Thinking of a BTL, what have I forgotton?

R_P_W

Really? A site called landlord zone posting about being a landlord got a positive response?

I don't think site is negative - just seems balanced

G_M

socrates wrote: »

TBH this site is very anti BTL and BTL Landlords- take your questions over to LandlordZone.com for answers based on your questions

Not so.

True, There is a tendancy to point out pitfalls, but that is just sensible. People going into BTL (as with any business) should do so with their eyes open, understanding the responsibilities, the legalities, the risks.

The post linked to by Werdnall above highlights many sources of usefull information for new LLs (including a link to landlordzone!).

I see nothing 'anti BTL' about that!

socrates

The first question any experienced LL would have asked is

"What is the purchase price" - then onto the mortgage costs, potential rental income, why are putting in 2 bathrooms if you are renting etc etc etc

I am entitled to my opinion and thats exactly what an experienced LL would ask

Werdnal

I agree with GM. When someone comes here asking about the merits of BTL perhaps some responses do sound a little "anti", but it is not anti-BTL, it is merely advising the pitfalls and drawbacks of it all.

Many un-initiated think BTL and becoming a LL is a piece of P1ss - sorry, I can vouch for it not being so! I actively refrain from telling a lot of people I have a BTL property as they jump to the conclusion that I am rolling in it, and many do not have the first idea of the legal requirements and obligations of being a landlord and just see the ££££ signs in front of their eyes! We have a duty to people embarking on becoming a landlord to point out the things that go wrong, from our own experiences and that of others related here.

On a good day with 100% solid gold tenants who look after your property, pay on the dot every month and never cause moments grief, it is great ... but as with the book, there are many shades of grey surrounding letting, and if we all jumped on newbie landlord posts extolling the virtues of letting, we would be very foolish indeed.

And as for LLzone being anti-tenant, I have seen no end of helpful and supporting posts over there from tenants who are royally !!!! on by their incompetent landlords, and equally scathing posts towards LLs who think they are totally above the rules and regs and treat their tenants like dirt.

I think both boards are equally balanced and full of good, supporting and probably most importantly, "warts and all" advice on the whole spectrum of BTL!

Werdnal

socrates wrote: »

The first question any experienced LL would have asked is

"What is the purchase price" - then onto the mortgage costs, potential rental income, why are putting in 2 bathrooms if you are renting etc etc etc

I am entitled to my opinion and thats exactly what an experienced LL would ask

OP asked questions, and I and many others have answered those questions. If you want to look at a different perspective on it, then give the OP the benefit of your insight into BTL, but don't knock the valuable advice already given in relation to OP's specific queries!

socrates

"I actively refrain from telling a lot of people I have a BTL property as they jump to the conclusion that I am rolling in it, and many do not have the first idea of the legal requirements and obligations of being a landlord and just see the ££££ signs in front of their eyes!"

Exactly proving my point - that is the type of response that was very prevalent on here in the past and less so now - but still there

socrates

Werdnal wrote: »

OP asked a question, and I and many others have answered that question. If you want to look as a different perspective on it, then give the OP the benefit of your insight into BTL, but don't knock the valuable advice already given!

I said that this site is negative to LL's not the people who contributed thus far but on balance there are more negative posts to the subject than there are positive and not one person asked about costs or yields