Landlords any good advise?

Question

I have just became a landlord any advise from exsisting ones about potential problems and how they were resolved

Answer 1

look after you building and your tenants and you shouldn't have any problems

Answer 2

Stay on friendly, but businesslike terms with your tenants. If you have a good tenant, treat their reasonable requests as generously as you can. For example, one of mine just asked if he could install a dishwasher. He was offering to pay for it, and I said "Sure, and if you use my plumber, I'll pay for the installation" That way, I get the dishwasher installed by someone I know is good, and when my tenant leaves, the flat has a dishwasher.

Better to charge a realistic rent and have your property let most of the year, than to hold out for two more weeks for a £10 higher rent, and have the flat empty for those two weeks.

Organise your Tenancy Agreements so that they do not end just before or just after Christmas. If your tenants move then, you will have a void period, nobody goes flat hunting at holiday time.

There is only one way you should accept rent - Direct Debit. Don't even consider anything else.

Never buy or let a property that you would not consider living in yourself. Perhaps not you now, but your younger self. Don't expect people to pay you to live somewhere horrible, without resenting you.

Take up references, obey the law, do your CORGIs (gas) every year, your NICCE (electrical safety) every five years, or every time you change tenancies.

Don't withhold the deposit the tenants paid unless they really have fouled the place, in which case deduct the cost of cleaning and damage and return the rest. There are new laws about this now, your Lettinhg Agent will explain.

Take advice from your Letting Agent - you're paying him - might as well use his knowledge and experience

Apart from one horrible lot, I have always been lucky with my tenants - that might be because I treat them decently

Answer 3

It depends where you are. If you are in England you should let on a shorthold tenency which means that any time from the end of month 4 you can issue 2 months notice without giving any reason other than you want the house back. That saves you from having to go to court to try to prove that your tenant has been unreasonable.

If you do have to ask a tenant to leave or to pay back rent owed you can now use the court online which is more convenient than actually going there.

You should normally ask for one months rent amount as a bond to informally settle small problems regarding damage when a tenant leaves. You should get your rent in advance.

Answer 4

Get everything in writing never verbally make arrangements for anything. When we bought our place there was a tenant already. Tenant moving after 1 1/2 yrs of renting from us she needed to stay 2 more weeks but didnt have the money to pay we told her we would keep her $100 deposit and the rest of the propane in the tank would be about $100 which would cover the two weeks. I had called the propane company and they told me they dont refund propane so I thought ok good. well turns out since she was there customer for 8 yrs they refunded her the amount in the tank and sent me a bill. I decided to do nothing since it was a hundred dollars lesson learned on my part.

Answer 5

potential problems .. ok the main thing u need to realize is that 90% of people eventually ... sooner usually than later ... come to the conclusion that somehow they have paid u enough already and start to get late on payments or come up with excuses ... its best not to get close to them as friends ... u can make a lease which is probably a good idea ... make it and word it to suit u ... just be sure to include there are no exceptions to eviction commencing immediately upon non payment .. other issues are pets detroying the property mainly dogs .. but others ... nasty people getting the place infested with bugs .. people knocking walls out to redecorate and never finishing the projects ...good renters are few and far between .. stay on em ...

Answer 6

Get a good contract and make sure you do everything in writing. Any disputes can be easily resolved, should it go to court, if you have everything in writing and photos etc. Yes, I know I sound very negative, but I speak from experience, and believe me there are some dreadful tenants around and you wouldn't want the stress.

Answer 7

Dont accept housing benefit. (UK based) !!!
The time it takes for the catch up to be....caught up on can sometimes run into months and all sorts of problems can arise within that period that have negative knock on effects financially.
Housing benefit tenants tend not to be the hang around types. if you accept benefit, you'll be lucky if they stay for 6 months and move on.

Answer 8

When you get a good tenent don't be greedy with the rent. A few pounds a month more rent doesn't always make for the best tenent

Answer 9

Nothing much just keep in touch with grain market, get latest knowledge about new improved methods of raising crops and what crops, new fertilisers are in the market.
Just that and enjoy life. :)

Answer 10

Only use an ARLA registered letting agent.