- BigAndyParticipant@bigandyJoin Date: 2006Post Count: 2
I am currently looking at buying a second property as a buy-to-let investment. My target market will be short-term holiday rentals, and I am planning on hiring the services of a property rental management company. However a few friends have warned me about untrustworthy agencies that rent out properties without declaring the income to the property owner. I donâ€™t want to fall victim to this scam.
Has anybody had this type of experience?
Is this a justified concern?
Can you recommend any trustworthy agencies?
AndyFast LaneMember@fast-laneJoin Date: 2004Post Count: 527
It certainly pays to be vigilant with your investment. If it’s in say a resort complex sometimes all the rent is pooled and divided among the owners. Other times it goes by the individual room, so the managers can play favourites. Your’s could sit empty 90% of the time while others enjoy virtually full time occupancy.
You might want to post the location of your intended purchase on here and there might be someone who has expereince in what you’re wanting to do and the area. If you decide to go ahead with the investment you can always google managers names and see what comes up. You’d be surprised what dirt you can dig up on the net.
Remember though that the management of these types of deals can either make or break the investment so you’re asking the right questions!
Fast Lane- The poster formerly known as g7