Dec 30 2011, 11:38 AM
QUOTE(hoongling @ Dec 29 2011, 10:24 PM)
At this juncture, I can't help but to emphasize that when buying properties we are all taught LOCATION, LOCATION, LOCATION. In being a landlord it is TENANT, TENANT, TENANT.
I would rather leave my property empty in search of ONE good tenant, rather than spend much time, headaches and hassle to go to court, dealing with lawyers etc when things go wrong later.
How I choose (just to share):
1. I ask where he works and how long has he been in the job. I would call the company to find out his salary etc. Better still ask him if he is willing to answer.
Some may find this ridiculous but bear in mind I am letting you a 100k 200k 300k property at only 1k+ per month and since it is a monthly business, I deserve to know. I can't be renting a 1k property to someone making only 2k per month, 50% for rental is ridiculous (assuming he is a single tenant)
2. I do background check by asking where he rents prior to wanting to rent my place, how much was the rental and reasons to move. I will also ask former landlord's phone number. If he hesitate to provide, don't even need to check blacklist listing lor... understood.
3. Prior to entering the house (confirm rental) I walkthrough the house with him, sit down explain my rental agreement clause by clause and ensure he understands before he signs. Many people don't do this and find arguments later
4. To encourage early payment, I give discounts if he pays rental before the 1st of the month.
These are not new tips, these are all learnt from books and attending seminars. Just sharing only.
Added on December 29, 2011, 10:33 pmEh just found out there is a thread just for laws la... so useful!
http://forum.lowyat.net/topic/2138486
i also agree with you that tenant screening is ultra important - if you rush to rent it out as you are heartsick or need the money as there is no rental as its not tenanted, trust me there will be more headaches if you rent to the wrong tenant! so essentially you have to be able to sustain the vacancy costs in between rental while you look for a good tenant.I would rather leave my property empty in search of ONE good tenant, rather than spend much time, headaches and hassle to go to court, dealing with lawyers etc when things go wrong later.
How I choose (just to share):
1. I ask where he works and how long has he been in the job. I would call the company to find out his salary etc. Better still ask him if he is willing to answer.
Some may find this ridiculous but bear in mind I am letting you a 100k 200k 300k property at only 1k+ per month and since it is a monthly business, I deserve to know. I can't be renting a 1k property to someone making only 2k per month, 50% for rental is ridiculous (assuming he is a single tenant)
2. I do background check by asking where he rents prior to wanting to rent my place, how much was the rental and reasons to move. I will also ask former landlord's phone number. If he hesitate to provide, don't even need to check blacklist listing lor... understood.
3. Prior to entering the house (confirm rental) I walkthrough the house with him, sit down explain my rental agreement clause by clause and ensure he understands before he signs. Many people don't do this and find arguments later
4. To encourage early payment, I give discounts if he pays rental before the 1st of the month.
These are not new tips, these are all learnt from books and attending seminars. Just sharing only.
Added on December 29, 2011, 10:33 pmEh just found out there is a thread just for laws la... so useful!
http://forum.lowyat.net/topic/2138486
Yes, generally the laws are on the tenant side..the landlord/owner's options are very limited and even with these options, its a hassle to get it enforced legally ..cost time and money..Generally lawyers will say - the amount of legal fees and time you have to go through to claim for compensation or whatever, in the end do you think its worth it? so they also in a way malas to take up such cases..
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