stet Posted January 18, 2012 Report Share Posted January 18, 2012 Anyone do this what is your experience I would like to to buy one or two to do up and let or sell for the right deal your thoughts very welcome Quote Link to comment Share on other sites More sharing options...
AVB Posted January 18, 2012 Report Share Posted January 18, 2012 I don't as I don't have the time to give it the justice it deserves. However some of my relatives run a construction company. The directors decided to move their pensions into buy to let. The idea being that as a construction company they were best suited to find cheap flats to do up and then get tenants in. They gave up after a couple of years. Their tenants were mostly DHSS and scumy. They decided hastle of getting paid and continually repairing the properties after they had been trashed just wasn't worth it. If you find the right market with the right tenants you could do OK I suppose and suspect there will be a lot of people on here who claim it works for them. However don't depend on any capital gain in the increase in the value of the property for the near future. You will be looking at income only from the rent and that has to cover mortgage (unless you are a cash buyer) and running expenses. Some people say the rental market is booming though. Quote Link to comment Share on other sites More sharing options...
Lloyd90 Posted January 18, 2012 Report Share Posted January 18, 2012 My friend and his siter came into some money when there gran died, there dad threw in a bit more to help them out and they bought a property (a very nice one actually) and spent weeks doing it up. The only tennants they could get were DHSS and they've had about 4 pr 5 different tennants in the last year, each one of them wrecked the place and more than 1 didn't pay the last months rent when they were there! They got a right bloody cheek. If they don't look after the place the DHSS should refuse to put them somewhere else IMO! instead they just find them somewhere else and let them wreck someone else's house If you can easily get someone respectable, professional and half tidy then it could be a good venture but there are alot of horror stories for a reason. :unsure: Quote Link to comment Share on other sites More sharing options...
Rupert Posted January 18, 2012 Report Share Posted January 18, 2012 We have bought 5 over the last 3 years,we have bought a mixture of straight to rent and requires modernisation all in the south yorks area.Strictly no dhss and its grea.Only one disputed bond with the DPS and no missed rent,oru statergy is to make them nice and try to pick the right tenant.Returns are in the 8-12% gross. Quote Link to comment Share on other sites More sharing options...
Vince Green Posted January 18, 2012 Report Share Posted January 18, 2012 Now its funny because my friend will only rent to DHSS, Up till the law was changed recently (and the reason the law was changed) the councils were paying way over the odds in rent (up to 50% over). The rent is guaranteed paid directly into your account by the council. If there was any damage the council would pay compensation and never seem to fussy about the amount. Private renters get in arrears and do a runner but councils don't. This capping of housing benefit is having a big effect in London because the councils were paying silly rents. Quote Link to comment Share on other sites More sharing options...
Rupert Posted January 18, 2012 Report Share Posted January 18, 2012 I have yet to meet a dhss tenant i would lend a pound to never mind trust in my house.My mate have a substantial portfolio of dhss tenants and the damage is horrendous,one let a staffie eat the kitchen then did a bunk,im not saying privates are good as gold but we have been lucky up to press Quote Link to comment Share on other sites More sharing options...
Dunkield Posted January 18, 2012 Report Share Posted January 18, 2012 Student accommodation in the right area seems to work. We pay £400/month (but lets not get into that ) there are 5 students in that house. The family that own it also own the next 7 houses in the street, in fact they built them. So 8 x 5 x £400 x 12 gives the annual gross - 'do the math' as they say, and students are biting their arm off to get in there... Quote Link to comment Share on other sites More sharing options...
bullet1747 Posted January 18, 2012 Report Share Posted January 18, 2012 I have yet to meet a dhss tenant i would lend a pound to never mind trust in my house.My mate have a substantial portfolio of dhss tenants and the damage is horrendous,one let a staffie eat the kitchen then did a bunk,im not saying privates are good as gold but we have been lucky up to press i disagree with you there ,i have a mate who was on the dhss and would have gave him anything, never judge a book by its cover , i had a property years ago and rented it out no probs the inlaws have done it for 20 years ,you get some idiots best thing to do is vet them go for it wot you got to lose Quote Link to comment Share on other sites More sharing options...
Flashman Posted January 18, 2012 Report Share Posted January 18, 2012 The private landlords who are successful at it spend more time doing the "hobby" than their real day jobs. They tend to know their area very well and therefore pick the right housing stock for the same price knowing who will be the right type of tenant. The rest bought a BTL in a new build at the top of the market and are either swamped with debt or just covering their mortgage covenants. Quote Link to comment Share on other sites More sharing options...
jd2130 Posted January 18, 2012 Report Share Posted January 18, 2012 I've got a small portfolio and at the moment have good tenants but I have had some bad ones. In my opinion now is the time to by as prices are cheap, mortgage rates are low and rents are ok. There are still some draw backs, got a phone call last night at 9pm from a tenant "my boilers pack up" and Ive got 3 kids, lucky we have a small building firm with good staff that go out at any time. Cheers Mark Quote Link to comment Share on other sites More sharing options...
stet Posted January 18, 2012 Author Report Share Posted January 18, 2012 Cheers for the feed back Quote Link to comment Share on other sites More sharing options...
hitclays Posted January 18, 2012 Report Share Posted January 18, 2012 in my experience,over 5 properties for over 14 years.buy at the right price in the right area and do checks on the tennents before handing over the keys. Alway look to get a minimum 8 percent return.Oh and good luck Quote Link to comment Share on other sites More sharing options...
shaun4860 Posted January 18, 2012 Report Share Posted January 18, 2012 I have yet to meet a dhss tenant i would lend a pound to never mind trust in my house.My mate have a substantial portfolio of dhss tenants and the damage is horrendous,one let a staffie eat the kitchen then did a bunk,im not saying privates are good as gold but we have been lucky up to press Thats because they are all scum and should be shot? Dont tar everyone with the same brush. And no im not a DHSS tenant, its all about vetting and gut instinct. Quote Link to comment Share on other sites More sharing options...
Rupert Posted January 18, 2012 Report Share Posted January 18, 2012 I stand by what i said "I have yet to meet" not they are all the same,not they are all scum,etc etc. I had a house with 6 bedsits when i was in my early 20's and without exception they were all dire.Put me off forever,now i prefer those who are working,if you like its the first stage of our vetting process. Quote Link to comment Share on other sites More sharing options...
paul hart Posted January 18, 2012 Report Share Posted January 18, 2012 i have quite a few that have dhss in and have no trouble at all,as long as you keep an eye on them 4 of my tennants have been in over 10 years but most move on after 2/3 years. Quote Link to comment Share on other sites More sharing options...
unapalomablanca Posted January 18, 2012 Report Share Posted January 18, 2012 i have quite a few that have dhss in and have no trouble at all,as long as you keep an eye on them 4 of my tennants have been in over 10 years but most move on after 2/3 years. Ive got a better idea. My mate bought a nice place near southwold. Its a 3 bed semi in a nice little area. He concentrates on holiday lets only. He markets to well to do families and gets £1200 a week peak season. He has enough interest to rent it most of the year but has a spell down there himself. He takes a deposit and has repeat customers. He has a local couple who clean it on changeover and any problems he has the necessary local tradesman. He keeps it immaculate and offers garage, drive, garden etc etc. Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.