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Hi Ladies and Gentlemen,
I am looking for some advice for starting in the rent to rent side of business.
I will give you a little bit of background on myself, I have been an estate agent for 17 years and currently own and manage 4 buy to let properties. I am wanting to branch off into another field and the reason for doing so is I hope to generate an income from it rather than returning to work after maternity leave.
How did you find your first rent to rent, what have been the biggest downfalls.
Any advice would be much appreciated.
Please visit this link, I wrote some guides for The PRS, where I sit on the advisory counsel https://www.theprs.co.uk/Resource/AgentResource/17
If you are interested in purchasing a correct Rent to Rent Contract, please contact Emma Phillips Solicitor at Landlord Action on 0333 321 9415.
Founder of Landlord Action and Brand Ambassador for Hamilton Fraser
Hi James and welcome.I will say straight up that I am not a fan of Rent To Rent. I worked the numbers in my area (Guildford) and they did not stack up.Additionally, it is fraught with pitfalls and can really only be undertaken legitimately on freehold houses without mortgages. If you can find plenty of those, then it might be worth considering, but you should expect the house - when taking all setting up and compliance costs into account - to run at a loss for approximately the first year.Do you have an income buffer to pay the landlord their rent, even if you cannot let the rooms? Do you understand HMO licensing?Finally, I believe the margins to be very slim in Rent to Rent, so, if you have one room void, you will be underwater i.e. running at a loss.If you are looking at additional income streams, why not consider building on your property management experience and offering that as a service to other landlords. (Forgive me if you are already doing this, but I tend to associate the word "estate agent" with sales rather than lettings).Property Tribes is partnered with Keller Williams who are attracting a lot of landlords who want to go down this route. Keller Williams is a hugely successful American estate agency that has recently launched in the UK and there is new opportunity there. Have a look >>> here for more details. They have had particular success with people who have taken time off to have children and want to build a business around the time needs of their family. i.e not go back into full time work.
Hope that helps and good luck with whichever route you decided to take.
Vanessa Warwick Landlord and Co-Founder of PropertyTribes.com **If you have got value from Property Tribes, find out how you can support it in remaining a free to use community resource**