Renting advice

poppy10_2

GeorgeBaird wrote: »

Thanks for that yes we will be looking at auctions we have our first property hopefully completing in the next 3-4 weeks then we will be going down the auction route

That sounds like an excellent plan, those people on Homes Under The Hammer are always making big money from auction property, it's not hard.

http://www.youtube.com/watch?v=jdpaMV1KXTs

dimbo61

george if only it was that easy lots of rich landlords would be sking in the alps not showing students round six bed houses at 7/8 pm at night.
I have seen lots of houses which were poorly maintained and badly run in the auction by Crap landlords who have no idea about the law or how to look after tenants
Do you research and have a buisness plan

GeorgeBaird

dimbo61 wrote: »

george if only it was that easy lots of rich landlords would be sking in the alps not showing students round six bed houses at 7/8 pm at night.
I have seen lots of houses which were poorly maintained and badly run in the auction by Crap landlords who have no idea about the law or how to look after tenants
Do you research and have a buisness plan

Yip totally agree I know there will be many pitfalls and I know what abad landlord can be like through personal expierance so hopefully I can use that to help me and my brothers suceed

sariebeth

I'm not really sure why so many people are posting sarcastic answers on here. Am I missing something? I thought the guy posted a genuine question, and he's being met with unhelpful advice. Am I wrong?

bonzor

It's hard to take someone seriously who obviously hasn't a clue what they are doing. At least someone will make money out of him.

[Deleted User]

sariebeth wrote: »

I'm not really sure why so many people are posting sarcastic answers on here. Am I missing something? I thought the guy posted a genuine question, and he's being met with unhelpful advice. Am I wrong?

I agree and given the age of the OP they should be more considerate.

[Deleted User]

George, my advice is do your research first and don't rush into buying a second or third property too quickly. Learn to be a Landlord, to work with your family, see what kind of expenses you are likely to incur and buy in a safe, up and coming area where prices are not falling (I don't know where you live) to avoid negative equity.

Only when you are financially sound go and buy your next one. Don't rush it or you can burn yourself and lose everything.

Learn the game first.

paddyrg

George, your second post hassling for answers only 30 mins after your first may have got you off on the wrong foot. You may find that some posts here are encouraging you to be reckless. Don't be. Really, wind back in and frankly forget this idea until you seek legal and accounting advice - not a bunch of strangers on a web forum.

Everyone else - sorry to party-poop, but there's too many terrible landlords in this world already without more wandering into it

GeorgeBaird

won't bother in future first and last experience of the site! 30 mins went by with 18 views no reply. Clearly I would be mad to use everyone's advice just picking people's brains

Forget it

Thanks to the people that had some positive input

Werdnal

GeorgeBaird wrote: »

won't bother in future first and last experience of the site! 30 mins went by with 18 views no reply. Clearly I would be mad to use everyone's advice just picking people's brains

Forget it

Thanks to the people that had some positive input

So you use a random title like "Renting Advice" - which could mean anything from a tenant having problems with their landlord, to a landlord having problems with their tenant and any number of scenarios in between. Then 18 members stumble in to see if it is something they could help with, find it isn't, so rather than give you possibly incorrect or misleading advice, leave it from someone more knowledgeable to reply. So you start pushing for answers, and go on to get a little shirty because not everyone agrees with your plans?

TBH, if you are that impatient to get advice, then please try to be more patient in your ambitions to start a lettings empire. Tread carefully, read and learn everything you can BEFORE you buy your FIRST property, and don't rush headlong into buying more until you have succeeded in letting the first one properly. No-one has a crystal ball and can tell you whether the money will start rolling in, or you will crash and burn. Take it steadily and then you won't have so far to fall if it all goes wrong, and you can build on your success of the first letting to progress if it does work for you.

By the way, can I ask where abouts in the country you live? Your name sounds possibly Scottish, and if that is where you plan to run your BTLs, beware that Scottish lettings laws and regulations are very different to England and Wales.