First-time property investing

degsie

So, dipping toe into property investment. We have an offer accepted on an apartment with a tenant already in place. Looking for pointers/advise to progress with this including:
Selling agent looking for a despoit, is this refundable?
Should we get a survey done, if so what level (structural etc)?
We will be maintaining the property ourselves, any pitfalls in this?
Any general pointers for first time rental property owners?

Thanks all.

godtabh

Now is not the time to be asking questions!

Have you a mortgage? I would not advice any one becoming a property investor unless they have significant resources for multiple properties

Eldarion

Anyone else get a little flustered that it appears that some people just wake up one morning, decide they want to be a Landlord and just dive right in.

I find it odd that it's not treated like any other service profession as it has just as much of a learning curve and barriers to entry.

Degsie, if you're interested in property investment in Ireland please look at investing in an Irish REIT as a perfectly viable investment alternative to buying a property yourself. Far less headaches for you and all involved....including society as a whole.

jmayo

degsie wrote: »

So, dipping toe into property investment. We have an offer accepted on an apartment with a tenant already in place. Looking for pointers/advise to progress with this including:
Selling agent looking for a despoit, is this refundable?
Should we get a survey done, if so what level (structural etc)?
We will be maintaining the property ourselves, any pitfalls in this?
Any general pointers for first time rental property owners?

Thanks all.

Hey I am back in 2006 wipeee.
A few years younger and I know the future.
Now I must put a few bets on.
Harrington to win back to back opens woudl be one for a start.
Oh and I must go short on a few million of Anglo shares.

Sorry for being facetious, but bloody hell you come on here and start asking very pertinent questions after you have already put in an offer and has it accepted on a property.

As others posters have said you shoudl be aiming for having multiple properties or get into investment fund.
Preferably an investment fund not run by someone like a former tax advisor based in Switzerland

I really do dispair that nothing has been learnt from the last decade.

PintGuzzler

I would suggest have a read of this post I found in looking through the different property forums.

It's called; "Darren's property portfolio diary"

The post is 3 years old but still fairy applicable for the information you want to know.

If you're smart, like Darren in the link was, buy in good locations and have a good strategy in place, you'll never lose money in an investment property(s).

Property is cyclical and even if things turn to sh**te again it will always bounce back.

Hope it works out well for you.

Miamiheat

Booking deposit is fully refundable as long as you haven't signed a contract - if previous comments on this thread put you off ou can simply withdraw.
You definitely need to have a survey done for yourself - i just wasted time and part of my money on a property that i wont buy because my surveyor found a major structural issue. If you are financing your bank will have you et a valuation done as well.

As a renter i say don't be too cheap (i understand it's an investment) => when you feel a LL is being cheap you are less likely to appreciate and take care of the property. But if you notice the LL has made the effort of putting quality furnishings and made the property a proper home then you are more likely to care more for it.
You will find people who are destroyers regardless and their opposites, however general human nature is to treat others as we feel treated.