Why I love being a landlord
I love being a landlord.
I’ve recently set up another new business. I work literally ever hour Gods sends. I look back fondly, and with a certain sense of incredulity, at quite how little I used to do, when being a landlord was my main occupation.
So here’s why:
1. Once you have set up your buy-to-let properties and got them let, you will be amazed how little you have to do on a day to day basis. It’s not like working or running any normal business. Enjoy having a life!
2. Being a landlord is a great way of owning and running your own business without having to employ huge numbers of staff, or having the hastle of endless ‘customers’, accountants, and all the admin of dealing with the likes of Companies House. It’s all very straigh-forward and manageable.
3. You are your own boss. Ain’t it great when you no longer you have to take orders from ‘idiots’ petty pen pushing power crazing idiots. The freedom to make decisions, quickly, decisively and without having to consult everybody under the sun is liberating.
4. It’s a great little money earner. It appears that owning property over the long term is a great little earner. We all know that we are not building enough new housing. The Barker Review revealed that house prices grew by 2.4% above inflation over the long-term.
Restrictive planning policies and over zealous ‘nimbies’ means that this isn’t likely to change. There will always be a demand for housing . In good credit conditions this resulted in rising rates of owner occupation and increasing capital values. In more constrained times it has translated into more renters with higher rents
and record rental profits for us landlords.
5. Flexibility. As with 2 you can pick and choose when and where you do your work. I used to do a lot of my work in coffee shops. If you don’t wont to get up early; or if the sun is shining and you want to squeeze in a game of tennis or golf. It’s the perfect job for people who like to make the most of the great outdoors.
6. I like my tenants. Despite the odd grumble…I quite like my tenants. If you get the rights ones in initially then dealing with them can be quite a pleasure. Some of my tenants have become friends as well as business acquaintances.
7. Gearing up your investments. As another landlord recently pointed out what other type of investment could you possible invest in where you could use other peoples money to buy an investment product. This means that it’s possible to invest far more and therefore potentially gain more than any other standard investment.
Here are some of the reasons why I love being a landlord. Maybe I’m just turning into an old romantic?
You may be able to think of a few more, post your comments below.