Hi to all,
just wanting some advice, comments or opinions on renting out a house. I’m actually talking about our own family home and a friend has recommended a friend of theirs who is looking for a larger place. We have met this guy but don’t know well,but just have mixed feelings about renting out to someone we ‘know’. This will be our first experience in renting a house, and we plan to go through an agent, but I think our friend was thinking, we could avoid that, being someone they can recommend. I’ll leave it there for now and would appreciate any input.
Thankyou, Shellbyrenting to a friend will cause strain on the relationship should you need to up the rent or to evict them for some reason. Most people cannot keep a strictly professional relationship with a tenant if there are emotional ties to that person. You may be different, dont know but its something you have to consider.
2nd point, is why use an agent that will chew up your profits if you already have a tenant? You will get alot of benefit in doing it yourself, especially if this is your first one.
How will you know how to manage the managers if you have multiple properties, if you are not familiar with what is involved?
Just my thoughts
[biggrin]We buy properties in Adelaide. No Agent Fees.
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phone 0412 437 582Hi Shellby,
I agree with Xenia, there are no friends in business.
If you let that friend of a friend move in sometime down the line an incident will crop up and you will be put into a situation and not react how you normally would, due to the fact you have a friendship at stake. It all becomes too emotional [blush2].
I managed my own place when I first started it all went without a hitch.
Good luck
Jenny1
Thanks Dr.X,
yes, I can see your point, although we don’t have any emotional ties with this person, more with the person who recommended them. But, just wasn’t sure if it still felt a bit too close for comfort, or better to be dealing with someone you know nothing about, if that makes any sense.
As for the agent, it was purely for the reason that we hadn’t rented before, and thought it would be better having someone manage the property who knows what they’re doing. I guess you’ve got to start somewhere though. Just a bit unconfident but we don’t have heaps of time to stuff around with decision making.
Any other thoughts appreciated.
Shellbywhy don’t you hire a pm to go through the process of signing up a tenant. stand by their side and watch what paper work they do, and how they go about sourcing a good tenant. after they have been signed up, you can nominate for moneys to be paid directly to your bank account and you can manage them. ring the tribunal if you have any trouble and they will tell you all the appropriate forms to use.
Really, its very easy once you know what you are doing!
We buy properties in Adelaide. No Agent Fees.
[email protected]
phone 0412 437 582Thanks again Dr.X & Jenny1,
that sounds like a good idea. So, would you think we could do something like that if this guy was to rent here? We haven’t actually spoken to him yet, only our friend letting us know about his interest. But he will probably be getting in touch with us soon.
Shellby
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