'll make that bet with you. I'll pay you the $1000 if you pull your scenario off.

If you document the whole process transparently I will make the bet.

If you lose, you pay me the $3120.

You sound incredibly confident so I think 3:1 odds is fair.
what the hell are you talking about?
My only hope for my three boys is that they turn out nothing at all like Chris.
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deluded
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Matthew
15 Nov 2016, 03:43 PM
what the hell are you talking about?
Don't play dumb Matthew. You know exactly what I've challenged you to.

I thought you'd jump at this sure shot at $1000.

Or maybe you are just the weakling i think you are
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Matthew
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deluded
15 Nov 2016, 04:13 PM
Don't play dumb Matthew. You know exactly what I've challenged you to.

I thought you'd jump at this sure shot at $1000.

Or maybe you are just the weakling i think you are
I have no idea what you have challenged me to, and I expect neither do you.

If you are asking me to run an example through one of my properties, that is impossible to do in the medium term, they are all tenanted and I am not looking at renewals for months. None of them are apartments. None of them are in rental stress areas. I don't expect any of the tenants to move out in the next 6 month period. I do expect one set to before this time next year - they are building a house in the same area that will be complete around September next year (if they get slab down this side of Christmas). We have agreed to extend the lease until they move out on a periodic basis, they have agreed to the same rent as last year and to give me 8 weeks notice to get a new income source. We will work closely together to make sure that both parties are happy until the very end.

So how exactly would I achieve what you are asking for?

If you are asking me to seek a rental why would I do that?

And no matter which side you are trying to argue did or didn't come off why would I give you any money or take yours? I suspect $1,000 means a lot to you, I wouldn't advise you just go handing it away.

As I said deluded, you are aptly named. I will give you that.
Edited by Matthew, 15 Nov 2016, 04:33 PM.
My only hope for my three boys is that they turn out nothing at all like Chris.
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deluded
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Matthew
15 Nov 2016, 04:33 PM
I have no idea what you have challenged me to, and I expect neither do you.

If you are asking me to run an example through one of my properties, that is impossible to do in the medium term, they are all tenanted and I am not looking at renewals for months. None of them are apartments. None of them are in rental stress areas. I don't expect any of the tenants to move out in the next 6 month period. I do expect one set to before this time next year - they are building a house in the same area that will be complete around September next year (if they get slab down this side of Christmas). We have agreed to extend the lease until they move out on a periodic basis, they have agreed to the same rent as last year and to give me 8 weeks notice to get a new income source. We will work closely together to make sure that both parties are happy until the very end.

So how exactly would I achieve what you are asking for?

If you are asking me to seek a rental why would I do that?

And no matter which side you are trying to argue did or didn't come off why would I give you any money or take yours? I suspect $1,000 means a lot to you, I wouldn't advise you just go handing it away.

As I said deluded, you are aptly named. I will give you that.
Well when a tenant moves out let us know and we'll lay out the rules of the bet.

You're either confident your scenario will play out or you're not. If you are, then you'd jump at the bet.

Otherwise I cannot fathom why you would bother to outline the scenario with such detail and confidence. Are you just telling stories?

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Foxy
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Zero is coming...

deluded
15 Nov 2016, 06:36 PM
Well when a tenant moves out let us know and we'll lay out the rules of the bet.

You're either confident your scenario will play out or you're not. If you are, then you'd jump at the bet.

Otherwise I cannot fathom why you would bother to outline the scenario with such detail and confidence. Are you just telling stories?
He is most certainly not in Perth....
deluded
15 Nov 2016, 04:13 PM
Don't play dumb Matthew. You know exactly what I've challenged you to.

I thought you'd jump at this sure shot at $1000.

Or maybe you are just the weakling i think you are
Mathew play dumb????

Oh he's not playing... :D :D :D
Matthew
15 Nov 2016, 02:50 PM
I would have extreme doubts.

Lets do the most basic math for the sniff test. I have a unit I am renting to a tenant for $360 per week and she decides that she will only pay me $300 per week.

I either prove I am allergic to money and burn $3,120 in future income or I tell her to piss off and advertise it for $360, accepting worst case $345 4 weeks later which are the current .

My loss is $15 per week for 48 weeks ($720) plus 4 weeks forgone rent ($1,440 at the former rate). The landlord not blinking would be $1,000 better off to piss your mate off.

The rental market has bottomed Drunkbat. People aren't dropping their pants. Simple.

How are KDR going? Up to $8 yet?
What about the weeks the weeks the unit is empty??

You lose that rent it never comes back..

KDR, I am down $400,000 from the peak in 3 weeks.

That is life.

Straight up I agree.

You on the other hand denied the facts.

Edited by Foxy, 15 Nov 2016, 07:38 PM.
http://www.afr.com/content/dam/images/g/n/2/1/u/8/image.imgtype.afrArticleInline.620x0.png/1456285515560.png
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herbie
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The OP titled "Why it's time to ask for a rent reduction" contains a link to a Sydney Morning Herald article. (That presumably suggests doing same I imagine.)

But the SQM Research Residential Newsletter November 15 I just read gives Sydney's vacancy rate at 1.7%

Am I missing something here?
Edited by herbie, 15 Nov 2016, 09:24 PM.
A Professional Demographer to an amateur demographer: "negative natural increase will never outweigh the positive net migration"
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Rufus
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herbie
15 Nov 2016, 08:41 PM
The OP titled "Why it's time to ask for a rent reduction" contains a link to a Sydney Morning Herald article. (That presumably suggests doing same I imagine.)

But the SQM Research Residential Newsletter November 15 I just read gives Sydney's vacancy rate at 1.7%

Am I missing something here?
It's a thread started by Simon.
He just searches for headlines without reading the content.
Take risks - if you win you will become wealthy, if you lose you will become wise
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Matthew
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deluded
15 Nov 2016, 06:36 PM
Well when a tenant moves out let us know and we'll lay out the rules of the bet.

You're either confident your scenario will play out or you're not. If you are, then you'd jump at the bet.

Otherwise I cannot fathom why you would bother to outline the scenario with such detail and confidence. Are you just telling stories?
Sure, or better still you go get us some evidence of 20% drops in rentals in the past week and if you can I will give you a metaphorical pat on the back and whole hearted "onya lad"

You are deluded
Rufus
15 Nov 2016, 10:41 PM
It's a thread started by Simon.<br />He just searches for headlines without reading the content.
Like Foxbats dumber disciple.
foxbat
15 Nov 2016, 07:34 PM
What about the weeks the weeks the unit is empty??

You lose that rent it never comes back..
Covered succinctly in the above.

Quote:
 
KDR, I am down $400,000 from the peak in 3 weeks.
Your calculator is broken.

Quote:
 
You on the other hand denied the facts.
No, I am disputing your baseless rhetoric.
Edited by Matthew, 16 Nov 2016, 12:52 AM.
My only hope for my three boys is that they turn out nothing at all like Chris.
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deluded
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I'm happy to wait 6 months until one of your places is up for rent.

If you rent it out within 4 weeks at $345 per week I'll pay you $1000.

If you fail to achieve that in any way you pay me $3120.

I'm using the numbers you calculated. You're taking the position of the landlord and you stated he would be better off by $1000 by refusing to accept a 20% reduction and locking it in at $345 after 4 weeks. So, I will pay you the landlord's gain.

I'm betting against the landlord and taking the tenant's position. The tenant will be better off by $3120 by achieving a 20% reduction. So, if you lose you pay me the tenant's gain.

Given how confident you are, 3:1 odds seems very fair.

So, you're either confident or not. If the latter, then I can't fathom why you're so keen on talking shit.
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Simon_S
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herbie
15 Nov 2016, 08:41 PM

Am I missing something here?
You're always missing something......

Quote:
 
But the slump in rents is upon us. Rents are rising at their slowest annual pace in nearly two decades, according to last week's Reserve Bank statement on monetary policy, which also notes the value of new building approvals has reached a record share of GDP.

Quote:
 
Perth is the epicentre of landlord pain, with slow population growth and the end of the mining boom dampening demand for rental properties.

Quote:
 
According to the Reserve: "Further increases in housing supply over coming years is expected to result in a protracted period of low rent inflation."

Indeed, weak rent increases have been a major driver of the recent surprising weakness in general price inflation. According to the Bureau of Statistics, which surveys a national sample of real estate agents about rent increases, rents increased nationally by just 0.7 per cent over the year to the September quarter.

Quote:
 
"Renters are now in a much better position to negotiate," according to Core Logic's head of research, Cameron Kusher: "As long as wages growth continues to stagnate, coupled with historically high levels of new dwelling construction and slowing population growth, landlords won't have much scope to increase rents."


Add to that all that supply coming on and it becomes very apparent what the article is about.

Don't Worry as Rufus also is suffering with the onset of Dementia.......
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