Becoming a landlord is an attractive proposition for many property-owners.
It provides a regular income and security for the future in the form of guaranteed financial return. There’s a reason many landlords refer to their property portfolio as their ‘pension’.
But it’s not all a bed of roses and anyone taking the plunge into this sector will first have to navigate their way carefully through a maze of red tape and legal requirements.
At this stage, it’s often helpful to look around and seek advice from those who are already operating as a successful landlord.
But even this can be a minefield.
There is no doubt that it is always helpful to seek advice from those who have experience and success. There are plenty of reputable property training companies offering genuine help for would-be landlords and it is perfectly fair for those with experience and success to charge for their expert help.
Sadly, there are also other more questionable schemes that tempt you in with claims of being able to help you get rich quick, but in fact will simply take your money in exchange for ‘advice’ that can easily be accessed for free elsewhere.
Here are 5 tips for anyone finding themselves at this stage:
- There is plenty of free advice online – exhaust this first and if you still feel you need more help, then by all means look into paid option
- Beware cheap gimmicks – firms offering something for nothing – if it’s too good to be true, it usually is.
- Beware firms asking for huge sums of money to be paid up-front and check to see if they are members of any professional body
- Do your homework. Check the credentials of the firm as well as reviews and the success rate of its former ‘students’ and make sure the firm is up-to-date with ever-changing property legislation
If you are happy with all of the above, make contact and ask for a no-obligation chat in the first instance to further put your mind at rest.
Natasha Williams, director at Shape Surveyors, said:
“Being a landlord can be incredibly rewarding but we would advise anyone entering this field to make sure they are fully aware of all the pros and cons before parting with any money.
“While there are genuine property training companies out there, offering invaluable advice and assistance to potential landlords, there are unscrupulous operators who use questionable tactics to make people part with their money.
“My advice would be to do your homework, ask current landlords for their advice and make the most of all the free advice out there. Do not hand over any money unless you are 100 per cent happy.”
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