Apartment/ Real Estate Rental Tips, Please?

[orangepix]

ok na rin yung may pdc sa apartment rental, maski low-mid end apartments. if wala sila checking account, madali naman mag-apply for one sa bank if they already have an existing savings account. if they're employed most likely meron naman yun. if wala talaga, sa PNB 2500 maintaining lang and they only need 2 valid ID's and proof of employment to open one. mejo magulo kasi yung sila ang magdedeposit sa account mo especially if madami yung units. in a way assured ka rin na on-time sila magbabayad, or you can give them up to a week na grace period na pondohan yung check.

guarantee na rin kasi yung checking account, since you're sure in some way na they were able to open one kasi they have proof na employed/they have income to sustain the rent. also, if nagpatalbog sila may habol ka sa kanila. may rule din sa banks na if 2 checks na ang hindi good in 1 quarter (please correct me if i'm wrong.. but this was what happened to a previous tenant), they'll be banned from opening an account na from all banks.

may mga makukulit na pilit ginagamit yung security deposit kahit na naka-stipulate sa contract na it can't be used as rental. shempre if na-use up na yung deposit and nandun pa sila wala ka na habol eh. minsan mahirap magpa-alis ng tenant aabot pa sa barangay.

[phatgirl]

nakakainis naman sa lilipatan namin..di naman porki d sila binayaran nag unang umupa eh yung susunod tatakbo rin..humihingi ng 12 PDC's tapos gusto hingin yung bank info ng hubby ko. gusto pa i-remind namin yung bank na tatwag sila at mag ba-background check..di naman siguro sila scam kasi mayaman naman sila kaya lang parang hirap naman basta mo ibibigay yung bank info mo sa kanila..aano ba pwedeng malaman nila once na binigay mo yung bank info mo?baka kasi magtatanong pa sila kung magkano pumapasok na pera sa amin..kakainis naman..sobra naman..yung iba hindi naman ganyan ka strict,..

[mommytaf]

Sana next year, I will be able to build a building for rent here in our province.  This thread is very helpful.

[whitestarrr]

How about yun mga warehouses okay din ba mag parent ng ganon? Any suggestions or tips? Thanks

[staywithme]

Dami ko natutunan sa thread na 'to.

Kaka-acquire lang namin ni mister ng property, maliit lang. Sarap ng feeling! Di ako maka-move on! LOL  

Sana ito na ang start ng pagkakaroon namin ng maraming investment properties.  Eto kasi talaga ang dream ko/namin.

[Dacian]

ang hirap pala maningil ng rent kapag kamag-anak.  tapos iba na magsalita, wala ng respeto.  sila pa galit.  hindi naman pwede paalisin kasi kamag-anak mo nga.  kapag pinaalis mo, ikaw magmumukhang masama.

[mommytaf]

May place kami.   Maganda nasa bayan, gusto ko patayuan ng building.  Pano ba magsisimula?  Saka pano mag approach sa mga companies na gusto mag rent like (food shops, drug stores or banks).  Wala dito saming bayan na ganun. 

[jlouise]

Consider condo because it has a lot of benefits. Think about it.

Investing in real estate is often an effective way to increase your total net worth. Real estate is appreciating faster than the inflation rate in many parts of the country.

Condominiums are often the preferred vehicle for first-time investors to invest in real estate. Condos are easiest to maintain since they are often governed by homeowner's associations (HOAs) that also take care of exterior upkeep.

- Location should always be considered because this will let you create a stable income with long-term tenants. Look for a condo in a safe neighborhood that is convenient to public transportation and large employers.

- Investing in a rental condo pays you dividends in two ways.

- Remember the features of a condo that make it appealing to live in or rent to a long-term tenant will be different than the features vacationers look for.

Finally, a great developer goes a long way. It will help you be able to conquer what the business expects from you. Rhapsody Residences of DMCI Homes is an example.

[fibia]

^Why not ofer it for long term lease? If the location is prime, there is high business activity in the area, banks may be interested to have a long term lease, kung ayaw mo ibenta...

[mameejhy]

Meron ba kayong alam na websites or blogs which deals about real estate flipping, landlording etc?

Thanks!

[chocolatepink]

I'm joining this thread, I learned a lot lalo na sa tips & legalities.

Yung contract ba dapat ipa-notarize? We used to rent a unit pero di naman notarized and we were just required to issue post dated checks.

Thanks!

[phatgirl]

3 months na dumaan hanggang ngayon di pa binibigay yung notarized contract namin..ni-remind na namin kaso wala pa rin..pero ok lang,mabait naman sila saka disenteng tao..siguro busy..

paano ba yun..ito kasi condo maliit lang,,nakikita ko yung ibang homeowner may screen door. since di kami homeowner  ayaw namin mag labas ng pera para maglaga ng screen door..pwede ba yon request sa may ari nitong unit namin?kakahiya kasi baka sabihin kami nakatira,kaya kami gumastos..mahal kasi yung screen door,nasa 3k.

[tamarind26]

^pwede ka magrequest sa homeowner ng screendoor sis or pwede ring ikaw nalang magpagawa then bawas nalang sa rent mo next month yung cost. Yung dating landlord ko ganyan ang policy nya.

[miksha]

^sis phatgirl read your contract. depende kase iyan sa landlord mo. like sa SIL ko pwede nila gawin the suggestion of sis tamarind26 na sagot ni landlord nila because ganoon ang usapan nila pero doon naman sa isang friend ko all changes that she will make in her rented condo unit would be at her expense as stipulated in her contract. usap kayo ni landlord mo. baka payag naman siya na hati kayo since pag alis mo iiwan mo naman siguro ang screen door =)

[eleynba]

I started my leasing business by renting out the house my then new husband owned, coz there was just the 2 of us and we bought a new townhouse.
Then, we would move from 1 house to another, as a good investment (location wise) would appear -- and so, lease out the old one again.
And thus it went on, until I had enough funds of my own to purchase townhouses, then houses... but my requirement was that it should always be in a good location (kahit  na mas mahal ang acquisition)  coz it was easier to lease out, and to demand good rentals.

I got into purchasing thereafter houses, warehouses or 2-storey detached business buildings, and even vacant lots I could rent out to businesses.   I do not go into installment payments, laging cash... I get better purchase prices that way and I do not have to worry if nakatiwangwang any property.  If there is 1 lesson I have learned:  better not to rent at all than to make do with a tenant na you asses as "iffy" then hoping for the best.  hopia yan, mas problema and you take a loss at the end.

I choose prime properties, kahit na maliit, kahit na tiny tiny studio condo yan.  I am able to,  for example, get from 1 tiny studio rental what a sister gets from 2 apartments in Cubao.  I am also able to demand at least a year's advance rental and 6 months' deposit.  Take it or leave it, hehe.   IF the tenant negotiates for a no-increase after the 1st year, I ask for 2 years' advance rental. 
My lease contract is always for a minimum of 2 years, renewable on an annual basis, everything covered with pdc checks.

And yes, I do background checks.   

1 useful guide I use in deciding whether a property should be acquired or not -- is:  Given the rentals the property is  likely to bring in for me... if I will recover my investment in less than 14 years, go! 
(Most probably, I will get back my investment in 10 years, so ok pa rin)   
With vacant lots, that will not work though coz vacant lots have a bigger margin for potential profitable development. 

In the leasing business, you must be flexible to the requirements of potential tenants.
Like, there are good prospects that require furnished condos/townhouses.  I jack up the rental by 50% and see if kakagat.  If kakagat, and will give me a non-refundable reservation.... I go furnish it in 10 days or less.  Do not go high-end, buy new but cheapo or pre-used na matino pa.  Kasi tenants seldom take care of what they do not own, so dapat factor in mo na after their lease period eh zero value na your furnishings.   Of course, may usable remaining value or life pa, but to keep your accounting simple... assume that.   

The best return on investment improvements are a refurbished banyo (fixtures are cheap nowadays, fashionable pa) and a nice garden.

Wow sis, I need to learn from you. That is my target, to own several prime properties and earn passive income. 

[glysolid_clarins]

hi mga sis!..ask ko lang sana opinion nyo.may nakatengga kasi akong commercial building sa province dahil namatay na mama ko, sole heir po ako, wala na din si papa ko..dilemma ko kasi gusto ko siyang iparenovate yong tindahan dahil bumaba na yong pwesto dahil pinataasan na ang kalsada sinemento na..so ang nangyari parating nababahaan yong pwesto namin..kaso may naglagay na ng tindahan din sa tapat na halos kumpleto naman ang grocery..kabado akong iparenovate yong tindahan para may magrent baka walang gustong magrent dahil may tindahan na sa tapat..sabi ng pinsan ko na nakatira sa amin (i am overseas based right now) mas maigi daw kung boarding house kasi may college na sa aming town..kaso parang nanghihinayang ako sa pagka-commercial space niya kasi along the national road talaga siya and may business permit din yon..ang plan B is ipapaayos pa din yong pwesto as tindahan pero lalagyan na ng second floor para yon na ang gawing boarding house sa taas...thank you in advance sa mga magri-reply..

[sweetcheeks]

My fiance's planning to buy a 30unit apartment to have it rented. But he brought up the issue of collection since I think the people who'd stay there can't afford to give security deposits.

How do you efficiently collect rent from the tenants who can't give security deposit?

Thanks so much ladies :-)

[ms.libra]

^have it stated in the contract sis na need ng advance payment plus 2 mos deposit. Pag feel good vibes yung tao, I initiate telling them na pedeng staggard yung 2 months deposit tuck-in na lang sa monthly rental nila.oks sa akin 2-4 months installments. pero kung right away bad vibes yung tao kahit na siya pa ang makiusap na staggard ang payments, sinasabi ko na hindi talaga pede eh hahaha.

[sweetcheeks]

^That's a good point. =) So all in all that's 3 months advance? After that 3rd month of their stay, the same procedure of 2 months advance deposit follows?

Kasi imagine.. if 20+ units and rented out.. sakit sa ulo yung collection

[chefron]

if deposit pa lang di na makabigay, pano pa sa monthly?
atsaka if sanay umupa yang future tenants mo, alam nila na merong deposit at advance payments.
if the 30 units are all in one place/bldg, might as well hire a property manager who can oversea the property for you if you are not around.
some landlords require cheques para less hassle ang pangongolekta, some pay through bank deposits.