Buying a condo to rent out.

[bigpearl]

8 hours ago, Snowy79 said:

I'm not talking about properties I've long term let but from my experiences as a locksmith doing warrants after leaving the forces. I used to be employed by Sheriff Officers to gain entry into properties where tenants were behind in their payments. You'd be shocked by the sights I'd see and no insurance company will cover you. 

In my case I'm talking about an open plan apartment and it would be fully explained to the renter that as part of the weekly replacement of bedding and towels my caretaker would have a cursory glance inside the apartment to ensure there's been no deliberate damage or renovations without permission. I'd like to think they'd understand the respect for my neighbours and investment. If they didn't they could jog on, there's plenty more renters out there. 

I'll see if I can find some photos of the damage I came across on an old phone I had. One ex forces friend of mine the tenant high on drugs set fire to the kitchen. It was a neighbour who informed him but he was in Iraq doing security. When he returned the kitchen was gutted and two other rooms ruined by thick black smoke. It cost him over £5000 to put right. 

I've had others where they've left taps on which flooded the apartment and those underneath. I'm not saying it's going to happen over here but once bitten twice shy as they say. 

Been there also Snowy and while it hurts and can be frustrating to say the least, as a landlord this is the sh1t we go through but we do it for the returns on our investment, no different to other scenarios and gains or losses. We invest to make money.

Cheers Steve.

[sonjack2847]

14 hours ago, mogo51 said:

With my life experiences, nothing surprises me with some people but that does not mean everyone is that way inclined.  I am sure many other members here who rent would agree.

I rented my place out 3 times.Only the second tenant left the place in a condition where it could be rented out without work.Yes there are some good tenants but there are too many bad ones.I used to do maintenance for a letting agency and some tenants IMHO opinion don`t deserve to be housed.On the other hand some landlords need a kick up the behind.

[sonjack2847]

14 hours ago, stevewool said:

There will be always two sides to a story.

The house both sides of me are rented and i have had one very bad experience and that took 2 years to sort out, noise , mess and language and dont give a f---k .

You report it to the company who rents the house, but the seem nice people plus we have a 6 monthly check in 2 weeks times, plus they have sent a letter to the people saying they are coming in two weeks time, and yes you know what they did, in two weeks time the house was looking great, the  extra people who was staying there had moved out for that day and everyone seemed so nice.

It took me ages to find the owners of that property and they had no idea about all my reports to the letting agency.

After the people had left it cost the people thousands to put it all right, plus i have there direct phone numbers now for the just incase.

Anyway back on the subject, if i was younger i would be following this and  buying a place too.

 

There (for me) are a few things to consider.I don`t get a pension for 10 years so I will have to invest some money to get a return to live on.I also want to leave my wife and daughter in a comfortable situation.If the money was too easily available how long would it be before people want to Barrow some of it.If it is in bricks and mortar it takes a while to sell and they may leave my wife alone.So many things to consider and I think you just have to look at the situation and your circumstances and make a decision based on that which will give the best outcome. I do actually think I will build to rent but we will be here and not 7000 miles away.

[mogo51]

1 hour ago, sonjack2847 said:

I rented my place out 3 times.Only the second tenant left the place in a condition where it could be rented out without work.Yes there are some good tenants but there are too many bad ones.I used to do maintenance for a letting agency and some tenants IMHO opinion don`t deserve to be housed.On the other hand some landlords need a kick up the behind.

Agree Kev, We treat the properties we rent as if they are our own.  Many don't, I was wondering whether you rented to foreigners or Filipinos?  Or are they both equally irresponsible?

The Filipino landlord/landlady offer little, maybe that is why they get little back - apart from the yobos.

[sonjack2847]

5 hours ago, mogo51 said:

Agree Kev, We treat the properties we rent as if they are our own.  Many don't, I was wondering whether you rented to foreigners or Filipinos?  Or are they both equally irresponsible?

The Filipino landlord/landlady offer little, maybe that is why they get little back - apart from the yobos.

Brits.

[mogo51]

You would think they would know better Kev.

[sonjack2847]

1 hour ago, mogo51 said:

You would think they would know better Kev.

Yes Ron you would but some people just don`t care about other peoples property.I like you will leave something(borrowed) in the same condition I got it.Renting out property is a good return but you have to be prepared for the possibility of damage being caused.Being an absent Landlord on a long term let for me is a no no. Short term fine as long as they are checked out by a trustworthy person.

[mogo51]

15 minutes ago, sonjack2847 said:

Yes Ron you would but some people just don`t care about other peoples property.I like you will leave something(borrowed) in the same condition I got it.Renting out property is a good return but you have to be prepared for the possibility of damage being caused.Being an absent Landlord on a long term let for me is a no no. Short term fine as long as they are checked out by a trustworthy person.

Exactly Kev. Although i did let my house out in Thailand for periods of and in excess of 12 months.  I really only had one problem with a Sth American who turned it into a warehouse for stuff he was sending back there.  Fined him appropriately on the bond refund.

Another tenant missed a month's rent and wife picked it up when checking the statement from the agent.  He jumped up and down until we sent him a copy of the statement - he was British.

[Mangoshake]

So u bought a 2 or a 3 bedroom unit?

what sqm has the unit? High floor low floor?

[Jollygoodfellow]

13 minutes ago, Mangoshake said:

So u bought a 2 or a 3 bedroom unit?

what sqm has the unit? High floor low floor?

So this topic is 4 pages long. Who are you asking the question too ?