1. WISER LETTINGS

Strategy without tactics is the slowest road to victory - tactics without strategy is the noise before defeat                                                 - The Art of War - Sun Tzu

So lets get started. We have a simple breakdown of the first things you should consider at the start of your landlords journey - WISER LETTINGS

W - Why? What is your end goal with this enterprise? Property for the kids, pension? The end goal should colour all your decisions from the start.

I -  Insurance for landlords including legal fee cover - essential to cover the unforeseen

S - Style of ownership, Ltd co, LLP, Personal, Trust?

E - Extraneous outsourced obligations - Have a Gas engineer, handyman, electrician, plumber list.

R - Rent Smart Wales and Renting Homes Wales Act 2016 ( England Selective Licence?)

L - Lenders/ freeholders permission to let (any restrictions? benefits, HMO, etc) don't end up with an illegal tenancy/contract

E - Efficient customer service (more on that in customer service posts) The property is your product and the tenant/contract holders are your customers and effective customer service will avoid you becoming their servants!

T - Tenant/Contract Holder referencing - absolutely essential

T - Training - to keep up your required Continued Professional Development for licences

I - Inland revenue! How do you interact with them?

N - Knowledge (sic) do you have the knowledge to take on this enterprise (training courses?)

G - Guarantees on rent 

S - System for paperwork, marketing, operations and finance

So that's just a start, the days when we bought a property because we had the deposit and access to mortgage finance and then sat back are over, this is now a job and not just an investment. Of course sometimes a job can end up as just that Just Over Broke so lets get organised and not just survive but thrive in the new normal.