We’ve spent the last 78 weeks talking about intentional property investment, but it doesn’t start out that way for lots of people: it’s very common to become an “accidental landlord”, and that often becomes a springboard into further property investing.
So this week we set out a framework for what to do if you do become an accidental landlord – either through moving for work, moving in with a partner, or just needing to move to somewhere bigger and being unable to sell. How do you put yourself on a firm footing, and turn it from a chore into an opportunity?
If you’re an experienced investor, there should be something in this episode for you too – it’s a great excuse to go back over the basics and start seeing the big picture.
The structure we laid out was:
- Switch to an appropriate mortgage product
- Decide if being a landlord is for you, or if you want to sell ASAP
- Make arrangements to report the rental income on your tax return
- Make sure your insurance is covering you for the new use of your property
- Conduct a financial audit
- Establish your goals
- Build up a strategy
To get all the details, make sure you listen to the episode!
Resource of the week
There are plenty of tools out there to help you make sense of the baffling business of arranging meetings across time zones, but our favourite is World Time Buddy. It shows you the different times in a format that’s easy to see at-a-glance where your overlaps are, and you can easily send a link to all the participants with your suggested times.
Next time you need to get an international call or meeting scheduled, give it a try!
News this week
Investors are more optimistic about British housing than any other asset class, according to a story in City A.M..
It’s a short-term measure, as respondents were asked for their sentiment about what would happen in the next six months, but it’s probably safe to say that property’s long-term appeal isn’t in much doubt either.
This week’s mentions
We’re launching a new podcast! But we’ve already said too much: more on that next week…
What we can say is that we’re releasing another completely free course – and this week, it’s Running The Numbers – previously priced at £30. In this course, Rob D gives away the spreadsheet he uses to analyse potential deals, and walks through exactly how you can use it to size up any investment that you’re considering. Check it out!
Join the conversation
Have you ever been an accidental landlord?
What was the experience like for you?
We’d love to know, so join the discussion in The Property Hub!
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