I’ve never been a big fan of buy-to-let. I don’t do it, and I don’t tend to write about it. But I am not hung up about it and I know lots of people who swear by it, and use it to build their life savings up. Normally they are pretty savvy and know what they are getting into, but I do have some friends who have been bounced into it and haven’t a clue what it’s all about. And I thought I would share their tale with you.
The house in question is in a terraced street in Nottingham. They have no connection with Nottingham and live about 100 miles away. It came into their possession via an inheritance. Very nice too, you might think, except that the property has a mortgage on it and the rent they receive only just covers the mortgage, so it’s not exactly a bountiful gift. They’d very much like to sell it and pay off the mortgage and have done with, but the house has a sitting tenant and he won’t let them have access. They don’t have a key and they don’t have a phone number. So they write and make appointments, and drive to Nottingham, but he doesn’t open the door. He is either deliberately out, or he hides inside. They stand outside, scratch their heads, and feel foolish. Then they drive home, having wasted a day, and wonder what on earth they should do next.
How should they proceed? I don’t know. Buy-to-let is not my thing, partly because I wish to avoid situations like this. I thought I’d blog about it and maybe garner some suggestions.