First time landlord

[plastic]

Dear all, I bought over a property with tenancy not too long ago. The tenancy will expire end of this year. I have a few questions to consult you all.

1) How many months prior should I discuss the lease renewal with tenant?
2) How much rent increment should I ask for?
3) There is also a new condo top near my property, with much better facilities and closer to the Mrt. How will this affect my rental income? Should I expect lower rent in view of the competition?
4) If the lease is renewed with my current tenant, do I need to engage an agent to do the necessary paperwork, and how much commission should I pay to the agent?


Appreciate your attention and reply. Thank you all.

[devilplate]

Dear all, I bought over a property with tenancy not too long ago. The tenancy will expire end of this year. I have a few questions to consult you all.

1) How many months prior should I discuss the lease renewal with tenant?
2) How much rent increment should I ask for?
3) There is also a new condo top near my property, with much better facilities and closer to the Mrt. How will this affect my rental income? Should I expect lower rent in view of the competition?
4) If the lease is renewed with my current tenant, do I need to engage an agent to do the necessary paperwork, and how much commission should I pay to the agent?


Appreciate your attention and reply. Thank you all.

1) u can notify ur tenant via email 2 mths prior to lease expiration. for me, i notify 2mths and den expect an answer 1mth b4 the due date.....

2)how to answer u this qn w/o any info
3)u cfm goto expect lower rental compared to the new project....if ur lease renewal coincide wif the TOP of the new project...too bad....
4)can use back the current tenancy and make some modifications if needed

[plastic]

1) u can notify ur tenant via email 2 mths prior to lease expiration. for me, i notify 2mths and den expect an answer 1mth b4 the due date.....

2)how to answer u this qn w/o any info
3)u cfm goto expect lower rental compared to the new project....if ur lease renewal coincide wif the TOP of the new project...too bad....
4)can use back the current tenancy and make some modifications if needed

what sort of info?

[devilplate]

what sort of info?

if urs is big project...check URA rental PSF.....

if not, just tell us ur project name, size and current rental

[DC33_2008]

If you are thinking of refinancing in the next 1-2 years, it will be better to renew the tenancy agreement with the stamp duty fee document. Lawyer will ask for these documents. I think you can do it on your own w/o the agent.

1) u can notify ur tenant via email 2 mths prior to lease expiration. for me, i notify 2mths and den expect an answer 1mth b4 the due date.....

2)how to answer u this qn w/o any info
3)u cfm goto expect lower rental compared to the new project....if ur lease renewal coincide wif the TOP of the new project...too bad....
4)can use back the current tenancy and make some modifications if needed

[devilplate]

If you are thinking of refinancing in the next 1-2 years, it will be better to renew the tenancy agreement with the stamp duty fee document. Lawyer will ask for these documents. I think you can do it on your own w/o the agent.

definitely nid to stamp it .....

dun hf to save $ for ur tenant....

even short term lease like 1-2mths...die die ask ur tenant to stamp it

[blackjack21trader]

definitely nid to stamp it .....

dun hf to save $ for ur tenant....

even short term lease like 1-2mths...die die ask ur tenant to stamp it

Correct, correct. Without a stamp meaning it is not a legal document la...then how to uphold the contract terms if in case of any dispute later on? You think not possible? The amazing thing can happen la:

One time, my window glass got crack because a maid tried to use the vaccum to clean the celling la.... then the vacuum pipe kana the window and crack it wor..

when i heard that i not angry la.. just spew out the coffee all over myself laughing la...LOL

BTW for short term lease the stamp charges is also for one year hor.. but DIE DIE must stamp also la.

[blackjack21trader]

On a more serious note. If your tenancy agreements say cannot sublet but the tenant secretly go and sublet to KTV girls on social visit pass. If your house kana busted and you no stamp duties and then e tenant run road liao. What do you think is your chances of defending urself before the mata har?

[blackjack21trader]

Or say...u tenant out with no stamp duties. then the tenant make many partitions in your house and hand you on "completion". Who r u going to sue har? The no money contractors or the rich tenant?

[blackjack21trader]

Then, the most amazing thing can happen. The tenants refuse to move. Yes, they squatted in your house and you also cannot lock them up mah. So how? No stamp duties cannot get order from court la. Squatting is very prevalent in other cities hor.. here our mata all steady, that is why very rare here. But, the past does not equal the future la...

[blackjack21trader]

Finally, lets say your tenant is ONE BIG SUPER RICH GOT HEAD GOT FACE in society. How to drive him or force him to make payment har ? You press him, he will say you threaten him. You talk nicely, he say he very busy and forgetful. BUT, with a stamp, you can stamp on his face la.....! somemore if u win, he gotta pay legal fees for u also la.

[blackjack21trader]

Still not convinced? Well say you take in a nerdy looking student for your studio unit, checked his pass and trust that he is a good boy. then this boy go out one day and befriended a girlfriend from the same country but she is an overstayer here! the immigration officers tracked her down and caught her naked in bed with the boy ! wah lau... the boy refused to admit he is the boyfriend. the mata and officers and your wife all turn up at your studio unit.... and... YOU GOT NO STAMP ! HOW TO PROVE THAT THIS BOY IS YOUR TENANT AND THE GIRL IS NOT YOUR MISTRESS ? DIE LIAO LA !

[blackjack21trader]

Finally, we welcome brother plastic to THE LANDLORD ACADEMY . Life is like a box of chocolates, you never know what you goin get...This is a good start for you...a new beginning... Enjoy the learning experience and err... ride


http://www.youtube.com/watch?v=VumkMnvEDkw

[rattydrama]

your post very entertaining la... point noted. all from experience?
anyway, how much is the stamp duty huh?

[blackjack21trader]

your post very entertaining la... point noted. all from experience?
anyway, how much is the stamp duty huh?

Aiya.. I just Talk Cork Sing Song Only la, brother You can find the stamp duty calculator here :

http://www.iras.gov.sg

Just type in "stamp duty calculator" in the search box and click "within IRAS" and then submit.

[plastic]

Great, thanks a lot guys for taking time to reply. Definitely helpful for me.

[Geylang OKT]

Then, the most amazing thing can happen. The tenants refuse to move. Yes, they squatted in your house and you also cannot lock them up mah. So how? No stamp duties cannot get order from court la. Squatting is very prevalent in other cities hor.. here our mata all steady, that is why very rare here. But, the past does not equal the future la...

So pay 4 times the amount of stamp duty as compensation can or not har?

[plastic]

Finally, we welcome brother plastic to THE LANDLORD ACADEMY . Life is like a box of chocolates, you never know what you goin get...This is a good start for you...a new beginning... Enjoy the learning experience and err... ride


http://www.youtube.com/watch?v=VumkMnvEDkw

Thanks BJ21T, I hope you can "duo duo zhi jiao" me in the future. I will surely get that stamp, no matter what.

I hope I am first time lucky in this investment, but there is another spanking new condo competing with my apartment. I will be happy if I could breakeven.

[ysyap]

Thanks BJ21T, I hope you can "duo duo zhi jiao" me in the future. I will surely get that stamp, no matter what.

I hope I am first time lucky in this investment, but there is another spanking new condo competing with my apartment. I will be happy if I could breakeven.

You secure a 2 year tenure first then the new condo will TOP by your next scout for new tenants. This round, do not offer a low rent rate. Can raise a little as the market responds.

Do your homework.. check the rental rate for your neighboring units and even those developments nearby and just rent out accordingly. Those numbers will surely go a long way to help you decide how much raise.

[plastic]

You secure a 2 year tenure first then the new condo will TOP by your next scout for new tenants. This round, do not offer a low rent rate. Can raise a little as the market responds.

Do your homework.. check the rental rate for your neighboring units and even those developments nearby and just rent out accordingly. Those numbers will surely go a long way to help you decide how much raise.

I think the new condo will TOP a few months before my current lease expires