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How to be a landlord?

mrbadexample
mrbadexample Posts: 10,805 Forumite
Part of the Furniture 10,000 Posts Combo Breaker Photogenic
in House buying, renting & selling
:think: Where to start?

:idea: Me and a mate thought it would be a good idea to chip in and buy a property to let.

So we did. :) We bought one with a tenant already in it. :D

Apparently, I'm now a landlord. :eek:

This is a bit of a learning curve for me. How do I do it? :o

If any people who are currently letting, or have previously let properties have any pearls of wisdom that they'd like to share, I'm all ears.

Cheers,
MBE
If you lend someone a tenner and never see them again, it was probably worth it.
«134567…10

Comments

  • Amba_Gambla
    Amba_Gambla Posts: 12,107 Forumite
    Part of the Furniture 10,000 Posts Combo Breaker
    Buy a house. Find some mug to pay your mortgage for you. Make sure that you price out any first time buyers. Wait for the housing market to crash, and then complain that you thought it was a safe investment.

    Simples.
  • mrbadexample
    mrbadexample Posts: 10,805 Forumite
    Part of the Furniture 10,000 Posts Combo Breaker Photogenic
    Amba_Gambla wrote: »
    Buy a house.

    Check.
    Amba_Gambla wrote: »
    Find some mug to pay your mortgage for you.

    Well, we call him a tenant, but check.
    Amba_Gambla wrote: »
    Make sure that you price out any first time buyers.

    No idea what you mean. :huh:
    Amba_Gambla wrote: »
    Wait for the housing market to crash, and then complain that you thought it was a safe investment.

    Well, I am waiting, but I think it'll probably be ok. :) If it isn't, I won't complain because I understand that there is a risk associated with such ventures. However, since my savings weren't really earning anything sat in the bank, I thought I'd take a chance at making them work for me. Is that ok with you? :)
    If you lend someone a tenner and never see them again, it was probably worth it.
  • Amba_Gambla
    Amba_Gambla Posts: 12,107 Forumite
    Part of the Furniture 10,000 Posts Combo Breaker
    mrbadexample wrote: »
    No idea what you mean. :huh:

    Keep buying houses at inflated prices until first-time-buyers can't afford to buy houses
  • mrbadexample
    mrbadexample Posts: 10,805 Forumite
    Part of the Furniture 10,000 Posts Combo Breaker Photogenic
    Amba_Gambla wrote: »
    Keep buying houses at inflated prices until first-time-buyers can't afford to buy houses

    Oh. Did I buy at an inflated price then? I wish I'd known. :(

    I don't think I'm going to keep buying them - they are quite expensive you know. I'll have to see how we get on with this one for a bit. ;)

    I'm not convinced it's my fault that some first time buyers can't afford to buy houses, either.
    If you lend someone a tenner and never see them again, it was probably worth it.
  • G_M
    G_M Posts: 51,977 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    The time to find out what's involved with being a landlord is before you become one!

    I assume you have given your tenant the proper Notice that you have become his landlord as per Section 3 of the Landlord and Tenant Act 1985?

    For more information about being a LL, read here.
  • mrbadexample
    mrbadexample Posts: 10,805 Forumite
    Part of the Furniture 10,000 Posts Combo Breaker Photogenic
    G_M wrote: »
    The time to find out what's involved with being a landlord is before you become one!

    Well, yes, I guess that's true but it's a bit late now so I'll just have to catch up as we go. :o
    G_M wrote: »
    I assume you have given your tenant the proper Notice that you have become his landlord as per Section 3 of the Landlord and Tenant Act 1985?

    Err...no! How long do I get to do that then? We only got the house on Thursday.
    G_M wrote: »
    For more information about being a LL, read here.

    Ta very much. That seems to be exactly the sort of help I require. :)

    I will probably have to dispense with Amba's invaluable assistance now though. :(
    If you lend someone a tenner and never see them again, it was probably worth it.
  • mrbadexample
    mrbadexample Posts: 10,805 Forumite
    Part of the Furniture 10,000 Posts Combo Breaker Photogenic
    G_M wrote: »
    I assume you have given your tenant the proper Notice that you have become his landlord as per Section 3 of the Landlord and Tenant Act 1985?

    Ok, I've read that bit. We're actually doing that tomorrow afternoon. :)
    If you lend someone a tenner and never see them again, it was probably worth it.
  • Amba_Gambla
    Amba_Gambla Posts: 12,107 Forumite
    Part of the Furniture 10,000 Posts Combo Breaker
    mrbadexample wrote: »
    I will probably have to dispense with Amba's invaluable assistance now though. :(

    That's your own choice, but at your own peril....

    Feel the wrath of the FTB
  • mrbadexample
    mrbadexample Posts: 10,805 Forumite
    Part of the Furniture 10,000 Posts Combo Breaker Photogenic
    Amba_Gambla wrote: »
    That's your own choice, but at your own peril....

    Ahh...well...maybe I was a bit hasty. Please stay and watch me either crash and burn, or not, as the case may be. :p
    Amba_Gambla wrote: »
    Feel the wrath of the FTB

    I don't want to feel the wrath. Why would I? :(
    If you lend someone a tenner and never see them again, it was probably worth it.
  • Annisele
    Annisele Posts: 4,835 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    Your user name does leave you open to the wrath of us wannabee FTBs!

    Practically speaking, if your T doesn't know that you're his LL you can't really expect him to pay rent, so it would be a good idea to talk to him even if you weren't legally required to.

    Did you take on a mortgage to buy this property? If so, does the lender know you're letting it out?
This discussion has been closed.
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