How to become a landlord?

assetcolum

Hi boardies

Long shot here but hoping i can get some advice on how to become a landlord and a few tips

I have been following the landlord guide on the prtb website it seems to cover quite a bit but i'm just wondering is there much more i need to know??

My situation


I am 29 years old, single, no kids and have 100k deposit


At the moment i'm in talks to buy a 2 bedroom apartment in Dublin 15 for 142k,although i may hold off for a few months to see if the prices drop

The thing is once i let it out that's all well and good but i work overseas alot of the time so may not have time to maintain the property if anything arose (fingers crossed it doesn't)

Is there any property management companies/agents/letting agents that could take care of all of this for me for a % of the rent per month???


Any advice is much appreciated


Thanks

Mrs OBumble

Yes, there are many companies that offer this service. Look in DAFT to see which agents are offering properties to rent, that will give you some idea of who they are.

I'd suggest choosing one that just does residential property lettings: sometimes estate agents that do sales offer this service too, but my experience is that they focus more on the sales and rentals are an afterthought.

Get quotes from several - don't choose the one with the lowest price.

Oh, and unless you are an accountant, you will need one of those too.

NIMAN

Read over www.irishlandlord.com, lot of useful info there too.

hfallada

I wouldnt suggest being a landlord. Very few landlords have anything positive to say about it. Your rental income is so highly taxed that there is little to be gained from it.

Go to a financial advisor. You might be able to invest in an index which is basically where your money is invested in hundreds of shares. This spreads risk as your money is across sectors. You can cash out whenever you want.

In 5 years time you might deceide you want to buy a home and when you go to sell the apartment if you choose to buy it. You will be liable for the same amount of interest as shares

assetcolum

hfallada wrote: »

I wouldnt suggest being a landlord. Very few landlords have anything positive to say about it. Your rental income is so highly taxed that there is little to be gained from it.

Go to a financial advisor. You might be able to invest in an index which is basically where your money is invested in hundreds of shares. This spreads risk as your money is across sectors. You can cash out whenever you want.

In 5 years time you might deceide you want to buy a home and when you go to sell the apartment if you choose to buy it. You will be liable for the same amount of interest as shares

Any decent financial advisers you can recommend?

lcwill

assetcolum wrote: »

Hi boardies

Long shot here but hoping i can get some advice on how to become a landlord and a few tips

I have been following the landlord guide on the prtb website it seems to cover quite a bit but i'm just wondering is there much more i need to know??

My situation


I am 29 years old, single, no kids and have 100k deposit


At the moment i'm in talks to buy a 2 bedroom apartment in Dublin 15 for 142k,although i may hold off for a few months to see if the prices drop

The thing is once i let it out that's all well and good but i work overseas alot of the time so may not have time to maintain the property if anything arose (fingers crossed it doesn't)

Is there any property management companies/agents/letting agents that could take care of all of this for me for a % of the rent per month???


Any advice is much appreciated


Thanks

I'm also 29 and living overseas. I bought a 1 bed apartment in Christchurch 18 months ago for 110k and spent 15k completely renovating it and now it's rented for E1100 a month. Even after all taxes and costs its hard to get a better return on your money than that.

It will be very hard/impossible to get a mortgage though so see what you can find for cash or your deposit plus a regular loan (I.e. in the 100-150k bracket) and go as central as possible for ease of renting. East side of D8 is great - low prices but rents similar to D2 if you make it look nice.

Returns on 1 beds are better than 2 beds and the number of 1 person/1 couple households are increasing. Planning rules are also biased against one beds so they will be increasingly in short supply and again helping your returns.

I viewed the apartment while visiting home for Christmas but apart from that everything was done by phone skype email etc with surveyor lawyer letting agent and builder. I was probably lucky but so far its going great. I can recommend the people I use if you want.

handlemaster

OP. Congrats on taking the leap. Dublin 15 is a great location and demand for rental is crazy right now. Just as about management fees also. The are a number of estate agents in the area happy to rent it out for y ou. Just make sure your happy with the tenant chossen.