All Forum Posts by: Account Closed

Thank you so much @Marcia Maynard! Much appreciated.

100% correct @Kyle Hipp. I was just hoping that there was a document confirms the completion of the lease agreement with acknowledgment from both myself and the tenants that the remaining months on the lease are voided.

I am wanting a written agreement that protects myself from the tenants saying that I have kicked them out without their consent.

I'll draw something up this evening that get them to sign it.

Thanks for the help.

Hi there,

I have searched Biggerpockets.com and the internet for the answer, but to no avail.

Would anyone have a document already drawn up that I could amend for the cession of a lease. My tenants have moved out of the apartment and gave me the 20 business day notice that they were breaking the lease which in South Africa is compliant with the Consumer Protection Act, and I have no problems with.

I am just searching for a document that allows for the written proof that a full handover has been done with regards to the state of the apartment and that the keys have been handed back and to nullify the balance of their lease?

Thanks so much!

Regards,

Ben

Hey Matthew,

Nope, haven't purchased a new property yet. Been to a couple sales events and sheriff auctions, but haven't found anything worth investing in. Also have been put off making any further investments in SA with the way our government is behaving.

How about yourself? How is you property in town going?

Haha. I have done Ironman. I've done 100km trail runs in the mountains of the Drakensberg. Last year I got to the top of Cowies Hill on a down run with 3 hours and 14km to go and passed out cold... Toughest thing I've ever done. Let me know when you're in town, would be cool to meet up. Hopefully I will have "cautiously" grown a property portfolio to show you.

Thanks again for the advice.

Firstly, awesome profile pic there Roy! I too highly doubt you would fall into the "mature" label.

Thank you for your response and the valuable point of view.

I am just sitting with a dangerous amount of money to put somewhere, i.e. a deposit on a second property, but my monthly income is not enough to cover two bonds plus expenses.

Appreciate your advice Roy, thanks.

Hi there,

I have no doubt that this is a silly question, and I have already an idea of what the answer is, but I thought I would ask for some advice from experienced real estate investors.

I am 4 months into owning my first investment property which has increased by 40% in value due to me having bought the property off-plan a year ago and the low interest rates in South Africa which have helped the properties in Durban increase significantly.

I am now looking to refinance my property and then add an addition amount that would allow me to put down a substantial deposit on a second investment property.

The rental from my current property exceeds the monthly costs and produces a profit of around 10% of the rental income. If the tenant in this property were to cancel their lease, I would be able to cover the expenses myself from my salary.

Being 28 and open to the ideas of taking more risk than someone more mature than myself, would you advise that I purchase a second property similar to the one I currently own, or go for a smaller property? 

I would be able to cover the costs of 1 property, but if both had similar monthly costs, and both sat untenanted for an extended period, I would quickly find myself in a pickle, financially.

Any advice of comments would be greatly appreciated.

Regards,

Ben