I'm about to become a landlord; looking for advice

K.Flyer

Graham wrote: »

Must be handy having a solicitor in the family.

Somehow I don't get the feeling it was a solicitor

Graham

K.Flyer wrote: »

Somehow I don't get the feeling it was a solicitor

No, no, it must be a solicitor otherwise that would mean newacc is suggesting letting agents are useless because they won't illegally evict tenants.

JustAThought

Augeo wrote: »

As a landlord for the last 11 years I don't agree
Depends on the value you place on your own time of course. Getting tenants is in itself time consuming ..,.

No more so that chasing estate agents & checking on them & their so called management.
I was also quite shocked to learn on inquiring that if the tenant dosn't pay or does a runner not only does gje eatate agent/ management 'expert' step back & have no liability but incredibly they have ghe cheek to expect you to suck it up , and they charge you to find & 'vet' (so-called) more tenants - all while the place lies idle & you have to pay not only the mortgage but also more money for hhe bad outcome of their first bad work,- hysterical! And of course if there is a big non payment problem they don't desl with that either - just sit back & tell you to get ooen your wallet & start hiring solicitors. Laughable. About as useful as a glass hammer - only a lot more expensive. Its a big insider joke -some get caught on it once but never again.

M3CS

I advertised the property myself over the weekend to see if there was any interest and I've received a few enquiries so far, including two from agents calling on their clients behalf. Is this normal?

Anyway, I came here to ask a question - as a landlord, do I have to register with the PRTB before tenants move into the house?

newacc2015

newacc2015 wrote: »

I know dozens of landlords who collectively have well over 300 properties. None of them would touch an agent with a barge pole. Most agents fall off their chair when a lot of private landlords tell them what they get for their property.

Agents dont really care about who they put into a property. One of my family membes had to help a friend evict a non-paying tenant as their estate agent seen nothing wrong with the tenant being 3 months in arrears

IMO paying an agent 10% for letting a property a third below marker rate ( they have no real incentive to get max rent as they tend to focus on private sales rather than letting) is no value.

Most estate agents are as qualified to be managing properties as landlords ie they no zero qualifications. A lot went to the courts and paid a whopping €1,270 to get a license ( that has now changed, but existing agents didn't have to do any exams).

Look at all the threads weekly on this of people getting a rent increase letter that is incorrect ie not 90 days notice or they got a rent increase last year. It is quite scary that people are paying 10-15% settings fees to agents as they are 'experienced' and 'qualified' to do so. But it is often not the reality at all

None of the highlighted figures apply to my experience, cheers for the speel though

4ensic15

M3CS wrote: »

I advertised the property myself over the weekend to see if there was any interest and I've received a few enquiries so far, including two from agents calling on their clients behalf. Is this normal?

Anyway, I came here to ask a question - as a landlord, do I have to register with the PRTB before tenants move into the house?

No. In fact you register a letting. It is from the date of the commencement of the letting. When the tenants move in is immaterial. Once the property is available to them and they are liable for rent the letting (if is is one under the RTA) must be registered within 28 days.

JustAThought

JustAThought wrote: »

No more so that chasing estate agents & checking on them & their so called management......

In 11 years I've never had to need to do that. If I didn't have my agent I would have had to spend time showing the property etc to tenants. So in my experience with my agent it's been all good.

Even during the depths of the recession he found me good tenants who paid market rates, all above board.

I find it mildly puzzling how/why people are trying to cloud over genuine experience with waffle and 3rd hand stories.

M3CS

I received an enquiry today from a company that assists MNC employees that are relocating to Ireland. They’re coming to view the house this evening – this is the first viewing and the first time I’ll be interviewing a potential tenant – what are the questions that I simply must ask them? I’m asking here now as I’m afraid if I don’t then I’ll forget one of the obvious ones

athtrasna

M3CS wrote: »

I received an enquiry today from a company that assists MNC employees that are relocating to Ireland. They’re coming to view the house this evening – this is the first viewing and the first time I’ll be interviewing a potential tenant – what are the questions that I simply must ask them? I’m asking here now as I’m afraid if I don’t then I’ll forget one of the obvious ones

Who pays the rent, the company or employees? We had terrible trouble with direct payment from an employer, always always late.

DSN

Augeo wrote: »

Each to their own

From my experience I've had an 11 years troublefree experience over multiple tenancies, the common denominator is the letting agent I've been using from day one.

The out of pocket expense is reasonable and the service provided is value imo.

I can see where you are coming from, when I was younger with no properties etc etc I thought the idea of doing what you describe was appealing, when it came to it I opted to go a different route and am very happy with my choice.

I'm speaking from experience of being a landlord, you're not
I also have experience as a tenant to go along with yours.

From my experience of being a LL (11-12 years also!) & live 2 hours from the property - have never used an agent & it's worked really well that way & am much happier doing this. I like to know who is living in my property - once references are thoroughly checked (by me) & they paying the rent on time by Standing Order every month am hands off until they call me. A fairly modern property in good nick - you should only have a call or two a year & be able to sort issues relatively quickly if you have couple of tradesmen (again picked by you as opposed to agents) contacts nearly. Also when I was a tenant I always preferred dealing direct with LLs than agents - had bad experiences with agents taking deposits for no reason & not calling back for days over issues etc so maybe that's what put me off!
I guess to OP - I'd say interview tenants & check references thoroughly.
You shouldn't really need accountant either just look at the form - maybe for the first year might be useful if you totally lost, but certainly once you up & running on ros.ie after the 1st year the annual income tax submissions are very straight forward.

DSN

athtrasna wrote: »

Who pays the rent, the company or employees? We had terrible trouble with direct payment from an employer, always always late.

This is definitely a good question. Personally I would be wary about corporate lettings myself. If it's the company paying I'd want to speak to another LL the company uses & how that's going or how it went. Also if the tenants start wrecking the house or whatever - is the company liable or the tenants?

The advantage of the corporate letting is you are unlikely to get stuck with bad tenants as firstly its unlikely anyone will be living there for a long period of time and they are only a licensee of the company so can be got rid of easily also. There is also the fact that the people are likely to look after the place and be respectable people if a MNC is housing them.

Its also likely to have periods where the house is empty while you are getting rent again a good thing as there is no wear and tear happening etc.

If there is guarantees about the rent being paid its definitely something to consider imo.

DSN

DSN wrote: »

From my experience of being a LL (11-12 years also!) & live 2 hours from the property - have never used an agent & it's worked really well that way & am much happier doing this. .............

Again, each to their own. One day off per annum and a tank of diesel costs me more than my letting agent does, I have 11 years of happiness to go with yours.

Augeo

Augeo wrote: »

Again, each to their own. One day off per annum and a tank of diesel costs me more than my letting agent does, I have 11 years of happiness to go with yours.

I suppose to me and many others being involved in it day to day is half the reason for doing it, treating it as a side business rather than a pure investment like it would be if you bought shares etc.

There is no need to take days off for it either. Evenings and weekends can sort most things and you just need a few tradesmen you can send there to sort stuff. As I said in over 7 years renting (and this is in rooms let seperately houseshares so you would envisage that being more work) my LLs have never had to call to the house (I say had to as one wanted to collect the rent in cash). My current LL get a call from me about every 6 months I'd say which usually involves him ringing his plumber who rings me and we make the arrangements from there, basically a few mins on the phone or a text is all he does. He just lets the people in the house arrange a new person when someone moves out too so even new people doesn't involve work for him.

Now id be more hands on than that, I'd be picking tenants for the rooms if I was renting a place (I'd opt for the rooms let seperately method), I'd inspect every few months (in an evening or weekend) etc. But other than that which is by choice, problems just have tradesmen who you pass onto the people living there and they sort the problems etc no work from the LL. I just see using an agent as madness unless you are living out of the county and even then it would be a last resort finding a family member to keep an eye on it would be preferable.

To put it in context, I grew up on a farm and work on it regularly, taking time off and travelling across the country to home. I wouldn't even call it work looking after a property in comparison.

Kaylee Narrow Pianist

Kaylee Narrow Pianist wrote: »

I suppose to me and many others being involved in it day to day is half the reason for doing it, treating it as a side business rather than a pure investment like it would be if you bought shares etc.

................

Except you're not involved at all, just talking hypothetically. Hurler on the ditch .......... not even near the ditch in fact.

athtrasna

Can you two take it to PM please Augeo and Ethan Jealous Texture - you are derailing the OP's thread

Thanks

Mod

Hazydays123

Kaylee Narrow Pianist wrote: »

I suppose to me and many others being involved in it day to day is half the reason for doing it, treating it as a side business rather than a pure investment like it would be if you bought shares etc.

There is no need to take days off for it either. Evenings and weekends can sort most things and you just need a few tradesmen you can send there to sort stuff. As I said in over 7 years renting (and this is in rooms let seperately houseshares so you would envisage that being more work) my LLs have never had to call to the house (I say had to as one wanted to collect the rent in cash). My current LL get a call from me about every 6 months I'd say which usually involves him ringing his plumber who rings me and we make the arrangements from there, basically a few mins on the phone or a text is all he does. He just lets the people in the house arrange a new person when someone moves out too so even new people doesn't involve work for him.

Now id be more hands on than that, I'd be picking tenants for the rooms if I was renting a place (I'd opt for the rooms let seperately method), I'd inspect every few months (in an evening or weekend) etc. But other than that which is by choice, problems just have tradesmen who you pass onto the people living there and they sort the problems etc no work from the LL. I just see using an agent as madness unless you are living out of the county and even then it would be a last resort finding a family member to keep an eye on it would be preferable.

To put it in context, I grew up on a farm and work on it regularly, taking time off and travelling across the country to home. I wouldn't even call it work looking after a property in comparison.

You seem to appreciate having a landlord who treats you with respect, trusts you to sort out small problems and in general isn't hovering over you and checking up on you all the time. And I assume you're a good tenant and you don't cause hassle. It sounds like a great arrangement for both sides.

Yet you're saying that if you became a landlord you'd take a completely different approach...

Hazydays123

Hazydays123 wrote: »

You seem to appreciate having a landlord who treats you with respect, trusts you to sort out small problems and in general isn't hovering over you and checking up on you all the time. And I assume you're a good tenant and you don't cause hassle. It sounds like a great arrangement for both sides.

Yet you're saying that if you became a landlord you'd take a completely different approach...

Well any problem that costs money, even something small like a leaky tap or weeding the garden I contact the LL. If it's something that I can fix for free easily I would as its handier. I'd have no problem with a LL inspecting, in fact in ways it would be better as you could point things out that maybe could do with sorting but aren't urgent etc.

But yes I can say that I've had very hands off LLs but I can see first hand how it could go very wrong. I basically keep the house in check, if it were up to my housemates it would be all over the place and bills (in the LL name) would not be paid half the time etc (not out of badness they are just people who woundnt even think about bills etc).

Id I let a place I'd inspect after 3 months and then maybe every 6 months after just to say hello and see how the house is and that its all in order etc. I don't see anything wrong with that 20 mins every 6 months is hardly a big intrusion on people who are renting an asset worth 100's of thousands.

M3CS

This thread has been slightly derailed...anyway, I showed the house to an older Spanish couple this evening. They came with an agent that assists MNC employees that are relocating to Ireland. The husband is starting a new job with a medical company here in a few weeks. They're both in their 50's and they have two grown children (19 & 21) that would be living in the house with their parents for certain periods during the year. I clarified a few things with them:

• They would be paying the rent themselves out of their own pocket, not his employers.
• They would be paying by standing order each month.
• They will be here for at least one year.
• They have no objections to inspections every three months.

One thing that I think may be an issue is the language barrier - they speak very little English. An interpreter was with them today translating their questions and my responses. They won't have her services if they move into the house so this is mildly concerning.

I had another couple contact me by email on Saturday, they seemed fairly interested but I tried calling twice today to no avail so I'm guessing they changed their mind. The couple that viewed the house today will need an answer from me soon but I'm not entirely sure if they're the right tenants for the place.

Any thoughts?

Silverbling

I am looking for a house in South Dublin but for the next 12 months will be rent allowance until I finish my degree

I am 50 and self employed with an ecommerce business, my son is going into leaving cert aiming for a medical degree, my daughter is 10 and wants to be a programmer, she had a project in at the RDS coder dojo, my son got the equivalent of 568 points in his exams, we are decent people.

I have excellent references for the last 7 years but when you put it all together I am am a broke 50 year old single parent who has all their money in a start up and had to go in the system because they were made homeless after 6 years of renting the same house, whose business is well on the way to breaking even despite being neglected with the degree studies

If you are on the luas line (for the kids schools) and want someone with their own furniture to look after your house then please message me, my life is in a storage unit and needs releasing, all I want is my own sofa to sit on and to drink wine out of decent crystal glasses, I always treat a rented house like I would my own because it is our home.

4ensic15

M3CS wrote: »

This thread has been slightly derailed...anyway, I showed the house to an older Spanish couple this evening. They came with an agent that assists MNC employees that are relocating to Ireland. The husband is starting a new job with a medical company here in a few weeks. They're both in their 50's and they have two grown children (19 & 21) that would be living in the house with their parents for certain periods during the year. I clarified a few things with them:

• They would be paying the rent themselves out of their own pocket, not his employers.
• They would be paying by standing order each month.
• They will be here for at least one year.
• They have no objections to inspections every three months.

One thing that I think may be an issue is the language barrier - they speak very little English. An interpreter was with them today translating their questions and my responses. They won't have her services if they move into the house so this is mildly concerning.

I had another couple contact me by email on Saturday, they seemed fairly interested but I tried calling twice today to no avail so I'm guessing they changed their mind. The couple that viewed the house today will need an answer from me soon but I'm not entirely sure if they're the right tenants for the place.

Any thoughts?

If someone doesn't answer their phone, forget them. the Spanish couple are most unlikely to act the maggot. I would not worry about the language barrier. they will pick up more English as time goes on. You should have very little need to communicate with them anyway. You should insist that they have the lease explained to them by the translator and have them sign a declaration to that effect.

M3CS

I’ve had a busy week with quite a few people coming to view the house but after careful consideration I believe I’ve found the right tenants. They’re both professionals in their 40’s and have given me work references as well as a reference from their letting agent.

I’m going to give their agent a quick call on call on Monday morning and if everything checks out then I’ll be happy to have them living in my house. Now, I’m wondering exactly what I have to do to get everything in order – I’m setting up a separate bank account during the week solely for the rent. Regarding the tenancy agreement, should I go to my solicitor and have him write one up or are the ones available online adequate? Is there anything else I need to do when moving new tenants in? Again, this is all new to me so apologies if any of my questions are coming across as naive. I want to have everything in order with this so I’m here for any and all advice.

4ensic15

M3CS wrote: »

I’ve had a busy week with quite a few people coming to view the house but after careful consideration I believe I’ve found the right tenants. They’re both professionals in their 40’s and have given me work references as well as a reference from their letting agent.

I’m going to give their agent a quick call on call on Monday morning and if everything checks out then I’ll be happy to have them living in my house. Now, I’m wondering exactly what I have to do to get everything in order – I’m setting up a separate bank account during the week solely for the rent. Regarding the tenancy agreement, should I go to my solicitor and have him write one up or are the ones available online adequate? Is there anything else I need to do when moving new tenants in? Again, this is all new to me so apologies if any of my questions are coming across as naive. I want to have everything in order with this so I’m here for any and all advice.

Photograph everything with the prospective tenant. Print the photos and have the prospective tenant sign them.

TheDoc

Hazydays123 wrote: »

We've been renting our current property for 6 yrs. The landlord hasn't been here since the first month when there was a slight issue with the place.

We have a relationship whereby he is very hands-off which suits us 100% as we value our privacy. If you choose well and have mature adult professional tenants, you should treat them as such.

We have spent a lot of our own money fixing any problems that arose during the tenancy. We view this as our home and are invested in it. However, if our landlord insisted upon 3 monthly inspections, I think i'd respond by calling him around for even the tiniest of problems.

Basically, treat your tenants like children and they will respond as such. Good luck.

Was just about to post something similar. It's a business relationship, so treat the tenants like adults, not children.

Similar to the above, I've had three exceptional landlords in my time renting for a number of years. I'd typically put down €€ or fix stuff myself as to not be a hassle. Only major issues I'd need to contact the LL for.

We treat our rented homes like they were our own, so well kept and maintained. If I was getting inspections every 3 months first off I'd be gone after the first year, and secondly I'd be saying **** that hassle, and forwarding every valid €€ notice to the LL.

In all cases I've dealt with, I've been fortunate enough to deal with the landlords directly. Coupled with me and my O/H being good tenants, it is probably a big part of why I think things have gone well for us. I'd likely actively avoid renting from an agency. I don't think it is any co-incidence alot of the tenant issues I read about, has an agent involved somewhere.

Appreciate you want to get advice from landlords, but you might also want to sound out good tenants. My friends family own a property where their tenant just vacated after 16 YEARS. A friend of mine is in the same flat for 8 years. We just moved recently after a 2+ year stint and our landlord was genuinely gutted and wanted to know if any movement on rent would make us stay. He valued our tenancy and stress free stuff over the monthly rent clearly.

Best of luck with the venture, try not to become one of the bad LL's

Ms Doubtfire1

I would agree.If my LL would call round every 3 month for inspections I'd go pretty nuts

Ms Doubtfire1

Ms Doubtfire1 wrote: »

I would agree.If my LL would call round every 3 month for inspections I'd go pretty nuts

Whats the big deal about a 10 or 15 min quick look around every 3 months. You are occupying the building owned by the LL worth hundreds of thousands of euro do you not think they should be entitled to inspect it a few times a year to ensure everything is right.

Its also an opportunity to point out anything that needs fixing etc as that's much easier to do in person rather than over the phone.

TheDoc wrote: »

Similar to the above, I've had three exceptional landlords in my time renting for a number of years. I'd typically put down €€ or fix stuff myself as to not be a hassle. Only major issues I'd need to contact the LL for.

We treat our rented homes like they were our own, so well kept and maintained. If I was getting inspections every 3 months first off I'd be gone after the first year, and secondly I'd be saying **** that hassle, and forwarding every valid €€ notice to the LL.

Why would you fix stuff yourself rather than ask the LL? Its their job to get stuff fixed, I wouldn't be spending my own money on anything that a LL could be expected to pay for for no matter how small I'll be long enough doing it when I buy my own place. I can't understand why all LL's don't inspect regularly, an awful lot don't including my own and I can see how it could end up in disaster if the tenant hasn't a bit of cop on and is able to spot small things here and there that could turn into big things. Just look at the other thread here recently where a tenant didn't think a major leak was worth telling the LL about until the place was half destroyed.

4ensic15

Kaylee Narrow Pianist wrote: »

Why would you fix stuff yourself rather than ask the LL? .

If a tenant has a reasonable deal, constantly contacting the landlord might put the landlord of a mind to put up the rent, get another tenant or sell up. If you don't do small repairs you might end up paying for them anyway, in spades.

Hazydays123

Kaylee Narrow Pianist wrote: »

Whats the big deal about a 10 or 15 min quick look around every 3 months. You are occupying the building owned by the LL worth hundreds of thousands of euro do you not think they should be entitled to inspect it a few times a year to ensure everything is right.

Its also an opportunity to point out anything that needs fixing etc as that's much easier to do in person rather than over the phone.



Why would you fix stuff yourself rather than ask the LL? Its their job to get stuff fixed, I wouldn't be spending my own money on anything that a LL could be expected to pay for for no matter how small I'll be long enough doing it when I buy my own place. I can't understand why all LL's don't inspect regularly, an awful lot don't including my own and I can see how it could end up in disaster if the tenant hasn't a bit of cop on and is able to spot small things here and there that could turn into big things. Just look at the other thread here recently where a tenant didn't think a major leak was worth telling the LL about until the place was half destroyed.

I've heard of tenants who ask their LL to change their lightbulbs.... Sure you'd only love that so you could be in their place all the time. As for the rest of us who have a life to live..

I knew my LL lived very far away from his rental property, had a stressful job and a young family. So basically I looked after it really well so he didn't have to be up here all the time. Otherwise I think he'd have sold it a long time ago.

I'm buying my own place now and will probably be renting it in a couple of years as my career will take me to the US. I have full confidence that if I rent it to people within my profession it will be fine. Vet your tenants well.

TheDoc

Kaylee Narrow Pianist wrote: »

Why would you fix stuff yourself rather than ask the LL? Its their job to get stuff fixed, I wouldn't be spending my own money on anything that a LL could be expected to pay for for no matter how small I'll be long enough doing it when I buy my own place. I can't understand why all LL's don't inspect regularly, an awful lot don't including my own and I can see how it could end up in disaster if the tenant hasn't a bit of cop on and is able to spot small things here and there that could turn into big things. Just look at the other thread here recently where a tenant didn't think a major leak was worth telling the LL about until the place was half destroyed.

Because that is being a hassle and nuisance. And maybe it was just the way I was brought up, or how I view things. But I don't like being a hassle.

Last property(as per other thread) told the LL not to be daft coming out to sort the garden and managed it myself. And he was very complimentary on our last move out inspection of what I'd done with my GF relating to flowering and stuff.

I know LL's that have had people ringing them about hanging paintings, changing lightbulbs and all sorts of nonsense. I just get the impression that most landlords who have one property, want to get their few bob and just not have any hassle. Granted I'm handy at stuff, as is my girlfriend. When we moved into our first apartment, the landlord dragged his feet with painting the place so the misses did it in a week. He popped out to see and was delighted. We actually got a few quid ontop of our deposit from that landlord for in his words "having the place so much better then what I gave it to you in"

Obviously serious issues you get in touch with the LL. We had a pipe break under the bath a while back, that was onto the landlord and plumber out to sort. The Washing machine fritzed and that needed to get sorted.

But there was also an issue with the cooker not turning on (you know the red switch at the wall). That turned out to be a blown fuse that I sorted. And then our kettle broke, so we just bought a new kettle. Didn't hassle the landlord looking for a few quid of or whatever.

I just think there could be a bit more give and take, a bit more maturity, and less immediate resorting to staunchly finger pointing to a lease. Look I get it, not everyone is handy and not everyone is comfortable socially or with confrontation or with just dealing with people. And again I'd stress we have deal with landlord directly, so havn't had any hassle with agencies.

But acknowledging there is a business arrangement and contract, but also appreciating my LL is a person, who just wants to make a few €€ and not get hassle, probably pushes me into treating rented properties more like my own home as opposed to just some third party investment I'm inhabiting.

My last landlord near the start used to pop out for "chats". I knew well he was just having a quick nosey and stuff. But look it was fine by me, he was a nice man. And it quickly stopped, as he clearly saw the place looked great. Jesus we exchanged gifts at Christmas with his family, and he got us stuff for daughters birth

And considering the relationships I've had (all good), the really good feedback I've had with landlords, and the tangible benefits being both gaining extra money onto my deposit, or even having hassle free exits (I've had my deposits back in two scenarios before I handed back the keys) I'd be hard pushed changing my tact. And hard pushed stopping recommending to people they just buck up a little and stop pushing the us vs them mantra.


*Also just at this point, in that other thread, its somewhat disputed if the tenant knew the leak was happening before it went kaput.

TheDoc

Hazydays123 wrote: »

I've heard of tenants who ask their LL to change their lightbulbs.... Sure you'd only love that so you could be in their place all the time. As for the rest of us who have a life to live..

.

Think everyone has heard of them. Sometimes you do just get people who have lived in a bubble or something and can't do anything themselves. Yet ironically and boldly want things done, and expect the landlord to be some form of handyman.