7 Top Tips On How To Be A Successful Landlord
Thanks to Mark I'Anson for the tips ...
POSTED BY ROGER EDDOWES ON 13/05/2019 @ 8:00AM
This week, I have 7 top tips that Mark I'Anson sent out on an email recently about how to be a successful landlord. He's given me his permission to reproduce them ...
If you want to be a sucessful landlord, follow these great tips from Mark l'Anson!
copyright: stokkete / 123rf
Mark says that property cannot only help to achieve financial gain, but can provide excellent freedom of choice for the future. Moreover, having the right knowledge, strategy and a desire to succeed can place your business on the path to success.
Here are his top tips:
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.
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.
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.
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.
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.
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.
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.
If you'd like to find out how to be a successful landlord then do give Mark I'Anson a call on 01827 706558 or visit his website by clicking here and discover more on how he can help you.
Until next time ...
More about Roger Eddowes ...
Roger trained at Edward Thomas Peirson & Sons in Market Harborough before working at Hartwell & Co, followed by Chancery, as a partner. He started Essendon Accounts and Tax with Helen Beaumont in 2014 as a general practitioner with a hands-on approach.
Roger loves getting his hands dirty, working with emerging, small-to-medium and family businesses to ensure they receive the best possible accountancy advice. Roger utilises an extensive network of business contacts to leverage the best guidance and practical solutions.
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