David is a property expert with over 25 years’ experience and his own portfolio of 26 units. His current rent roll is in excess of £10k per month. He is also a partner in a Deal Sourcing and Packaging business in the North West of England and has sourced over 250 properties for investors since 2004. In recent years he has, by necessity, had to develop an expertise in LHA strategies. This area is increasingly becoming a niche for him and he enjoys empowering other landlords by sharing the knowledge he has gained. The ultimate purpose when sourcing properties in this sector for investors is to minimise risk while maximising profit. He has had to find answers to the challenges of Tenant Find, Management, ensuring rents are paid and the transition to Universal Credit. These are strategies he uses in his own business and also on behalf of investors. His investor clients regularly achieve annual gross yields of over 20% with high occupancy rates and voids resolved, sometimes within hours.
Update on Possession Hearings with My Reluctant Tenants PLUS What’s Going On in the Rental Market?
The majority of people are good and honest but as a landlord, you are likely to come across some people who are not and in this episode, David takes us through the court proceedings he has recently been through with a tenant.
He shares great content on how the process works and the paperwork the landlord needs to have in place. In the proceedings, the onus is on the landlord to prove the case so having the right information in place is vital.
David also reflects on the current situation with the rental market as demand continues to rise and the availability of properties remains limited.
KEY TAKEAWAYS
Through Covid, there has been an eviction ban and local bailiffs have not been able to work with landlords before 1 June 2021
The landlord has to prove their case and you have to have followed the process correctly
The tenant doesn’t have to do anything at all they can be rude, disrespectful, lie and ignore you
Submit your paperwork to the court, there is an initial unattended review followed by an attended hearing around 4 weeks later
A suspended possession order means the tenant stays in the property, pays the rent going forward along with an agreed monthly amount towards the arrears
Selected licence areas are those where you need a licence from the council to have a single buy to let
There is a perfect storm at the moment with Section 24 and COVID meaning there are less properties available
There are more people needing rental accommodation because they can’t afford to buy
Rents have gone up and there are very few properties available to rent.
Tenants are offering future rent and guarantors to secure properties
As a deal packager when you are putting together a deal make sure you are reflecting the right numbers.
BEST MOMENTS
‘The government may have thought they were helping tenants but they’ve made it worse’
‘There are more people needing rental accommodation because they can’t afford to buy and less rental accommodation available’
‘The demand for properties currently is extraordinary’
VALUABLE RESOURCES
Property Sourcing Profits Podcast
https://www.progressiveproperty.co.uk/
https://unlimited-success.co.uk/
https://www.facebook.com/groups/progressivepropertycommunity/
Property Investors podcast
ABOUT THE HOST
David is a property expert with over 25 years’ experience and his own portfolio of 26 units. His current rent roll is in excess of £10k per month. He is also a partner in a Deal Sourcing and Packaging business in the North West of England and has sourced over 250 properties for investors since 2004.
In recent years he has, by necessity, had to develop an expertise in LHA strategies. This area is increasingly becoming a niche for him, and he enjoys empowering other landlords by sharing the knowledge he has gained.
The ultimate purpose when sourcing properties in this sector for investors is to minimise risk while maximising profit. He has had to find answers to the challenges of Tenant Find, Management, ensuring rents are paid and the transition to Universal Credit. These are strategies he uses in his own business and also on behalf of investors. His investor clients regularly achieve annual gross yields of over 20% with high occupancy rates and voids resolved, sometimes within hours.
CONTACT METHOD
https://www.linkedin.com/in/david-siegler-7b126316/
https://www.facebook.com/DavidSieglerInvestments/
6 Jun 2021
Me versus My Reluctant Tenants
From 1 June bailiffs are permitted to work again for private landlords and David explains his court proceedings with a reluctant tenant providing great information and advice for landlords
He highlights the importance of being all over your repairs and why following the procedure and ensuring you have the right paperwork in place is key.
This episode is a great opportunity to hear exactly how the process works and about the help that is available.
KEY TAKEAWAYS
The judge has mandated due to the money arrears it’s not about the condition of the property.
The duty solicitor did it by the book, checking everything from the dates to the procedure followed
There was no evidence re the issues the tenant raised in the court on the day
The solicitor was very professional and took an opinion on what was happening
If any issues are raised at a hearing the judge will look at;
The value of the repairs
The value of the outstanding rent
Whether the value of the repairs would reduce the rent so it’s below two months outstanding.
If you’ve got reluctant tenants follow the system
The NRLA are very helpful and can provide legal advice
BEST MOMENTS
‘Make sure you are all over your repairs’
‘It’s a simple money order’
VALUABLE RESOURCES
Property Sourcing Profits Podcast
https://www.progressiveproperty.co.uk/
https://unlimited-success.co.uk/
https://www.facebook.com/groups/progressivepropertycommunity/
Property Investors podcast
ABOUT THE HOST
David is a property expert with over 25 years’ experience and his own portfolio of 26 units. His current rent roll is in excess of £10k per month. He is also a partner in a Deal Sourcing and Packaging business in the North West of England and has sourced over 250 properties for investors since 2004.
In recent years he has, by necessity, had to develop an expertise in LHA strategies. This area is increasingly becoming a niche for him, and he enjoys empowering other landlords by sharing the knowledge he has gained.
The ultimate purpose when sourcing properties in this sector for investors is to minimise risk while maximising profit. He has had to find answers to the challenges of Tenant Find, Management, ensuring rents are paid and the transition to Universal Credit. These are strategies he uses in his own business and also on behalf of investors. His investor clients regularly achieve annual gross yields of over 20% with high occupancy rates and voids resolved, sometimes within hours.
CONTACT METHOD
https://www.linkedin.com/in/david-siegler-7b126316/
https://www.facebook.com/DavidSieglerInvestments/
30 May 2021
Tenants, Love them or Not They are Key in Deal Packaging
Tenants are a key part of any deal packaging proposal and David shares some great tips about how the property market is changing.
Rents have been stuck for a significant amount of time but now they are on the rise and as a deal packager you need to understand the impact of Section 24, why there are fewer rental properties available and why it’s vital you have up to date rental figures for your area to make sure you are presenting the best opportunities to investors.
KEY TAKEAWAYS
Being a buy to let landlord is a business
Incrementally section 24 has meant you can subtract less and less mortgage interest
The presentation can make a difference to the level of rent and the ceiling level for rent is not determined by the street.
The buy to let market has contracted since 2016 but with government incentives, the property market as a whole has continued to grow
On average in the last year rents have risen by 6%
There are fewer rental homes available which has impacted rents
The long term impact of there being fewer rental properties is now being felt by tenants
Tenants going into the property market looking to rent have approximately 50% of the choice they had two years ago
A contraction in the market and fewer rental opportunities mean that tenants are seeing rising rents
Make sure you have the up to date rental figures for your area
BEST MOMENTS
‘Section 24 has started a metaphorical fire in the rental market’
‘Make sure you know the market rent and don’t be afraid to put it up’
VALUABLE RESOURCES
Property Sourcing Profits Podcast
https://www.progressiveproperty.co.uk/
https://unlimited-success.co.uk/
https://www.facebook.com/groups/progressivepropertycommunity/
Property Investors podcast
ABOUT THE HOST
David is a property expert with over 25 years’ experience and his own portfolio of 26 units. His current rent roll is in excess of £10k per month. He is also a partner in a Deal Sourcing and Packaging business in the North West of England and has sourced over 250 properties for investors since 2004.
In recent years he has, by necessity, had to develop an expertise in LHA strategies. This area is increasingly becoming a niche for him, and he enjoys empowering other landlords by sharing the knowledge he has gained.
The ultimate purpose when sourcing properties in this sector for investors is to minimise risk while maximising profit. He has had to find answers to the challenges of Tenant Find, Management, ensuring rents are paid and the transition to Universal Credit. These are strategies he uses in his own business and also on behalf of investors. His investor clients regularly achieve annual gross yields of over 20% with high occupancy rates and voids resolved, sometimes within hours.
CONTACT METHOD
https://www.linkedin.com/in/david-siegler-7b126316/
https://www.facebook.com/DavidSieglerInvestments/
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