Anyone rent out property?

[Dave20046]

Originally Posted by MisterTommyH

Well my local EA (the ones I rented off when I was in that position) offers three services:

- find tenant and contract only £295
- find tenant, manage payment etc. £225, then 5%
- find tenant, manage payment, manage property etc £225, then 10%

They also charge £35 for inventory if I want them to do it.

So option 3 is definitely out. I like the idea of having the first years payments covered by them though.....(I.e. all costs covered except the first missed one until they manage to get them out).

Place is only 3 years so I already have an EPC. Need electronic and gas safety certs (any idea on costs?..... EA reckoned £130)

So then only the cost of getting mortgages companies permission to rent..... So that's another charge....

I'm beginning to think it might be just as easy to swap to an interest only for 6 months and leave it empty until I know how things are going......

Will reply properly at a PC but my gas safety cert was either £50 or £60 by a local plumber

I believe you cant have 2 domestic mortgages which will sting you.

[Dave20046]

Originally Posted by 600+

You need to put things into perspective a bit before you start considering all the disasters that could occur.

Firstly I work as well and do viewings after work and over weekends. Maybe your gf could help you out as well.

Secondly, you will be taking all possible actions to ensure that your tenants can afford the rent. If you are soooo unlucky that they become squaters that is why you take out landlords insurance so they can support with the legal aspect. I have to admit though that such cases are rare. Then again only you know the area and the quality of people that would be your tenants.

Estate agents are just thieves and offer sweet FA when the brown stuff hits the fun!!

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Cheers.
I don't have a girlfriend, I'm looking at possibly relocating but just wanted an investment if it's viable. Every landlord I've spoken to seems to have a horror story but I guess with proper vetting it shouldn't be a worry -and I'd be looking at renting to families

Sorry for the derail!

[dirtydog]

I don't know about renting out properties but have rented a few myself and also do a lot of work for landlords.

First 2 places I rented were found in the local paper, had a look around them, agreed the terms and paid the deposit. Now the first landlord screwed me over with the deposit saying they had to replace the carpet and redecorate which bo$*¥€*s, place was spotless. 2nd place was much better, nice landlord etc I even ended up refitting the kitchen and bathroom for him! Also did work at his other properties so it worked well for both of us.

As for tenants they vary quite a bit, but I've found the places that were not looked after very well were shared houses as no one takes responsibility for cleaning the bathroom etc

[Red Herring]

Originally Posted by MisterTommyH

....
I'm beginning to think it might be just as easy to swap to an interest only for 6 months and leave it empty until I know how things are going......

I'm guessing the girlfriend doesn't come on here then...?

[MisterTommyH]

Ha ha, no. Or I wouldn't have put it quite like that.

I'm sure she'd be of the same mind though.... experience tells me that no matter how swimmingly things are going, it can be completely different once you're sharing a house / finances etc. No matter how long you've been together.