Reader wants to know if she should let with her head or her heart?

by Readers Question

14:31 PM, 6th January 2014
About 7 years ago

Reader wants to know if she should let with her head or her heart?

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Reader wants to know if she should let with her head or her heart?

Hello Property118 readers,

I just wanted to thank everyone who gave advice back in November. I had a query with the letting agent in Cirencetser who wanted to keep/look after the 6 months rent.

About a week later I received the rent. Thank you.

I have a property in Clay Cross NE Derbyshire, it is a 3/4 bedroom semi detached. The tenants recently left and I am looking at the possibility of a HMO/multilet or leasing it to a housing association which provides housing to people with learning disabilities. The latter being close to my heart as I am a Learning Disability nurse.

However one of my 2014 goals is to be more business like and maximise the returns on my small property portfolio.

So I wondered if people know of the Clay Cross area and their thoughts! It is a regeneration area. I was using a letting agent but they went bust and did a runner with the deposit and rent approximately 20 months ago so I became a reluctant landlady (although I quite enjoy it).

I live some distance away (Croydon) so any advice would be very much appreciated.

Thank you

Michellehead or heart

Comments

8:48 AM, 7th January 2014
About 7 years ago

Hi Michelle,

In property, on order to minimise risk, you must do intense due diligence on any aspect where a commercial transaction is involved.

This includes property deals, products, service providers, lettings agents, tenants etc.

Be sure to ask my 12 questions to help you vet a lettings agent:

http://www.propertytribes.com/how-vet-lettings-agent-12-questions-ask-t-8765.html

I have confidence that this will help you avoid the rogues and find a good agent.

You could also ask other landlords for recommendations of good lettings agents.

Friend, peer, or community review is the most trusted form of recommendation, so be sure to use the FREE social web as part of your due diligence processes.

Jim Parsler

14:29 PM, 7th January 2014
About 7 years ago

Michelle
As many peoiple have said trying to manage a multilet from a distance is a real issue unless you have either a trusted agent or lead tenant on site who can handle the day to day issues. Regards the letting to disabled, we have started to look at this ourselves as we have got some contacts with the local council and a care firm. This looks like it may have the potential be a good fairly hands free operation in that the properties are effectively handed over the the association to populate. One thing we have found however is that often a carer has to be accommodated as well and they will often be free of charge. Also some diasabilities noticably austic spectrum mean that the tenants cannot be with too many other people, ie a 5 room HMO may only be have 50% paying occupancy. Having said that if you can find a local proivder you may be able to negotiate above average rent due to the specialist provision.
Whislt this all sounds very fluffy and cuddly, we are only considering going down this route if it makes financial sense and if the property will still wash its face if the disabled route disappears. So if you really want to go down this route, try to get in touch with local councils disability officers first to understand what there set up is, and then based on that.
finally if Clay Cross is a regenration area research the option for grants as this may influence the type or style of property choice.

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