So who's a landlord?
Discussion
Now then.
I'm going to view a potential BTL at the end of next week.
I've recently bought my first house in North Yorkshire and promised myself to have another within 12 months.
So any current landlords, is there anything you know now you wish you'd known from the start? Basic pointers to get the ball rolling in this 'trade'.
Does anyone have any specific experience within the North East?
Also, seem quite a few properties with tenants in situ. With regards to tenancy agreements (if you wish to keep them on, and they wish to stay there), does the current landlord just cancel his contract with them and they start another in your name?
ANY information at all that you may think would be helpful will be received with appreciation.
Thanks in advance all, Stuart.
I'm going to view a potential BTL at the end of next week.
I've recently bought my first house in North Yorkshire and promised myself to have another within 12 months.
So any current landlords, is there anything you know now you wish you'd known from the start? Basic pointers to get the ball rolling in this 'trade'.
Does anyone have any specific experience within the North East?
Also, seem quite a few properties with tenants in situ. With regards to tenancy agreements (if you wish to keep them on, and they wish to stay there), does the current landlord just cancel his contract with them and they start another in your name?
ANY information at all that you may think would be helpful will be received with appreciation.
Thanks in advance all, Stuart.
Keo it depends on the size of your current mortgage the BTL you would buy, the area and if the BTL property is going to increase in value IMO.
Two ways to make money from BTL the rent and increase in property value. If however you had a whopping mortgage on your current property and say £50k tied up in a BTL it could be argued that the interest saved paying that 50k off the mortgage will outweigh and rental income you will make. Do the maths.
Two ways to make money from BTL the rent and increase in property value. If however you had a whopping mortgage on your current property and say £50k tied up in a BTL it could be argued that the interest saved paying that 50k off the mortgage will outweigh and rental income you will make. Do the maths.
Don't allow pets.
Don't be greedy. If you get good tenants then keep them by keeping rent below market value. They're happy, they think they're getting cheap rent, you're getting good tenants and no voids!!
Don't allow pets.
Respect their privacy. Yes it's your house. But it's their home.
Oh, and don't allow pets!
Don't be greedy. If you get good tenants then keep them by keeping rent below market value. They're happy, they think they're getting cheap rent, you're getting good tenants and no voids!!
Don't allow pets.
Respect their privacy. Yes it's your house. But it's their home.
Oh, and don't allow pets!
If u are doing it through an agent , make sure the tenant does not have your mobile.
Last thing u want is tenant calling you cos the tap is dripping is the middle of the night...
My Porsche is currently in the form of a dry cleaners! One day it will morph though!!
Last thing u want is tenant calling you cos the tap is dripping is the middle of the night...
My Porsche is currently in the form of a dry cleaners! One day it will morph though!!
Edited by davidc1 on Friday 14th November 20:50
It is a business. Something you have to work at, it sounds easy, buy a house and let it out and watch the money roll in. Easy.
Except, letting agents that skin you and the tenants, non-payment, trashed houses, police raids and cannabis factories are a risks - mostly avoidable.
Take it seriously, good income and happy tenants. Let it slip, pain and losses. And tax.
Except, letting agents that skin you and the tenants, non-payment, trashed houses, police raids and cannabis factories are a risks - mostly avoidable.
Take it seriously, good income and happy tenants. Let it slip, pain and losses. And tax.
Excellent point about under market value, got a couple of them myself and as long as they keep paying I don't upset the balance. I personally wouldn't use an agent, size people up yourself but find them through an agent. Generally if tenants are happy to pay £300 of fees for credit checks and contracts etc to get into a house then they're normally serious about paying their rent and keeping the house ok.
A good tenant is one who walks past you in the street and you don't recognise them, sign of a decent landlord too potentially, neither of you have any reason to see each other.
A good tenant is one who walks past you in the street and you don't recognise them, sign of a decent landlord too potentially, neither of you have any reason to see each other.
t on your carpets with cat hair stuck to them. Yes of course you keep some deposit to replace the carpet but you still have to rip it up no pets is one less thing to go wrong. ghamer said:
Out of interest chaps.What is the problem with pets?
Difficult to let a house that stinks of cat. Sadly the cat owners don't notice and become all defensive and shouty when this is pointed out.Dogs eat bits of the house, and rodents crawl into the cavity walls, chew the cabling and then die, pungently.
ghamer said:
Out of interest chaps.What is the problem with pets?
Fleas. One of my ex tenants decided she'd get a cat without asking me. Then shortly after told me she'd have to move out. Turns out the reason for that was more than likely the thousands of fleas biting her. It was so bad you could watch them jumping around the place. Never mind her small child in the house.
Ended up removing all the carpets, getting pest control in (twice), and putting lots of cream on bites I'd suffered on my legs. Never realised quite how bad fleas could be.
As to useful tips, I'd second what everyone has already said. You basically don't want to ever see them and that comes down to choosing good ones in the first place. Don't be afraid to say no to someone if you have any bad feelings about them!
ghamer said:
Out of interest chaps.What is the problem with pets?
Other have already mentioned some of the problems... So I'll add another.PISS.
It was only when they moved out that the smell became unmasked.
Carpets in bin. Smell still present.
Underlay in bin. Smell still present.
Washed the bare floorboards. Smell still present.
On hands and knees. Scrubbed the floorboards with bleach.
Smell gone.
Edited by Sir Bagalot on Sunday 16th November 22:31
You may want to consider doing something else with a house sized lump of money.
Three years ago I had the option of being a landlord and decided to just bung the money into the stockmarket.
I'm currently 18% up on the investment and don't have to deal with tenants.
Also consider holiday let. You never have to worry about being stuck with a bad tenant as they'll only be there for a week or two. If you find somewhere nice you can stay there yourself. The downside is that you will need to keep the place looking nice and you will need to find a new tenant every week.
Three years ago I had the option of being a landlord and decided to just bung the money into the stockmarket.
I'm currently 18% up on the investment and don't have to deal with tenants.
Also consider holiday let. You never have to worry about being stuck with a bad tenant as they'll only be there for a week or two. If you find somewhere nice you can stay there yourself. The downside is that you will need to keep the place looking nice and you will need to find a new tenant every week.
cymtriks said:
You may want to consider doing something else with a house sized lump of money.
Three years ago I had the option of being a landlord and decided to just bung the money into the stockmarket.
I'm currently 18% up on the investment and don't have to deal with tenants.
Also consider holiday let. You never have to worry about being stuck with a bad tenant as they'll only be there for a week or two. If you find somewhere nice you can stay there yourself. The downside is that you will need to keep the place looking nice and you will need to find a new tenant every week.
Hi there.Three years ago I had the option of being a landlord and decided to just bung the money into the stockmarket.
I'm currently 18% up on the investment and don't have to deal with tenants.
Also consider holiday let. You never have to worry about being stuck with a bad tenant as they'll only be there for a week or two. If you find somewhere nice you can stay there yourself. The downside is that you will need to keep the place looking nice and you will need to find a new tenant every week.
Stock market doesn't interest me and I don't have the inclination to learn and keep on top of it.
Holiday let would require much more administration and take up more of my time on a regular basis.
Not to mention much more potential for quiet times when it is empty.
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