Sudden new landlord. Manage myself or not?

Wb321 · 1 February 2021 at 7:27PM

macman said:

Wb321 said:

Hello, I've been looking at these board for a while trying to gather as much info as possible on how the property market 'really' works and I now am in need of some advice.

For a bit of back story, I graduated University last year and my parents were keen for me to follow in their footsteps, as it were, in becoming a landlords.

They have around 30 renal properties between them in and around North London and are very experienced in the field, which has served them very well over the last 30 years or so.

They have just gifted and signed over 2 houses to me with tenants in situ to help me start my portfolio. All the legal work has already been completed and according to our solicitors and I'm good to go and I guess I am now effectively their landlord.

I am aware about keeping certificates up to date, correct insurances etc. and I have a decent contingency fund in place in case of any sudden repairs that need to be undertaken. Houses are not HMO.

My question really stems around: is it worth the money saving to manage the properties by myself, or let a management company do this for me and take the % hit on the income, much to the dismay of my parents, so I can focus on other ventures?

The tenants so far have been in place for 2 years in property 1 and ~1 year in property 2. Both have never missed a payment and the house seemed to be in good condition when I visited shortly after completing all the transfer paperwork to introduce myself. I am aware this could change at any time.

Opinions of landlords from both sides would be appriciated. Thanks.

Is that some sort of freelance kidney-donor business then?

They and purchased a fair few properties in the early 90's after the crash that needed work and then again just after the 2008 crash. They also had a fair bit of capital as a headstart and the London housing/rental market did the rest over the past 30 years.

Thanks for all the responses everyone. I've decided to try going it alone and see how I get on! I've always got the option of a management company if things get a bit overwhelming!