HELP first time land lord

prudryden

I agree entirely with Tass. Well said. I have been renting for years and learned something new from PB the other day. He had a tenant who gave notice to quit, PB had another tenant lined up, and then at the very last minute, the previous tenant changed his mind. I never had that happen and had never thought that it could happen. Now I will be thinking how I can tweak my contracts just in case.

clutton_2

i also learn lots of new things on here each week - and very grateful i am for the time others take to post their experiences.

but, i am finding more and more brand newbie landlords/ladies coming here and elsewhere, saying "i have bought a house i want to let it, tell me what to do in one simple post"

the recent "BTL phenomenon" has convinced many that it is easy money - its not, and the responsibilities are awesome.

If potential landlords/ladies came here before buying a property i might be a lot more tolerant of naive questions - but, with the best will in the world, once the mortage-repayment time-clock has started ticking, tenants, any tenants will be signed up - for fear of losing a months rent - and without looking at the long term picture.

mr.broderick

Tassotti wrote:

I think you're all being a bit harsh on the OP. When I began letting properties, I did not know everything there is to know about the business ( I still don't and would be surprised if anyone else here does either)

It is the same as anything, it is a learning curve (maybe very steep for the OP) It's easy to become complacent in any job (how many people remember their first day at work? No clue whatsoever)

Whatever anyone's opinion on entering BTL at the moment doesn't matter either. The OP has chosen it and must now make it work.

Best advice is to arrange for a letting agent to find tenants and manage it for the first six months. Then read, read, read all you can

singingpig,
LLZ,
here,
property books
etc

Also, build a contact list of various reliable tradesmen

Tass

You know what tass i like the way you operate, you've got balls..