Renting Out - What I'm looking for, feedback welcome

MarkAnthony

Firstly I don't mind if this becomes a more general discussion but if your input is simply I wouldn't rent from you then please simply thank the post below this one. That is absolutely your right the only thing I would say is I have a right to protect myself as well.

Anyways with that caveat here's what I propose

-First and last months rent
-Security Deposit to the value of one months rent
-Reference from previous Land Lord
-Employment reference (or 2 in the case of a couple)
-Bank Statements for the previous X time - All info can be redacted on this except the SO showing the rent going out each month and their pay going in (possibly). This is the bit I'm particularity torn on; 12 months and pay seems onerous, 3 months rent only seems like it doesn't show a track record.

This is a one bed in D8, everything above board, well spec'd etc. looking for a professional couple rent c.€1000 per month with parking.

Thoughts?

MarkAnthony

OP you are a scoundrel and a rotter, I would not rent from you!

allibastor

Why would you want first and lasts months rent?

You are in essence looking for 3 months rent up front. 3K.
In my experience a landlord is very slow to give things back so you are in essence having 2 deposits.

zl1whqvjs75cdy

Afraid that's way too much deposit. Yeah you might not trust me as a tenant to not wreck the place but I certainly wouldn't trust a complete stranger with 3 grand.

MarkAnthony

allibastor wrote: »

Why would you want first and lasts months rent?

You are in essence looking for 3 months rent up front. 3K.
In my experience a landlord is very slow to give things back so you are in essence having 2 deposits.

It's the system I've seen used predominantly in the US and I've always thought it was a good protection. With regards to security deposits if the tenant was willing to pay the fees I'd be happy to use an escrow service.

I take your point though that the tenant may have been shafted in the past.

allibastor

MarkAnthony wrote: »

It's the system I've seen used predominantly in the US and I've always thought it was a good protection. With regards to security deposits if the tenant was willing to pay the fees I'd be happy to use an escrow service.

I take your point though that the tenant may have been shafted in the past.

In the US the rental market is very different. Landlords are providing a better quality house.

In Ireland it is a different story with Landlords and tenants version of wear and tear very different and what was included or not included.
Also, your 1 bed is 1k a month, when did you last have it painted, or kitchen fitted. when did you last inspect for damp or check the moisture movement in the walls. Have you an inspection done more than throwing your eye over it.

BeatNikDub

And 12 months of bank statements!
WHOAH

Mrs OBumble

I reckon reference from a previous landlord or similar.

For example, when I came to Ireland, i had owned my own home for 7 years previously, and my LL from the 7 years before that before then had died. So I quite literally didn't have one - and as a mature foreign professional IMHO am a better risk for a LL than many young locals.

MarkAnthony

allibastor wrote: »

In the US the rental market is very different. Landlords are providing a better quality house.

In Ireland it is a different story with Landlords and tenants version of wear and tear very different and what was included or not included.
Also, your 1 bed is 1k a month, when did you last have it painted, or kitchen fitted. when did you last inspect for damp or check the moisture movement in the walls. Have you an inspection done more than throwing your eye over it.

Again I realise the tenant has no reference from me, other than I am willing to show them that the property is fully registered etc and my willingness to provide more than just a mobile number but the demand in this area is exceptionally high.

Kitchen is in under a year, in fact the tiling will have only just have been completed, Bathroom will be a new fit or there may be a slightly reduced rent.

AFAIK other than a BER there is no requirement to have the place inspected, there's been no issues with damp in the almost ten years I've lived in the place. Other than the bathroom to be fair which is an issue with poor heating and ventilation which should be resolved in the refit.

MarkAnthony

allibastor wrote: »

Why would you want first and lasts months rent?

You are in essence looking for 3 months rent up front. 3K.
In my experience a landlord is very slow to give things back so you are in essence having 2 deposits.

donkeyoaty0099 wrote: »

Afraid that's way too much deposit. Yeah you might not trust me as a tenant to not wreck the place but I certainly wouldn't trust a complete stranger with 3 grand.

Understandable but it's not 2 deposits, it's the final month's rent. The tenant is guaranteed it back by simply withholding the final month's rent without comeback. Taking 2 months security (or equivalent) is something different. Understandable that people might not see it that way.

BeatNikDub

So you are happy to do the minimum required; but expect potential tenant to go above and beyond for you?
Have you been seriously burned in the past or something?

Meathlass

I could live with the 2 months rental up front and the deposit but the 12 months bank statements seems particularly onerous and there's no way I would tell anyone (including my mother) what my take home pay is.

Draco

MarkAnthony wrote: »

-Bank Statements for the previous X time

Not a chance. Checking up the landlord reference should be enough there. If you're not going to trust a landlord's reference then there's no point in even asking for it.

MarkAnthony

BeatNikDub wrote: »

So you are happy to do the minimum required; but expect potential tenant to go above and beyond for you?
Have you been seriously burned in the past or something?

Sorry I'm not sure where you're getting that I'm doing the minimum and expecting a tenant to go above and beyond. There is very little point in getting involved in an emotive discussion where I say I'm a good landlord (or was in the past) and you assume that you get great tenants without taking precautions.

Constructive criticism only please.

MarkAnthony

Draco wrote: »

Not a chance. Checking up the landlord reference should be enough there. If you're not going to trust a landlord's reference then there's no point in even asking for it.

Good point, I wonder if it is worth asking for. I'm afraid I go on that old story about John getting a glowing reference from his previous employer just to be shot of him.

MarkAnthony

Meathlass wrote: »

I could live with the 2 months rental up front and the deposit but the 12 months bank statements seems particularly onerous and there's no way I would tell anyone (including my mother) what my take home pay is.

What about if everything was redacted on say 3 months of statements save for the rent going out?

Thanks for your reply.

Meathlass

I know my employer will just give out a reference stating "Meathlass has been employed by xxx for xxx years"

Landlord reference - I've never asked or needed one but sure I could just get one of my friends to be my 'landlord'. Don't see how you can set any store by it.

BeatNikDub

I am not being emotive at all, merely trying to understand your outrageous requirements.

Anyway, unfortunately, someone will probably do all of this (which is completely above and beyond necessity) because of the nature of the current market, which you are well aware of and as you say are taking complete advantage of. All that can be hoped for is that the couple that do end up renting from you are treated well.

Draco

MarkAnthony wrote: »

What about if everything was redacted on say 3 months of statements save for the rent going out?

You could have a situation where the rent went out but not enough funds to cover it and it bounced but the bounce was redacted.

MarkAnthony

Meathlass wrote: »

I know my employer will just give out a reference stating "Meathlass has been employed by xxx for xxx years"

Landlord reference - I've never asked or needed one but sure I could just get one of my friends to be my 'landlord'. Don't see how you can set any store by it.

To be honest that's all I'd want and expect from the employer, length of service would be my main concern. As for the LL ref, it's possible to do some digging - PRTB registration being of public record, but yes I absolutely see where you're coming from. The LL ref issues means I probably will look for bank statements, need to have a think on how long etc.

Thanks for your feedback.

MarkAnthony

Draco wrote: »

You could have a situation where the rent went out but not enough funds to cover it and it bounced but the bounce was redacted.

Eeesh - excellent point.

jimbo32123

Original poster, that is the old adic a lada (the apartment) being rented or bought for a rolls royce (what your looking for)

The first and last month is 33% OTT when you look at it, the 12 months bank statement is riciculous considering its is only 12 months required when applying for a morgugage! you are looking for the equivalent and equal to a nortgugage application for a one bed apartment rental... completely ridiculous!!

pwurple

I've never looked for bank statements as a landlord. Never considered it to be any of my business what my tenants spend their money on.

The rest looks fine to me.

Get a solid contract in place. And advise them of what you do, and don't cover. For example, their own personal possessions should be covered by their contents insurance.

Meathlass

MarkAnthony wrote: »

What about if everything was redacted on say 3 months of statements save for the rent going out?

Thanks for your reply.

I probably would do this but what's it going to tell you really? That I can afford to pay €1000 every month on a particular date. There's no way of checking that what I call "Rent" on my bank statement is actually rent. I could be paying a mate off for a drug debt.

I pay money to my housemate via SO every month for UPC. I call it UPC on my bank statement but it's going into a private current account. You can call the narrative description anything you want on your SOs and DDs.

MarkAnthony

jimbo32123 wrote: »

Original poster, that is the old adic a lada (the apartment) being rented or bought for a rolls royce (what your looking for)

The first and last month is 33% OTT when you look at it, the 12 months bank statement is riciculous considering its is only 12 months required when applying for a morgugage! you are looking for the equivalent and equal to a nortgugage application for a one bed apartment rental... completely ridiculous!!

Actually it's more like 6 months on a mortgage, but from a strictly risk assessment point of view tenants are a higher risk financially speaking and by definition (because it's zero in the case of owner occupiers) risk of trashing the place and not paying for it.

MarkAnthony

Meathlass wrote: »

I probably would do this but what's it going to tell you really? That I can afford to pay €1000 every month on a particular date. There's no way of checking that what I call "Rent" on my bank statement is actually rent. I could be paying a mate off for a drug debt.

I pay money to my housemate via SO every month for UPC. I call it UPC on my bank statement but it's going into a private current account. You can call the narrative description anything you want on your SOs and DDs.

I take your point but you'd have to be pretty convoluted to do that for, say, six months, there's also the other safe guards in place such as a high deposit.

Thanks again for your input.

Redshift

I get the impression that being a landlord might keep you awake at night and that you should really think about it. I'm am a tenant, (hopefully not for too much longer) I have rented four different properties over the past eight years and have never been so much as a minute late with the rent and have always got all of my deposit back.
I'm telling you this because I'm in your target demographic but I'm also telling you that I would not rent from you. To put it simply you sound like you have the potential to be a pain in the butt and an interference in the private enjoyment of what would be MY home.

You sound like a decent and we'll organised person but I would just move on if I was searching for a property and saw that list of requirements. That said it's a landlord s market and you may well get someone who is willing to go along with your requirements.

Meathlass

It's a landlord's market in Dublin at the moment so if you state up front on the advertisement that these are the conditions you'll get someone to accept I'm sure.

I'm a tenant but I've read enough horror stories here and elsewhere about problems landlords have had so I don't blame you in wanting to protect yourself.

MarkAnthony

Redshift wrote: »

I get the impression that being a landlord might keep you awake at night and that you should really think about it. I'm am a tenant, (hopefully not for too much longer) I have rented four different properties over the past eight years and have never been so much as a minute late with the rent and have always got all of my deposit back.
I'm telling you this because I'm in your target demographic but I'm also telling you that I would not rent from you. To put it simply you sound like you have the potential to be a pain in the butt and an interference in the private enjoyment of what would be MY home.

You sound like a decent and we'll organised person but I would just move on if I was searching for a property and saw that list of requirements. That said it's a landlord s market and you may well get someone who is willing to go along with your requirements.

To be honest I've been a landlord before in a market with a much smaller demand and didn't have an issue. I take the point on almost all of your criticism (whether I agree with it or not) except the interference with your private employment; I thought it was fairly standard practice to ask for an employment reference? I certainly supplied one when I rented.

Sorry just reread your post; I don't think that's a fair judgement; you've no grounds for believing that I'm going to interfere with the property when rented. In fact quite the opposite, I'm doing this so that I have as little contact as possible, save for inspections which I assume is fairly standard every 6 months and if the tenant requires something fixed.

MarkAnthony

Meathlass wrote: »

It's a landlord's market in Dublin at the moment so if you state up front on the advertisement that these are the conditions you'll get someone to accept I'm sure.

I'm a tenant but I've read enough horror stories here and elsewhere about problems landlords have had so I don't blame you in wanting to protect yourself.

Thanks for your comment. I will definitely be putting the conditions on the ad. This also gives me the opportunity to say I'm fully aware that tenants get screwed all the time. I'm alive to that fact as well.

stupid_is_as _stupid_does

MarkAnthony wrote: »

Actually it's more like 6 months on a mortgage, but from a strictly risk assessment point of view tenants are a higher risk financially speaking and by definition (because it's zero in the case of owner occupiers) risk of trashing the place and not paying for it.

Hi MarkAnthony,

As you asked for feedback I am giving it as someone currently house hunting. I have seen very few landlords asking for bank statements. A tiny minority. Those ads I immediately ignored as I think it is a complete intrusion on privacy. My loss maybe but I would not budge on that. I have always paid rent and bills on time and have a glowing reference from my last landlord of three years.

Asking for the final month up front is a lot too and although I would be able to pay it I would probably go for somewhere that didnt have that requirement as I have never seen it before and I would prefer to keep the extra money in my bank account than sitting in that of my landlord. That said if someone was really interested in the apartment and there was not much supply that met the same criteria for the renter I do not think this would be a complete no no.

Can I ask a question off you as a landlord (or any other landlords on thread). You say you with the work reference you would want to know the length of tenure of employment. I am just after starting a job; public sector, decent wages and an indefinite contract (i.e not a fixed term contract). Would the fact that I am only starting employment be a negative from a landlords perspective?

shruikan2553

Bank statements have come up before. I get mine from AIB online. It would be very easy for me to change details on it. Also looking for 3 months up front would put me off, I would be waiting for a deposit already so that is 4k out of pocket.

Also with such requirements I would be worried about being able to enjoy some piece and quiet.

ABajaninCork

First and last month's rent is unusual here and in the UK, and I doubt you'll find tenants willing to pay that IMO. One month's rent as deposit is usual here, but I guess you could ask for six weeks if the tenant is recently employed or has just left/returned home. One month's rent upfront is reasonable.

With regard to references. A LL reference is essential. I'd also call him and ask about the prospective tenants personally. Employer's reference is also essential if they're working. I take it RA won't be accepted?

I wouldn't be happy about supplying a LL with bank statements. I've never been asked for them. But would it be possible to conduct a credit check? This is done in the US as well as the UK, but not sure about the form here.

It's an excellent idea to hold the deposit in an 'escrow' account. Again, this is usual in the US and UK (In fact it's illegal for the LL to personally hold the tenant deposit in the UK. It has to be lodged in one of the Govt-sponsored deposit protection schemes). But it should be easy enough to get a building society account to place the deposit in.

You should also take photo's of the place BEFORE the tenant moves in and have a comprehensive inventory which you and the tenant should sign at the start of the tenancy. Get a solicitor versed in property law to draw up a proper lease with a suitable break clause inserted. It's an expense at the beginning, but could potentially save you time, money and aggro in the end...

I've offered my opinion based on you managing the property yourself. If you get an agent to manage it, then 10-12% of the annual rent is a usual fee.

mikemac1

My landlord hasn't paid the management fees in my estate in years and owes over 9k. Last I heard they were going to England to declare bankruptcy.

Can I see your bank statements OP? You want an excellent tenant and next time I go house hunting I want an excellent landlord

MarkAnthony

stupid_is_as _stupid_does wrote: »

Hi MarkAnthony,

As you asked for feedback I am giving it as someone currently house hunting. I have seen very few landlords asking for bank statements. A tiny minority. Those ads I immediately ignored as I think it is a complete intrusion on privacy. My loss maybe but I would not budge on that. I have always paid rent and bills on time and have a glowing reference from my last landlord of three years.

Asking for the final month up front is a lot too and although I would be able to pay it I would probably go for somewhere that didnt have that requirement as I have never seen it before and I would prefer to keep the extra money in my bank account than sitting in that of my landlord. That said if someone was really interested in the apartment and there was not much supply that met the same criteria for the renter I do not think this would be a complete no no.

Can I ask a question off you as a landlord (or any other landlords on thread). You say you with the work reference you would want to know the length of tenure of employment. I am just after starting a job; public sector, decent wages and an indefinite contract (i.e not a fixed term contract). Would the fact that I am only starting employment be a negative from a landlords perspective?

Thanks for your input.

Regards length of tenure, as snobby as this sounds it would depend on the job. Just starting a new posting in the civil service would be one thing, just started as a supervisor in Next would be another. Now before the hate mail starts I say this as someone who previous career was as a retailer and wife who worked for a semi-state (and I suppose still does).

In all honesty if it was very recent I'd probably ask for a previous employers reference also. If that had been less than six months I'd probably pass on someone as a tenant.

MarkAnthony

mikemac1 wrote: »

My landlord hasn't paid the management fees in my estate in years and owes over 9k. Last I heard they were going to England to declare bankruptcy.

Can I see your bank statements OP? You want an excellent tenant and next time I go house hunting I want an excellent landlord

While I wouldn't allow you to see whether I was current with my mortgage as it doesn't effect you as a tenant* you'd be very prudent to look at whether I was current with my management fees and I'd be happy to provide that information.

*I'd also be happy to provide in the lease for the procedure if the apartment went into administration. You'd still have a right to pass on this, of course, as it could be seen as hassle and uncertainty, but this is balanced against the legal rights you have given a certain tenure.

stupid_is_as _stupid_does

MarkAnthony wrote: »

Thanks for your input.

Regards length of tenure, as snobby as this sounds it would depend on the job. Just starting a new posting in the civil service would be one thing, just started as a supervisor in Next would be another. Now before the hate mail starts I say this as someone who previous career was as a retailer and wife who worked for a semi-state (and I suppose still does).

In all honesty if it was very recent I'd probably ask for a previous employers reference also. If that had been less than six months I'd probably pass on someone as a tenant.

Ok good to know; nothing I can really do about my length of tenure I suppose so no point worrying. Thanks for your reply.

MarkAnthony

ABajaninCork wrote: »

First and last month's rent is unusual here and in the UK, and I doubt you'll find tenants willing to pay that IMO. One month's rent as deposit is usual here, but I guess you could ask for six weeks if the tenant is recently employed or has just left/returned home. One month's rent upfront is reasonable.

With regard to references. A LL reference is essential. I'd also call him and ask about the prospective tenants personally. Employer's reference is also essential if they're working. I take it RA won't be accepted?

I wouldn't be happy about supplying a LL with bank statements. I've never been asked for them. But would it be possible to conduct a credit check? This is done in the US as well as the UK, but not sure about the form here.

It's an excellent idea to hold the deposit in an 'escrow' account. Again, this is usual in the US and UK (In fact it's illegal for the LL to personally hold the tenant deposit in the UK. It has to be lodged in one of the Govt-sponsored deposit protection schemes). But it should be easy enough to get a building society account to place the deposit in.

You should also take photo's of the place BEFORE the tenant moves in and have a comprehensive inventory which you and the tenant should sign at the start of the tenancy. Get a solicitor versed in property law to draw up a proper lease with a suitable break clause inserted. It's an expense at the beginning, but could potentially save you time, money and aggro in the end...

I've offered my opinion based on you managing the property yourself. If you get an agent to manage it, then 10-12% of the annual rent is a usual fee.

Thanks for your input, some excellent suggestions especially calling the previous LL. Having done this for years with employment refs I usually know when something smells fishy!

Credit checks here - I don't think that's possible unfortunately. I suppose I could check Stubbs but I'm not sure that would give me much info on tenants per se or whether I can even access it as an individual. Good idea though.

Thanks again!

Meathlass

MarkAnthony wrote: »

If that had been less than six months I'd probably pass on someone as a tenant.

If you're looking for professional tenants who may just have moved to Dublin to start work in FB/Google/EBay etc would you discount these even though they may have excellent references from other landlords etc. They would be your target market after all - young single professionals.

MarkAnthony

Meathlass wrote: »

If you're looking for professional tenants who may just have moved to Dublin to start work in FB/Google/EBay etc would you discount these even though they may have excellent references from other landlords etc. They would be your target market after all - young single professionals.

For the sake of clarity that 6 months would have been the previous employ.

If you've 1 month, with a previous employ of 6 years I'm not going to hold that against someone. But 1 Month previously 3 months, that's gonna worry me.

Meathlass

MarkAnthony wrote: »

For the sake of clarity that 6 months would have been the previous employ.

If you've 1 month, with a previous employ of 6 years I'm not going to hold that against someone. But 1 Month previously 3 months, that's gonna worry me.

Depends on the sector - I spent 10 years moving company every 6 months as it was all short term contract work. Probably looks terrible on my CV but no one within my industry would bat an eyelid.

I'd advise identifying any large employers in your area - hospitals, public service departments and asking to put a ad on their notice board. It might help you target your required tenants better than a general ad on Daft.

MarkAnthony

Meathlass wrote: »

Depends on the sector - I spent 10 years moving company every 6 months as it was all short term contract work. Probably looks terrible on my CV but no one within my industry would bat an eyelid.

I'd advise identifying any large employers in your area - hospitals, public service departments and asking to put a ad on their notice board. It might help you target your required tenants better than a general ad on Daft.

I would have been the same at the start of my career to be fair, that said I wouldn't have made a very good tenant on the basis I moved around (location) as much as I did employer (more so if I'm honest).

Wife is on contract work so don't get me wrong, I'm not dismissing that out of hand.

Very good idea ref notice board. Thanks again for your feedback.

dudara

MarkAnthony wrote: »

What about if everything was redacted on say 3 months of statements save for the rent going out?

No bank statements at all, full stop. You have zero right to see my bank account details (in any form). Would you be comfortable to share your bank statements with me? After all, I want to make sure that my landlord is meeting his mortgage, or not risking my potential home in some other manner.

I am professionally employed, with employer's references and an excellent landlord reference (from whom I rented for many years). If this is not enough for you, then I am not happy to rent from you. It's a two way relationship and I need to feel comfortable and confident in my landlord too. I've always approaching renting with the intention of developing a trustworthy relationship from the outset. So far, it's worked.

WRT to the employer's reference, bear in mind that many large companies have a template that they fill in for employees. You might want to know the length of employment, but the employer might not want to tell you. You can't hold this against the tenant.

WRT to the final month of rent. This is not the common practice in the Irish market and TBH, it would mean that I'd lose interest in your property. In the current market in Dublin, that could easily be €1,000 - €2,000 extra (depending).

MarkAnthony

dudara wrote: »

No bank statements at all, full stop. You have zero right to see my bank account details (in any form). Would you be comfortable to share your bank statements with me? After all, I want to make sure that my landlord is meeting his mortgage, or not risking my potential home in some other manner.

I've every right to request them. You're perfectly entitled to rent from a land lord else where. As I've stated above my mortgage commitments make no difference to you if provided for in the lease, I'm happy to provide a statement that my management fees (something that may very well effect you) are upto date as well as my PRTB registration, home address and telephone number. If I had any I'd be more than happy to provide a reference as a land lord but I won't have those until next time around.

dudara wrote: »

I am professionally employed, with employer's references and an excellent landlord reference (from whom I rented for many years). If this is not enough for you, then I am not happy to rent from you. It's a two way relationship and I need to feel comfortable and confident in my landlord too. I've always approaching renting with the intention of developing a trustworthy relationship from the outset. So far, it's worked.

I'm sorry but I'm not willing to take that risk with someone in a purely business relationship, especially when the law puts them in a favourable position.

dudara wrote: »

WRT to the employer's reference, bear in mind that many large companies have a template that they fill in for employees. You might want to know the length of employment, but the employer might not want to tell you. You can't hold this against the tenant.

Of course I can, I can hold anything I like against the tenant that isn't one of the grounds covered by equality legislation.

dudara wrote: »

WRT to the final month of rent. This is not the common practice in the Irish market and TBH, it would mean that I'd lose interest in your property. In the current market in Dublin, that could easily be €1,000 - €2,000 extra (depending).

That's a fair comment, but again I see it as a safer bet for the tenant than six weeks rent say, perception is everything though and if people are really that opposed to it I might go down the six weeks rent route. A bit silly though IMHO as I'd be much happier with my final month rent paid and my deposit in escrow. In that situation a rouge landlord would hold none of the chips.

Triceratops Ballet

I feel this is asking way too much of any renter. 3 months rent up front? while I have it ans so could pay it, it's in my bank account earning interest and thats where I'd want it to stay.

Just out of interest is this list of conditions standard practice elsewhere?

you have said a few times that the status of your mortgage would have no effect on your tennant IF you were in arrears and the bank wanted you to sell that would have an effect. There have been cases in the news recently where properties have been reposessed or sold by the bank and the tennents just lost their homes. Its only fair that if you want potential tennants to fully disclose their private financial history that they should expect the same from you.

Tbh I would meet all your requirements, but I would skip the ad if I was looking, its too much

drumswan

MarkAnthony wrote: »

I've every right to request them. You're perfectly entitled to rent from a land lord else where. As I've stated above my mortgage commitments make no difference to you if provided for in the lease

How do you figure? If your property goes into recievership the tenant loses the protections provided in the Residential Tenacies Act.

ABajaninCork

OP - You're treading on dangerous ground if you insist on seeing bank statements. People on here have already told you you have NO RIGHT to see personal information, and they (myself included) wouldn't be happy to give you that information. You can ask all you like. Potential tenants would have every right to tell you to sugar off. Don't believe me? Check with the Data Commissioner...

I thought you were looking for opinions and taking on board perfectly valid suggestions.

Your last post would indicate to me that you're not willing to be a reasonable landlord. And with that attitude, I wouldn't be willing to rent from you.

MarkAnthony

dottie_lottie wrote: »

I feel this is asking way too much of any renter. 3 months rent up front? while I have it ans so could pay it, it's in my bank account earning interest and thats where I'd want it to stay.

Just out of interest is this list of conditions standard practice elsewhere?

In many states in the US a full credit history, or at least a credit score would be available, first and last months rent is common, which to be fair makes it easier as you didn't pay the last month when you move into the new place and had to pay the first and last.

Security deposit shouldn't be an issue either as it's simply transferred from the old place. Ironically I probably wouldn't take the same level of precautions in the states as I'd have a credit score and tenancy law drafted in a more balanced fashion.

dottie_lottie wrote: »

you have said a few times that the status of your mortgage would have no effect on your tennant IF you were in arrears and the bank wanted you to sell that would have an effect. There have been cases in the news recently where properties have been reposessed or sold by the bank and the tennents just lost their homes. Its only fair that if you want potential tennants to fully disclose their private financial history that they should expect the same from you.

The change of ownership doesn't negate the tenants rights, that's why apartments that enter repossession , generally, go into administration. This can be provided for in the lease. The reason I say it doesn't effect the tenant is, subject to tenancy law, the landlord can ask the tenant to leave at any point anyway so there is no real security of tenure as a renter.

There may be issues with lesser notice being required for the bank to sell the property but this isn't the same as someone being quite happy on the Monday and out on the street on the Tuesday. It takes weeks/months for the repossession to happen and the bank has no interest in the property being empty if it's rented.

All in all a risk you have to take, just as I'm taking a risk by looking for say 3 months redacted bank statements rather than a full credit history that would be required in every-other developed country.

dottie_lottie wrote: »

Tbh I would meet all your requirements, but I would skip the ad if I was looking, its too much

Thank you for the input, it's appreciated, I hope you don;t mind me answering your points directly.

drumswan

If you are requesting sensitive data like bank statements you are legally making yourself a data controller under the data protection act, you'll need to follow the legal requirements here:

http://www.dataprotection.ie/viewdoc.asp?m=&fn=/documents/responsibilities/3bii.htm

The truth is high-end professional tenants are not going to trust the average Irish landlord with this info and you are ruling yourself out of attracting those type of tenants, leaving you with the rest of the market to choose from. You'll probably be shooting yourself in the foot here.

MarkAnthony

ABajaninCork wrote: »

OP - You're treading on dangerous ground if you insist on seeing bank statements. People on here have already told you you have NO RIGHT to see personal information, and they (myself included) wouldn't be happy to give you that information. You can ask all you like. Potential tenants would have every right to tell you to sugar off. Don't believe me? Check with the Data Commissioner...

I thought you were looking for opinions and taking on board perfectly valid suggestions.

Your last post would indicate to me that you're not willing to be a reasonable landlord. And with that attitude, I wouldn't be willing to rent from you.

As I've said I'm simply stating I have a right to ask for them. Everything else being provided is personal information. People have the right to refuse any of the requests for information, the corollary of that is that I have the right to refuse to let to that person.

I'm sorry that bank statements have hit a sore point and I'm taking that on board, that said I may still ask for them or I may not, still haven't decided.

MarkAnthony

drumswan wrote: »

How do you figure? If your property goes into recievership the tenant loses the protections provided in the Residential Tenacies Act.

Hmm that's a good point to be fair, I'm not sure you lose the rights, I'm open to correction there, but the receiver certainly enjoys protection from legal action.

Might have to rethink supplying my statements then in fairness.