New (potential) landlord looking for some advice!

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

    New (potential) landlord looking for some advice!

    Hi all

    I'm somewhat new to this game. In fact I am currently drawing up a plan to invest in property on a buy-to-let basis and I have a few questions for some of the more experienced members on here.

    First, I'm going in with an investor (ok, he's my Dad, but he is an investor nevertheless) and am looking at getting a 50/50 mortgage (we've got 75K between us so that will be 150K to invest) and buy a property at auction. Ideally this property will be a 3 bedroom semi that will require little actual renovation, but I would imagine would need mostly cosmetic work or basic renovations. This would then be aimed at the "professional couple" market in Bedfordshire.

    The idea would then be to rent this property out for between a year and two years, then sell up at market value. The profit would come from the rental income as well as the difference between the purchase and sale price. The money would then be reinvested as above ad infinitum.

    So that's my idea (and thanks for sticking with me this far!). My questions are:


    Does anyone see any glaring errors in my plan above? I'm talking the major ones and so far I'm aware of the general advice like "pick a property your tenants would want, not what you will want"etc.


    Is my plan of a year to two years renting too short? too long?


    What is the workload difference between using a letting agent and doing it myself (I only ask because I know it will be pricy to use an agent but it will be worth it if the work load is very high)?


    I can see that some of you are handling upwards of 10 properties. How long did it take to get to this point?


    Are there any major issues or problems that people find out only when they start in Buy-To-Let?


    Ok, thanks in advance for all your advice. Do remember I am new to this so be nice, but do be honest (brutally if needs be).

    Max

Latest Activity

Collapse

  • Joint tenancy - end fixed term
    Nottinverno
    Hello,

    need some advice, please, I'm getting mad at this.

    I have a joint tenancy, renting a flat through an agency with other 2 people, ending end January.
    I have decided to move out and I gave my notice (to both the agency and my flatmates) last end November, however...
    09-01-2018, 14:29 PM
  • Reply to Joint tenancy - end fixed term
    KTC
    Ask the solicitor for their interpretation of section 5(5)(b) of the Housing Act 1988 regarding giving a notice to quit on the first day of the statutory periodic tenancy.
    19-01-2018, 22:54 PM
  • Reply to Joint tenancy - end fixed term
    Nottinverno
    Oh nono, I have to leave at the end of Feb. I have already moved forward my move and luckily the new landlord is flexible, but I can't stay other 2 months in my current place.
    It really seems that as soon as the periodic roll starts I can serve 1 month notice, so by end Feb I should be able to...
    19-01-2018, 22:48 PM
  • Payment Break
    OlliesDad
    I have a great long-term tenant who, along with her husband and daughter has been with me for nearly 5 years. Unfortunately the husband has done the dirty and left leaving her with nothing but debts. Her finances are in a mess and she has said she may need to move in with family whilst she sorts herself...
    18-01-2018, 21:27 PM
  • Reply to Payment Break
    royw
    You have a good tenant and if it were me I'd be looking for ways to keep her rather than evict her. Might be worth having a chat and find out how much she can afford now and in the long-term. If she can afford it on her own once the debts are cleared possibly offer her a reduced rent for a year equivalent...
    19-01-2018, 22:26 PM
  • Tenants not vacated at check-out
    tatemono
    Had a lovely young couple with a baby in our property for about 8 months, they gave notice to leave as he'd moved out after they split up and she couldn't afford rent. Sad situation for them. Property has been on market since.

    Anyway, yesterday our very competent and well-trusted long-standing...
    09-01-2018, 08:58 AM
  • Reply to Tenants not vacated at check-out
    KTC
    If it were a notice to quit given during a periodic tenancy, as opposed to an agreement with the landlord during the fixed term, then tenancy has ended. Validity of a notice to quit does not depend on whether the tenant follow up and acting in accordance to it. A notice to quit is not a notice of intention....
    19-01-2018, 22:20 PM
  • Reply to Tenants not vacated at check-out
    buzzard1994
    But the notice wasn't valid because the tenant did not give up possession. The notice is an intention to end the tenancy but the tenant remains in possession so they did not end the tenancy. If it was the end of a fixed term that would be different....
    19-01-2018, 22:06 PM
  • Reply to Joint tenancy - end fixed term
    KTC
    Just serve your own notice and leave them to it. Wish them good luck if either one tries to sue you for rent etc.

    Having said that, I'm not totally sure about my previous advice that you can give notice on the first day of the periodic tenancy, so if you want to be safe, give notice after...
    19-01-2018, 21:53 PM
  • Tenant paying rent erratically after section 21 notice. Best course of action?
    Flipjango
    We had tenants move in on a 12 month AST with a 6 month break clause on 10th August 2017. Less than two months into their tenancy the tenants (a couple) split up and one tenant moved out. Tenant 1 (the one who moved out) continued to pay his share of the rent, (if rather erratically and late, and with...
    18-01-2018, 20:42 PM
Working...
X