Investment Property - getting started

S

Solutions

Registered User
Messages
46
I'm new to the whole investment property area and have a number of question that I would appreciated help with:

1. How do I set up my potential tennents on direct debits?
2. What is the best way to check out their references?
3. What is the best way to find good, reliable tennants?
4. is there a good source of a tennants agreement anywhere on the WEB?

Many thanks,

J.
 
Solutions said:
1. How do I set up my potential tenants on direct debits?
Click to expand...
I think it's Standing Order you mean - they have to set this up with their bank, you give them your bank details.
Solutions said:
2. What is the best way to check out their references?
Click to expand...
References can be easily falisified - I don't value them particularly.
Solutions said:
3. What is the best way to find good, reliable tenants?
Click to expand...
Daft.ie or an ad in your local paper. If you present your property in a clean and orderly state, you can make it clear to them at the outset that you expect them to look after it.
Solutions said:
4. is there a good source of a tenancy agreement anywhere on the WEB?
Click to expand...
There's one [broken link removed].

Make sure you familiarise yourself (and register) with the PRTB and the 2004 Residential Tenancies Act.
 
I would think about using an Estate Agent who will take care of all that for you. You may pay a fee but often it's better to stand back and hand the reins over. Sometimes landlords get too envloved and it can annoy tenants. If it's a well finished property, some estate agents have corporate client's on their books, it's great as the tenant's company pays the rent and usually on time. because their company is involved the tenants are more likely to look after the place. This is the route I went, you can haggle the estate agent's fee down too.
 
I have a couple of rented properties which I manage myself. I would not have an estate agent to take care of mine as I like to decide who I want to live in my house or not. Once you meet a person you have your own gut instincts as to whether you like them or not. An estate agent does not care what the tennants are like as they are getting paid anyway. I have seen it in a number of cases that the places are wrecked.

I have an aggreement drawn up with the solicitor. Aprox 1 months rent as deposit and 1 months rent in advance both of which are given to the solicitor by the tennant before the keys are handed over. Rent by standing order only. All esb, telephone etc must be in tennants name. I register with PRTB. I keep my houses in excellent condition and if they are in good condition the tennant will mind them.

If repairs needed on anything I make it my business to have to done asap. I like to treat my tennants as I would like to be treated if I was the tennant.

I always have a list of people waiting to move into my houses. When someone asks me about renting one of my houses I always say that there is few people on the list in front of them but I will put them on the list is case the others no longer require it and that relieve's the problem if I don't want to give them the house without having tosay no straight out as I live in a small town and people would know if someone was moving house.

Best of Luck with your venture.
 
NHG said:
I have a couple of rented properties which I manage myself. I would not have an estate agent to take care of mine as I like to decide who I want to live in my house or not. Once you meet a person you have your own gut instincts as to whether you like them or not. An estate agent does not care what the tennants are like as they are getting paid anyway. I have seen it in a number of cases that the places are wrecked.
Click to expand...
Having tried both using agents and letting property myself, I would agree strongly with the above.

If at all possible, you should be really hands on and visit your property on a regular basis - agent's don't care what the tenant is doing as long as they get paid.
 
delgirl said:
If at all possible, you should be really hands on and visit your property on a regular basis.
Click to expand...

Glad I'm not your tenant, nothing worse than a landlord in your face especially if you're a good tenant paying your rent on time.
 
Healy1 said:
Glad I'm not your tenant, nothing worse than a landlord in your face especially if you're a good tenant paying your rent on time.
Click to expand...
Also glad you're not my tenant! ;) How does one know if you are a 'good' tenant or not - just because you pay the rent on time? I have had tenants in the past pay the rent on time and wreck the house at the same time.

We don't take risks anymore with what is the biggest investment, outside of the family home, that we are likely to make in our lives. Wonder how your attitude would change if the roles were reversed?

I have an excellent relationship with my tenants, I look after them very well and they look after my properties.
 
Well, I hope you bring them biscuits and at least tuck them in at night. They deserve nothing less! :)
 
Well, I've just possession back from a tenant who paid his rent on time, and references (from people I knew) and he is someone I met around the town on a frequent basis, and had friendly chat with.
He had the house for approx 3 years, and the house is 'wrecked' ... down to my own misguided trust in the guy.

Place wasn't hoovered or cleaned in the 3 years I'd say, spent the last 3 weeks sorting it out, left a real bad taste in the mouth, especially as we are moving in ourselves whilst we build our own home after relocating from Dublin.

So when it goes up for rent again, I'll be looking for 2 months deposit combined with quarterly inspections of the house.

I don't think I was misled with previous references etc... I think they may have 'changed' or fell off the rails a little over the 3 years..... my mistake was not seeing the house regularily to spot that.
 
I could not agree more with Delgirl and NHG...

Healy1,

Tell us more about your own experience with rented investment property(ies), e.g. do you own any first of all ? how do you manage them?
 
I use a guy in Remax who gets me corporate client's in Dublin. He vets them well, I havent been burnt yet. I use another guy in Clare who does the same. In fairness, I havent had main stream tenants and this is a different market. I was just having a laugh really. If I was dealing with normal tenants my opinion might change to be fair. It might even carry out weekly inspections :).
 
I use a management company who vet tennats, when letting, my contact rings me and describes the 2-3 sets of tenants that he would recommend from those that viewed. Hasnt let me down yet.
If youve had your fingers burned from mgmnt companies, dont think that theyre all like that.
 
You must log in or register to reply here.
Back
Top