Comments on: Being A Landlord Has Been Shit So Far http://www.propertyinvestmentproject.co.uk/blog/being-a-landlord-sucks-so-far/ DOCUMENTING ONE MAN'S JOURNEY TO BECOMING A PROPERTY MILLIONAIRE Wed, 08 Feb 2012 21:13:32 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: kim http://www.propertyinvestmentproject.co.uk/blog/being-a-landlord-sucks-so-far/comment-page-1/#comment-134420 kim Fri, 25 Mar 2011 09:37:41 +0000 http://www.propertyinvestmentproject.co.uk/blog/2007/04/18/being-a-landlord-sucks-so-far/#comment-134420 The trouble is you landlords are all ameteurs.You are starting a BUSINESS not a hobby and you need to know what you're doing BEFORE you start. Take courses, take advise from experienced landlords and put an infra structure in place. Firstly if youre buying a property, do a business plan:you need to have enough capital, not just for the deposit but to cover getting the whole house to a high spec.will your rents leave you enough after paying the mort to cover ALL your costs (including building,rental guarantee insurance and legal cover and will they allow for interest rate rises,void periods, maintenance etc. dont expect your business to show ANY profit for a minimum of 2 years-5 is more realistic. If you are a reluctant landlord ie you already have a house that you are forced by circumstances to let out cos selling isn't a option,you need to wise up quick to running a business and count yourself lucky if you break even. Remember you are running a business (whether by choice or not_and the only way to success is to offer top quality merchandise.Never make the mistake of your property being less than perfect and offering it at a lower rent.Good tenants expect to pay market prices. Only turds will live in a toilet. Be a professional, get a lease drawn up by your solicitor, dont use an off the shelf one, get proper references, (financial and previous landlords) and CHECK them, get Guarantors for students and first time renters and NEVER take dss. The trouble is you landlords are all ameteurs.You are starting a BUSINESS not a hobby and you need to know what you’re doing BEFORE you start. Take courses, take advise from experienced landlords and put an infra structure in place. Firstly if youre buying a property, do a business plan:you need to have enough capital, not just for the deposit but to cover getting the whole house to a high spec.will your rents leave you enough after paying the mort to cover ALL your costs (including building,rental guarantee insurance and legal cover and will they allow for interest rate rises,void periods, maintenance etc. dont expect your business to show ANY profit for a minimum of 2 years-5 is more realistic. If you are a reluctant landlord ie you already have a house that you are forced by circumstances to let out cos selling isn’t a option,you need to wise up quick to running a business and count yourself lucky if you break even.
Remember you are running a business (whether by choice or not_and the only way to success is to offer top quality merchandise.Never make the mistake of your property being less than perfect and offering it at a lower rent.Good tenants expect to pay market prices. Only turds will live in a toilet.
Be a professional, get a lease drawn up by your solicitor, dont use an off the shelf one, get proper references, (financial and previous landlords) and CHECK them, get Guarantors for students and first time renters and NEVER take dss.

]]> By: kaz http://www.propertyinvestmentproject.co.uk/blog/being-a-landlord-sucks-so-far/comment-page-1/#comment-73900 kaz Tue, 24 Nov 2009 10:36:40 +0000 http://www.propertyinvestmentproject.co.uk/blog/2007/04/18/being-a-landlord-sucks-so-far/#comment-73900 My experience as a landlord has been one of pure crap for the past year, my 1st tenants did a runner without paying me my rent and then decided to use an agent who I pay a great deal to monthly,they put dss tenants in my house who has basically been a nightmare and they have only been there 3 months.The rent is always late, Have had to provide new carpets and to top it off they had a house fire and blamed it on my oven, which the fire brigade then confirmed there was nothing wrong with it. My agent, I feel, has not supported me whatsoever and yesterday told me he was evicting this couple, leaving me with no money and not sure if I am entitled to my bond as am sure they will not leave my house in the same way it was received. Could anyone give me any advice as to whether I am entitled to any rent as they paid upfront and I have been paid in arrears...am sure my agent is going to say am not so if anyone could help, this would be great. Regards My experience as a landlord has been one of pure crap for the past year, my 1st tenants did a runner without paying me my rent and then decided to use an agent who I pay a great deal to monthly,they put dss tenants in my house who has basically been a nightmare and they have only been there 3 months.The rent is always late, Have had to provide new carpets and to top it off they had a house fire and blamed it on my oven, which the fire brigade then confirmed there was nothing wrong with it. My agent, I feel, has not supported me whatsoever and yesterday told me he was evicting this couple, leaving me with no money and not sure if I am entitled to my bond as am sure they will not leave my house in the same way it was received. Could anyone give me any advice as to whether I am entitled to any rent as they paid upfront and I have been paid in arrears…am sure my agent is going to say am not so if anyone could help, this would be great. Regards

]]> By: The Landlord http://www.propertyinvestmentproject.co.uk/blog/being-a-landlord-sucks-so-far/comment-page-1/#comment-12522 The Landlord Thu, 06 Mar 2008 15:00:56 +0000 http://www.propertyinvestmentproject.co.uk/blog/2007/04/18/being-a-landlord-sucks-so-far/#comment-12522 Hey Azize, Sorry to hear about your situation. I have housed a few DSS tenants; I'm actually currently housing one. I have had both good and bad experiences. But the thing is, I try to stay clear from dss tenants, not because I think they will be trouble, but because I don't like the way the local authorities handle dss tenants. Payments are all messed up, and if anything ever does go wrong, they are pretty useless when it comes to helping out. That's just from my own personal experience. I don't descriminate against the individuals claiming benefits, but I do descriminate against the actual DSS setup, which is unfortunately out of your hands. I wish you the best of luck. Hey Azize,

Sorry to hear about your situation.

I have housed a few DSS tenants; I’m actually currently housing one. I have had both good and bad experiences. But the thing is, I try to stay clear from dss tenants, not because I think they will be trouble, but because I don’t like the way the local authorities handle dss tenants. Payments are all messed up, and if anything ever does go wrong, they are pretty useless when it comes to helping out.

That’s just from my own personal experience. I don’t descriminate against the individuals claiming benefits, but I do descriminate against the actual DSS setup, which is unfortunately out of your hands.

I wish you the best of luck.

]]> By: Azize mehmet http://www.propertyinvestmentproject.co.uk/blog/being-a-landlord-sucks-so-far/comment-page-1/#comment-12521 Azize mehmet Thu, 06 Mar 2008 14:56:15 +0000 http://www.propertyinvestmentproject.co.uk/blog/2007/04/18/being-a-landlord-sucks-so-far/#comment-12521 I have been searching for a place to live now for the past year and cant get any landlord who accept dss which i think is completly wrong, I am 19 with 2 babys and this has put an huge stran on me , i have the deposits housing benifits will accept me so whats the problem i feel i am being desriminated on just because i claim benifits i am very clean and will not "mess up the property" i just cant get my head around it? I have been searching for a place to live now for the past year and cant get any landlord who accept dss which i think is completly wrong, I am 19 with 2 babys and this has put an huge stran on me , i have the deposits housing benifits will accept me so whats the problem i feel i am being desriminated on just because i claim benifits i am very clean and will not “mess up the property”
i just cant get my head around it?

]]> By: Chris C http://www.propertyinvestmentproject.co.uk/blog/being-a-landlord-sucks-so-far/comment-page-1/#comment-1875 Chris C Sun, 22 Apr 2007 15:46:24 +0000 http://www.propertyinvestmentproject.co.uk/blog/2007/04/18/being-a-landlord-sucks-so-far/#comment-1875 Private tentants who are not claiming benefits will give you much less aggravation if you are a landlord. One way another you'll end up out of pocket when dealing with social services. Trust me, been there done that, NO DSS, NO BIG ASS DOGS (that will bite you when you go to collect), NO DAMN FERRETTS and NO HOOKERS! I've had all of these in my time and would never , ever , ever allow a DSS tentant in a property of mine - ever! Private tentants who are not claiming benefits will give you much less aggravation if you are a landlord. One way another you’ll end up out of pocket when dealing with social services. Trust me, been there done that, NO DSS, NO BIG ASS DOGS (that will bite you when you go to collect), NO DAMN FERRETTS and NO HOOKERS! I’ve had all of these in my time and would never , ever , ever allow a DSS tentant in a property of mine – ever!

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