Greetings, I Come in Peace

Collapse
X
 
  • Filter
  • Time
  • Show
Clear All
new posts

    Greetings, I Come in Peace

    Hello all, I am a prospective landlord. I will be arranging my first mortgage in principle today as a start to my evil buy-to-let empire. As a total newb, what would be the one piece of advice you would give after your years of experience as a landlord?

    #2
    Don't do it.

    Comment


      #3
      Check the EPC. Rented houses are supposed to be EPC-C by 2025 for new tenancies. You don’t want to have to tear the place apart after a few years to add insulation. If I was buying, I’d want at least EPC-B to add some future-proofing.
      Good luck!

      Comment


        #4
        Know why you’ve chosen this type of investment over all the other possibilities.
        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).

        Comment


          #5
          Originally posted by Section20z View Post
          Don't do it.
          1. What are the main reasons behind this advice?
          2. If you could go back in time and invest in something else, what would it be?

          Comment


            #6
            Wait until you know about the new legislation and carefully consider what happens when things go wrong. If you are unable to remove an obnoxious tenant you may wish you'd invested elsewhere. I'm not buying any more until I know, atm I'm more likely to sell.

            Comment


              #7
              Originally posted by Slackjawedyokel View Post
              Check the EPC. Rented houses are supposed to be EPC-C by 2025 for new tenancies. You don’t want to have to tear the place apart after a few years to add insulation. If I was buying, I’d want at least EPC-B to add some future-proofing.
              Good luck!
              Thank you - I've only been here five minutes and already I've gained some vital information!

              So presumably a lot of people here are going to have to do exactly that before 2025. What is the general strategy? Wait until the tenancy ends then upgrade? Wade in and do it now in preparation? Pay your sister's boyfriend's mate for a 'C' certificate?

              I assume before long houses with a C or above are going to fetch higher prices on the market?

              Comment


                #8
                Originally posted by royw View Post
                Wait until you know about the new legislation and carefully consider what happens when things go wrong. If you are unable to remove an obnoxious tenant you may wish you'd invested elsewhere. I'm not buying any more until I know, atm I'm more likely to sell.
                I didn't know new legislation was on the horizon; do you have any links to what the expectations are?

                Comment


                  #9
                  Originally posted by jpkeates View Post
                  Know why you’ve chosen this type of investment over all the other possibilities.
                  Yes I have my head wrapped around that, thank you.

                  Comment


                    #10
                    Originally posted by AVJ113 View Post

                    I didn't know new legislation was on the horizon; do you have any links to what the expectations are?
                    Google renters reform bill.

                    Comment


                      #11
                      Be very very careful who you accept as tenants. Use a very rigorous selection process involving many questions and meet them face to face. There are many posts on this and other forums about what questions you must ask and what checks you must do. If you get even the slightest bad feeling about them, do not accept them as tenants. Tenants will lie (shocking I know!). You will find many tenants with issues in the background (CCJ's, no references, not enough income etc) will try and talk you into renting to them. Do not do it. Demand is massively above supply at the moment, better to have the house empty for a while and wait for good tenants than accept ones that could cause you issue. Once they are in they can make your life hell and cost you many thousands. Bad tenants: I've been there, done that, got the T-Shirt and learn't the very hard way.
                      All advice given by me is purely on the basis of being ‘in my opinion’: please check with the relevant professional before acting on it. If my advice saves you money, mine's a pint.

                      Comment


                        #12
                        Originally posted by AVJ113 View Post
                        2. If you could go back in time and invest in something else, what would it be?
                        Countless options that would have required a crystal ball, but a realistic one (which didn't, particularly) would have been Berkshire Hathaway.

                        General advice would be prioritise ISA over other investments.
                        There is a fine line between irony and stupidity. If I say something absurd please assume that I am being facetious.

                        Comment


                          #13
                          Originally posted by Turbine Terry View Post
                          Be very very careful who you accept as tenants. Use a very rigorous selection process involving many questions and meet them face to face. There are many posts on this and other forums about what questions you must ask and what checks you must do. If you get even the slightest bad feeling about them, do not accept them as tenants. Tenants will lie (shocking I know!). You will find many tenants with issues in the background (CCJ's, no references, not enough income etc) will try and talk you into renting to them. Do not do it. Demand is massively above supply at the moment, better to have the house empty for a while and wait for good tenants than accept ones that could cause you issue. Once they are in they can make your life hell and cost you many thousands. Bad tenants: I've been there, done that, got the T-Shirt and learn't the very hard way.
                          Thank you. I was thinking of using a service to locate and secure tenants. Does anyone have any views on that?

                          Comment


                            #14
                            Originally posted by AVJ113 View Post

                            Thank you - I've only been here five minutes and already I've gained some vital information!

                            So presumably a lot of people here are going to have to do exactly that before 2025. What is the general strategy? Wait until the tenancy ends then upgrade? Wade in and do it now in preparation? Pay your sister's boyfriend's mate for a 'C' certificate?

                            I assume before long houses with a C or above are going to fetch higher prices on the market?
                            I’m in an unusual position in that I have a couple of cottages in the middle of my land (I’m a farmer), so I can’t do what I’d otherwise do and sell them off. They’re scraping an EPC-E and to bring them up to a C would mean spending serious cash (estimate 100 to 150K each) but this would make the already small rooms even less liveable. Also my wife and I have always talked of building a retirement house there in the future when we retire (10 to 15 years).
                            It makes no sense to spend a lot on the existing houses - we are currently looking into demolishing them and rebuilding a proper low-energy house to let out as holiday accommodation (the site has cracking views).

                            If you can’t stand the heat etc; I’m getting out!

                            Comment


                              #15
                              If you want peace, don't go B2L.

                              You might make money from BTL or you might not.
                              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...

                              Comment

                              Latest Activity

                              Collapse

                              • Reply to Advice Needed
                                by Hudson01
                                I am very sorry to hear about the issue, i can add little more to what has already been said above, I am one of those lanldords spoken about in terms of about to sell up........ all that has been pointed out as to why we are all leaving is totally true, it has simply become too much hassle and with...
                                16-05-2022, 20:53 PM
                              • Advice Needed
                                by Confused2022
                                Hello!


                                I an trying to get as much information and advice for someone whom is very vulnerable and has many health problems.

                                The issue is they have lived at a property which they’ve rented now for 2 years just over, never missed a rental payment and never had any issues,...
                                15-05-2022, 15:45 PM
                              • Reply to Invoice for work - am I being unreasonable?
                                by Hudson01
                                I agree with one of the other posts, Company A should have sorted the whole job, it sounds like a 10 mins job with maybe a collar for the pipework being tightened up and then some basthroom sealant ...........you are right.......... just under a ' monkey'' (Arthur Daley speak) for what is a simple pipe...
                                16-05-2022, 18:46 PM
                              • Invoice for work - am I being unreasonable?
                                by Laurasplog
                                We have a London flat managed by an agent (full management service).

                                My husband and I were abroad, and got a call from the council saying the property was leaking sewage into the flat below. We contacted our agent immediately who sent someone around the same day (Company A).

                                ...
                                16-05-2022, 12:58 PM
                              • Reply to Invoice for work - am I being unreasonable?
                                by theartfullodger
                                What does your agreement (or terms & conditions sent) with this say about such queries, please? I'd start there first & then probably their complaints process (if they have one)

                                Is this the lettings agent on the block (of flats) management agent please?

                                I humbly note...
                                16-05-2022, 16:15 PM
                              • Reply to Invoice for work - am I being unreasonable?
                                by Laurasplog
                                The pipework was found to be sound. I think Company A were there as an emergency "see if it's sewage and shut off the water if necessary". They said it was a pipework problem and a sealant problem. Company B carried out a full audit on the pipes and found it was only a sealant problem....
                                16-05-2022, 14:59 PM
                              • Reply to Invoice for work - am I being unreasonable?
                                by Laurasplog
                                The letting agent engaged all of them. We gave them an instruction to fix whatever the problem was after the notification from the council there was a problem - we pay for a full management service.

                                I doubt the agency will give us money back because they've paid it out directly to the contractor,...
                                16-05-2022, 14:58 PM
                              • Reply to Buying a tenanted residential property
                                by theartfullodger
                                In November 1979 BoE base rate hit 17% under Thatcher's government. My building society was kind by only raising their rates to 15%.....

                                IMHO rates will continue to rise. Sorry.

                                What you are proposing would breach your mortgage terms and possibly result in place being repo'd....
                                16-05-2022, 14:30 PM
                              Working...
                              X