Bermudashorts

For various reasons that just might not be feasible.

Whilst I am a little annoyed that my property was not left 100% either, probably the best advice on this thread is to consider it a cost of doing business. I am going to try and see it that way.

We also decided if we ever do go back, we will just redecorate from top to bottom and get it back feeling ours again.

Steve2009

The important thing is not to become an 'accidental landlord' like has happened to so many. When you make the switch from homeowner to investor, you need to realise that you are running a business. Running a business has positive and negative risks. More than that, you are running a consumer business which means you have to deal with customers.

I personally could never deal with customers and their inane requests and complaints, I don't have that personality. In part, that is why you have an agent, to interface between you and the customer.

Hopefully this doesn't give you a negative attitude towards all customers, but sometimes you get a bad apple.

Rambi

I became an accidental landlord. I didn't know it was important not to become one.

Japonica

Wow, that tenant's getting off lightly if you're only keeping £125. We were renting here for 18 months before we moved into our own house and our old lease stipulated that we'd be responsible for any additional costs if we left the property in a less than pristine condition. We also had to provide the receipt from the professional carpet cleaners upon move-out (and we could only use the ones the agency recommended).

We hired professional cleaners after we moved out just because it was less aggravation than spending two days cleaning an empty house with bored kids ping-ponging around and complaining.

We had a move-in report, complete with photos, that was the size of the phone book and it was the basis for comparison when we left the premises. The only property-related deduction from our bond was for the sprinkler heads we forgot to replace.

It sounds like either the rental agent is not up to the task of keeping the tenants in line or the rental contract needs to be tightened up...I know as much as I wasn't particularly fond of our agents and the continual inspections, they seemed to run a tight ship...I know we couldn't have left the property in a state...we would have been deducted whatever it cost for cleaning, gardening, repairs...

We had tenants back in Canada but in the 8 years we were renting out our basement suite, we never had any problems...that said, we screened really well and we were living upstairs...hard for tenants to get into much mischief when the landlord is living right above them.

I hope this doesn't put you off the whole business...there are good tenants out there as well.

Steve2009

I hope it works out for you.

Rambi

Worked out.

Steve2009

I'm very happy for you.

Rambi

Me too. Although it was accidental I was a good landlord. I got rid of the agent on the first property quite quickly as they were about as useful as the tits on a boar. They served their purpose which was to get the property on the market and establish a fair rent. After that I managed the property (and later properties) as I would have like my landlord to manage them (if I had been renting). I did everything by the book as well even down to getting the rental agreement stamped. Without that you can't guarantee that it'll stand up in court.

I will say that I found South Africans (of all descriptions) to be good tenants.

Jen1977ni

I'm tempted to call my tenants bluff and suggest I withold all of his deposit in case any court costs are incurred then I'll take them from the remainder of his deposit, dare me?! lol

Rambi

That's what I would do.

Jen1977ni

Haha it was my Dad's idea, will see what my agent thinks lol

Smudger82

Take the full bond, well within your rights.

Steve2009

Is it a course of action that you would advise for others though? i.e. Becoming a landlord without considering the implications of becoming an investor and running a business.

It's more than likely going to finish badly. The failure rates for new businesses and new landlords are both very high. Of course analysis doesn't guarantee or even improve chances of success but at least if you're enlightened you know the risks.

Rambi

Generally I would say yes. As businesses go it is quite easy to set up and run. Compared to running an SME it is a doddle. It is important not to take things to the edge and to manage the risks. For example you have to consider the potential renters. If you want to go for DSS market then you have to be prepared for trouble (late rent payments, possibility of more damage, difficulty of removing a troublesome tenant (especially if they have kids)). That's not to say that they are all going to be like that or anything more than a small minority, it's just you have to assess the risks and act accordingly (for example the furnishings you chose).

It's worth keeping in touch with the renters just to keep an eye on things. As I said earlier I found South Africans to be good renters. One problem with them is that they on sell their rooms. Once I discovered this I made sure they informed me that this was happening. I also made sure that the new person understood that they were taking over the liabilities of the previous tenant with respect to the deposit. The plus side is that one didn't have the cost of finding new tenants when the old ones moved on.

Obviously at the moment I have no intention of becoming a deliberate landlord in Aus. I would consider it again if the house prices were better value.

the4ofus

Last year my tennant just upped and left one day. My house lay vacant for 10 weeks until a neew tennant moved in. We used her bond to pay the mortgage - she never got a penny back. I had spent days cleaning before she moved in - not that it was dirty but I scrubbed walls etc, carpets were professionally cleaned. She did NOTHING My sister and brother-in-law had to go clean up, cut grass, weed etc. My sister said the house was in a right mess. I have since made sure our agent does 3 monthly inspections and sends me a report that the house is well kept. We have had no problems so far However, lease is once again up for renewal and I have requested that agent writes a clause in the say that we will be selling sometime in the future however we will give her 2 months notice when she needs to move out. Haven't heard back from him on this one. Does anyone know the rules of selling whilst renting house out?

Lynn xx