Off topic - renting out a property

comment by Tommy Egan (U11781)
posted 41 minutes ago
Flats are being built around West London Scholay and they're going for like 400k or something stupid, how the hell am I meant to afford that?
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Wedding day winners not bringing out a series 2?

All the home counties are expensive, anything that can get you into London is expensive. And this new rail line being built is just gonna increase the prices further

Buy somewhere up north and rent it out to start with.

What about Brighton arab? That would be commutable surely?

Was shooting at the Isle of Wight the other day, there's a 7 bedroom detached going for 425k there. Facking bonkers, you can turn that into a B&B and roll in the cash.

Brighton is fun if you're a student, but I would absolutely hate living there. I went to it's uni.

comment by Tommy Egan (U11781)
posted 14 seconds ago
Was shooting at the Isle of Wight the other day, there's a 7 bedroom detached going for 425k there. Facking bonkers, you can turn that into a B&B and roll in the cash.
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There you go. Give up the show business and become basil faulty!

I did all the rental stuff myself for my property rather than use an agent. However, I was quite lucky that someone who's a distant relative asked whether I would rent my property when it's for sale.

In Wales you have to register on the Rent Smart Wales scheme so have to do a course on being a landlord and agent (don't think that's true in England) so that gives you a bit of knowledge to go into it. As long as you have enough coming in to cover the mortgage and things such as repairs, insurance, general maintenance etc then I'd say it's a good investment. Essentially someone is paying you for something that you own so you can make money from renting and then selling if you wish. Good luck.

Having had years of experience as landlords agent I can say there are more bad landlords than tenants, though obviously there are plenty of those as well.
Make sure all electrics and gas and heating have appropriate certificates, keep it in good condition, they are paying you plenty to live there. When empty make sure any decoration needed is done and repairs.
Thet are not your underlings, they are your customers. Look after them and they tend to look after you.

I used an agent before selling up. So much easier and less hassle, I couldn’t be in it for a the long game so sold up the two I had and paid a big chunk off mortgage.