Put me off being a landlord

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    Put me off being a landlord

    I'm considering becoming a rental landlord as an investment. The grass is always greener though so i want to know a bit more about what it's really like day to day as a landlord. It'd just be one flat, in London.

    Looking at the forums there are some horror stories, but is it ok as long as no 'tenanant from hell' shows up? lots of headaches and hassle?

    #2
    The link below is a good guide for new landlords. Read all of the advice, all of the links and then decide.

    http://forums.moneysavingexpert.com/...2&postcount=12

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      #3
      Just had to evict one tenant, section 21. No rent for 4 months. Property is now a shell after I had to go in and literally fumigate the place, it was crawling. Needs new carpets, new bathroom & kitchen, new carpets, some new windows and total redecoration.
      Another property tenants have improved it. Never missed a rent due date in 5 years and always send me a Christmas card. so both sides of the coin. You need to run it as a business and read every single thread on this site and never ever cuts corners on things like references and the ASTs etc...

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        #4
        My advice would be to only purchase a property within a short distance of the Underground. That way void periods are more likely to be minimal. It might not be quite so important these days with very high tenant demand but it wasn't so long ago that this was a major factor and those days might return.
        My portfolio is established in East London and all close to Underground stations - void periods usually around 2-4 days, rents are also higher and tenants tend to stay longer . I don't even consider bus routes as good locations. Prices are higher if you buy near a station but it's worth paying the premium.
        FB

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          #5
          I think it can be a great way to support your income if you have the right skills and attitude.

          Read up plenty on here and you wont go far wrong!

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            #6
            Research, research, research. Read all the horror stories on here, scare yourself as much as you can and then decide weather you can do it.

            I spent 6 months doing this before I took the plunge. Still a newb but so far so good and looking for property number 2 at the moment.

            Good luck.

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              #7
              My opinion?
              It dosn't make one jot of difference how wonderfully located your property is IF you don't do everything you possibly can to ensure the tenants you get in are good ones.

              Never rely on the thinking that everyone is as honest and upstanding as you are - check,check and triple check your tenants before they sign the AST. Meet them, ask questions, listen to any doubts you may have.

              Your property and lanlord experience will only ever be as good as the tenants you have.

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                #8
                Something which never ceases to amaze me on this forum, and particularly with private landlords, is the length of time things go wrong before seeking a fix.
                You often read of tenants being three, four, five months in arrears. The legal system is there to protect the landlord as well as the tenants and, with a little foresight, can be processed fairly quickly.
                Without being all doom and gloom, learn about the processes before you have to use them. If you intend hiring an agent, ask for evidence of their legal process paperwork before employing them. (Some) agents are notoriously thick when it comes to enforcement action and can cost you thousands in lost revenue. Don't listen to their flannel about references. If you want to check them, you can.
                Document everything, every agreement, compromise, contact etc.
                Don't leave it to the last minute to seek advice (Landlordzone is a superb meeting place for tenants and landlords alike, with a wealth of experience from both sides).
                Lastly, for now, don't forget the majority of tenants are good people who are happy to pay for a good home. We rarely hear about them until there's a problem. The nightmare cases are the nightmare tenants/landlords who are the exception, not the norm.
                I may be a housing professional but my views, thoughts, opinions, advice, criticisms or otherwise on this board are mine and are not representative of my company, colleagues, managers. I am here as an independent human being who simply wants to learn new stuff, share ideas and interact with like minded people.

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                  #9
                  Some of the pitfalls have been pointed out. I would like to emphasise that you should not go into BTL unless you are properly funded. You must have funds available to cover void periods, non-paying tenants and unexpected expenses.

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                    #10
                    Don't buy leasehold or at least make sure it's properly managed first! Advice from current experience!

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