7 Top Tips On How To Be A Successful Landlord

Here are his top tips:

1. Understand the market

   Who is your customer (tenant)? Young professional, working family, single worker, LHA? Your property should be aimed, decorated and marketed to your ideal customer, to get it let, avoid voids and bring you in, the maximum revenue.

2. Do your numbers

   What's the going rate in the area for your type of property? Save money for repairs, tax and insurance. Do your numbers properly and include a property business plan.

3. Plan your budget

   Draw up a clear contract, the expected yield, manage your mortgage repayments, tax and insurance costs, repairs, and voids; all of these will help you plan your budget. You don't want a whole year's profit, flying out of the window because you didn't service a boiler.

4. Get the right team behind you

   A builder, a plumber, a letting agent, and an electrician are all part of your team. They'll help you maintain your property and keep it at the right standard. They are part of your 'property family', and you'll need to keep them onside.

5. Know the law

   The Government want their slice and regulations change all of the time. For example, section 24 recently abolished the use of section 21's so know what affects you and your property business.

6. Take care of your property

   Furnishings, carbon monoxide alarms, smoke alarms, damp, cracks, drains, gas safety, electrical safety, boiler; these are all things that go wrong - frequently - so have them checked regularly and fix any issues that come up.

7. Get a coach

   If you need some help, got stuck on your property journey, then get in touch with Mark. He helps landlords out of 'sticky' properties, vendors out of horrible houses, sets up trade deals with others and can help you learn about refurb and flip. He runs a coaching business that helps new starters, and those more experienced, get more from their life.