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Some millionaires on here reckon they're spending 50 hours per week on Property.
If you're going to work 50 hours per week, why bother?!
One thing on here that's consistent, is that people should be doing this for their own reasons.
Apparently money isn't Gary's only motivation, so whatever other people are doing and however much they're earning for doing as much or as little as THEY do, I totally respect Gary for taking the informed choices and following the methods that suit HIM best.
I don't think there is any room any more (and should never have been) for landlords who don't bother becoming accredited and learning everything they need to know about the business. It is a business, and the main driver, therefore, is to make a profit. So much can go wrong and the government knives are out for us, so every landlord needs to feel secure in the level of professionalism they offer to their tenants and apply to their business. If there was one rule I could apply, it would be that every single landlord should have to join a landlord association (NLA, RLA, Scottish Landlords) and attend a foundation course. So many 'accidental' landlords are still unaware of the basic requirements regarding safety and compliance.
So many 'accidental' landlords are still unaware of the basic requirements regarding safety and compliance.
I would challenge many professional landlords on awareness regarding safety compliance outside the standard AST/BTL/HMO criteria.
As a lodger landlord I have to have a CP12 and Fire Safety Regulation compliant furniture, yet if I rent the same room to a guest I am required, in addition, to install a fire alarm system, fire safety equipment and perform a fire safety assessment, although this extra legislation doesn't seem to be enforced.
I don't like the AST, but if a tenant wanted to rent my property for more than 7 years I would give it serious consideration. This is the point at which the Landlord and Tenant Act 1985 no longer applies and a commercial Full Repair and Insurance lease can be issued instead of an AST.
I'm just an accidental landlord sitting in my armchair and typing stuff into google, its not difficult to find. When I bought my current house I looked for 1 bedroom more than I needed, with the intention of taking a lodger. That wasn't a business decision, at best it was an investment. Now that I am in a position to purchase some more properties it will still be an investment and I will still be in my armchair typing stuff into google.
I think we may be at cross purposes with the terminology. I consider 'armchair investors' to be those who provide the funds but pass the running of the properties to an agent. 'Professional' landlords are those who prioritise learning about the business (even if they only hold one property or take in lodgers), which is obviously what you do.
Incidentally, I had a short convo on twitter with Shelter recently. They use the term 'amateur landlord' (in a pejorative manner of course)to describe any landlord who isn't ready and willing to offer a lifetime tenancy. We agreed to disagree!
I agree, the terminology can be misleading. The terms professional and amateur are very subjective and even the term landlord can be debated.
I was surprised that I was told that there was no need to register with RSW for a licence, after all they state that all landlords in Wales must register. If things go to plan this year I will be a lodger landlord with a licence to let, a resident landlord with a common law tenancy, a commercial landlord with a full repair and insure lease and a serviced accommodation/short term let landlord. There's a lot of different legislation in that lot and some form of accreditation would be prudent.
I read and agree with many of the issues raised by shelter and generation rent. Unfortunately, although I may agree with the issues I find I can't agree with the way they are communicated.