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How to be a landlord?
Comments
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theartfullodger wrote: »
Put in smoke alarms with co detector - daft not to.
They've got one downstairs. When we said we thought they might need some more, they said "Our son's a fireman. He'll get some for us."
So, priority response too, probably. :rotfl:If you lend someone a tenner and never see them again, it was probably worth it.0 -
Problem with not having a deposit is that there's no reason for the tenants to go through the process with you when they leave the property - saying that I've only ever kept any deposit when a tenant stopped paying rent for a few months apart from that it's always been OK. Most tenants try to do their best I think (wouldn't you).
Not sure about the solicitor saying the deposit would be more effort than it's worth - doesn't seem like much effort.
You don't have much spare cash it seems so the important thing is to keep the tenant for as long as possible while you save up a pot. Remember to factor in income tax (although it sounds like this will be minimal). When they eventually leave you will have a void and will also probably need to carry out some redecoration (think £2k+ for comfort). Also think about finding new tenants - how would you do this, how would you carry out checks, would you want the expense of going through an agent?
Not sure about courses as suggested - read books ask questions and hope you're lucky.0 -
We became accidental landlords (2 houses when we married and couldn't sell 1) and it's hard work and small returns. We both work full time so have employed an agent (make sure you get a good one) who takes all the stress out of doing it. Best money we've ever done in employing his company.Feb 2012 - onwards MF achieved
September 2016 - Back into clearing a mortgage - Was due to be paid off in 32 years in March 2047 -
April 2018 down to 28.00 months vs 30.04 months at normal payment.
Predicted mortgage clearing 03/2047 - now looking at 02/2045
Aims: 1) To pay off mortgage within 20 years - 20370 -
They do everything, Landlord certificates, repair work, finding tenants etc - simply things we don't have time to do.Feb 2012 - onwards MF achieved
September 2016 - Back into clearing a mortgage - Was due to be paid off in 32 years in March 2047 -
April 2018 down to 28.00 months vs 30.04 months at normal payment.
Predicted mortgage clearing 03/2047 - now looking at 02/2045
Aims: 1) To pay off mortgage within 20 years - 20370 -
when did the communists start infiltrating the site?
Welcome, comrade
Amba Gambla is entirely entitled to their point of view & to state it (within MSE guidelines).
Since the cr*m*nal Thatcher brought in HA Act 1988 the LL/T relationship changed. "When it comes to security of tenure the pendulum swings back and forth between tenants and landlords. The Rent Acts were drafted from the point of view that private letting is a means of providing homes. The Housing Act 1988 was drafted from the point of view that private letting is an investment." (Source, "lawcruncher", LLZ)
People (of all political views..) fought & died so we could have free speech!!
Significantly Amba G seems to be advocating the private ownership of property (wanting to support & help FTBs...): How that can be described as "communist" is a surprise to me: Has Gwhiz been at the E's & whiz?? again?? Is Gwhiz familiar with what communism is - eg in the manner of the early church??
I might not always agree with Amba G but the views are entirely valid and in many ways arguably correct from time2time..
Cheers!
Artful (Landlord since 2000...)0 -
This is going to be one long thread..It is nice to see the value of your house going up'' Why ?
Unless you are planning to sell up and not live anywhere, I can;t see the advantage.
If you are planning to upsize the new house will cost more.
If you are planning to downsize your new house will cost more than it should
If you are trying to buy your first house its almost impossible.0 -
Amba_Gambla wrote: »Keep buying houses at inflated prices until first-time-buyers can't afford to buy houses
If you are expecting prices to go back to 2000 prices that you will be waiting until the cows come home..0 -
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originalmiscellany wrote: »and it's hard work and small returns.
We don't actually want to make a profit. My mate is close to the higher tax bracket, so earning a bit more won't do him any favours. We see it as a long term investment - i.e. sell it at pension age in about 20 years, or keep it for the income, depending on our circumstances.
Initially, whatever we make will be ploughed back in as maintenance and improvements, so that should also keep our tenant happy.If you lend someone a tenner and never see them again, it was probably worth it.0 -
Amba_Gambla wrote: »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.
Classic Great post. 0
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