Being a Landlord, Any advice, tips, or stories (positive or nagative) to share? Options

[kye]

I've done a look through old threads, and only found one with any information similar to what I am seeking. Hopefully some of you that are (or, have been) landlords will have some information and/or stories to share.

I purchased my first home years ago, and while I love the suburbs, I have itchy feet and would like to move into the inner-city area. I'm thinking of buying another property and am looking at renting the property in the suburbs out as I've no desire to sell it.

I'd like to hear from landlords who can share their experiences with agents or those that have gone it alone without an agent.

Stories about tenants and other helpful information would also be welcome.

Thanks!

[beachgurl]

I think the number one rule is to totally distance yourself from your current place once you rent it out. I lived in the burbs and moved to the east, but loved my little place too much to sell it. My first tenants put holes in the walls and left the place a little messy. I was so upset and promised myself to never visit the place again until I felt I was ready to look at it in the eyes of a landlord and not as my little home.

For the above reason, I use a property manager. Depending on how far you will be living away from the property may make your decision easier as to whether you self-manage or appoint an agent to manage it for you. If you want to self-manage, do you know local tradesmen that you can call on when the tap/toilet leaks, doors come off hinges, electrical issues occur or general handyman work needs doing? If not, appointing an agent will save you a lot of time. It doesn't cost all that much to have the responsibility taken away from you. On the other hand, I know people who love to self-manage so they know exactly what is going on in their place.

Another advantage of using a property manager is that they have access to the databases to check if a tenant has a bad record. It is possible to obtain this information without an agent, but it will cost you. Some people will appoint an agent to find them a tenant and then self-manage once the tenant is in the property.

You will also want to take out tenancy insurance, whether you self-manage or use an agent. Note that if the tenant has a poor rental history and they damage your property, your policy may be invalid. I have tenancy insurance on each of my properties and have had to use it a few times, both for repairs and tenants running for the hills while still within their contract period. It doesn't cost that much for peace of mind.

Is there anything in particular that concerns you or are you just after opinions on being a landlord?

[RiverWild]

My parents are landlords in N.Z, they joined a group that has meetings, newsletters etc for landlords as well as a "blacklist" of tenants and a large variety of tradespeople that give them discounts, im not sure of they have the equivalent here but it would be worthwhile finding out

[kye]

I just wanted to thank both beachgurl and RiverWild for giving me some advice! I've just had the real estate agent visit my home and appraise my property. It gets listed next week!

I'm happy with the agent that I'm using and am rather impressed with the service they provide.

Now, just to hope that the tenants will be good ones!

Thanks again ladies, I appreciate the information and advice.

[kayla_kat]

Hi there.
I am a landlord have been for 4 years, best advice make sure you have landlord insurance.
Be prepared too that sometimes the real estate can make mistakes and you may not get great tenants and you may. We have had three lots through our place, the first lot were a nightmare and we almost pulled the pin, they took off without paying rent ect repairs had to be done to the house.

But the 2nd and third have been great!!!