UK Landlord Forum / Life

Hello to all. This is my first post so please bear with me.
I have been left a chunk of money and I am looking at ways of investing to give an income possibly leading to an earlier retirement. The fact I am on here suggests I am considering buying property to let. I am fortunate enough to able to buy three or (depending on price) four houses to rent out. Or I could simply invest in a decent private wealth management account and sit back.
I am too old (I'm told) to split my money and buy more property with buy to let mortgages so I'm relying on buying outright.
Estate agents are bombarding me with information clearly hoping to get business. But I am also hearing some horror stories which is putting me off.
I have searched online as best as I can for information and legislation. But ideally I would prefer to hear from experienced landlords regarding the benefits/pitfalls etc so I can make an informed decision whether to go ahead or not.
Any advice how to start up, where best to get information, what to look out for would be greatly appreciated.
Many thanks. 

Do you want to be a Landlord?

If not, and you're really looking for an investment without the hassle, maybe think hard about it.

If you want to dip your toe in the water first, there's nothing wrong with buying 1 property and trying it out. Obviously, what all Landlords dread is that Tenant from hell. Once you get that person in your house it can break you.

Having enough capital to buy 3 or 4 properties outright would provide a nice income, but there are always overheads and surprises.

As you already are... be wary of Estate Agents and Letting Agents, they only see you as a mark. Good ones are, truly, like hen's teeth and there are plenty of tales of woe from Landlords who thought they could hand over management, for a reasonable fee, to an Agent and it would all go so well.

Being a Landlord, in the active sense, is a people business. But one where your problem management and DIY skills are also required. There's plenty of legislation to get your head around. I have 6 properties now and it can take up a fair chunk of my time. If I am lucky enough to get to 10 then I can consider doing it full time.

Benefits? You're providing a valuable service to someone and when you need to do something you're, usually, positively affecting someone's life. Good properties with good Tenants are a dream.

Pitfalls? Many, many. Bad Tenants, late payment, no payment, properties being trashed, legislation, penalties, insurance... just read the forum(s).

It's not clear where you are or whether you would self-manage... I'd self-manage and I always buy local.

Consider NLA / RLA.

Many thanks for that, it's given me food for thought. I am in Lancashire and there seems to be a glut (as is no doubt the case elsewhere) in available properties to buy making the buy to let prospect seem attractive. I am currently in full time employment and tending to DIY issues would eat into my spare time significantly I fear.
However there is a lot to take in and digest and with the legislation too I need to do a lot more research before I commit.
I appreciate your comments it has helped enormously and no doubt will have more questions as I progress.
Many thanks. 

Have you considered just enjoying the money?

Homes under the hammer says you can get 8% or what ever. You can, but it takes work.

Selling your assets at any  time is a nightmare.

Say you have £250,000, you invest and get £20k a year return, pay the £5k tax, and your left with £288 a week, £40 a day.

For this you would have to give I reckon about a Day a month if all goes well, on the downside it could be allot more.

If you just took that money and spent it at £40 a day, it would last you 17 years.

No risk, same cash to enjoy... plus you can get what 3%, or £144 a week with ISA's etc now, if you are lucky.

I get, as I am an accountant, that after 17 years option one means you still have your assets, and they will be worth £500k, but say you are 55 now, at 72 are you going to want to be dealing with Agents and Tenants, what will you be able to spend your now £80 a day on then?

Property only works when you look at it two ways. 1. Its a job, you need to work to maintain your rental returns. 2. It's an investment like all other investments, you may one day be sat on a load of assets you can sell and spend the money on Hot Tubs and cruises.

You got the money man, take a short cut and get your Hot Tub now!

I just own the one rental so from my experience:

When it's good (ie nothing going wrong at the house) it is great and VERY easy money.  When it is bad it is hell on earth, like Hippogriff said enough to beak you and this is mentally, physically, emotionally, financially, everything really!  By this I'm referring to the eviction I had to go through - it cost around £8k to get them out (eviction, court fees, solicitor fees, bailiffs etc) and put right what the skanky tenants had done.  So don't just think a deposit will cover damage etc.

If you go for it choose your tenants VERY carefully, don't be desperate, if you get a bad feeling move on to the next one that comes to view until you find one you trust!  Ie if they smoke and you really want a non smoker wait for a non-smoker don't rely on the fact they'll just smoke outside - they won't, you could end up with burns on window sills and window frames (minimum). 

You may want to let long term but do 6 months initially, see how they are, get them out sooner rather than later if they're not looking after you property/investment.

Hope this helps - good luck!

Ponder it until the election result is in... if Labour is in power it's unlikely to go well for Landlords and there might be even more of a glut of properties on the market.

Thank you all for your help and advice. You see that's why I joined the forum for good old honest opinions and advice. The hot tubs and cruises sound idyllic and tempting I have to admit. I am fortunate also as I paid into two pretty decent pensions over the years which will start to reap benefits in four years time. The rent from properties was to allow me to stop work now. That said by the sound of it I could be well be working to maintain buildings.
I haven't ruled out being a landlord quite yet but all the comments have been a great help, many thanks.