Investor considering BTL- please assist

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    Investor considering BTL- please assist

    Hi all,
    I have recently come into a bit of money, and I am seriously considering investing in one or two properties in order to let out to let out to students. As I am currently at university, and am renting a house, I know the market very well, and believe it to be quite profitable in this area. I also know from reading around the internet that renting to students can be a bit risky, what with the summer holidays, maybe not finding tenants for a whole year, or students leaving university, but I feel that the pro's outweigh these cons. Because I am currently living in the area, and would most likely end up renting to students from my university, I don't think i'll need a lettings manager, as I feel I could very easily find tenants. From looking through estate agents windows, I have found a great deal of properties that are not only in my price range, but I believe would also appeal to students a lot more than the vast majority of other houses available, and I believe that I would be able to keep the rent reasonable and still keep up the payments on a buy to let mortgage.

    However, as I am new to the prospect of being a landlord, and I don't know anyone willing to talk to me about it that is a landlord I know extremely little about it! Are there any reliable books or web sites that I could read about letting to students, or buy to let mortgages where I could find more information? Also, what sort of taxes and other expenses would I be liable to pay as a landlord (I don't own any other properties)?

    Thanks for reading this, sorry for going on a bit as well!

    Rich

    #2
    First paragraph sounds like a recipe for disaster. Second is much better, there are plenty of books on renting out, "Renting out your property for dummies" or the Which guide to letting to name just two. Reading this forum is also a good idea but the best advice I could give is to talk to letting agents in your area, preferably those registered with a professional body. Get their views and listen to them, if they advise using an agent, give it very serious consideration. Good luck.

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      #3
      Beware HMO legislation... Do nothing until you are sure what the effect on your property will be. Talk to EH at the council.
      The contents of this note are neither advice nor a definitive answer. If you plan to rely on this, you should pay somebody for proper advice.

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