Being a Landlord, Lessons Learned and Re-learned

Lots of the time we share about the successes but in this candid episode, David shares about some of the challenges of his buy to let and single let portfolio. As an investor and entrepreneur, it’s likely you have several things going on and a being a property investor with a portfolio can be as close to a passive income as it gets in business but any issues still need to be addressed when they arise. David explains the steps he has taken to bring his portfolio back to where he wants it to be explaining how to take action with non-paying tenants and the value of a property-owning guarantor for tenants.   KEY TAKEAWAYS Now I’ve had time to look at my portfolio I have had to deal with issues including contractors not being paid and rent arrears. I’ve had to sever ties with 2 letting agents I have had long-standing relationships with. I’ve got 2 tenants with months of arrears who have not been COVID affected, they just don’t want to pay. As landlords, we are restricted but you can give 4 weeks’ notice if the tenant is more than 6 months in arrears. You can serve a section 8 notice on tenants who have 6 months of arrears. Serving a section 8 clarifies the position for the tenant but they don’t have to immediately do anything. It signals the start of a process. You cannot apply for a hearing until December, and then you will be part of a queue but it’s about starting the process. I’ve made it clear to the new letting agents that I want tenants who have a property-owning guarantor. A good property in a decent area is difficult to get so a landlord with property in these areas can ask for what they want.   BEST MOMENTS ‘Previously I would have been over everything like an ill-fitting suit but I’ve been distracted and doing other things’ ‘You need to close down any issues as soon as they arise’ ‘I’m going to pursue them because they have trampled on my goodwill’   VALUABLE RESOURCES  Property Sourcing Profits Podcast https://www.progressiveproperty.co.uk/ https://unlimited-success.co.uk/ https://www.facebook.com/groups/progressivepropertycommunity/   ABOUT THE HOST David is a property expert with over 25 years’ experience and his own portfolio of 26 units. His current rent roll is in excess of £10k per month. He is also a partner in a Deal Sourcing and Packaging business in the North West of England and has sourced over 250 properties for investors since 2004. In recent years he has, by necessity, had to develop an expertise in LHA strategies. This area is increasingly becoming a niche for him, and he enjoys empowering other landlords by sharing the knowledge he has gained. The ultimate purpose when sourcing properties in this sector for investors is to minimise risk while maximising profit. He has had to find answers to the challenges of Tenant Find, Management, ensuring rents are paid and the transition to Universal Credit. These are strategies he uses in his own business and also on behalf of investors. His investor clients regularly achieve annual gross yields of over 20% with high occupancy rates and voids resolved, sometimes within hours.   CONTACT METHOD https://www.linkedin.com/in/david-siegler-7b126316/ https://www.facebook.com/DavidSieglerInvestments/