We have a spare apartment in Punggol for my parents to stay when they visited, and it's empty about 90% of the time. Decided to rent out the room that they aren't staying in for extra income. I entrusted an agent to handle the process for me, gave him a 2 key requirements, no pets, no smokers, and began my travels. He found a tenant quickly at $1250/month, and I agreed for her to commence the contract in 2 days (while I was still away). I only returned 2 weeks after she moved in. Lesson #1: Get involved in the tenant selection process. The agent's job is to find the tenant. As the owner, you have to meet the prospective tenant and judge suitability and rent payment reliability. When i returned and visited the apartment, I realize the tenant smokes, keeps 2 small dogs and she installed items in the living room which was outside of the contract's stipulated room rental. The agent clearly didn't check for my 2 key requirements and was only keen on securing his...
To document and reflect on decisions in my life. To generate passive income and invest for the long term. A lifestyle and documentary blog by Mr EOR.