New buy to let

sixpence.

Hello

I live in London and am a homeowner. I am in the forunate postion where I am set to be gifted approx 600k and want to buy an an appartment to rent out. I'm a little nervous about this, although it doesn't seem too complicated. Do any private landlords have advice on the best way to do this?

I am thinking it would be best to buy within my borough or atleast near by as it'll be easier to manage. Does that make sense?

I am going to use a property managing service, I think, because I don't especailly want to do a lot of the hands on work (I have enough on plate right now and don't think I know enough to do it anyway, better to trust a professional).

I am willing to read up on this if people can share any links/resources. Or anyone can recommend any books?

Thanks a lot :j

flashg67

I love this guy, bit sweary sometimes, so not for those easily offended but loads of useful advice -

https://www.propertyinvestmentproject.co.uk

In my recent experience, BTL should be viewed as a long term option and be prepared for expenses such as void periods, repairs, damage disputes and buildings insurance taking a fair proportion of your rent, not to mention agents charges & fees plus income tax etc. You have a good pot there but I'd not want to put it all in at once.
Research well and stick to areas/property types you know and will be able to sell if/when you want to

G_M

** Tenancies in Eng/Wales: Guides for landlords and tenants This thread is intended to provide information to both landlords and tenants relating to Assured Shorthold Tenancies (ASTs) in England and Wales.

Topics covered:

* Repairing Obligations: the law, common misconceptions, reporting/enforcing, retaliatory eviction & the new tenant protection (2015)

* Deposits: payment, protection and return

* Ending/renewing an AST: what happens when a fixed term ends? How can a LL or tenant end a tenancy? What is a periodic tenancy?

* Rent increases: when & how can rent be increased?

* Repossession: what if a LL's mortgage lender repossesses the property?

* New landlords: advice, information & links

* Letting agents: how should a landlord select or sack?

sixpence.

flashg67 wrote: »

I love this guy, bit sweary sometimes, so not for those easily offended but loads of useful advice -

https://www.propertyinvestmentproject.co.uk

In my recent experience, BTL should be viewed as a long term option and be prepared for expenses such as void periods, repairs, damage disputes and buildings insurance taking a fair proportion of your rent, not to mention agents charges & fees plus income tax etc. You have a good pot there but I'd not want to put it all in at once.
Research well and stick to areas/property types you know and will be able to sell if/when you want to

My thoughts were to put it into one or two properties and pay outright (no mortage). What do you think of that? I've done some reading into the basics and will do more research. I feel like once you get past basic information though there is a lot of conflicting information though.

Lisi299

Buying outright is a good idea, as long as house prices don’t drop. However, as a rental it’s not a massive deal.

My advice is use agents with good reviews that vet the tenants, it’s a nitemare if they don’t and you end up with non payers who can trash your property which is so stressful. I’ve had good and bad experiences with renters.

Just remember to keep a pot of money for repairs, council tax when empty, service charges etc, your providing someone with a nice home, but you don’t always get it back the same way the costs can mount up!

Good luck