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  • Property-a-holics

    Landlords need Plan B and C, not just Plan A

    Yesterday, at the Landlord Investment Show at Olympia, the Property Tribes camera was roving around collecting video interviews for our upcoming "Business Risk Mitigation" Week.

    This week will focus on the different risks landlords and property investors face, and how to mitigate them via education, due diligence, taking professional and insured advice, and insuring against risk wherever possible. 

    We recorded an interview with Richard Bowser of Property Investor News on this topic.  When the interview finished, Richard mentioned that he had just last week had a fire at one of his rental houses where the tenant had rented a sun bed and it had caught fire!  We therefore decided to re-record the interview and use this incident as a point of reference.

    However, the first interview had some really great golden nuggets, so we are presenting it here as a preview to the themed week on risk.

    Richard says:

    1.  Protect your investment by understanding the risks and constantly review the risks, as these may change over time.  Making assumptions and taking things at face value is dangerous.  Assume = making an ass out of you and me.

    2.  Be wary of sophisticated marketing techniques and handing over large sums of money.

    3.  Be wary of property developers loaning money, as many of them cannot sell now.

    4.  Have a Plan B and C, just in case Plan A goes wrong.

    5.  Use all the resources at your fingertips - many of them low-cost or even free - like google, Companies House, forums, magazines, and events - to understand the changing sector and where the risks are.

    "Business Risk Mitigation" Week is coming soon, and we are also planning "Portfolio Landlords" Week and "Holiday Lets" Week, which are all part of the on-going "Smart Landlord" campaign running throughout 2019 on Property Tribes.

    If there are any other themed content ideas you would like to see on Property Tribes, please let us know.

    SEE ALSO  -        The business risk of being a landlord

    UP NEXT -            7 ways for newbie landlords to mitigate risk

    DON'T MISS -       Is "Risk" a four letter word in property?