Advice on best way to become a slum landlord

[digger_R]

No really, seeing as my previous six figure income priced me quite far out of the market for a house I'd actuallylike to live in, I thought I'd make some kind of inroads into the slum market.

I'm looking at 3 bed properties in the West Midlands (within 10 miles of my parents home), I don't own my own house and have no intention of doing so in the next couple of years.
What I would like is to buy a couple of cheap (under 80k) houses with a view to letting them to the local council/housing association.
Can anyone advise on who to contact in order to get an idea of rental prices etc - I am (as far the first purchase goes) cash rich so would welcome your suggestions about how to go about this and any pitfalls/common mistakes to avoid

[Ungarsee]

Not done it myself but did look into it. Positives seemed to be a guaranteed rent and council will put property back to original condition once contract ends.

Negatives seemed to be a below market rent and the house had to be fitted out to very exacting standards to meet various health and safety regulations which can get expensive.

Ultimately you'll need to get in touch with the specific housing association where you're looking to buy to make sure they have an appetite for more homes. Don't assume they will as a lot of people have had to put their homes onto the rental market as they haven't been able to sell.

On the mortgage side you'll need to stump up a decent deposit (at least 30%) and get in touch with a decent broker as some lenders may be funny about these types of deals

[robuk]

do not underestimate the damage scrotes can do to houses. I realise council will in theory put everything 'right', but sometimes after having gyppos in there napalm is the only thing that might work.

[Wings]

I let several flats and houses to tenants on housing benefit. My local council having a housing bond scheme, where they will issue and renew a 6 month bond scheme, at the end of the 6 months they will either settle any damage costs or renew the tenancy, but not cover rental arrears, the rent the tenant has to pay.

One such 3 bed house I have rented out to an immigrant family for 8 years, the house is a tip, fist holes through doors, dirt on walls, carpets filthy etc. I can't visit the property, it issuch a mess, but the council pay a high rent for the property, and over the 8 years I have more than received back what i paid for the property.

In my area, certain properties in certain areas, only have a rental market through housing benefit tenants.