letting flats/homes ete

[lilmrspanda]

I'm like a spring Chicken waiting for slaughter in the summer
I have been thinking lately that letting flats would be a good income if done the right way at an acceptable price ... I'm wondering if anyone on here has done it and is it a good idea in the long run ... its something i have been wanting to do for ages but unsure on the path i would need to take in order to achieve this ???x

 

[davidjoemum]

you mean property developing like buy to let?you need to take big mortgage if you planning to get few flats
me and my Oh own two flats which are rented out and is good income but big responsibility too.we managing them through real estate agency as we dont want any trouble with rent being not paid(they do credit check and tenancy history ect)if you thinking of private sector renting is more like you will get rent on time but if you thinking about renting to people through local council you can have trouble get rent on time as housing benefits is paid every fornight.you also have to know that inventory checks are very important at the beginning and end of the tenancy some people dont care because property is not theirs and things getting damaged.
feel free to ask me questions if you have some.

 

[My_First]

We rent out our old flat privately. I believe you will need at least 25% deposit on a buy to let mortgage. You do also have to have gas safety certificates and more recently that energy efficiency certificates. If renting privately the deposit has to be held in a deposit protection scheme until your ten ants move out. We have been lucky the couple we have in our flat are lovely and not been any trouble, but I have heard horror stories on non payment, trashing of the property etc. also you will need to keep a little reserve, we keep a few grand, by invade boiler packs up, window needs replacing, gutters need doing etc. it's hard work but there will always be investment in property and although reaping rewards may take some time, in the long term it's a good investment.