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  • FIRST POST
    • Rjhsteel
    • By Rjhsteel 15th Jan 20, 1:48 PM
    • 134Posts
    • 11Thanks
    Rjhsteel
    Thinking of buying some property for letting...advice please.
    • #1
    • 15th Jan 20, 1:48 PM
    Thinking of buying some property for letting...advice please. 15th Jan 20 at 1:48 PM
    Had a conversation with my brother in law about buying some cheap property and letting out.
    I'm a complete novice in this area. Could someone point me in the right direction please.
    Books and websites that help me would be a good start. Thanks
Page 1
    • spadoosh
    • By spadoosh 15th Jan 20, 1:54 PM
    • 8,017 Posts
    • 11,963 Thanks
    spadoosh
    • #2
    • 15th Jan 20, 1:54 PM
    • #2
    • 15th Jan 20, 1:54 PM
    HMRC and government websites will give you and idea of your responsibilities.

    https://www.gov.uk/browse/housing-local-services/landlords

    https://www.gov.uk/renting-out-a-property/paying-tax

    These forums are probably as good as any for typical problems that might arise and highlighting what should be expected of a landlord.
    Don't be angry!
    • theartfullodger
    • By theartfullodger 15th Jan 20, 1:55 PM
    • 10,766 Posts
    • 15,062 Thanks
    theartfullodger
    • #3
    • 15th Jan 20, 1:55 PM
    • #3
    • 15th Jan 20, 1:55 PM
    Only do so if you have the financial AND emotional reserves to cope with the tenant-from-hell (or agent-from..) who forgets to pay rent for 7onths whilst you pay mortgage, legal costs to evict, repairs.

    And calls you 10:38 Saturday evening to say toilets leaking:. For three days: onto sofas and carpet downstairs.

    Repairs? Oh yes, pay them or judge will decide you are a wicked Landlord and give tenant more time.

    Cheers! Artful:. Landlord since 2000 - most years I make money, but not always
    Last edited by theartfullodger; 15-01-2020 at 1:57 PM.
    • G_M
    • By G_M 15th Jan 20, 2:18 PM
    • 51,150 Posts
    • 64,155 Thanks
    G_M
    • #4
    • 15th Jan 20, 2:18 PM
    • #4
    • 15th Jan 20, 2:18 PM
    ** Tenancies in Eng/Wales: Guides for landlords and tenants


    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 (1):advice & information :see links in next post

    * New landlords (2): Essential links for further information

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

    * Lodgers: advice & links for landlords & lodgers
    ** If I include a blue link in my post, click and read it before posting a follow-up question. The answer may be in the link! **
    • Rjhsteel
    • By Rjhsteel 15th Jan 20, 2:19 PM
    • 134 Posts
    • 11 Thanks
    Rjhsteel
    • #5
    • 15th Jan 20, 2:19 PM
    • #5
    • 15th Jan 20, 2:19 PM
    Only do so if you have the financial AND emotional reserves to cope with the tenant-from-hell (or agent-from..) who forgets to pay rent for 7onths whilst you pay mortgage, legal costs to evict, repairs.

    And calls you 10:38 Saturday evening to say toilets leaking:. For three days: onto sofas and carpet downstairs.

    Repairs? Oh yes, pay them or judge will decide you are a wicked Landlord and give tenant more time.

    Cheers! Artful:. Landlord since 2000 - most years I make money, but not always
    Originally posted by theartfullodger
    My brother in law uses a management company which I guess is easier.
    • theartfullodger
    • By theartfullodger 15th Jan 20, 2:36 PM
    • 10,766 Posts
    • 15,062 Thanks
    theartfullodger
    • #6
    • 15th Jan 20, 2:36 PM
    • #6
    • 15th Jan 20, 2:36 PM
    Some are good, some are terrible.

    Too many reports on Landlord-rrelated forums saying such companies doing an expensive, painful, legally problematic for Landlord. It is always the Landlord who remains responsible.

    Your choice, your gamble, your life, your money
    • LandM1
    • By LandM1 16th Jan 20, 11:54 PM
    • 29 Posts
    • 11 Thanks
    LandM1
    • #7
    • 16th Jan 20, 11:54 PM
    • #7
    • 16th Jan 20, 11:54 PM
    Weíve owned several rental properties for about 15 years now. Mainly our experience has been positive but we have learned a bit which might be helpful. Firstly, choose carefully. A very cheap place might be a mistake. We bought an inner city terraced house first. It was sound but dated internally. We did it up ourselves and put it with an agent. We never had especially good tenants, the area declined, the house was used to deal class A drugs and was locked up by the police for 3 months. Finally we decided to sell up as we got fed up with it, sold it after 10 years for the same we bought it for. We made some profit on the rental but looking back, it wasnít worth the aggravation.
    Meanwhile we bought an ex council house next to a school, with a garden, in good nick, just had to decorate. A success, let to the same family for 10 years, virtually trouble free. A bit dearer, but a much more sensible buy,
    We also have a flat we inherited, in a good location, popular block, again trouble free, let to same tenant for 10 years.
    We also inherited a McCathy and Stone flat for over 50s, a disaster really, canít sell it, huge overheads in management costs, luckily itís let at the moment but given a choice we wouldnít touch one of these with a barge pole!
    So from our experience, yes itís definitely worth it, but choose carefully, take advice from letting agents as to whatís successful in the area, if you get a good tenant donít rock the boat by being greedy with rent, unless youíre very local to the property and donít mind hassle use an agent, central heating boilers can be a nightmare, better to have an agent dealing with that, if you have to replace a boiler donít be cheap, we learned that the hard way, and again choose carefully. Good luck!
    • Cakeguts
    • By Cakeguts 17th Jan 20, 9:21 AM
    • 6,972 Posts
    • 11,233 Thanks
    Cakeguts
    • #8
    • 17th Jan 20, 9:21 AM
    • #8
    • 17th Jan 20, 9:21 AM
    Do not buy cheap property as a rental starting out as a landlord. Cheaper properties often attract problem tenants the kind of tenants that no other landlord will take. For this business model you need to be a really really experienced landlord not a beginner.


    For trouble free tenants you need desirable properties in desirable areas. These properties are not cheap. For any given area they are going to be in the most sought after areas and they are going to be expensive. Even with these properties there are going to be problems. That is unavoidable. Letting property has risks. Unless you can afford to buy a good modern property in a desirable area without a huge mortgage you would be better to look for something else to invest your money into.
    • Bluebell1000
    • By Bluebell1000 17th Jan 20, 10:54 AM
    • 715 Posts
    • 1,956 Thanks
    Bluebell1000
    • #9
    • 17th Jan 20, 10:54 AM
    • #9
    • 17th Jan 20, 10:54 AM
    I also agree with what's said above. Our first rental property was a 1 bed flat that my husband owned, and we just couldn't sell at the time. Not in a great area either. We did manage to make a little money renting, and eventually sold it, but the tenants were difficult and often left without paying. It was definitely more hassle than it was worth. Our current rental property was our home for 6 years. We knew this would be a good rental prospect as we extended, making it the only 4 bed in the area (apart from the very expensive 'luxury new builds, with a rental price tag to match). It's in a decent area. We pitched the rent slightly below market value, to give us a good choice of tenants. The current ones have been there 18 months, and it's working well. The only problem is the agency we use is not great, as unfortunately the highly recommended agency we signed up with were taken over by one that has a much worse reputation. Still, we are close by so if the agency isn't helping, we just deal with the tenants directly.
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