First time land lord

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    First time land lord

    Hello
    I’m hoping to be a first time land lord
    and I’m wondering if any one has any tips and tricks
    Or things to avoid or watch out on

    #2
    I would start (before actually doing anything else) by joining the NRLA and doing their basic training courses.
    It is quite possible that you will decide that this business is not for you (or reinforce your initial thoughts).

    Unless you have already some experience of owning a property and understanding some of the basic elements of what that entails, doing that professionally is possibly a misstep.
    When I post, I am expressing an opinion - feel free to disagree, I have been wrong before.
    Please don't act on my suggestions without checking with a grown-up (ideally some kind of expert).

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      #3
      It's a profession like any other, full of legal complexity and bear traps. Dont even consider it until you're fully trained.

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        #4
        As said above, but if you do decide to go into the business, the vetting of the tenant is your 1st,2nd and 3rd priority, getting all the paperwork correct is a given, but even if you do this, if you get a ' wrong un ' it all goes out of the window, you will lose thousands and go through a whole lot of stress, all the best with what ever you decide.

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          #5
          Have enough back up funds to not be paid for months and months and to have to go through the court system. Also have enough to fix the boiler/cooker etc if it breaks. Other than that, as above. You don't have to have an agent (I use one for find only but insist on meeting the person and signing the AST myself). Many are utterly useless and know less than the average person (not all of course)
          Unshackled by the chains of idle vanity, A modest manatee, that's me

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