finding a tenant for a property

[babyfacek]

So this is my first time doing this and i have an apartment i need to rent out. Because of my financial situation i want to use the private property assisted package on their website. Does anyone have any reviews on that and does it work? unfortunately i cant afford an agent at the moment.

 

[beefymoocow]

So this is my first time doing this and i have an apartment i need to rent out. Because of my financial situation i want to use the private property assisted package on their website. Does anyone have any reviews on that and does it work? unfortunately i cant afford an agent at the moment.

Remember if you can’t afford an agent maybe consider selling the property. Because if you can’t afford an agent. Can you really afford to evict someone. Don’t think people should go into property if the have cashflow/liquidity problems.

 

[Sicilian-Najdorf]

So this is my first time doing this and i have an apartment i need to rent out. Because of my financial situation i want to use the private property assisted package on their website. Does anyone have any reviews on that and does it work? unfortunately i cant afford an agent at the moment.

You could rent it out yourself without an agent. I suggest you get rental insurance. I don't know if these companies are still operating though because of Covid and lockdown.

Like @beefymoocow said, what happens when the tenant doesn't pay? Then you'll have bigger problems than an agent's commission.

If your livelihood depends on the rental income, make sure you have at the very least the equivalent of 3 months rent stashed somewhere. Problem tenants are common....

 

[RedViking]

Worst time in history to rent out.

 

[op365]

Agree with @beefymoocow above. Use an agent especially if you are going to be far away from the property.
Negotiate with the agents on fees and value adds.
Right now people credit scores are shot and getting a "good" tenant is difficult.

 

[Tman*]

Agree with @beefymoocow above. Use an agent especially if you are going to be far away from the property.
Negotiate with the agents on fees and value adds.
Right now people credit scores are shot and getting a "good" tenant is difficult.

Hold up, there is a big difference in getting an agent to find you a tenant and getting an agent to manage your property.

You can easily find your own tenant and avoid the agent fee by advertising on local websites. I recommend private property (it's free for one property at any given time) then use TPN to do background checks etc.

If you are not living close to the said rental property definitely get someone to manage it.

 

[beefymoocow]

Hold up, there is a big difference in getting an agent to find you a tenant and getting an agent to manage your property.

You can easily find your own tenant and avoid the agent fee by advertising on local websites. I recommend private property (it's free for one property at any given time) then use TPN to do background checks etc.

If you are not living close to the said rental property definitely get someone to manage it.

I’m more referring to the fact the op is short on cash. Renting out a property is quite risky. And could cost you allots. I would rather sell at a lower price and buy equities.

 

[zerocool2009]

Make gumtree and private property adds! Do research on pricing, and market it!

Do background checks! See it as an interview! Bank statements, call his work, his previous landlord too!

 

[joker08]

So this is my first time doing this and i have an apartment i need to rent out. Because of my financial situation i want to use the private property assisted package on their website. Does anyone have any reviews on that and does it work? unfortunately i cant afford an agent at the moment.

How can u not afford an agent ? They charge u 5% of the rental income u are going to receive. Nothing out of ur pocket before hand..

 

[RedViking]

How can u not afford an agent ? They charge u 5% of the rental income u are going to receive. Nothing out of ur pocket before hand..

Agents are scum.

 

[Sicilian-Najdorf]

Also keep in mind that you can claim back from tax for any out of pocket expenses for the rented out property...Rental agent commission being one of them.

 

[Pineapple Smurf]

Yeah
I would never rent out home property
Too many skelms around
I would rather Air BNB, I know with covid etc its a kak time to rent but thats what I would do.

A friend of mine has a tenant that lives on same property and they cannot evict him. He pays his rent on time but is a total nuisance on drugs running down the streets at night shouting and screaming and talking to himself. Total nightmare for the entire neighborhood. Cops have been called many times but don't do anything.

This has been going on for a year now, maybe a bit more.

Anyways, going off topic here now @babyfacek but my point is if you cannot afford a property rental agent (and believe me they are kak coz all they care about is their 10% commission, someone here said 5%, no idea where that is) but anyways, please don't go ahead with what you want unless you have these 2 things in place:

1) Written rental contract (I know 20 years ago you could buy an off the shelf one at CNA for 50 bux)
2) Stipulate that this is a short-term contract, ie 3 or 6 months. This way you will learn a hell of a lot from renting peoples. As time goes on change it to 12 months. If only my bud had done this then there wouldn't be a problem today for him. You gotta learn from your own mistakes, all the best

Im gonna ping @chrisc here as he may be able to offer advice as he has been letting out his own property for a number of years

 

[babyfacek]

Remember if you can’t afford an agent maybe consider selling the property. Because if you can’t afford an agent. Can you really afford to evict someone. Don’t think people should go into property if the have cashflow/liquidity problems.

Cant really sell it now. I will make a bigger loss than if i hold on to it and hope things will level up.

 

[babyfacek]

You could rent it out yourself without an agent. I suggest you get rental insurance. I don't know if these companies are still operating though because of Covid and lockdown.

Like @beefymoocow said, what happens when the tenant doesn't pay? Then you'll have bigger problems than an agent's commission.

If your livelihood depends on the rental income, make sure you have at the very least the equivalent of 3 months rent stashed somewhere. Problem tenants are common....

thanks

 

[babyfacek]

Agree with @beefymoocow above. Use an agent especially if you are going to be far away from the property.
Negotiate with the agents on fees and value adds.
Right now people credit scores are shot and getting a "good" tenant is difficult.

the few i approached told me finding the tenant is the rental for the first month and 10% for them to manage. They did say they could be wiggle room though not much.

 

[babyfacek]

Yeah
I would never rent out home property
Too many skelms around
I would rather Air BNB, I know with covid etc its a kak time to rent but thats what I would do.

A friend of mine has a tenant that lives on same property and they cannot evict him. He pays his rent on time but is a total nuisance on drugs running down the streets at night shouting and screaming and talking to himself. Total nightmare for the entire neighborhood. Cops have been called many times but don't do anything.

This has been going on for a year now, maybe a bit more.

Anyways, going off topic here now @babyfacek but my point is if you cannot afford a property rental agent (and believe me they are kak coz all they care about is their 10% commission, someone here said 5%, no idea where that is) but anyways, please don't go ahead with what you want unless you have these 2 things in place:

1) Written rental contract (I know 20 years ago you could buy an off the shelf one at CNA for 50 bux)
2) Stipulate that this is a short-term contract, ie 3 or 6 months. This way you will learn a hell of a lot from renting peoples. As time goes on change it to 12 months. If only my bud had done this then there wouldn't be a problem today for him. You gotta learn from your own mistakes, all the best

Im gonna ping @chrisc here as he may be able to offer advice as he has been letting out his own property for a number of years

very informative. I will try the shorter term leases as a start.

 

[3WA]

the few i approached told me finding the tenant is the rental for the first month and 10% for them to manage. They did say they could be wiggle room though not much.

Try House.me or Preferental. Much cheaper than traditional agents. I'm with House.me. They're not competent, but they try.

 

[babyfacek]

How can u not afford an agent ? They charge u 5% of the rental income u are going to receive. Nothing out of ur pocket before hand..

Please do send me the 5% ones. All the ones i asked were 10%.

 

[beefymoocow]

Cant really sell it now. I will make a bigger loss than if i hold on to it and hope things will level up.

Is it more then 30% loss. If not, if you use the money to buy reit shares. You will be net zero position? The index is down 30% so if you sell your property at a 30% loss. You should be neutral.

 

[Tman*]

How can u not afford an agent ? They charge u 5% of the rental income u are going to receive. Nothing out of ur pocket before hand..

I can't afford an agent either.

Based on doing 5min of work to find a crappy tenant and charging a premium.