Your experience of letting property as seasoned landlords

johnjoda

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165
Hi Everyone,
I am thinking of renting a couple of properties I have recently aquired.
I would be interested on your thoughts on this and any experiences seasoned landlords have gained.
Thanks in advance
JJ
 

Hans

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347
I don't know what info you want but in my experience I have been letting out properties for nearly 30 years, first I think you have to be a type of person that doesn't get too upset if your property is not kept in a manner you would like to keep it yourself. I have found that keeping in touch with the tenants and acting fairly with them has worked in my favour. I first started letting property before the 'boon and bust' but now is the most challenging time certainly if I had a choice now I wouldn't get into it but then this is not an option for most people as they cannot sell properties. Unless you can do the maintenance yourself and the cleaning and redecorating of houses when tenants leave you will find your profits eaten away. I am not complaining as I have made money from my properties but then I bought them before boon - but it's a tought market out there.
 

Firefly

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3,063
Hi,

I like to add a Q to the OP if that OK...would you recommend apartments or houses?

F.
 

browtal

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excellent advice from Hans/ Good luck. Be fair and most tentents will be fair with you. Choose tenents carefully ask for references. Browtal
 

AlbacoreA

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If I had a choice I wouldn't get into it, and then if I had a decent amount of time to dedicate to it.

Only do it, if you have a head for business.Expect the place to be trashed and well worn. Its like a hire car. Its not personal. Get the best tenants you can. Check references in detail. A bad tenant could costs you thousands. If a tenant leaves and you're in a profit after repairs, refurbs. Thats a good outcome. Don't sweat the small stuff. Keep a good tenant happy.

Its not easy money.
 

Hans

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347
Firefly if you are at the stage of buying an investment property - when you asked the question 'house or apartment' I think you are mad I wouldn't do it now but since you ask I have both but I would prefer house. Even if you have the cash to buy house without borrowing do the math’s and work out your profit taking in your time as well and then my advice invest it elsewhere.
 

Firefly

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Firefly if you are at the stage of buying an investment property - when you asked the question 'house or apartment' I think you are mad I wouldn't do it now but since you ask I have both but I would prefer house. Even if you have the cash to buy house without borrowing do the math’s and work out your profit taking in your time as well and then my advice invest it elsewhere.
Thanks Hans. Not wanting to discuss property prices, I do feel there is some value coming back into the market in general and would be looking at something for the long term (20 years). As I am 100% useless at DIY an apartment sounds "easier" for me but as you know there's the annual management fee to consider.
 

One

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215
Take a month's deposit, always get the rent paid in advance, take pictures of the place before the tenants move in, preferably get a written contract, register with the PTRB, be fair with the tenants, don't expect to get the place back in the same condition you rent it out as, don't be surprised if decent looking tenants turn out to be really messy, get the rent paid by standing order / direct debit, visit the premises regularly especially in the first few weeks after they ave moved in, tell them to be respectful of the neighbours, if you get good tenants do your very best to hold onto them because they aren't too easy to find.
 

Ancutza

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498
I have rented at the moment both residential & commercial properties to tenants. The commercial properties are much easier to deal with.
 

ardman

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Became a landlord in 2005. Apart from the crash in property values, there are other situations which you don't have control over eg mortgage interest relief reduced to 75%, NPPR €200 (at the moment) and God knows what else is coming down the tracks.
House or apartment? For me - house. For me greater risk of noise in apartment above, below and around you.
I agree with those who say if you have good tenants. Respect them. You don't need hassle from tenants or complaints from their neighbours.
 
Y

Yorrick

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I would favour one bedroomed apartment. It is easier to get a couple than having to find four or five tenants for a house. If you have the apartment organsied e.g. built in wardrobes, electric shower etc it can be low maintenance as the management comany take care of external maintenance.
One important matter. Dont get sentimental about the property This is a business.
 

Hans

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Yorrick as the saying goes ‘doctors differ patients die’ I wouldn’t touch a one bedroom apartment with a barge pole. As a seasoned Landlord at this stage I find it is much easier to deal with the houses only reason I bought apartment was for tax reasons saved me a lot of tax over 10 years but wouldn't buy another apartment and the present sales in houses also uphold that as Estate Agents will tell you that houses are the only thing moving now. I would say that location is the most important issue not much point having property in Bally de Hob. I also like the thought of having your own front door and not having to deal with Management companies. No legislation in this country so you are at their mercy. Just my view I'm sure thousands others out there.
 

Bronte

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I wouldn't buy an apartment where there are shared areas and management companies etc.
 
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