Do you want to lease your property long term with no obligation to manage tenants?

Buchailldana

Are you fed up of dealing with tenants, the regulation that exists and have considered selling your rental property? What if you could lease your property long term and still receive a monthly income but have no obligation to manage the tenants or even worry about repairs or call out costs? Would like to consider leasing your property to a professional landlord? Someone who would take care of all tenants and management and repair costs and even and refurbishment works that may be needed. If a washing machine breaks down, the costs will be covered, if a fridge breaks, it will be replaced, if there is a leak in the property the repairs will be covered. You will have no costs whatsoever if leased to a professional landlord. Does this sound like something you would be interested in??

Dr Turk Turkelton

My uncle the Prince of Nigeria is very interested in this but he is concerned about a conflict of interest.

Jim_Hodge

Could I have 2, on a sale or return basis, to see how it pans out?

antoinolachtnai

How large a surety can you provide?

Buchailldana

https://www.boards.ie/discussion/comment/121186230#Comment_121186230

I can provide 100% certainty. Could do a lease for example for 5 or even 10 years where you get a guaranteed income every month and would even purchase the property after the particular set period of time either. So its a win win for any landlord who was thinking of exiting the market.

antoinolachtnai

That’s not the surety though, that’s the terms. What do I have to fall back on if something goes wrong whilst you are my tenant?

DFB-D

https://www.boards.ie/discussion/2058316481/do-you-want-to-lease-your-property-long-term-with-no-obligation-to-manage-tenants

Are you paying full market rent though and how does it progress over the 10 years?

Buchailldana

https://www.boards.ie/discussion/comment/121186511#Comment_121186511

You will have your signed lease agreement governing the terms of the agreement and can include a clause to such. Happy to discuss with you in more detail if you wished?

Buchailldana

https://www.boards.ie/discussion/comment/121187112#Comment_121187112

Happy to negotiate the terms if it was something you were interested in. Can even agree a purchase price for the property in the future. So it benefits you by still having the guaranteed income over the term of the lease and with a sale of the property at the end. All the while not having to deal with the hassle of tenants, repairs, RTB, legislation, rent pressure zones etc. Ideally suited to landlords who still want to maintain an income and not having to sell right away.

antoinolachtnai

My concern isn’t the lease. It’s the counterparty. Who stumps up when subtenants trash the place and won’t leave? What happens when you can’t get replacement tenants and there’s a long void? Where are you going to get the funds to make this right for the landlord?

mrslancaster

Seem to recall reading about someone who tried that a few years ago and the professional landlord lost a lot of money. Many of the sub-tenants didn't pay rent and it took a long time to go through the rtb process but he still had to pay the owners. Sounds like a good idea for an owner but risky for a head tenant.

ottolwinner

How does this differ from a letting agent ?

Buchailldana

https://www.boards.ie/discussion/comment/121187260#Comment_121187260

If the tenants trash the place it the responsibility of the lessee. Replacement tenants are also the responsibility of the lessee. All associated costs are the responsibility of the lessee. The benefit is that if any of this happens and the owner of the property was renting it would be your responsibility but the beauty of leasing it to a professional landlord is that you transfer all obligations to the lessee of the property. Its no different really than leasing long term to a county council where they have all obligations over the property but just with better terms than any council would give of course.

Buchailldana

https://www.boards.ie/discussion/comment/121187289#Comment_121187289

A letting agent wont pay you the monthly rent if there are voids or repair the property if it is damaged by a tenant or if there is a leak for example. The agent will just send you the bill and still expect to be paid their fee. Leasing long term to a professional landlord means you get paid your agreed rent every month no matter if voids and you also don't have to cover running costs.

mrslancaster

https://www.boards.ie/discussion/comment/121187295#Comment_121187295

What happens if the sub-tenant stops paying rent and overholds? Or if there is any new regulations eg rent freeze, higher ber? Rent to rent by a private company means that if the owner wants full or near market rate then the head tenant must charge sub-tenants a premium to cover costs. All that would do is make residential rentals even more expensive for tenants. Rent to rent doing airbnb may have been a good business model years ago but airbnb's need pp now.

Why would owners not just use a letting agent? Long leases means owners can't sell at short notice even if their circumstances change. Also there's a big difference between the council guaranteeing the rent for 5/10 years and a private individual/ company who could go bust at any time.

ottolwinner

All sounds well in good but almost too good to be true. I’d like to see some working examples of this

tabby aspreme

Op, what % of market rent would you pay to the property owner.

Buchailldana

https://www.boards.ie/discussion/comment/121187490#Comment_121187490

It would entirely depend and is completely negotiable. There is no set rent. Depends on house, location, if it needs work prior to renting etc.

L1011

If you wish to advertise for prospective customers you need to contact the boards.ie office.