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First time Landlord

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Author Topic: First time Landlord  (Read 241 times)

Tazbo

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« on: April 01, 2022, 03:10:00 PM »
Hi,

I am handing over the keys to my very first tenant which was found by my local estate agent. He is a lecturer in the local university and has passed all their credit / reference checks. I thought I would manage the property myself and since doing that I have done the following;

1) Signed up to the DPS for the Deposit
2) Signed up to National Residential Landlords Association
3) Signed up to ICO
4) Full inventory will be done by Estate Agent
5) EPC Inspection done
6) EICR Done
7) Gas Cert Done
8) Smoke And Carbon Monoxide Alarms Fitted and checked
9) How to rent guide printed ready for handover

and now am looking at my next and final steps

- Landlord insurance and rent protection.
-  Handing over a pack which will give me tenant information about how to stop the water, boiler instructions and my contact details.

Am I missing anything? Thank you.

Hippogriff

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« Reply #1 on: April 01, 2022, 04:02:07 PM »
The worst Tenant I ever had in my life was a University Lecturer (Professor and published Author, actually).

He told me the range oven was broken after there was a power cut and he made me go around and reset the clock (he wouldn't believe me that many ovens need the time setting before they'll work - he had the manual too). He also advised me there was an "house-wide issue with electrics" as the kitchen under-cupboard lights weren't working... when he'd actually pushed a tall jar of spaghetti firmly up against the controlling switch in a cupboard, thereby turning them off.

Very intelligent... and high maintenance... but so, so dumb. I would do a thorough Check-In with the Tenants to show them things like stop-cock, how to operate the boiler etc.. It's the only way you can test all those fire alarms on the day of move-in and get them to initial the document saying they've observed this.

Tazbo

Newbie
Posts: 4

I like property
« Reply #2 on: April 01, 2022, 05:15:05 PM »
Great thank you for that. I am now thinking of buying another phone and SIM card just so he won't call me 24/7. Do you think rental insurance for rent protection is worth it?

Hippogriff

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« Reply #3 on: April 01, 2022, 05:20:11 PM »
Quote from: Tazbo on April 01, 2022, 05:15:05 PM
Great thank you for that.

Don't mention it.

No, I don't think any kind of rent guarantee Insurance is worth it. Experience on here has led me to believe there are too many get-out clauses for the Insurer.

Remember - Insurance always wins. They never actually lose, right? Otherwise they'd not be in business. They always win, so - in the long-run - you always lose.

Tazbo

Newbie
Posts: 4

I like property
« Reply #4 on: April 01, 2022, 05:49:29 PM »
Ok,

So am I right in thinking the typical thing you would select is just the 24/7 emergency cover, I am looking at the insurance company with a red telephone and its working out to be £306 annually with £54 cashback from quidco £200 excess. Wondering if there are any better 24/7 contractor companies designed for landlords or is going through the insurance companies the best way.  I have noticed that a lot of these insurance companies on trust pilot are 5* but then you type in landlord and see the search results and they never seem to pay out.
« Last Edit: April 01, 2022, 05:59:26 PM by Tazbo »

Hippogriff

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« Reply #5 on: April 01, 2022, 06:29:52 PM »
Quote from: Tazbo on April 01, 2022, 05:49:29 PM
So am I right in thinking the typical thing you would select is just the 24/7 emergency cover...

Not for me. I self-manage and none has this cover.

If a boiler breaks... and that has happened... then it can be a chore to liaise in getting someone around, sure. It all depends on what kind of life you want to lead. I work hard for the Tenants when things go wrong... but 24/7 cover can't be an expectation from a Tenant. As many have said here - there's no Tenant bubble of invulnerability... things do just break and you, as Landlord, have to be given "a reasonable time" to fix them.

What is a "reasonable time"?

No-one managed to define it.

Just do your best and make sure they know where the stopcock is.

This is not Landlording advice. I'm just musing... someone else might be along in two minutes and say the 24/7 emergency cover is worth its weight in gold.

heavykarma

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« Reply #6 on: April 01, 2022, 07:20:02 PM »
I did have one lovely professor,a Ukranian.He taught neurophysiology,but also taught street boxing and had awards for arm wrestling.Other academics though have been as Hippogriff descibes,very very needy and demanding too.I do a folder of information for tenants,and phrase it in very simple language.As someone said when I used the expression "idiot proof"- "Idiots can be amazingly ingenious"

Don't bother with either of the insurance schemes. Very few situations require a call out in the middle of the night.Get some trusted tradesmen. I request all contact to be by email if possible so I have a record of everything.They have a phone number for use during working hours,unless an emergency arises.I have a new tenant moving in as I write,and I will be like a cat on hot bricks every time the phone rings for days to come.
 

Hippogriff

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« Reply #7 on: April 02, 2022, 09:26:13 AM »
My Professor wanted me to buy his book! He said he would sign it. As if that was incentive. Not even giving me a free copy, and then signing it! Outrageous.

The book of my enemy has been remaindered
And I am pleased.

Tazbo

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Posts: 4

I like property
« Reply #8 on: April 04, 2022, 10:51:40 AM »
So just wondering, let's say the tenant wants to be a pain for whatever reason, can they flood the bath which could do so much damage and they opps sorry my mistake. If you don't have insurance to cover it what happens then? I am just thinking of worst case scenario.

Hippogriff

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« Reply #9 on: April 04, 2022, 11:06:40 AM »
Quote from: Tazbo on April 04, 2022, 10:51:40 AM
I am just thinking of worst case scenario.

No-one said don't get Insurance at all.

The comments were about Rent Guarantee Insurance.

Your worst case scenario is a different scenario.
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