What would you do? Newbie landlord looking for advice!

What would you do? Newbie landlord looking for advice!

0:01 AM, 30th January 2025, About 22 hours ago 21

Text Size

Dear landlords, first off, please excuse any initial ignorance on my behalf as this is fairly new territory. I have been reading articles and have a book to hand called “How to Be a Landlord” by Rob Dix to read. However, I would dearly like to tap into your experience and gather your opinions of the following scenario.

I’ll try keep this simple and to the point. I’m looking to retire/semi-retire very soon and will be in the very fortunate position where I will be able to purchase 3 possibly 4 properties outright, should that be the direction I go. I’ll also have my own property with no mortgage so bills should be minimised.

I’ll need an income and property has mostly always been a known dependable investment, hence why I want to purchase and rent out. Ultimately, I will want the properties to go to my 3 children at some point with a view to avoiding inheritance tax (another subject).

Finally, I’m aware, but not fully au-fait, with the government’s proposed changes, the additional SDLT that’s paid on 2 or more properties and the legal fees it will entail. Also I’ve read about the nightmare tenants you can get and need to consider how that would impact me if 1 or 2 ended up being in this category and rental income wasn’t coming in.

So my question to you all is this. Given my situation as described, would you take the property rental route or would you look at a completely different revenue stream to provide an income?

Thanks,

Steven


Share This Article


Comments

Grumpy Doug

Become a Member

If you login or become a member you can view this members profile, comments, posts and send them messages!

Sign Up

16:49 PM, 30th January 2025, About 5 hours ago

Passing on the properties to your kids is obviously important to you. Have asked them whether they actually want to be landlords when you pass the reins to them? If the answer is no, then ask yourself whether it's really worth the hassle. If yes, employ the services of a good lawyer, gift a substantial proportion to them at purchase and put in place a deed of trust to manage the income split (you can keep all the income even if you only have a small percentage). Caveats apply - I am not an expert, please make sure they don't divorce etc ...

Leave Comments

In order to post comments you will need to Sign In or Sign Up for a FREE Membership

or

Don't have an account? Sign Up

Landlord Automated Assistant Read More