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To rent or sell?

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    #32
    K.Flyer
    Registered Users Posts: 8,565 ✭✭✭K.Flyer


    Bythefire wrote: »
    He was quite adamant about teachers/hospital staff.

    Why? Certain job titles or professions are no guarantee that you will have ideal tenants.
    If he is not familiar with letting out an apartment and everything else that goes with it, he would be better off giving it over to a letting / management company and let them do all the work.


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    #33
    Edgware
    Registered Users Posts: 5,874 ✭✭✭Edgware


    Bythefire wrote: »
    I'll check with him tomorrow, I think he is looking at renting to hospital staff/teachers. It's not too far from hospital/schools. He did say that was his preference. It's not in a rpz but location wise it would be very easy to rent.

    Would it be better for him to rent the 2 rooms out individually?

    Depending where the property is renting to teachers could give him the short term tenancies i.e. September to June. Young teachers will disappear for two/ three months in the Summer.
    He could have access to it during the Summer months to do any bit of maintenance or even use it as a holiday let. Its not for everyone but there are options


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    #34
    dennyk
    Registered Users Posts: 1,701 ✭✭✭dennyk


    Edgware wrote: »
    He could have access to it during the Summer months to do any bit of maintenance or even use it as a holiday let.

    Note that this is only legal if the tenant mutually agrees to end the tenancy and vacate the property when summer comes, as they will be under Part 4 by that time if they've been renting the place for the entire school year. A tenancy gives the tenant exclusive occupancy, so the landlord can't let the place out as a holiday home just because the current tenant happens to be away for a month or two, nor could they carry out works or even access the property at all without the tenant's permission. Also, if it's in an RPZ the landlord cannot let it out on a short-term basis at all if it isn't their principal private residence, unless they obtain planning permission.

    Remember that tenants cannot contract away their Part 4 rights, so even an initial lease agreement stating that the tenant will vacate after 9 months would be invalid and the tenant would be under no legal obligation to leave when the time comes regardless of what the lease says, as their Part 4 security of tenure would override any such agreement. If that was the landlord's plan, he'd be entirely reliant on the tenant honouring their informal agreement and would have no legal option to compel the tenant to vacate for the summer should the tenant change their mind.


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    #35
    Rows Grower
    Registered Users Posts: 8,033 ✭✭✭Rows Grower


    K.Flyer wrote: »
    Why? Certain job titles or professions are no guarantee that you will have ideal tenants.
    If he is not familiar with letting out an apartment and everything else that goes with it, he would be better off giving it over to a letting / management company and let them do all the work.

    You can say that again!

    I had an accountant renting a place from me, he didn't drink or smoke but boy was he able to make excuses when it came to paying rent. It turned out the guy had a massive gambling problem.

    The two best tenants I still have were just out of prison when they started renting from me.

    They were straight up about where they had been the previous few years and why they had no recent references. I took them at face value and have no regrets.

    They both keep the houses as clean as the day they moved in and never let me down with rent or bother me with mickey mouse problems.

    I think they both have a touch of OCD when it comes to cleaning actually.

    "Very soon we are going to Mars. You wouldn't have been going to Mars if my opponent won, that I can tell you. You wouldn't even be thinking about it."

    Donald Trump, March 13th 2018.



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    #36
    Caranica
    Registered Users Posts: 10,115 ✭✭✭✭Caranica


    We had nurses and the place was left like a disaster zone.

    I really wouldn't recommend being a landlord to my worst enemy. Hope your friend doesn't live too regret their decision.


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    #37
    Spleerbun
    Registered Users Posts: 262 ✭✭Spleerbun


    Hypothetical question: if his mortgage was paid off on the main house, could he "live" in the inherited house and get a lodger in the second room, tax free up to a certain limit under that rent a room scheme. Then in reality he would actually spend most of his time in his own house, but would be getting decent tax free rent per month and the tenant acquiring no rights to stay if they turn out to be a d*ckhead?

    Is there some law making this situation not feasible?


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    #38
    Caranica
    Registered Users Posts: 10,115 ✭✭✭✭Caranica


    Spleerbun wrote: »
    Hypothetical question: if his mortgage was paid off on the main house, could he "live" in the inherited house and get a lodger in the second room, tax free up to a certain limit under that rent a room scheme. Then in reality he would actually spend most of his time in his own house, but would be getting decent tax free rent per month and the tenant acquiring no rights to stay if they turn out to be a d*ckhead?

    Is there some law making this situation not feasible?

    What you're proposing is tax evasion firstly and secondly it would not be enough to stop the tenant acquiring tenancy rights as the landlord is not genuinely resident.


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    #39
    Bythefire
    Registered Users Posts: 69 ✭✭Bythefire


    Just spoke to him. The house he bought (and lives in), he has a mortgage of 160k left on it. Cost 225k, he put savings into it.

    The house he inherited is worth 110k. Needs 10k to renovate it. He could rent it for 700/800 per month.

    If he keeps the inherited house, it could be an option to have when he is older butt he wants the option to sell if he ever needs the money. He would prefer to sell the house he lives in and buy elsewhere if he meets someone and they go on to have a family etc. He would like the option of building his own house in a few years if that all works out for him.

    He said he won't rent to council. Renting for 9 months and doing air b&b or rentals for summer is what he had in mind or it was until I told him about Dennyk post above about the tenants rights after 9 months.


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    #40
    Edgware
    Registered Users Posts: 5,874 ✭✭✭Edgware


    Caranica wrote: »
    We had nurses and the place was left like a disaster zone.

    I really wouldn't recommend being a landlord to my worst enemy. Hope your friend doesn't live too regret their decision.
    Nurses are noted for this. Apparently cleaning isnt their job


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    #41
    lunamoon
    Registered Users Posts: 263 ✭✭lunamoon


    Sell sell sell.

    I was planning on renting out a house I’m renovating but I’ve decided to sell instead. Too much like hard work.


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    #42
    K.Flyer
    Registered Users Posts: 8,565 ✭✭✭K.Flyer


    Edgware wrote: »
    Nurses are noted for this. Apparently cleaning isnt their job

    It's not only nurses.
    My work takes me in and out of a huge amount of rental properties throughout the year and you would surprised at the condition of some places.
    The bathroom in one high end apartment was so disgusting that it had to be cleaned and bleached before I could carry out the repairs.
    In another I asked the L.L. what the weird staining was all over the shower walls and toilet after tenants had left.
    He told me it was Fake Tan and that he was having a terrible job getting it off everything.
    Then I go into some apartments and have to phone up the L.L. to see if I'm in the right one as it looks as if nobody is living there yet, the place is immaculate and nothing out of place.
    A word of caution to all L.L.s, there is a big increase in tenants re-letting your apartments via AirBnB, so keep an closer eye on things, especially if the property is close to tourist areas.


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    #43
    Edgware
    Registered Users Posts: 5,874 ✭✭✭Edgware


    K.Flyer wrote: »
    It's not only nurses.
    My work takes me in and out of a huge amount of rental properties throughout the year and you would surprised at the condition of some places.
    The bathroom in one high end apartment was so disgusting that it had to be cleaned and bleached before I could carry out the repairs.
    In another I asked the L.L. what the weird staining was all over the shower walls and toilet after tenants had left.
    He told me it was Fake Tan and that he was having a terrible job getting it off everything.
    Then I go into some apartments and have to phone up the L.L. to see if I'm in the right one as it looks as if nobody is living there yet, the place is immaculate and nothing out of place.
    A word of caution to all L.L.s, there is a big increase in tenants re-letting your apartments via AirBnB, so keep an closer eye on things, especially if the property is close to tourist areas.
    That is true. Two main culprits. Tenants from the country who leave the apartment Friday morning, go home down the country and return to Dublin late Sunday or early Monday. They might not get back to the apartment until after work Monday so three nights Airbnb.
    Also non Irish who vacate either to go sightseeing in Ireland over a few days or go to their own country. They make arrangements with friends to hand over keys etc


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    #44
    the_syco
    Registered Users Posts: 37,299 ✭✭✭✭the_syco


    Bythefire wrote: »
    He said he won't rent to council. Renting for 9 months and doing air b&b or rentals for summer is what he had in mind or it was until I told him about Dennyk post above about the tenants rights after 9 months.
    Tell him to talk to someone who is a one house landlord, as it seems your mate has a naive view when it comes to renting.
    Bythefire wrote: »
    The house he inherited is worth 110k. Needs 10k to renovate it. He could rent it for 700/800 per month.
    Worth 110k, and rent would only be 700 for the month? I'm assuming it's not located in Dublin?


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