Tips on being a good Landlord

[Sp4wn]

can give example? not sure how would this affect any rights?

 

for commercial i could understand but for individuals?

 

stamp duty basically makes the document recognizable under the law. if you dont stamp, and then you decide you need to take back the premises, your lawyer will ask you for a copy of agreement + proof of stamp duty.

 

if the duty is not paid, both parties dont have a contract. 

 

anyone else - feel free to correct my example if i am wrong:

 

you have a tenant who agrees to rent your place for $3k. you and he both sign an agreement with 20 clauses, including payment every month. after the first 3 months of everything being rosy, the tenant doesnt pay you. in fact, he stops paying completely. if you had a valid agreement, your lawyer could advise you to re-enter and repossess the premises with a bailiff (they too, will ask for a copy to ensure they can assist with seizing the premises). 

 

however, if you dont have the duty paid, when you see the lawyer, most likely he will redirect you to IRAS, who will either fine you, or ask you to pay late charges (depending on how long overdue you are). only once that is settled, can the lawyer technically help you enforce the t&c of the tenancy. (otherwise, the tenant could just say you have a verbal agreement to delay payment for say .. 10 months or something). basically, it just complicates things.

 

besides, here, tenant always pays stamp duty. so i dont see why any landlord would not want to do it ...??

Wow! so much paper works to do and how to pay stamp duty? do I collect from tenants first? I am 1st timer on leasing. thank you

 

i think you can pay at the stamp duty office, or just get a lawyer to do it. there's some admin charge.

 

(link to do it yourself: https://www.iras.gov.sg/irashome/Other-Taxes/Stamp-Duty-for-Property/Learning-the-basics/e-Stamping-and-Where-to-e-Stamp-Documents/ )

 

but yes, collect the payment from them, (if cheque, wait for cheque to clear, then stamp)

[Soya]

Wow! so much paper works to do and how to pay stamp duty? do I collect from tenants first? I am 1st timer on leasing. thank you

 

 

Agent will help do e-stamping for u and tenant pays. Juz ask for IRAS receipt otherwise the TA is not deemed 'legal'.

Tenants usually want to be left alone, unmolested, have peace and quiet, unless they have questions around the house/apartment/travel.

 

Landlord just want tenants to pay up rental promptly and not for tenants to be rowdy, cause trouble to neighbours, etc.

 

 

tenant go dinner w hantu coz scared skali kena haunted......

[Kusje]

 

3.  Do your homework

 

- if you are a green horn at leasing out, then you may engage a agent at first.  Know the TA and the entire due process.

- Learn how to manage and draft your own TA.  There are standard templates out there for you to take cue from.

- After the 1st lease, best to do your own so that the 2nd comm need not be part of the payment needed to be taken into account.

 

 

 

Take note that a lot of agents will have it in the TA that they are entitled to commission if the tenancy is renewed. This is even though they dun need to do any additional work.

 

Best to strike it out in the first year to avoid dispute later on.

[BanCoe]

Hi,

Can advise me on what documents do I need to prepare and take from my  tenants as they want to extend for another few months after 2 years lease. thank you

I actually just use the previous TA and in the old days just "blanco" the dates and put in the new ones but nowadays with Word file just do the same .

 

I went down just a few weeks back to do a repeat TA and its quite fast to Stamp the docs at IRAS ... took me just about 5 mins and there is a portal i was told which we can DIY from the comfort of any home PC too; Only thing is that you have to have certain inputs ready like how many sq ft and ID of owner which is on TA already (usually)

Of late the rental market is really down, I got a local Tenant and he defaulted on the payment for last 2 months and used his deposit (1 month) to cover the loss and he still left the place like hell and cost me another $600-700 to do the place up to presentable state; Just got a new tenant last month and move in is only in end June some more-so my place is empty for almost 7 months, people can really low ball nowadays; I am not talking  about 10-15% of the last rent but like almost can go down to like 20-25%  and want some more lotsa freebees; Market damn "chialak" now  and KNN IRAS don't give claim back on unoccupied period and also maintainence builds up still and like kenna do gaurd duty everytime got viewing plus kenna mop/sweep/clean up if not all the "chichak" shit all over the place     

[Sp4wn]

Take note that a lot of agents will have it in the TA that they are entitled to commission if the tenancy is renewed. This is even though they dun need to do any additional work.

 

Best to strike it out in the first year to avoid dispute later on.

 

dont use agency-provided TAs.

 

if you have a little budget, get a proper lawyer to prepare a decent one for you. then use that all the way (with tweaks here and there).

 

generally the TA should favour the landlord (but not very much so, because if everything is tipped in your favour, then during the legal process you will also have issues) and at the same time spell out what the tenant needs to do and adhere to during the term.

[Porker]

people can really low ball nowadays; I am not talking  about 10-15% of the last rent but like almost can go down to like 20-25%  and want some more lotsa freebees;

 

Asking 20 -25% less isn't lowball. It's the reality. Asking half of the comps in your area is lowball 

[BanCoe]

Asking 20 -25% less isn't lowball. It's the reality. Asking half of the comps in your area is lowball 

Yeap agreed, you are the "Property Guru or Porker " here   I finally had to accept one with 18% discount plus some extra white goods (abt. $600/-) and also "delayed move in" so that at least I sort of have a  "lock in" and don't have to do like "guard duty" .... damn tiring..... I wonder how those new projects are faring now especially with increase in interest rates. As there are a few other units also vacant in my place - they (Agents and some residents) ask me why I drop until so low......as if I sabo the whole other condo vacant units as Tenants are very clever and so are Agents (as they want units to be taken fast hence their income and less costing too and benchmark my Unit as "latest rental deal done" even can see in URA website           

[Tonydeath]

I actually just use the previous TA and in the old days just "blanco" the dates and put in the new ones but nowadays with Word file just do the same .

 

I went down just a few weeks back to do a repeat TA and its quite fast to Stamp the docs at IRAS ... took me just about 5 mins and there is a portal i was told which we can DIY from the comfort of any home PC too; Only thing is that you have to have certain inputs ready like how many sq ft and ID of owner which is on TA already (usually)

Of late the rental market is really down, I got a local Tenant and he defaulted on the payment for last 2 months and used his deposit (1 month) to cover the loss and he still left the place like hell and cost me another $600-700 to do the place up to presentable state; Just got a new tenant last month and move in is only in end June some more-so my place is empty for almost 7 months, people can really low ball nowadays; I am not talking  about 10-15% of the last rent but like almost can go down to like 20-25%  and want some more lotsa freebees; Market damn "chialak" now  and KNN IRAS don't give claim back on unoccupied period and also maintainence builds up still and like kenna do gaurd duty everytime got viewing plus kenna mop/sweep/clean up if not all the "chichak" shit all over the place     

ya. it's hard to find tenants now

[Porker]

Yeap agreed, you are the "Property Guru or Porker " here   I finally had to accept one with 18% discount plus some extra white goods (abt. $600/-) and also "delayed move in" so that at least I sort of have a  "lock in" and don't have to do like "guard duty" .... damn tiring..... I wonder how those new projects are faring now especially with increase in interest rates. As there are a few other units also vacant in my place - they (Agents and some residents) ask me why I drop until so low......as if I sabo the whole other condo vacant units as Tenants are very clever and so are Agents (as they want units to be taken fast hence their income and less costing too and benchmark my Unit as "latest rental deal done" even can see in URA website           

 

Don't call me guru lah.

 

My take is to lease if you can. It is better than leaving the unit empty. Many landlords are still in fairy wonderland thinking the rents have not dipped.

[Wyfitms]

Yeap agreed, you are the "Property Guru or Porker " here   I finally had to accept one with 18% discount plus some extra white goods (abt. $600/-) and also "delayed move in" so that at least I sort of have a  "lock in" and don't have to do like "guard duty" .... damn tiring..... I wonder how those new projects are faring now especially with increase in interest rates. As there are a few other units also vacant in my place - they (Agents and some residents) ask me why I drop until so low......as if I sabo the whole other condo vacant units as Tenants are very clever and so are Agents (as they want units to be taken fast hence their income and less costing too and benchmark my Unit as "latest rental deal done" even can see in URA website           

 

u also accept "white goods" like porker's load? LOL... lucky for u porker didn't cum and negotiate with u.. he would have lowballed 75% off the market comps easily.

 

Anyway u are free to rent out whatever rental u damn well like.. tell those other owners to shut up 

Edited May 24, 2016 by Wyfitms

[BanCoe]

u also accept "white goods" like porker's load? LOL... lucky for u porker did cum and negotiate with u.. he would have lowballed 75% off the market comps easily.

 

Anyway u are free to rent out whatever rental u damn well like.. tell those other owners to shut up 

You know Sinkaporeans well right ??, everything must like good-good , even my neighbours ask me "Wah!! so many months still empty ah??or when new people moving in?? "  & they don't understand the market well so just anyhow can say leh!!.... it seems so   

 

I heard got one Landlord unit in the East Coast empty for already 12 months as he don't want certain nationalities and gung ho on his asking prx. How he can tahan one or he must have had a very bad previous experience.

[Porker]

You know Sinkaporeans well right ??, everything must like good-good , even my neighbours ask me "Wah!! so many months still empty ah??or when new people moving in?? "  & they don't understand the market well so just anyhow can say leh!!.... it seems so   

 

I heard got one Landlord unit in the East Coast empty for already 12 months as he don't want certain nationalities and gung ho on his asking prx. How he can tahan one or he must have had a very bad previous experience.

 

I know the Indian expats love the East Coast. 2 bedroom units at The Bayshore are transacting close to $2,000 a month now.

[BanCoe]

I know the Indian expats love the East Coast. 2 bedroom units at The Bayshore are transacting close to $2,000 a month now.

Ok lah you spot on   !! you our Property Porker    , heard also there was one owner in Mandarin Gardens but no to Ind & Ah Tiongs ;only want Ang Moh... don't know what became of him

[Wt_know]

i bo chup tenant as long as they pay on time

the problem is how i make sure they dont bo chup my unit and let it rot ... routine visit aka inspection?

 

worse case is 2 room with 2 person become 6 person living in?

Edited May 24, 2016 by Wt_know

[RadX]

@bancoe, know the mkt too. That why do homework

 

Had many ccb low ball I waited and a wk later got one higher than my current.

 

Mine is v near cbd and lots demand too

 

 

Yes, I Hv lots time to decide who I want to rent out to

i bo chup tenant as long as they pay on time

the problem is how i make sure they dont bo chup my unit and let it rot ... routine visit aka inspection?

 

worse case is 2 room with 2 person become 6 person living in?

Yes... Common

That's why I say if Hv time be on the council as you Hv a vested interest

 

We know all the ongoing issues and I even reported BnB at my place. Took them to task

Don't call me guru lah.

 

My take is to lease if you can. It is better than leaving the unit empty. Many landlords are still in fairy wonderland thinking the rents have not dipped.

Good point bro! Dun be fussy but selection of tenant impt too wait they ruin your property

[RadX]

Ok lah you spot on !! you our Property Porker , heard also there was one owner in Mandarin Gardens but no to Ind & Ah Tiongs ;only want Ang Moh... don't know what became of him

Ur area east ah? Or south?

[BanCoe]

Ur area east ah? Or south?

Unker Radx -  East - you stay nearby right?? 

[RadX]

Unker Radx - East - you stay nearby right??

No la

 

Me cbd outskirts

 

 

Other one is not on SG land nia... Keke... South