Any Landlords out there?

Salford Trotter · **Posted:** Sun May 19, 2013 2:19 am

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

Winter Hill White · **Posted:** Sun May 19, 2013 5:25 am

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.

Bijou Bob · **Posted:** Sun May 19, 2013 10:39 am

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.

2399 · **Posted:** Sun May 19, 2013 11:42 am

Give pets a chance!

2399 · **Posted:** Sun May 19, 2013 1:30 pm

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.

Lord Kangana · **Posted:** Sun May 19, 2013 6:11 pm

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.

Salford Trotter · **Posted:** Sun May 19, 2013 6:56 pm

lots of good advice here, ta very muchly

Bijou Bob · **Posted:** Sun May 19, 2013 7:19 pm

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"

jaffka · **Posted:** Sun May 19, 2013 7:32 pm

Female tenants often know the score of paying the rent another way :wink:

Lord Kangana · **Posted:** Sun May 19, 2013 7:34 pm

Direct Debit?

Bruce Rioja · **Posted:** Sun May 19, 2013 7:46 pm

jaffka wrote:

Female tenants often know the score of paying the rent another way :wink:

Oooo. Might this work for the hire of my spare room? ae:)

jaffka · **Posted:** Sun May 19, 2013 7:52 pm

Bruce Rioja wrote:

jaffka wrote:

Female tenants often know the score of paying the rent another way :wink:

Oooo. Might this work for the hire of my spare room? ae:)

why not put an advert in the local paper and hold some interviews :lol:

Annoyed Grunt · **Posted:** Sun May 19, 2013 8:01 pm

jaffka wrote:

Bruce Rioja wrote:

jaffka wrote:

Female tenants often know the score of paying the rent another way :wink:

Oooo. Might this work for the hire of my spare room? ae:)

why not put an advert in the local paper and hold some auditions :lol:

Bruce Rioja · **Posted:** Sun May 19, 2013 8:19 pm

Annoyed Grunt wrote:

jaffka wrote:

Bruce Rioja wrote:

jaffka wrote:

Female tenants often know the score of paying the rent another way :wink:

Oooo. Might this work for the hire of my spare room? ae:)

why not put an advert in the local paper and hold some auditions :lol:

Your additional remark being, Grunto? :conf:

Annoyed Grunt · **Posted:** Sun May 19, 2013 8:21 pm

Bruce Rioja wrote:

Annoyed Grunt wrote:

jaffka wrote:

Bruce Rioja wrote:

jaffka wrote:

Female tenants often know the score of paying the rent another way :wink:

Oooo. Might this work for the hire of my spare room? ae:)

why not put an advert in the local paper and hold some auditions :lol:

Your additional remark being, Grunto? :conf:

Oh come on! It needs explaining?

Bruce Rioja · **Posted:** Sun May 19, 2013 8:34 pm

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.

jaffka · **Posted:** Sun May 19, 2013 8:37 pm

Bruce 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.

the punch line is beyond me as well

Annoyed Grunt · **Posted:** Sun May 19, 2013 8:38 pm

Oh well.....

Bruce Rioja · **Posted:** Sun May 19, 2013 8:44 pm

Annoyed Grunt wrote:

Oh well.....

Oh well, what? :conf:

Annoyed Grunt · **Posted:** Sun May 19, 2013 8:57 pm

Bruce Rioja wrote:

Annoyed Grunt wrote:

Oh well.....

Oh well, what? :conf:

Oh well.....you didn't see the shite gag......

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