I’ve been reading with great interest details of the Immigration Act which was announced on 14th May 2014 as, once implemented, this will affect all landlords but primarily HMO Landlords. One of the highlights of the Act is:
“Requiring private landlords to check immigration status of tenants, preventing those with no right to live in the UK from accessing private housing”
Immigration minister, Mark Harper, diplomatically goes on to say “There is no doubt that immigrants have helped make Britain a richer and stronger society, but we must take firm action to address illegal immigration. Continue reading
I’ve been reviewing the blog recently and decided that, after seven years, I am no longer a Novice Landlady. Having said that, I’m not an expert in HMO legislation either – I’ll leave the ever changing rules to solicitors such as David Smith of Anthony Gold solicitors and local authorities who are paid far more than I to translate all the finer points. Thank you to everyone on Twitter who consider me to be more well versed in this area and I’m just grateful we have a great HMO council department who trust me to do the right thing within the boundaries of the aforesaid legislation.
So, do I carry on with the blog as a journal, bringing you my tenant stories interspersed hopefully with a few nuggets of useful tips and information or do I make it more of an educational “How to run an HMO”? Readers are very kind with their comments and often ask questions such as where they should invest, what yields I achieve and the finer details of how to make their venture into HMOs a profitable one. I’m only one of many thousands of landlords (many of whom are making far more profit than me) and enjoy bringing the realities of the coalface to any new investor who thinks it’s all about yield. Having said that, for a hefty fee, I’ll happily come out and show you how to set one up and interview tenants!!
If you’re looking to chew the fat and debate the pros and cons of property investment, I heartily recommend Property Tribes, The Property Hub and Property 118 where you can connect with property people nationwide. They are all online to give you their opinion and benefit of their experience but it’s no substitute for getting down and dirty and throwing yourself into the practicalities of BTL. These sites weren’t around when I started and desktop research had little to offer. As with Channel 4’s Undercover Boss, there’s no better way to understand your business’ strengths and weaknesses than experiencing all aspects of the work for yourself. Once you know what makes your property profitable, then you can hand it over to a letting agent if you like.
With the acquisition of a new computer, I’ve decided to better systemise my business by creating tenant records and scanning in all their documentation then storing it somewhere between earth and Heaven. At present, I often begin conversations with tenants “Remind me, when we last spoke….” or scrolling through texts to find out exactly the terminology one tenant used to slag off another. In the same way that Miranda Hart promised herself to become a “new me” by power walking wherever she goes, drink fresh juice and eat homemade muffins, I aim to stop carrying around my tenant’s emotional baggage and rifling through Tenant Information Forms for email addresses that the cat’s been sleeping on.
However, it won’t be complete detachment. Saturday morning rent collections (so few want them now) allow me to
- Be shouted at by a Morroccan Rastafarian who couldn’t wash his dreadlocks properly because the shower was underperforming and he thought I was limiting the water output to save money,
- Witness Tom’s attempt to drink himself to death after borrowing money for “rent” from a family member
- Be given 70% proof orange liquid by some the Portuguese sisters/lesbians at 10am and
- Try to assist a pedantic long term tenant who says he’s living with damp, when all I can find is a small brown stain on the ceiling 20 feet away and he won’t give me permission to send in a decorator. He wants fifty quid “for materials” to do the work himself.
If you’re new to investing and have already bought and read my book, I can now recommend Property Geeks new book Beyond The Bricks which is available to preorder. It’s hot on the heels of his immensely successful first book “Property Investment For Beginners”. With all the above knowledge available at your fingertips, now is the time for you to jump feet first into Buy To Let. (Just don’t ask me to point you in the direction of the next hot investment location!)
Following the popularity of “Renting HMOs Sussed”, I am now delighted to announce the launch of three course dates for “How To Be A Successful HMO Landlord”.
– Choice of half day seminars on Saturdays 15th June, 13th July and 14th September 2013
– Convenient Brighton location
– Thinking of investing in or already an HMO Landlord? This course is definitely for you!
This course will give you everything you need to run a happy, successful HMO with minimum tenant turnover and maximum rental yield. I will talk you through the HMO market, how to make the most of your HMO and, most importantly, how to run it successfully for you and your tenants. Local HMO landlords will be on hand to answer any questions and give advice. Click here for more information and to book – I look forward to meeting you!