How I Find great tenants for my properties in South Africa
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- čas přidán 4. 11. 2023
- How I Find great tenants for my properties in South Africa. These steps and tips can help you avoid massive mistakes that beginner property investors in South Africa makes.
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DISCLAIMER: I`m not a financial advisor and hence the content of these videos are for educational and entertainment purposes only. Investing is a risk related practice and should be approached carefully.
Feel free to share some tips that you might have. These are some of my most important ones!
Lawyers are going to try to apply for Landlords tacit hyphotech thing to attach tetants moveable property to get the backrent if possible.
Hey Louis, I'm a big fan of your channel. I'm in Zimbabwe and I'm about 50% away from acquiring land in 2 different areas. The land is 300sm each. My plan is to build rental properties on these lands. Do you have any tips for us guys who are building for rentals? I would appreciate it if you would respond. Thank you.
@munyaradzimutunhire2018 Thank you for your comment and for supporting the channel. I would say make sure there is demand for rentals where you are trying to build. Also keep cost as low as possible and have healthy reserve fund. In general, just make sure you have done all the calculations. All the best
thanks a lot for the advice
@@louisreynhardt
I always check the date by when they pay their rent after their salary is deposited. I will go with a tenant who pays their rent earlier.
Love this. This is actually a great tip. Thanks for sharing 💪🏻🙏🏻
Great value as always Louis! Please keep making content. 🙌🏿 from 🇳🇦
Thanks so much my friend. Appreciate the possitve feedback 🙏🏻 😁🙏🏻
Your videos has alot of usefull info wouldnt mind the full course
Thanks Deon. Appreciate the feedback. Will be launching soon 👏
Whats up Louis, guys here :-) (Intro) Had a good chuckle. Love the advice and enjoy your channel. Nice to hear a South African with local advice
Haha yeah buddy 🤣 thanks for the support and for watching the videos. Im glad to bear it can help you in some way. All the best
Louis. Always watching your videos. It’s really good for me, since I’m preping a place to
Be rented next year. Finding a good tenant is vital. Thanks
Thanks for the feedback, im glad that my content can help you. Thanks for watching 😁💪🏻
I would like to see a vid on how to register multiple units to your name and paying the utility bill on all of them simplified . (property portfolio)... You always giving good content keep it up brother ..May god bless you and your fam. Thank you
Great suggestion, I will look into this and see how I can add value with a video that will cover this. Thanks for watching and for supporting the channel my friend 🙏🏻🙏🏻
“What’s up, Louis. It’s guys here”
New to the channel… not sure if that’s a little mistake or the way things are done. If the latter, it’s a refreshing intro.
Great content, nevertheless. Not only eye opening, but interesting too. Makes reaching those goals a little easier
probably a reference to a RE investor from the US called Graham Stephan.
Thanks my friend appreciate the possitve feedback. Im glad my content can help in some way. The intro is on purpose. It's catchy hay. Thanks for supporting the channel 💪🏻
This is awesome advice, thank you for sharing your knowledge and experience.
Pleasure my friend. Thanks for watching and for supporting the channel
All the best 👍
Exelant content, love the idea of forcing money in the game. Exelant way to weed out the freeloaders and time wasters.
I totally agree. Thanks for watching 💪🏻💪🏻
I believe a difficult tenant who also does not pay, can be real headache to get evicted. It could be a lengthy and costly process. You seem to be doing your homework pretty well.
Facts 🏠
I would just lock the doors once😂😂😂
Baie Dankie Louis . Goed om te hoor hoe werk dit in Suid- Afrika.
Groot plesier. Eks bly dit kan help. 💪🏻😎
Dankie Louis. Wardeer
Plesier my vriend 🤙🏻
Good updates but I think sometimes the aspect of asking for credit check fees may be a deterrent to some or may make you appear larger than life,or a potential uptight landlord, thereby for some already deciding to not come back… yes it makes sense as a away of hedging yourself from paying for it for every check but maybe to find a way of adjusting or have them do it and submit the results so that it doesn’t feel as intrusive… am just saying some may not come back for the reasons of feeling a bit in one’s face over credit check fees more than their lack of affordability
Thanks for sharing your thoughts. You make a valid point, and I understand what you are saying . But this exact mindset has cost landlords thousands of rands.
Im not here to make friends with my potential tenants, I do not care what they think of me. I do not make emotional decisions but decisions based on facts and data. Even though a lot of tenants disappear when I mention the credit check, i do not care. In fact, it's exactly what I want. They can be great paying tenants, but if they do not respect the process, chances are they will eventually disresepct the landlord.
This is just my way of doing it, and people are free to do it how they wish. But by following these steps, you will avoid 90% of tenant issues.
It's a tough game, so you need to be tough too.
I'm an expat South African, for example. If I were to return and rent there is no way I am providing foreign bank statements for a local landlord to troll, and completing a local credit check at my expense would be a waste of time. My credit score would be foreign based. In this instance, doubling a deposit may be worthwhile to offset some of the risk. Nonetheless, points I need to consider for when I may rent. As for friends, I agree, I am not there to make friends with the landlord and given that I'm a good tenant, I could care less if I have to walk away. Rentals are in abundance and so are bad landlords.
Amazing, you're a legend
Thanks my friend. I appreciate it 😁💪🏻
Whats up David, its youtube here :)😂
Lekker video man, digging your content
Lekker David. Thanks for the support. All the best 💪🏻 😁
Keep supplying the contact Louis🔥🔥🤝🏼
Will do, thanks my friend 👊🏻 😁
Fantastic video, thank you for sharing
Thanks my friend. Appreciate the feedback. Thanks for watching 👊🏻 😎
@@louisreynhardt any time friend. Video idea, what to do if you do have a bad tennant in your property. Would you be able to remove a non paying tennant with our current laws? I have heard horror stories of people not being able to remove tennants. Keep up the good content
@00Uglyduckling00 thanks for the suggestion! I made a video about evictions that you can search for. Let me know if you watched it 💪🏻
“Whatsup Louis, it’s guys here” 😂 Good one!
Catchy hay haha
Interested in the course!
Thanks Timo, will be posting all the details this week. Thanks for showing interest.💪🏻
Louis, great videos.
Very informative.
Who do you use for vetting credit worthiness.
Thank you
Thanks so much, I use TPN.
Great platform 👏
@@louisreynhardt
Thank you
Depending on the pricing of the course would definitely be interested.
Thanks my friend. It will be packed with value that you wont find anywherre. The Launch price will be around an R1000, and early access discount will be given to the first to join. The launch will be announced soon.
@@louisreynhardtHi Louis
Has the course been launched yet? Would love to join
@bongijericho8927 Yes it has. You can follow this link to sign up. Let me know if you have any questions
To secure your spot, simply click payhip.com/LouisReynhardt and follow the easy registration process.
how do you go about dong this credit check telling you all this detailed info ?
This seems to be a great tool
Great advice here !
You can go into TPN and go to the credit check portal it should be an easy step by step process to follow.
It's a great tool to use 💪🏻
I was just wondering about the subject of this video a few days ago!
Thanks!
I was also curious about the best source of a lease agreement? Do you compile one yourself, use a generic template (edited), have a legal firm set up a standard agreement for you to use across your whole portfolio?
Thanks for watching. Im glad the video helps. You can use one from an agency or an attorney. I have a combination of the two, and as you progress, it will change and be different for different investments. But normal buy to let agreements are quite straightforward.
@@louisreynhardt thank you Louis. Appreciate your videos.
Thanks for the quality content man, I never knew I needed to know this.
I'm a student who wants to invest in property and I want to rent out a room to students...How can i ensure that they will be good tenants
Thanks for watching my friend
I hope that the content can help you in your property journey. Private students are difficult to vet, and I would advise making sure you get the parents of the students to sign surety for the rental contract.
Hi
In which video do you explain your spreadsheet?
Theres a couple of videos that cover the Excel sheet. You can just browse around on the real estate playlist.
I also have a property course where I cover this in detail.
Hello Louis, recently discovered your channel and eager to join your course. Could you provide details on the course launch date and the topics it will cover? Particularly interested in trust setup and property viability calculations. Living in Cape Town, I'm concerned about inflated property prices; any strategies in the course for addressing this? Also, will there be interactive sessions for individual questions?
Welcome Chad, and thank you for supporting the channel. I will be posting more details about the course in the coming week, but some of the topics covered is,
The money mindset
The fundamentals, everything from budgeting to setting up the right structures to finding deals and analyzing them, valueing properties, which strategies work best, how the whole buying process work, closing the deal, working with Offer to purchases, team members and tools recommendations and many more. I'll create a detailed post about this soon. The first 100 sign ups will receive a free 30-minute Zoom session for Q & A's. This will be invaluable information and will be well worth the money. Thanks again for your comment. I hope my content can help you in some way.
Awesome, thanks.
Awesome, thanks.
What’s up Louis, its guys here 🤔
😅
I am interested
Thanks, pop me an email at louisreynhardt@gmail.com for early access 😀 👍 😎
there's no correlation between bad credit report and a tenants ability to pay rent. Shelter is highter priority than anything else on the hierachy of need. This is a massive flaw in landlord thinking, the 3x of salary rule of thumb is more sensible.
Thanks for sharing your thoughts. You might be right. But using data to calculate risk is what we are doing here. These are data driven decisions, and one should not involve emotions. This is simply an extra step to protect ones assets.
@@louisreynhardt 100 % agree with you, a sensible data driven process is always advisible. I just reckon going through their bank statements to see if they were regulary paying rent before and checking their income affordability should hold more weighting
@manqobakunene Great point. I tend to look at each tenant on its own, and everyone will be analysed differently. But using a combination of the tools is a great way to avoid risk. I also like the bank statements because this is where you can see the knitty gritty stuff. Thanks for sharing some great tips 💪🏻💪🏻
Hi, what things do you select when doing a credit check on TPN?
If you find the credit report option, you should be able to just follow the steps?
I was referred to this channel by a friend & I have a question for the channel & anyone who has answers to this.. I’d like to know how you deal with potential tenants, complaints from existing tenants, calls for viewings & so forth?
Welcome to the channel, my friend. Those are all good questions. Simpy put to avoid all these issues, make sure you place a quality tenant from the beginning, and you will avoid most of these issues. You can also make use of an agency to assist with some of the management.
@@louisreynhardt alright thanks
I dont have Facebook
It's a great tool. You dont have to use it for the social part.
I'm crrently trying to rent a property or for the very least try to get a viewing, however the agent's contact isn't even on the listing so without any kind of feedback I don't know if i'm being considered or not. What do I do in this scenario?
If you can't get hold of the agent, you won't be able to apply to rent there. I would look for alternative ways to contact the owner or agent. But if they dont supply their details, it will be their loss.
@@louisreynhardt - thanks for the heads up
Did you just say what's up Louis , its guys here instead of the other way around 🤣, Love your content ..keep it up
Haha, yes. A bit of a signature intro on the channel. Thanks for your comment and for supporting the channel 💪🏻
My tenants payed on time for 20 years and only started to fall behind this year. Two months behind at this time. Didn't see this coming.
Wow a 20 year tenant is impressive. I guess anything can happen. Would love to know if you raised rent every year or not
@@louisreynhardt It went down from R 4 200 to R 4 000! Hope the lawyers can help me get an access application and have the place sold.
That's some record there! These can only be decent people by your account who have fallen on hard times. Do you not think that in their time of need you should be cutting them some slack?
@@TheJuryIsOut It's my only income.
@TheJuryIsOut Property can not be an emotional game. Im not in the business to make friends. Im in the business to build wealth. I dont mind helping people at all. In fact this is the cornerstone of this channel. But if a tenantdoesn'tt pass my requirement, then it is what it is...
Remove all your emotions and realize that that's how businesses are rum.
I’d like to join your course
Thanks, keep a look out on the channel 🙏🏻🙏🏻
Awe man. Do you think agents handling such affairs is better or doing it by yourself ?
Agents are great when starting out. Or if you dont want to be too involved in the process, but it comes at a cost. And what I've seen is that it's difficult to find great agents. They are more focused on property sales rather than small rental commissions.
Hi sir,
Who is making your shorts🤔
Im currently doing the shorts myself. I try to focus on long form content mostly
Oh nice, I myself am starting out
I want to outreach to small growing channels
But first I need to get the results myself
To actually show people that "hey, I have the proof for my short form content channel"
So is it legal to deny someone the opportunity to stay at your dwelling?
Yes, it is completely legal when the right steps are followed.
why would it not. That would be tenant entitlement at best
I'm a good tenant but sorry I'm not paying a credit check fee. Otherwise everything else is solid
Thanks for sharing . Luckily, you are not forced to do so. It's not a requirement from every landlord but imagine the landlord has to pay for the credit checks for every applicant
@@louisreynhardthow about a win-win situation such as; if the credit check fails the prospective tenant pays; if it passes then the landlord pays?
@TheJuryIsOut Thanks for the suggestion but How will you enforce a failed tenant to pay for this/her credit check. They will simply disappear.
@@louisreynhardt like a rental deposit; you get them to pay first and refund later. Some tenants who qualify may also change their minds in which case they forfeit the fee as well. I have to agree with most of your sentiments though as I've seen many professional squatters who pay for a month or two and start their nonsense. For this reason I would rather invest elsewhere and not put up with what you have to go through. You seem like a fair landlord and deserve good tenants.
I've also come across landlords who don't keep their side of the deal.
Horses for courses...
Hello Louis, guys here.😂
Looks like l fail all your criteria. (I recently commented about my late father's property in Midrand, which we have sold.)
1. I invest in Krugerrand, so my bank statement is always on the low side.
2. As l had regular fallouts with abusive tenants, landlords and neighbours in London, where l worked as a professional gardener, l lived in 10 different locations. Wouldn't be able to get any favourable references there.
3. I don't do computers. Facebook se ...
4. I am retired now.
What would my chances be if l asked you for a viewing, showing you my Krugerrands, and knowing l can pay six months in advance?
I have worked on and off in London for the past twenty odd years, and been successfully vetted in the UK to work in John Lewis's clients' gardens. You won't find anything vet-worthy on me in RSA. Would you still rent a property to me?
( Assuming you have a dog- friendly property on the north east coast. Like St Lucia? (Hint hint))
Thanks for your comment and for sharing your information. The short answer is No, you won't be able to qualify for my rentals. But it doesn't mean that everyone will decline your application. It's up to the landlord at the end of the day. Based on info, decisions are made and not to exclude anyone but simply to protect oneself. Hope that make sense. 🙏🏻
@@louisreynhardt Of course it makes sense. Thanks for replying.
Dude, are you my financial advisor or my landlord? I'm not giving anyone that delicate information.
Thanks for sharing your opinion my friend 🤣 I understand it can be frustrating and kind of weird, but it's part of the legal vetting process. If you dont want to provide that information, then you can happily withold from doing so. But it is, however, a requirement from most experienced landlords.
Great question. You make a valuable argument, and you are 100% correct. There can be cases where you have to rely more on your gut feeling instead of focusing just on the data. Debt review alone won't necessarily be a problem, but constant missed payments is a huge red flag. Thats why I suggest using a combination of all the tips in this video. The last thing I want to do is to exclude anyone or discursge anyone. The video is very dats focussed and uses important information to take calculated risk. Thanks for watching and for supporting the channel 😁 🙏🏻
If a landlord asks me to pay for a credit check I walk away immediatley - it tells me as the renter that I'm not trusted and the landlord is a cheapskate
Usually the rental agency charges a fee for the lease agreement and part of that can be background checks, happy to pay for the lease agreement and if that covers the check, then so be it. Don't let this guy tell you otherwise, get your tannents that you like after the viewing, get two or three people who are interested - run the checks on those YOURSELF as the landloard - I've never had this happen to me and I'm quite certain I will walk. I do usually reveal my income statement and when they see I can easily afford the property I usually win that race quiet easily - its not about putting money in the game its about being treated as a client/tennant and not some silly game over R150.
Thanks for your comment and I appreciate your input. Just remember we do not need negativity on the channel so perhaps approach the comment a bit differently next time so we cam all learn.
If a tenant like you are describing now makes such a huge fuss about R150, then it confirms exactly what I mentioned. Just remember, no one is forcing you to pay the R150. If you dont want to pay it, then great, move a long. Freedom of choice my friend.
@@louisreynhardt Freedom to stay away from stingy Landlords ;)
@luciendasilva3862 If that's how you see it, then yes.
Remove your emotions for a second and think of it as a business. It is what it is.
Call me what you want 🤣 It's just a representation of your attitude and your lack of knowledge.
Hello Louis, goeie videos man. Hoorie kan ek jou epos kry dan chat ons bietjie ek stel belang om dieselfde ding te doen
Yes Dylan,
Jy kan my email by louisreynhardt@gmail.com 💪🏻