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beerongi

Live in London but investing up north

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Hi all. My wife and I are ready to take the plunge and start investing in BTL. We've identified a few areas we like but with us being in London, we will be over a hundred miles away from the properties so we'd look at using an agent to manage everything. Is anyone in a similar situation where you aren't remotely near your properties? Do you find it a challenge when dealing with maintenance/emergencies?

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Hi Beerongi,

I am an ex estate and lettings agent based in Liverpool. If you choose the right agent, there should be very little that requires you to ever visit the property. You should also be able to set the parameters of what you would like to be contacted about and what you are happy for the agent to decide on their own. This is likely to take some time to build this trust but if you look for recommendations from other investors, it should start you on the right track. 

 

 I think buying in the right area for your desired tenant profile and strategy is key- this is likely to result in less problems related to the tenant type. For example, if you didn’t want student tenants but bought in a student heavy post code, you are likely to have to rent to students- potentially need more repairs etc and therefore get more calls from your agent. 

 

Im always happy to chat if you would like more information/ insights from an ex estate agents perspective. Let me know if would like any more info. 

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Hi - I live in Sussex and France and have a mini 4 bed HMO in Kent.  I have found the only way it works for me unless I employ an Agent are using the following Aids:

1.  Be a good Landlord and encourage your tenants to ring/text or email you when there are problems - easier to fix sooner rather than later

2.  Make the property in good condition.

3. I have a keysafe outside the front door - handy if tenants lock themselves out or for trusted tradesmen to access property (change password regularly)

4.  I have a cleaner who comes every 2 weeks to clean all the communal areas and she also tells me if there are any problems

5.  I employ a trusted tradesman to visit the property every month - he checks boiler, meter readings, smoke and heat alarms, dishwasher, light bulbs in communal areas and fixes anything that needs mending.  Best £50 I spend each month.

6.  Join the RLA and keep abreast of all changes to legislation.

There will always be problems so unless you want to appoint an Agent then you have to be hands on.

Best of luck :)

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Hi, I own an apartment in Docklands, London and manage remotely while travelling the world for the last 3years 4 months.
I haven’t found it very difficult at all (currently in Morocco) and that’s not because I haven’t had any issues either. 

I had a change of tenancy to deal with plus a few maintenance issues. The change of tenancy I returned for a month to deal with through openrent.com which is a great resource but doesn’t handle viewings, which I like to do myself anyway. I dealt with a leaky tap, repaired a washing machine and even had to replace a boiler in that time.  For maintenance I use mybuilder.com 

if you have a good relationship with the tenant, which starts with the viewings, choosing your tenants carefully (obviously get all the background checks done but also listen to your gut feelings and go with tenants that you sense you will be able to communicate with) I always make sure I checkin with my email everyday, if there is a problem I’m then able to reassure the tenants immediately and contact tradesmen. 
mybuilder.com I have found stress free. The site is sort of self regulating. Tradesmen offer their services for your posted job. You can check background facts on the tradesman and references from others who’ve used them. I contact the tenant after to ensure the job has been done satisfactorily, I transfer funds to the tenant to settle up and pick up the receipt from the tenant when I’m home next.

I require tenants to set up a standing order to pay rent and this is easily checked these days through online banking. 
 

With all the resources available now I wouldn’t return to using an agent, what the hell are they doing every month? lol 
 

 

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A good letting agent managing your property should solve that issue. If you set the relationship up right you can be as hands off as you want really, might need an occasional phonecall or email, but ultimately as long as they know what freedom they have to work with (I.E freedom to just sort jobs upto a certain budget) then shouldn't matter whether its in the same town or the other side of the country :)

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On ‎10‎/‎1‎/‎2019 at 10:36 AM, beerongi said:

Hi all. My wife and I are ready to take the plunge and start investing in BTL. We've identified a few areas we like but with us being in London, we will be over a hundred miles away from the properties so we'd look at using an agent to manage everything. Is anyone in a similar situation where you aren't remotely near your properties? Do you find it a challenge when dealing with maintenance/emergencies?

I'm in a similar position to you, so will be following this thread!

 

On ‎10‎/‎4‎/‎2019 at 8:40 AM, john_hughes said:

Hi Beerongi,

I am an ex estate and lettings agent based in Liverpool. If you choose the right agent, there should be very little that requires you to ever visit the property. You should also be able to set the parameters of what you would like to be contacted about and what you are happy for the agent to decide on their own. This is likely to take some time to build this trust but if you look for recommendations from other investors, it should start you on the right track. 

 

 I think buying in the right area for your desired tenant profile and strategy is key- this is likely to result in less problems related to the tenant type. For example, if you didn’t want student tenants but bought in a student heavy post code, you are likely to have to rent to students- potentially need more repairs etc and therefore get more calls from your agent. 

 

Im always happy to chat if you would like more information/ insights from an ex estate agents perspective. Let me know if would like any more info. 

Hi John, I would be interested to hear any more advice you have being an ex-estate agent. Any more advice for people who live around London and are interested in buying further up North?

Thanks.

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