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  • Buy-to-Let

    For part time landlords, do you tell people?

    Hi all

    Was reading this thread about landlords with full time jobs and prompted me to ask a question...

    When you meet someone new, how do you respond to the question "so what do you do for a living?"

    Do you tell them you are a landlord or just stick to your full time occupation?

    I often stick to my main profession but depending on who it is, or if the conversation later touches on property, I then sometimes mention I'm also a landlord and it's often interesting to see their attitudes change.

    Although it does at times feel as though I am giving away too much as it is sometimes perceived as an investment even though for me it's a business. So when I say I'm a landlord, I feel as though I'm saying I own expensive assets and some may perceive that negatively. Has anyone else found this?

    Even though I'm part time, I have no doubts that I see myself as a professional landlord.

    Interested to hear your thoughts.

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    Hi Adam

    I find that people normally react in 2 ways; either

    1. They want your advice as to how to get in the same field, where to buy, money needed etc

    2. Or they become uncomfortable, especially if your work colleagues find out... you have assets whilst they are skint... I made this mistake at work where some of my colleagues said I was a millionaire (I said yes but on paper) I still work and budget like anyone else... they couldn't get over that and wont see the work and slog involved.....

    regards.

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    Exactly!

    As someone working full time, there are likely a lot of people around you that will be renting and owning their own house may be just a pipe dream for some.

    So imagine when they find out someone they think is in the same boat as them is actually a landlord who likely owns more than one property. Something they may have believed would be unattainable for anyone in their circles. Then the realisation that you are not actually in the same boat after all, not to mention all the negative connotations a landlord brings!

    Like you say, they may be inspired or start feeling uncomfortable. How they respond normally tells me a lot about them as a person.

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    This is correct.

    I made the mistake before of discussing being a landlord to my work colleagues too. Resulted in comments and assumptions of having 'a lot of money' and 'why are you even working'..

    I even avoid discussing what i do to relatives that are not close..strangely enough it changes their perception as if you are their gateway to making money for themselves..

    When in true fact it look me years of working, saving and failing to get to this point!

    So good luck & be cautious!

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    Interesting concept Adam.

    I kinda had that in reverse a while ago - a friend and colleague told me he was downsizing the family home - and was giving a chunk of cash to his daughter to buy a BTL.

    He then quickly became apologetic in tone and emphasised that he personally was not becoming a landlord - implying I would think badly of him if he had become a landlord!

    Does make one wonder whether the media making out LLs as pariahs has sunk in subliminally with people. 

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    Strange how our society shuns the idea of even wanting to be a success and make money.......



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    Yes and whilst it is totally acceptable for social landlords to receive 65% of all housing benefits - private landlords are shunned as parasites for receiving the other 35% - even though as a sector vast majority of that goes back to Treasury in taxes - whereas SRS pays nil tax on rental income.

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    and all this during a tory govt - makes me shudder to think what the country will be like should Corbyn monoxide come in.....

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    Agreed. The general mindset of society needs re-evaluating otherwise the future of this country is at risk.

    They label you boring for not coming out for work drinks. You'd rather go home and learn how to improve your situation.

    They call you cheap for not being a big spender, living pay-check to pay-check. You'd rather save your money.

    Then when you've learned and saved all that you can and buy your first property, you are labelled a rich, greedy landlord. Those same people then rant about how unfair it is and demand that everyone should be equal!

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    Hi adam_davies, if I know someone else is a landlord then I would probably mention it as a way of networking, however it would not be within my own social circle - business only.  To tell people you have property in my mind is like telling people how many ISA's, bank accounts, pension schemes you have etc.  Some things in certain circles are best kept private, think with a business head and talk in a business environment.
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    I tend to find the reaction is generally positive and supportive. It may be because I'm 51 and say I'm semi retired and that is more acceptable. It may be because I'm a resident landlord and I'm perceived differently. In reality I have more in common with a B&B owner than most landlords.

    I do get some negative reactions when people question the taxation and I politely explain that I don't pay income tax or NI as my allowances are over £500 per week and I really don't need to earn that much, but even so it is generally accepted that its a fair 'perk' for the effort and compromise I've made.

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    A good teacher must know the rules; a good pupil, the exceptions.

    Martin H. Fischer