We are LLs full time and we multllet. We watched that last night and what he was making into bed sits was absolutely ridiculous!! They were tiny! We just rent the rooms that are already in the house when we buy them.
We currently own 11 properties. Our rent has gone DOWN over the last 5 years and you all know how much bills have risen so per house we are about £300 worse off. However, we believe we are fair and reasonable LLs.
We have fantastic tenants, and we do give a bit of time if tenants get themselves into a bit of money troubles, but we can't be expected to carry the cost forever and eventually they are asked to leave, and they do. Due to us being very approachable, our tenants are very honest and we always try to help them into work, or even give them work to pay off their debt (painting, cleaning, cutting lawns etc).
That programme last night made out that all tenants are non paying wankers, and that simply is not the case.m it did however highlight what we potentially have to deal with.
This is a job like any other and it's not all easy. Yes. We've just had 6 months 'off'; houses were sound, no one moved etc and it was lovely, but when we do work, we bloody work hard!
It is also extremely expensive to maintain a house. If the boiler goes WE pay, if the roof leaks WE pay, if the carpets get damaged or mark WE pay, you get the idea. Yes, when you (sole) let, yo are potentially paying the mortgage equivalent, but you have none of the costs.
If buy to let's we're limited, the people renting wouldn't have anywhere to live. As some of you have said, it's expensive to buy and can't afford it, therefore have to rent. If there were less buy to let's out there, you'd be paying a hell of a lot more as they'd be more tenant competition.
We're not all money grabbing bastards, we're just normal people who invested their money in an area that paid off. My dh worked his area off when he left school in 1992, doing an apprenticeship he hated. He started with £13000 that he saved over 5 years, his first house was £46000.
Our portfolio is approximately £1.4m.