"MY TENANTS HAVE STOPPED PAYING THE RENT AND TRASHED THE HOUSE!" ⬆️ What every new property investors fear & how to prevent it. Yes, we've all read about the horror stories and had it ourselves in our 5️⃣+ years as landlords. However, it need not be an inevitability. ➡️ If you let un-checked 'randoms' through the door, you write your own outcome ➡️ If rent is £1,000 and they stay for 2 years, you're effectively giving someone a £24,000 unsecured loan, while you have a secured mortgage payment to make every month With the Renters Rights Bill imminent, it will be harder than ever to claim unclaimed rent (and get your property back) if things go wrong. Therefore, vetting and checking you have the right tenant is ❗️CRITICAL❗️ to your success as a Landlord. Trust us! We've learnt the hard way! 🙈 But you don't have to!🫡 On top of my agent's standard (legal) verification checks, we implement the following: 1️⃣. Get 12 months bank statements from prospective tenants 2️⃣. Check their net pay matches their payslips 3️⃣. Irrespective of 1 and 2. ALWAYS ask for a gaurentor such as a parent to promise to pay the rent should they default 4️⃣. Check they have paid their last 12 months rent in full and on time 5️⃣. Bad gambling habits, large loan payments or payday loans are a no-no 6️⃣. Only accept tenants with a credit balance - overdrafters are danger territory. 7️⃣. Check socials: do their posts make you cringe or worry? Or are they family people? 8️⃣. Swing by their house: filthy mattresses in the garden? Or potted topiary bushes? Their house tells you about them. No system is failsafe or perfect, but we find these help. Policy makers are going to make it harder to troublesome, so getting the right people in your house is VERY IMPORTANT. However, with the right guidance and systems in place, property will always remain a lucrative investment strategy. 🫡 If all of this sounds too much, why not let us manage your property for you with our FULL MANAGEMENT SERVICE. Available to any of our VIP members of our ✨️VIP Group.✨️ Join Derbyshire and Yorkshire's most exclusive property club. We SOURCE 🎯 We SUPPORT🤝 We MANAGE 🏡 We CONNECT ❤️ DM the word VIP #btl #propertyinvesting #propertyinvestor #sheffield

Posted by James Lovell-Smith at 2025-02-06 11:10:57 UTC