How To Be A Successful Landlord

Advice For For Landlords

A decade ago anyone with the slightest entrepreneurial spark would have been highly advised to get involved in the property development or property investment market.

The life of landlord was an easy one - the life of a new start up landlord was made easier by mortgage lenders ready to throw money at the mere mention of  Buy to Let.

A decade on and the life of landlord is still relatively easy - despite the doom mongerers, landlords in many UK regions have only suffered a slight drop in the price of their property assets. Many landlords consider their equity to be a long term investment with the monthly rentals their earnings or wages.

In fact, many landlords have enjoyed a higher monthly rental income from their Buy to Let properties as the current housing market has dictated that renting rather buying makes economical sense to the first time buyer or those at the bottom end of the property ladder.

So How Do New Landlords Start And Survive

Recently the NLA - National Landlords Association offered advice to its industry and gave tips on how to survive the credit crunch.

The tips for landlords are based on the assumption that the landlord has a property and is about to offer it into the property rental market.

1. Get Advice - a little knowledge is a dangerous thing especially where money is concerned. A good investment can turn bad if you don’t plan for as many eventualities as possible. Joining associations such as the NLA should be a prerequisite - The NLA has over 13,000 throughout the UK and has the new start landlord and the experienced among its members. Visit The NLA Website

2. Understand Your Legal Obligations - another reason to join and an association such as the NLA. The private rented sector is now governed by over 50 Acts of Parliament. With this increasingly heavy regulatory burden, it is now more important than ever that you, the landlord understand your legal responsibilities.

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3. Make The Most Of Your Mortgage - its may appear obvious but some landlords struggle with their current mortgage repayment without investigating other avenues. If you are at the end of a current term and the repayment plan doesn’t look as attractive - try commercial finance opportunities.

4. Choose Your Tenants Carefully - it is essential that as a landlord you don’t rely on gut feeling. Check out prospective tenants thoroughly. Perform a credit check and and search for previous tenancy information.

5. Talk To Your Tenant - all relationships work better with communication. Don’t just contact your tenant about rental matters, he or she is your customer and so treat them like one.

6. Students Make Great Tenants - don’t shy away from letting your property to students. Provided you have employed the services of letting agency it makes economical sense to let to 3 students rather than a family of three.

7. Put Money Aside For Repairs - rental income is not pure profit. just as in any residential property things will need replacing or repair such as a new boiler, carpet or window. If finances allow put aside 10% of rental income for miscellaneous repairs.

8. Get Insurance - get adequate cover for every eventuality. Standard household insurance policies may not cover a buy to let or rental property. Specific industries requite specific insurance cover. Property investment insurance companies such as ForLandLords have been set up with the Landlord in mind. Visit  ForLandLords website.

9. Listen To Advice - television programs such Property Ladder are built for TV granted but they do highlight that even after advice has been given it is often ignored. Remember if you are new to the whole landlord scene - there are others that aren’t.

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10. All Of The Above - the 9 above points are of equal importance. Putting money aside for repairs is of little consequence if you as a landlord are not properly insured.

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Property Mentor is lead by Matthew Lauchlan, a multi millionaire property developer that over the last few years has trained many individuals from varying backgrounds to profit from the property market using the exact same principles and techniques that he has.

The UK property investment scene is one of doom and gloom to the uninitiated, the media is continuously painting a picture of economic disaster led by the collapse of the housing market.

Best Time To Invest In Property

The experienced property investoris getting ready to pounce - just as with any other investment opportunity, typically stock and shares - the best time to invest is the price is falling and just starting to bottom.

Experts predict that by 2010, just over a year away at time of writing the housing market will gather pace again. The current conditions are lead by many factors, many unrelated to the true price of property.

Soon demand will outstrip supply forcing house prices up again. The current blip is of no surprise - many experts predicted.

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