In our property investment seminars, we often discuss the role of landlords, and how to manage tenants successfully. Investing in buy-to-let property for sale can be highly lucrative, but only if approached in the right way.
In this guide, we’ll briefly outline some useful landlord tips, and how to generate a great ROI, whilst maintaining a good relationship with your tenants.
Property Seminar Tips: Being a Successful Landlord
Treat your property investment like a business and vet tenants carefully. By law (Right to Rent), you’re required to check whether they can legally live in the UK. But this isn’t enough. You should also obtain references from previous landlords wherever possible, and find out if they’ve been evicted in the past. Check that they’ve got a steady source of income too – as chasing late rent payments can be a real headache.
However, this doesn’t mean that you should bend over backwards to accommodate them. Your contract should have rules in place – and it’s your tenant’s responsibility to adhere to them.
Finding the Right Buy-to-Let Property for Sale
One of the most fundamental things to get right is the property. Choose the right house or apartment, and you’ll have plenty of great tenants to select from. Invest in a property that’s not in the right area, or which doesn’t have much appeal to renters, and you may find it harder to make a profit.
When looking at buy-to-let property for sale, consider the following:
The Buy2Let Shop
If you’d like more advice about becoming a landlord, get in touch with The Buy2Let Shop. We hold regular property investment seminars in London, designed to further your knowledge of the property market, and provide the lowdown on what it’s really like to be a landlord.
We also have a wide range of property investment opportunities on our books, and offer help with buying a house at auction. To find out more, visit The Buy2Let Shop website today.