What did you wish you knew when starting out as a landlord or property developer?

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    What did you wish you knew when starting out as a landlord or property developer?

    Hi Guys,

    Im a budding new Landlord with Bags of ambition and determination! but before i get ahead of myself i thought a sensible thing would be to ask the guys who know about the industry first?

    So what Did You Wish You Knew When Starting Out As A Landlord Or Property Developer?

    I hope this 'Priceless' and 'Crucial' Information will help me and others on their journey in Property. all levels of experience welcome, and it will great to hear a little about it!

    Im currently Designing a Website and aim to create an article on the answers given so hopefully some good ones come through.

    Thanks in advance Guys, looking foward to hearing from you

    Dan

    #2
    Never believe what tenants or prosepective tenants tell you until you verify it elsewhere.



    Freedom at the point of zero............

    Comment


      #3
      It sounds like you have experienced this the hard way! I guess its wise for a Landlord to be skeptical. Thanks for sharing.

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        #4
        Done some education in Landlord/Tenant law.

        Cost me a lot in time & money not doing it
        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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          #5
          If prospective tenants are a couple, but it's just the Mrs who wants to be on the tenancy, there is a nefarious reason for it.

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            #6
            Having not found this site.
            Buying a house that is cheap, looks good, but in the wrong area and hard to let.

            But you say "currently Designing a Website and aim to create an article on the answers given".
            There are plenty of sites that give info on the perils of being a landlord, but are usually by people who have been in the game a long time. You are a novice, so be careful.

            Also, it seems strange to divert your time to an information web site when your time is better spent educating yourself, and forget everyone else, as it's your future to look after FIRST.

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              #7
              Originally posted by theartfullodger View Post
              Done some education in Landlord/Tenant law.

              Cost me a lot in time & money not doing it
              That's interesting, Are there any particular areas in tenant Law that has cost you?

              Comment


                #8
                Originally posted by JK0 View Post
                If prospective tenants are a couple, but it's just the Mrs who wants to be on the tenancy, there is a nefarious reason for it.
                That does seem suspicious, why do you think they wanted to do that? Tax reasons maybe?

                Comment


                  #9
                  Originally posted by ram View Post
                  Having not found this site.
                  Buying a house that is cheap, looks good, but in the wrong area and hard to let.

                  But you say "currently Designing a Website and aim to create an article on the answers given".
                  There are plenty of sites that give info on the perils of being a landlord, but are usually by people who have been in the game a long time. You are a novice, so be careful.

                  Also, it seems strange to divert your time to an information web site when your time is better spent educating yourself, and forget everyone else, as it's your future to look after FIRST.
                  This site does seem like a good find with many issues i thought might sting me later on being talked about on different posts. so a great resource!

                  Thanks for the advice about educating myself, i believe im doing ok there, still plenty to learn.. but slowly but surely i will learn. The website is not purely an information based site. Its a way of documenting my journey. learning different resources along the way and noting my failures and successes as i go so others can gain from my experiences. More of a Blog than anything else i guess.

                  Comment


                    #10
                    Originally posted by DanCartwright View Post

                    That's interesting, Are there any particular areas in tenant Law that has cost you?
                    It was Scotland: Due to ignorance of serving the right documents in the right way I ended up having created the an AT not (the equivalent) of an AST - so no s21, tenants were nightmare, nigh on impossible to evict, dragged out for ages, ended up offerring new tenancy, lower rent, they signed, paperwork the correct, evicted after 6 months.

                    Very simple mistakes can be very expensive: Learn: Lots!
                    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


                      #11
                      Originally posted by DanCartwright View Post

                      That does seem suspicious, why do you think they wanted to do that? Tax reasons maybe?
                      Usually it's a benefit fiddle. (Pretending to be a single mum.) Presently I have a tenant whose husband was awaiting imprisonment for embezzling from his employer.

                      Comment


                        #12
                        I knew that I was going to be a landlord, but I didn't know when I would be able to start (it depending on leaving work and that wasn't a fixed date).
                        I spent a lot of time researching and making a business plan, and reading up on the subject.

                        After a while, I have come to realise that I didn't really appreciate:
                        The difficulty finding decent handymen, particularly electricians and central heating engineers.
                        How expensive getting a property rentable would be (it wasn't stupid, but more carpets and decorating than I expected).
                        How much of a pain getting the right documents to a new tenant would be.
                        How reluctant tenants are to tell you about a problem.
                        How important proximity to a station and decent school are for the attractiveness of a property.

                        If I was starting now, I'd run the business as a limited company.
                        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


                          #13
                          I wish I'd known about my job decades ago. It's been the most fulfilling and enjoyable post I've ever had. Not without it's acute frustrations, let downs, bafflements and quirks, but ultimately satisfying.
                          All that said, I wouldn't want to be a private landlord with only one or two properties any more (been there, done that). The support for working households who fall on hard times has been decimated and the demands put on the court service leave accidental landlords in a precarious position (and that's the ones who know what they are doing). For accidental landlords who don't have a clue, their assets are 'stuffed'.

                          (I've also just noticed that the new forum settings have stripped the old signature blocks, which would have gone a long way to indicating what my current job actually is!!)
                          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.

                          Comment


                            #14
                            you can turn on visibility of signatures in settings somewhere... by default they are hidden so most users will never see them anyway

                            Comment


                              #15
                              Never ever beleive the following line

                              "i'll have the rent for you Friday..."

                              ​​​​​​Thats the default go-to day when they are lying to you.

                              ​​


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