Host: Is it maybe a good idea to do some small modifications to the property in agreement with the tenancy and see what they would want to change about the property and whether they want to renegotiate the rent for a few improvements.
Paul Glossop: I think if I personally and I having to gone through this. I can’t count how many times I have gone through a similar scenario, where I have had a property of mine or even of a clients that comes up with an opportunity to say “Look we can either lock them into a long term lease” or we might say “Look it’s time to maybe give the place a polish and shine”. Whether that be a floor board paint or something that’s more major. Ultimately for me the bird in the hand is always better than two in the bush. If you got a tenant in play and if they are covering the rent, and they are good tenants, and they are giving your rent on a weekly basis. Paid consistency and they check out with regards to the monthly inspection then to Michaels point again, I think if you are going to have consistent tenants in there, to get them out just to do a small or even a major overhaul unless really that capital works is going to give you a two-fold return on your money. I would never see the value in it. So for me that opportunity to renovate will always be there but ultimately the tenants are there right now, they are giving you rent from day one, keep them in there, keep them happy and if you do have to do a couple of small things, whether it be fly screens, air conditioning anything that might make it a bit more probably potentially owner occupy style for them, which might give you a chance to up rent next time over. That would be the small things you could do whilst they are still living there, that you don’t have to evict them to do so.