So who's a landlord?

[TheLordJohn]

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.

[TheLordJohn]

Thanks so far, Gents. Keep them coming!

[TheLordJohn]

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.

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.

[TheLordJohn]

simonej said:

No one mentioned 'no smokers'?

That's a given, for me.
I have issues with smokers in general, so it goes without saying.