Any Landlords out there?
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Any Landlords out there?
I'm thinking of buying a house nearby to let out but I don't have any experience of doing this so I was wondering if any of the TW fraternity could offer any useful advice
The Voice Of Reason
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Re: Any Landlords out there?
I have a flat in that there London that I rent out.
For me, the key has been good letting/management agents. I live nowhere near the place so I rely on them to look after it. The first lot I had were useless, but the second lot have been great. Of course, they take their cut (7.5% of the rent to be precise), but in my opinion they have earned it. They've managed it for about eight years now - I've never had to go back there. I get maybe one email every four or five months asking for my approval to do some repair or replacement. One tenant topped himself in the flat and they dealt with all that without any fuss. Imagine all the palaver if you had to deal with that yourself. Over that eight years, there have only been about three different tenants, with a minimal gap between them. And best of all, that rent cheque goes into my account without fail at the end of every month.
We also rent our house in Bolton out. (This makes me sound like some sort of Robbie Fowler property magnate, but it's just because we're abroad at the mo) The agents for that are ok, but nothing special. We end up spending more time on dealing with stuff to do with the house than we think we should, considering we pay someone to look after it.
So - a good management company is key for me.
For me, the key has been good letting/management agents. I live nowhere near the place so I rely on them to look after it. The first lot I had were useless, but the second lot have been great. Of course, they take their cut (7.5% of the rent to be precise), but in my opinion they have earned it. They've managed it for about eight years now - I've never had to go back there. I get maybe one email every four or five months asking for my approval to do some repair or replacement. One tenant topped himself in the flat and they dealt with all that without any fuss. Imagine all the palaver if you had to deal with that yourself. Over that eight years, there have only been about three different tenants, with a minimal gap between them. And best of all, that rent cheque goes into my account without fail at the end of every month.
We also rent our house in Bolton out. (This makes me sound like some sort of Robbie Fowler property magnate, but it's just because we're abroad at the mo) The agents for that are ok, but nothing special. We end up spending more time on dealing with stuff to do with the house than we think we should, considering we pay someone to look after it.
So - a good management company is key for me.
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Re: Any Landlords out there?
I rent out my house in Adlington and it has been a mixed blessing. Top tips for me:
Use an agent, at least for the initial let
Meet the tenant yourself
State no smokers, no pets, no das on the ad and insist on it
Don't under any circumstances rent to a lawyer. They'll take you to the cleaners over repairs
Keep communications going with the tenant and deal with any issue quickly
The tax position is difficult (if you tell them). Check out your liability, particularly if you are buying a property for cash. It can be more profitable buying with a mortgage.
Use an agent, at least for the initial let
Meet the tenant yourself
State no smokers, no pets, no das on the ad and insist on it
Don't under any circumstances rent to a lawyer. They'll take you to the cleaners over repairs
Keep communications going with the tenant and deal with any issue quickly
The tax position is difficult (if you tell them). Check out your liability, particularly if you are buying a property for cash. It can be more profitable buying with a mortgage.
Uma mesa para um, faz favor. Obrigado.
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Re: Any Landlords out there?
Give pets a chance!
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Re: Any Landlords out there?
My Partner Has made me write this:
Rented with alot of Pets for 15 years, in three different places and always got my bond back. After the Carpets are steam cleaned by tenant there is no trace of pets having been there.
Since having kids we realise that Children do far more damage than pets.
Rented with alot of Pets for 15 years, in three different places and always got my bond back. After the Carpets are steam cleaned by tenant there is no trace of pets having been there.
Since having kids we realise that Children do far more damage than pets.
Upto page 23 of the Joke Thread! viewtopic.php?f=6&t=4434&start=440" onclick="window.open(this.href);return false;thebish wrote:Matty T seems to have lost some weight but gained no pace...
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Re: Any Landlords out there?
Avoid kids at all costs, they wreck properties better than a JCB ever could.
And, despite rental agents generally being robbing thieving barstewards that invent jobs for their relatives/handymen to do (I'm sure theres an exception out there that I haven't yet met), its best to go with one, because the law is complex these days. Just make sure you stand up to them from day one. Trust me on that piece of advice above all others, or you'll be seen as an easy cash cow.
And do get the rent-guarantee insurance. You'll probably see the headline figure and think "I'll save myself a few hundred quid", and then you could end up several grand out of pocket and in a lengthy (read expensive) legal process with no income, a sitting tenant not paying (who you have no right to evict) and you still have to pay the mortgage. I've seen this happen to someone, and it is a very difficult and stressful situation.
And, despite rental agents generally being robbing thieving barstewards that invent jobs for their relatives/handymen to do (I'm sure theres an exception out there that I haven't yet met), its best to go with one, because the law is complex these days. Just make sure you stand up to them from day one. Trust me on that piece of advice above all others, or you'll be seen as an easy cash cow.
And do get the rent-guarantee insurance. You'll probably see the headline figure and think "I'll save myself a few hundred quid", and then you could end up several grand out of pocket and in a lengthy (read expensive) legal process with no income, a sitting tenant not paying (who you have no right to evict) and you still have to pay the mortgage. I've seen this happen to someone, and it is a very difficult and stressful situation.
You can judge the whole world on the sparkle that you think it lacks.
Yes, you can stare into the abyss, but it's staring right back.
Yes, you can stare into the abyss, but it's staring right back.
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Re: Any Landlords out there?
Another top tip I forgot about - get yourself landlord's insurance to cover the drains, electric and plumbing emergencies and the central heating system.
My tenant has struggled to get the rent together for the past 12 months and I've cut her a lot of slack, but if push comes to shove, you have to know you have the hard face to be cold and ruthless about what is after all, a huge investment. If she doesn't pay, out she and her two kids will be going.
A good mate of mine rented his house out a few years back. He got the first and second month's rent and then nothing. He went to see the tenant who stood on the doorstep and said "You can f*** off, you're getting nothing. It'll take you ten months and ten grand to get me out, go see a solicitor".
He'd done the same thing several times before apparently. A week later, we were parked outside the house. Off he went to the pub, in we went. bagged his stuff up, changed the locks and dumped his kit on the pavement. He went ballistic when he got back but as my mate said "It may be an illegal eviction, but it'll take you ten months to get it into court, go see a solicitor"
My tenant has struggled to get the rent together for the past 12 months and I've cut her a lot of slack, but if push comes to shove, you have to know you have the hard face to be cold and ruthless about what is after all, a huge investment. If she doesn't pay, out she and her two kids will be going.
A good mate of mine rented his house out a few years back. He got the first and second month's rent and then nothing. He went to see the tenant who stood on the doorstep and said "You can f*** off, you're getting nothing. It'll take you ten months and ten grand to get me out, go see a solicitor".
He'd done the same thing several times before apparently. A week later, we were parked outside the house. Off he went to the pub, in we went. bagged his stuff up, changed the locks and dumped his kit on the pavement. He went ballistic when he got back but as my mate said "It may be an illegal eviction, but it'll take you ten months to get it into court, go see a solicitor"
Uma mesa para um, faz favor. Obrigado.
Re: Any Landlords out there?
Female tenants often know the score of paying the rent another way
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Re: Any Landlords out there?
Direct Debit?
You can judge the whole world on the sparkle that you think it lacks.
Yes, you can stare into the abyss, but it's staring right back.
Yes, you can stare into the abyss, but it's staring right back.
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Re: Any Landlords out there?
Oooo. Might this work for the hire of my spare room?jaffka wrote:Female tenants often know the score of paying the rent another way
May the bridges I burn light your way
Re: Any Landlords out there?
why not put an advert in the local paper and hold some interviewsBruce Rioja wrote:Oooo. Might this work for the hire of my spare room?jaffka wrote:Female tenants often know the score of paying the rent another way
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Re: Any Landlords out there?
jaffka wrote:why not put an advert in the local paper and hold some auditionsBruce Rioja wrote:Oooo. Might this work for the hire of my spare room?jaffka wrote:Female tenants often know the score of paying the rent another way
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Re: Any Landlords out there?
Your additional remark being, Grunto?Annoyed Grunt wrote:jaffka wrote:why not put an advert in the local paper and hold some auditionsBruce Rioja wrote:Oooo. Might this work for the hire of my spare room?jaffka wrote:Female tenants often know the score of paying the rent another way
May the bridges I burn light your way
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Re: Any Landlords out there?
Oh come on! It needs explaining?Bruce Rioja wrote:Your additional remark being, Grunto?Annoyed Grunt wrote:jaffka wrote:why not put an advert in the local paper and hold some auditionsBruce Rioja wrote:Oooo. Might this work for the hire of my spare room?jaffka wrote:Female tenants often know the score of paying the rent another way
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Re: Any Landlords out there?
You quoting stuff without actually adding anything or altering the original text does, as far as I can see, yes. I'm clearly missing summat so pray explain.
May the bridges I burn light your way
Re: Any Landlords out there?
the punch line is beyond me as wellBruce Rioja wrote:You quoting stuff without actually adding anything or altering the original text does, as far as I can see, yes. I'm clearly missing summat so pray explain.
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Re: Any Landlords out there?
Oh well.....
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Re: Any Landlords out there?
Oh well, what?Annoyed Grunt wrote:Oh well.....
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Re: Any Landlords out there?
Oh well.....you didn't see the shite gag......Bruce Rioja wrote:Oh well, what?Annoyed Grunt wrote:Oh well.....
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