Renting out property

Conachair

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Maybe bit off topic but I'm sure there will be some experience in here. I plan to move onboard some point this year & go cruising next year. Presently I have a house (London SE18) needing a fair bit of work to make really nice but not much to sell for decent price. Poss plan in my head is to get rid of all worldly possessions baring guitar, clothes and boat. Sell house and buy unfurnished flat purely to rent out. Looking on findaprotery.com it looks like i could earn the same rent for 2 bed flat than i could for house and free up some cash at the same time. Question is - any hints/pitfalls and and web sites where I can find out more? Biggest problems I can see are who manages it while I away & finding suitable tennents. (Always had a soft spot for nurses but that's another story!)

TIA
Padz - Conachair
 

mirabriani

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A few thoughts come to mind.....
Renting is not always easy.
You have to find the right tenants.
You have to collect the rent.
You have to maintain the property
It goes on and on....

So...It is probably wise to find a low maintenance property.
Some people use agents, who ,of course, charge for their services.
However, it is often possible to aquire property suitable for
occupation by a housing association or local council.
It needs to be suitable, so discuss it with them.
Both will provide tenants and send you the rent.
Maintenance will still be required. Find a reliable builder!!!
Have a friend or relative to keep an eye on it for you
Do a search for previous threads on this subject

Hope this helps and good luck
Regards Briani
 

wishbone

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Organising the rental yourself is your best bet, dont trust agents, try and rent to a friend or someone you know, be prepared for when flat may be between tennants, we sold our house before Christmas and are in process of renting out 5 flats and town house It is the best move we have made but we are in our early fifties! look at www.letsdirect.co.uk for more info... they have a download for shorthold tennant agreement which you can modify! get the house in a showroom condition even if you spend a little more than you thought....we sold our house in two weeks for full asking price only had three vewings house was right at the top end af the market as well...presentation is very important...if you need any further info pm me nearer the time! My friend who is also a builder sold up the year before and lives on his 35' boat on the NE coast only cost him £25 per week for mooring on pontoon inc showers toilets and shorepower, and as much fish and sea food he can eat!

good luck
 

mainmarine

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we use an agent to find and vet the tennants,[for a fee], then have the rent paid direct into our bank, we sort out all repairs etc, best to buy a modern property, you can take out insurance to cover emergency repairs etc, I used to do call outs for Green Flag but they have been taken over, can't remember what they are called now.
we live local to our properties so its far easier to keep an eye on them.
Malc
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Sea Devil

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I have been doing it for over a decade and it has financed my cruising. I only know about London - try not to use an agent - there are a few who work for professional landlords but not too many - most are not worth trusting when you have a problem and you will - that's the name of the game.

The property should if possible be within walking distance of the tube - failing that bus so your tenants can get to work.

Advertise in Loot - I normally get 20 to 30 calls a day from an ad and it takes 2-3 days to find a suitable tenant.

Choosing a tenant is gut instinct - do you think they can afford it?

I have printed up tenant application forms which ask for lots of personal details - work - personnel officer etc, Bank account and address, previous landlord, reference etc etc . make it up...

They can ONLY pay by bankers standing order. Print up your own. That way if you do not receive the rent then you know for certain they have either told the bank not to pay you or do not have the money to pay you. Either way you know for sure you have a problem and can react.

I have found it cheaper to park the boat, get on a jet plane and see the old tenants out and new ones in myself than to pay agents.

You need someone in the UK to field problems - but basically when the washing machine goes wrong you can order a new one on the Internet yourself -

Always charge a bit below market rent so they stay longer - the majority of mine stay years rather than months.

You can get a copy of a short hold tenancy agreement from places like WH Smiths - Rymans- I have mine fed into the computer and print out as required.

There will be problems - plumbing, breaking things, non payment of rent -provided you expect it - are not surprised by it and your finances do not depend on every flat being let 90% of the time it should be OK. Deciding on good tenants at a lowish rent is a lot of the battle and your judgment is as good as any agents!
 

fastjedi

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Let me tell you about our (ex) management agency /forums/images/graemlins/mad.gif

We let a very nicely furnished propety to the same tennent through the same 'reputable' management agency for 8 years. The tennent trashed the place and did a runner with what amounted to 2 months rent (they regularly went a month in arrears)

Here's the agents catalogue of errors

1. They were inspecting every 6 months ... but the cumlative neglect and damage clearly went back over a longer period (our last inspection was 2 years back after a top to bottom redecoration and new carpets)
2. Since then the tennent had 'redecorated' very badly and in an 'interesting' style ... without permission
3. When they did a runner the agency claimed they couldn't contact us and made a decision to spend the deposit they were holing on clearing the furniture and cleaning in preparation for finding a new tennent
4. There's no way the agent could claim the above activity made it ready for the next tennent. (I think they recognised that they had screwed up and wanted to play down the damage and neglect)
5. The agent recommended that it wasn't worth trying to find the tennent to recover any money and offered no assistance

So .... we paid the management agency for .... what exactly?

I found the ex tennent who had moved 100 miles away

After a lot of hard work and money the house was refurbished and is now let directly.....
At a higher price
No management fee to pay
We choose the tennent
We visit when we choose
And most importantly, the owner isn't an estranged party. We can build a moral bond with the tennent

But you do need to be on hand to fix that leaking tap occasionally.

so ... guess what my advice is!!
 
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