Tips for renting out a flat

RiaX

RiaX

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So I just recently acquired a flat. So I have not rented out property before this will be the first time. So I would like to know what tips the seasoned/experienced people have and wished they knew when they started out.

I plan to go via a property agency because I do not have the time to invest handling things personally and from the horror stories I've heard over the years I'm kind of discouraged to DIY it.

Thanks
 
RiaX said:
So I just recently acquired a flat. So I have not rented out property before this will be the first time. So I would like to know what tips the seasoned/experienced people have and wished they knew when they started out.

I plan to go via a property agency because I do not have the time to invest handling things personally and from the horror stories I've heard over the years I'm kind of discouraged to DIY it.

Thanks
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y did you acquire it in the first place...
 
Snyper564 said:
y did you acquire it in the first place...
Click to expand...

My wife wanted a flat under her name. So now we have a flat and we want it to generate some income instead of just being there.

Its not my flat per say but now the task to put it to work is on my head >.<
 
RiaX said:
My wife wanted a flat under her name. So now we have a flat and we want it to generate some income instead of just being there.

Its not my flat per say but now the task to put it to work is on my head >.<
Click to expand...

Why did you get married?
 
Credit-vet the tenants. Try your best to get professionals with stable jobs.

Take photos of the place in great detail to show the condition of windows, bathroom, fixtures, before the tenants move in.

Landlord insurance is good. You can insure yourself for rent loss AND eviction fees. This is a better expense than rental management.

Keep track of all tax-deductible expenses, month-to-month, so when it's time to file taxes, you're ready.
 
It's more trouble than its worth. If you get the wrong tenants who stop paying you are ****ed.

Sell it and put the money towards your bond.
 
Oh, one more tip: pick a tenant who doesn’t have a gun (if they try to fit a gun safe, kick them out) and that you can take in a fight.
 
3WA said:
Credit-vet the tenants. Try your best to get professionals with stable jobs.

Take photos of the place in great detail to show the condition of windows, bathroom, fixtures, before the tenants move in.

Landlord insurance is good. You can insure yourself for rent loss AND eviction fees. This is a better expense than rental management.

Keep track of all tax-deductible expenses, month-to-month, so when it's time to file taxes, you're ready.
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Ok thanks. You think I should put prepaid electric meters ect?

gregmcc said:
It's more trouble than its worth. If you get the wrong tenants who stop paying you are ****ed.

Sell it and put the money towards your bond.
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I have 0 debt so... and I cant sell whats not mine. So my only option is to lease it out so that it makes some money instead of eats away at my monthly budget
 
RiaX said:
Ok thanks. You think I should put prepaid electric meters ect?
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Definitely, if it's an option. I unfortunately cannot do this in my investment schithole.
 
Should I look for corporate letting ? The company that built the flats is attached to a rental management business who specialise in corporate letting. Im not sure how to select these agencies.
 
gregmcc said:
But your wife call sell. No?
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No she wants to keep the asset. Its always nice IMO to have assests in your name then no matter what happens in life you not fkd

azbob said:
If you don’t want tenants of a certain race, don’t tell them that. Tell them it’s taken, or something.
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lol noted
 
Tip 1. Don't "so" so much :p

Have to admit we've been very lucky tenant wise. Using an agent should make life a bit easier.
 
Im confused on how the water/electricity/levies etc work ? I know legally the owner is responsible but how does it work in the rental scene ? does it come out of the rent ? or does the tenant pay it ? or is there a limit that can be provided by the landlord and if the tenant exceeds it they have to pay ?
 
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