Another new landlord

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    Another new landlord

    Hi everyone,

    Ive recently came to the idea of purchasing a property to let out for a good investment in the future.
    Im living in northern ireland (where I wish to buy a proeprty) and work in England.

    Without ever doing this before I have a rough idea on what to do when letting out a property as I know of a few people who have experienced it.

    I have a few burning questions to ask as I really don't want to fall into a trap of not getting rent or not getting tenants, etc.

    I have read that setting up a direct debit or standig order with your tennant is the best way to secure your monthly payments?

    I wish to go down the route of not going through a letting agency mainly to save more money but what would the drawbacks be of this method?

    if a Tennant misses a payment what would be the correct way to go about getting the payment and making sure they don't miss another payment?

    without going through a letting agency I suppose you will have to create a contract yourself and get the tennant to sign it?

    any good methods of advertising your property yourself like websites as I'm sure every landlord wishes to find a tennant as soon as possible?

    Any help would be great thanks

    #2
    Only 2 n's..




    .
    I am legally unqualified: If you need to rely on advice check it with a suitable authority - eg a solicitor specialising in landlord/tenant law...

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      #3
      Yea tenant lol for some reason the spell checker keeps putting 2 n's beside one another so I just leave it as that lol you get the point tho







      .

      Comment


        #4
        Attention to detail is absolutely key, do some landlord training and get up to speed on the law etc before jumping in with both feet.

        There are professional tenants out there that will take naive landlords for a ride and then for a song.

        Originally posted by Foxy_787 View Post
        What??
        They are tenants, not tennants.


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          #5
          I would think long and hard about your plans if I were you. I have a friend who buys and lets property in N Ireland and the property values, rental incomes and wages in his area are so small that if he wasn't also a handyman who does most of his own maintenance, the venture would fail completely. I would also suggest that if you have no clue about landlording and you plan to live in a different country to your rental properties without the services of a letting agent, you are heading for disaster.

          Think of a new plan.

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            #6
            It might be best to use a letting agent to start with while you become familiar with the whole process. Getting the legal side wrong can land you with a whole host of problems. You will learn a lot with your first property & you can also go solo later when you are confident of what to do.
            Good luck

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              #7
              These questions are the least of your worries.

              Join NLA/RLA. Buy this book How To Be A Landlord: The Definitive Guide to Letting and Managing Your Rental Property https://www.amazon.co.uk/dp/09934972..._F0-CCbEHX8J11

              You have lots of legal commitments and responsibilities before you even start to think of tenants.

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                #8
                Originally posted by RedHitman View Post
                These questions are the least of your worries.
                Might as well save your breath... Looks like other posts on this thread by Foxy have been deleted. :/

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