How I became a Landlord
I bought my own house as soon as I could, which was at 24 years old. I was a teacher at the time, and we could get 100% professional mortgages. My first house increased in value dramatically, because I bought right before the UK housing boom. It increased in value from 69K to 89K within a year. So I sold it and bought another two!
I ended up with a three bedroomed terraced in Oldham and a three bedroomed terrace in Liverpool. They are not the best of areas, but they are solid rental properties, and the rent always exceeds the mortgage payments, making it a good way for me to earn while I travel.
As it has worked well for me so far, I am now looking at investing in my third rental property.
How do you get a Buy to Let Property?
If you own your own property, renting out your property in order to travel is a great idea for making a residual income. If you have a deposit of 20-40% you can also put that down on a Buy to Let Mortgage.
What work does being a Landlord actually Involve?
There are certain responsibilities of a landlord, including being contactable in the UK, so if you are travelling internationally you should get your property managed by a good property management company such as ARW Property Solutions.