I reluctantly but a bit selfishly became a landlord. I certainly knew from the outset I wasn’t going to be a profiteering slum landlord! I’ve rented many places during my early life, the worst experience was in winter the boiler finally broke completely despite several month prior of it intermittently working and randomly the pilot light would go out. The landlord would send his mate round to bodge it until it was no more. For 3 weeks he said he was getting quotes together before finally installing a new although cheap boiler, meanwhile the house went from cold to unbearable and I got pretty ill! I wasn’t going to be that kind of landlord and I remember at the time thinking what would he have done on his own house if his boiler broke? You’d have an emergency plumber round and get it fixed ASAP and take the hit!
Anyway, next door to me was a real mess, it needed so much work and so I decided rather than being woken at all hours had a builder bought it, I’d do it up in my free time and as an added bonus I could have control of who became my neighbour! Soon after buying I thought I’d bitten off more than I could chew the work was that extensive! Basically needed gutting. Got through it in the end though and made a nice place for someone to live. I went through an agent and get landlord protection so if the tenant defaults then I still get rent and the agent has to claim on their insurance. They deal with possible evictions etc.
In a way I feel a bit guilty taking the opportunity away from a first time buyer to invest the time and graft themselves to buy a place, but at the same time my tenant and daughter was in a difficult time in their personal life and needed a long term place, they’ve been there over 5 yrs now. Not once have they missed a rental payment or damaged anything on purpose, and not once have we increased the rent or intend to. We have offered the tenant the house to buy when able.
It’s worked out well for us as an investment and capital gain and feel we got lucky with a good tenant but I don’t think I would go out and buy another investment property especially with leverage. With property always something seems to need doing and that’s with looking after it!