Landlord Checklist

 Most people would expect a landlord checklist to consist of all the things a landlord needs to do before letting a property. We like to be a bit different here at PPS. We’ll gladly give anyone chapter and verse on what they need to do to get a property ready but here we’d like to give you something more. As so many people are getting involved in option contracts which we don’t fully advocate, we thought it best for this blog to give the landlord checklist as a five step option process. It’s obvious to see why so many people are trying to get into assignable contracts but the mainstay must be to find a solicitor who knows what they are doing, not one who says they know, but one who you have actually experienced. This area of property law can be fraught with problems. Essentially it’s taking a commercial contract and using it for the residential market. It’s nothing new so don’t believe all the hype you hear about options. So what are the five essential steps to a good option deal? The first thing has to be to find a motivated seller for whatever reason that might be. Secondly is to make a discounted offer that is acceptable to both parties. Next is to include an assignment clause in the contract. Then it’s about marketing the property to find a suitable buyer or tenant and the fifth and final step is to assign the contract. Simple you might think. When is life ever so simple? A lot of option deals are not what they were intended to be and end up causing everybody a lot of problems and expense. When your strategy is based on low money in for high management effort return, then options are one of the ways to make a property business work, but ethics must rule in all situations and unfortunately a little knowledge can be a dangerous thing. Generally one of people’s greatest fears is running out of money in retirement and when we look at property as a long term business then the landlord checklist should perhaps be the three keys to success. Opportunity, knowledge and action should be combined with an understanding of the three elementary investment questions. Where is the money coming from? Who will it flow to? How much is it? Get these points in order and you’re on the right track. Always try to check the important things first. Lionel Palatine. ps.For more tips and guidance on property investing, or for a more detailed 89 point investor checklist, drop us an email

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