Education courses for landlords?

[BelfastBloke]

If things work out how we want, looks like we may have 3 or more properties to rent out. If me or DW were to become a 'professional' (and fair) landlord, what's the best way to learn all the things we need to know?

Do colleges or universities do courses in this? Don't understand some of the jargon, and some of the issues surrounding tax.

Its fairly straight forward really although you could try Amazon for books. I rent a place out and here is my 'guide':

1. Tax - Straight forward enough.Phone tax office and let them know you are renting property. They will send you a self declaration for. http://www.direct.gov.uk/en/MoneyTaxAndBenefits/Taxes/TaxOnPropertyAndRentalIncome/DG_10014027 this tells you what you can put against your tax bill. Basically its your annual rental income minus expenses (agency fees, interest part of your mortgage payments, 10% wear and tear allowance if fully furnished, advertsing costs, insurance costs and maintenance)

1. Safety - You need all gas appliances checked by a CORGI registered gas engineer. Costs about £50-100 per year.

You should have smoke alarms fitted (preferably mains fitted), all furniture to be in line with fire regulations (would only be old furniture thats not) and electrical appliances should be safe. Also need to have wiring tested to show its safe.

1. EPC - You need to provide an energy performance certfificate. They cost about £70 and last 10 years.

1. Finding tenants - Personally I now use an agent to find a tenant just because we have young childrten and find it hard to get over to the property for showing people around. If you decide to advertise yourself make sure you carry out reference checks. Just google 'tenant checks' for some companies. We charge tenants for this. Normally about £30 each. Also phone landlords yourself to make sure you are happy with what they say.

1. Contracts - You will need an Assured Shorthold Tenancy agreement. I use the one on http://www.residentiallandlord.co.uk/ this site .

There are loads of useful websites. I particularly like Residential Landlord (previous link) and Landlord Zone.

If you are going to manage the properties yourself (better IMO) then try and make sure you live close by and start getting a list of trusted tradesman together.

Research your local rental market but be flexible. Then advertise and prepare the property accordingly.

I will go now as I could go on.

Good luck. Be prepared for it to eb harder work than you perhaps imagine!

Don't know what happened there!

Also forgot about deposits. They need to be held in a protected scheme. Just google DPS (Deposit protection scheme).Its not difficult to set up. Just have to transfer desposit within 14 days of tenancy agreement begining and send the tenants the paperwork. All info on site, Very important you do this otherwise tenant can take you to court and you may have to pay up to 3 times of the value of the deposit.

Thank you very much. Will begin reading along your lines.