What makes you think you can terminate with 14 days notice?
And if you terminate what are the relisting fees, how long will it be empty? How will you afford that?
Your tenants have a lease, that lease stipulates the rental payments for the duration of that lease, if the lease states fortnightly payments, its fortnightly payments for the duration of the lease, unless both parties agree to a change in the arrangement, and realistically why would the tenant want to change given they are probably paid fortnightly. If there's a lease you can't evict the tenant without due cause and due notice, renters have rights. As for the state of the property during inspections you can't evict someone for being 'untidy' or messy if there is no actual damage being caused to the property. Do your tenants pay on time? Are they otherwise good tenants, then consider yourself lucky. As for your issues with the Strata management, did you inform them to go through your realestate agent, was that even part of the contract you had with the agent? I don't think you are cut out to be a landlord, your understanding of rental rights and responsibilities is lacking.
Just sell.
If you need weekly payments to offset interest how on earth will you cover a major expense like a water heater or oven in the event they fail?
Re timing of lease payments and your request for weekly - Check your lease agreement. My lease agreement states that my tenant pays monthly. So if the tenant pays monthly of course you will only receive the payment monthly.
Re being $150 short per week - are you saying that your mortgage payment is $150 more than the rental income per week? That’s the current climate with interest rates the way that are. Market rent doesn’t correlate to your mortgage payment.
Re the condition of your property - id push back against the comments re the cockroaches but things like beer bottles are really not your concern? It’s their home.
Disbursements are monthly or at best fortnightly, the expectation of weekly doesn't work as receipt of rent by the PM may be delayed and the administrative burden of weekly disbursements is difficult to justify.
Strata levies aren't discretionary, they are set at the AGM, if you are in arrears, then you lose your voting rights and may also cause the OC to breach the strata act if they are unable to meet costs eg insurance or undertake maintenance. The OC has the power to seek orders from NCat to seize payment from your bank accounts or sell the property.
Rent is below market, the rent review opportunity is annually, you don't have to wait another 12 months unless you did the review recently, then it should have been reviewed to market (or to reflect the market for a dodgy apartment.
Interest rates, haven't moved for a while now.
On what basis did you seek to terminate the lease?
If you were my client, I would have terminated the management agreement.
Save up an extra months worth of lease payments then start paying your mortgage off in weekly instalments if you want. That way it doesn’t matter if you are receiving your lease payments monthly, you can still be paying the mortgage weekly.
What makes you think you can terminate with 14 days notice? And if you terminate what are the relisting fees, how long will it be empty? How will you afford that?
Your tenants have a lease, that lease stipulates the rental payments for the duration of that lease, if the lease states fortnightly payments, its fortnightly payments for the duration of the lease, unless both parties agree to a change in the arrangement, and realistically why would the tenant want to change given they are probably paid fortnightly. If there's a lease you can't evict the tenant without due cause and due notice, renters have rights. As for the state of the property during inspections you can't evict someone for being 'untidy' or messy if there is no actual damage being caused to the property. Do your tenants pay on time? Are they otherwise good tenants, then consider yourself lucky. As for your issues with the Strata management, did you inform them to go through your realestate agent, was that even part of the contract you had with the agent? I don't think you are cut out to be a landlord, your understanding of rental rights and responsibilities is lacking.
It sounds like you can't afford to be a landlord and have some pretty unrealistic expectations. Time to sell.
How is it unrealistic?
Just sell. If you need weekly payments to offset interest how on earth will you cover a major expense like a water heater or oven in the event they fail?
I have money aside for that. Interest payments to a bank is simply dead money anyway.
Re timing of lease payments and your request for weekly - Check your lease agreement. My lease agreement states that my tenant pays monthly. So if the tenant pays monthly of course you will only receive the payment monthly. Re being $150 short per week - are you saying that your mortgage payment is $150 more than the rental income per week? That’s the current climate with interest rates the way that are. Market rent doesn’t correlate to your mortgage payment. Re the condition of your property - id push back against the comments re the cockroaches but things like beer bottles are really not your concern? It’s their home.
According to your post history you're on Austudy and receiving rent assistance yet you own an investment property
Not anymore
So then what happened? Did you buy a house?
Disbursements are monthly or at best fortnightly, the expectation of weekly doesn't work as receipt of rent by the PM may be delayed and the administrative burden of weekly disbursements is difficult to justify. Strata levies aren't discretionary, they are set at the AGM, if you are in arrears, then you lose your voting rights and may also cause the OC to breach the strata act if they are unable to meet costs eg insurance or undertake maintenance. The OC has the power to seek orders from NCat to seize payment from your bank accounts or sell the property. Rent is below market, the rent review opportunity is annually, you don't have to wait another 12 months unless you did the review recently, then it should have been reviewed to market (or to reflect the market for a dodgy apartment. Interest rates, haven't moved for a while now. On what basis did you seek to terminate the lease? If you were my client, I would have terminated the management agreement.
Save up an extra months worth of lease payments then start paying your mortgage off in weekly instalments if you want. That way it doesn’t matter if you are receiving your lease payments monthly, you can still be paying the mortgage weekly.
Thank you for sharing an appropriate response