Im brand new to this, so any advice would be grateful. Celebrating tonight, and feeling nostalgic, relieved and grateful.
Becoming a landlord to my house mate, moving in with my lass and reaping the awards of being a landlord basically, getting my mortgage paid whilst also earning money on a monthly basis from the rent
Great arrangement. Only advice I can give you is to be unemotional when it comes to leases - my sister rented out her place when she emigrated. She foolishly agreed to let the lass stay there when her husband left and was going to be on housing benefit. The lass then started thinking she owned the house and when the lease came to an end she refused to move out. What my sis should have done was to move her on as soon as she breached her lease conditions (as harsh as that might sound)
Yeah mate ive heard alot of bad stories which is why im paying insurance to cover any unpaid rent and legal costs. Im also doing the contract on a 6 month at a time basis
Make sure you’ve got enough cash aside to cover the most expensive thing that can got wrong (usually a new boiler). Expect the unexpected. I had a washing machine and a fridge freezer both ****ed in a week, and you gotta sort them immediately. Other than that just reference your tenants. I can’t say I’ve had a single issue with tenants, but there are horror stories galore. Well done mate. Done right you are buying a house for free and it’s a beautiful thing.
Good luck mate As already mentioned avoid renting to friends and relatives, always get references and don’t forget that HMRC can now see your bank balance.
Good luck mate. It's not as easy as it was mind. Make very sure your tenants are a good sort, as it is getting harder and harder to get bad ones out.
Make sure you take out landlord insurance. Cost me 10,000 to repair, renovate and replace items after a scum family were allowed to live there thanks to a sly letting agency
Well done it’s a good earner. But I wouldn’t leave any furniture or white goods other than a cooker/hob. You have the expense of replacing whatever gets worn or breaks and it’s hard to prove the tenant was negligible. Good luck though as a long term plan it’s worth it.
