first property as a Landlord

gerad_way

Just wondered if anyone could reccommend any web sites for Landlords.
I am just about to sign for my first Buy to Let property, and would like to make sure that I do everything legal and above board for me and my tennents.:j

Gorgeous_George

Landlordzone is a good start. Standby to be inundated with advice to pull the plug on the deal.

Good luck!

(What is your yield?)

GG

Rover

:rotfl: . Great timing. How are you with buses?

Generali

The Fool has a good Property Investing - Practical board

Link

Just to satisfy my curiosity, why have you chosen to invest in buy to let right now? Have you done any calculation to make you conclude that it's the best asset class to be in right now or is it a bit more intuative than that?

Generali

gerad_way wrote: »

Thanks for your reply.
Where I live we are having a dockside Marina built, and also have a shipyard which has just re-invented itself. Property here is still very low in price to other parts of the country. With all the investment, rented property to the Navy etc is booming.We have outside investors coming into the town buying up multiple properties at a time to let. Also one of the major Building Societies are also buying up terraced properties. Although it is becoming more difficult to buy there are still lots of bargains to be had. So yes I am taking on a gamble at probably one of the worst times for the rest of the country, but I had to have a go.

Interesting. It's a myth to suppose that there's a property market in this country, there are many. Eg it really doesn't matter what rents and purchase prices are in Dundee for me as it's just too much of a commute to London!

What sort of money do you think you'll make? Presumably you have figures in mind that you'll make £x (being rent minus costs) each month plus a capital gain.

I'm interested in what drives investors to do as they do.

Trollfever

Sounds just like Portsmouth where you will soon be able to build a mult-million BTL property portfolio by buying up all the repos.

gerad_way

Great thanks, they all come at once.

Rover

gerad_way wrote: »

Great thanks, they all come at once.

Arr, but do they go in the direction of your intended travel. As the one you missed by seven years was?
Never mind, hop on, you'll enjoy the ride.

regards, Salvador Dahli.

brit1234

Brave person. From the experts it is all the landlords who bought in the last few years who are in the most trouble. Just look at the property auction companies dealing with the rising landlord repossessions.

It could work but your rent must cover the mortgage and have a healthy amount after for fees, accidents and profit.

*You have to get enough rent at the same time be priced competitively in the market. I here it is also near impossible at this time for these sums to add up.

At the same time you have to be prepared for negative equity over the next few years. You won't have any equity to use in this property to buy further properties for about 5+ years, However if you are young you could make a good profit in the long term in about 10-15 year. Don't think you will make the profits in the short term.

Strange how you are investing in property in a fast declining market when there areas such as Silver and savings are offering far better returns.

Personally I would invest elsewhere for a few years and jump in when house prices are low and not high.

Rover

Nonsense!
History, the business cycle and even current conditions are all irrelevant.
House prices and rents only ever go up!

clutton_2

https://www.singingpig.co.uk is an excellent website. I recommend you join national landlords association - you will get access to all the correct paperwork, you get a free legal heop line, you get tax relief on the membership fee, and you get cheaper house insurance if you are a member.