Buy a property with tenants and agents in place?Make Text Bigger
I own flats, bungalows and houses in Nottingham and specialise in renting to tenants in the benefits sector. It can be very management intensive at times though so I’m looking to go a bit upmarket and buy some posher properties to attract posher tenants for a lower yield and hopefully far less hassle.
I’m just buying a 3 bed semin a decent area off Estate Agent who are also letting agents. Long story, but I have tenants who look for houses for me to buy for them. Saves me a LOT of time and we sometimes get a bargain come up so they are the ones I buy. This one is worth £115k, I’m paying 98k. Should have been 90k, but that’s another long story.
£137pw was deal I agreed with the tenant who found me the house. However, the letting agent (for vendor) has just signed up a new tenant which will return me a paltry £440pm (£500 to them).
So do I leave things with agent & I not get involved at all?
I’m not bothered about a tenant in place, it’s the ‘agent in place’ I’m bothered about.
Bottom line is that I’ve never used a letting agent in my life! I’ve never even looked into it so I don’t really have a clue what they are responsible for.
This one is a big agent, Your Move, so my worries are not so much about whether they will go bust and do a runner with my rent or the tenants deposit so much as what if they screw up on other things?
Who is responsible for boiler service etc. if things go wrong?
Do I have to keep a diary for when things need to be done, Gas Checks etc. is that the agents responsibility?
Does buck rest with Landlord if the agent screws up?
It’s a typical house for letting agent , lovely decoration, lovely carpets, crap kitchen, crap boiler, crap bathroom. Sorry to offend some agents here, I mean it in terms of some of my tenants when asking me to do carpets, because their mate is letting from an agent with nice carpets, they don’t see the new £1,400 boiler, the £2,000 kitchen and the £700 bathroom I have in mine.
So with it having a crap boiler, I’d ideally like to have a tenant in there who gets Child Tax Credits, that way I can get a new boiler fitted for free. Or do I leave that for Agents to do, because if the tenant has my number, will she then start bugging me?
I was going to test the water with this one to see if it’s really nice leaving a house with an agent and to see if it’s worth if for the lower income. Will I have a lot more free time?
I’d appreciate your thoughts.
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