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20-11-2018, 13:43   #16
TheChizler
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Originally Posted by Claw Hammer View Post
If using rental properties as a pension it makes more sense to keep them as long as possible into retirement. A person retiring from normal work would usually be well able to keep some rental properties going. If the loans are paid off the rental income will be quite good. If the properties are sold and invested the return will be very low and may well produce a lower income.
Exactly. I said as needed, once the mortgage is paid off the income might be enough without selling immediately.
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20-11-2018, 13:47   #17
endacl
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If you’re in Dublin for work I’d be inclined to use it as a residence and rent the rooms under licensee agreements. You’re not taking on tenants then and some of the aforementioned complications don’t arise.
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20-11-2018, 14:32   #18
jim-mcdee
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We have what used to be our family home in Dublin. A 3 bed terraced house. We have decided to rent it out and become landlords as we need the income. We have read a lot of horror stories about been a small landlord, and if reading in the media was to educate you as to landlords, then been a drug dealer probably commands more respect in the current climate.

Anyway, we are looking for advice from experienced responsible landlords, as to the must do's and must not do's. The PRTB were pretty unhelpful and would put you off the idea tbh.

Whats the best way to try get a solid tenant? What should you ask for? and what checks to make. Where do we get a good lease document from? How much deposit should we ask for? Anything else to keep in mind?

Any advice welcome relevant to spirit of our questions.
Thanks
Many prefer to DIY, but I always use an agent. Then instead of vetting tenants, vet agents. I found a very good one that finds me brilliant tenants. Many do not want to pay the 15-20% commissions but for me its worth it and then some.
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21-11-2018, 02:50   #19
Del2005
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HAP tenants shouldn't be disregarded. Guaranteed monthly payment from the state rather than the tenants themselves. Takes a few weeks to set up but never had a problem with it and the tenants were fantastic.
The money isn't guaranteed from the state. It's paid only if the tenant pays their part to the local authority and if the tenant stops paying the local authority then the 1st you know is when the money doesn't show up in your account. Then you can't get any information from the local authority because of data protection laws.

That and it's paid in arrears when all rental contracts are in advance should be enough to put a potential landlord off HAP, the council's insisting that the premises has to meet current building regulations not the regulations from when it was built makes it even less attractive.
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21-11-2018, 06:45   #20
kceire
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The money isn't guaranteed from the state. It's paid only if the tenant pays their part to the local authority and if the tenant stops paying the local authority then the 1st you know is when the money doesn't show up in your account. Then you can't get any information from the local authority because of data protection laws.

That and it's paid in arrears when all rental contracts are in advance should be enough to put a potential landlord off HAP, the council's insisting that the premises has to meet current building regulations not the regulations from when it was built makes it even less attractive.
Not current Building Regulations, current rental Regulations.
Big difference. Window destructors etc are a health and safety add on too which is welcome.
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21-11-2018, 06:51   #21
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My strongest adivce is to hire a letting agent who does this as living. You can write off 40% of the cost against tax. I would recommend <snip>. I'm not a shareholder.

Last edited by Graham; 21-11-2018 at 10:07. Reason: Recommendations by PM
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21-11-2018, 22:56   #22
Troy McClure
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Many thanks for all your answers and especially those who read our questions. Without getting answers off topic we are particularly interested in the below questions.
Whats the best way to try get a solid tenant? What should you ask for? and what checks to make. Where do we get a good lease document from? How much deposit should we ask for?
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24-11-2018, 00:01   #23
tvjunki
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Originally Posted by Troy McClure View Post
Many thanks for all your answers and especially those who read our questions. Without getting answers off topic we are particularly interested in the below questions.
Whats the best way to try get a solid tenant? What should you ask for? and what checks to make. Where do we get a good lease document from? How much deposit should we ask for?
Find tenant

Solid tenant...you could have a good tenant and become bad at a later stage.
Get a pay as you go SIM card so chat to the potential tenant. If you want to find the tenant yourself then advertise on daft and email only contact. Create a new email as you will be inundated with people pleading their cases and dont get caught up with this type of tenant as they will cost you money and time.

Ask for 2months deposit and one month rent. deposit is there in case they run off not paying your rent or damaging the house. Say no pets as when they leave you may have to get someone in to scrub the house as your new tenants could have allergies.

Facebook is your friend to help you weed out the party goers etc.search their profiles and check their friends. You want a tenant that will not cause you problems with anti social behaviour. So surprising when you get a request from a quiet family and you see drugs parties each weekend pets.

Ask for copies or references bank statements I d such as passport. You will need pp s n as well. Don't take the lastest reference as it could be a landlord trying to ge them out. Check the 2 and 3 rd. make sure you ring the references meet the tenants. They have to fit in with neighbours.
Check their bank account and see if they can afford the house. Check where they spend ther money and you will be able to see what rent they have been paying.

Try to keep your distance and once they are late with rent send text and notice in the post. They will keep on top of it.

Have a list of tradesmen to hand in case you get a call with problem. Learn how to fix things yourself.

Type up an inventory and take pictures with the daily paper the day before they move in. Print off on a4 with address and time on each page. Make sure they sign each page of the inventory.

Make sure you know how to fix things.
I had one tenant say the washing machine was broke. Went over to find she did not clean the filter and they tried to break the washing cycle. Reset it by switching it off unplug replug press on. Make an instruction booklet for how to use heating etc.
Check rtb for the legal way to notify late payment.

Do not give a lease. Reason is I found out from citizens information if they have a lease in place and you need to sell they become part of the house until their lease is up. Your house will devalue as only cash buyers will be able to buy your house with a tenant in it.

The first 6 months you can give notice without any reason. After 6months they can stay in the property for 6years so make sure you are happy with them.

Read rtb notes and read cases and outcomes to help you understand the ins and outs if things go wrong.
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24-11-2018, 00:07   #24
tvjunki
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If you give a lease say a month by month type then make sure you put in a breakout clause on the second or thirds page that the landlord can use the right to give notice under the residential tenancies act. The notice period will be in line with residential tenancies act.
If there is no lease in place then you can give notice based on the act otherwise the tenant can stay longer. Better for you.

Maybe give only a 5and a half months lease and you can take it from there.
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