No Sign Of Jeremy Kyle, but A ‘Loose Woman’ Maybe?

Property hasn’t always been plain sailing for me…I‘ve made more mistakes than I can remember or for that matter, would want to remember!

I began investing in 2001 and bought buy lots of property in my hometown,Manchester.

Life was good, mortgages were freely available and my property portfolio soon reached 30 properties in less than 18 months – heady times indeed!!

I had a spate of disasters, a couple of tenants leaving owing £3,000 in rent arrears, another tenant trashed the place, and another tenant disappeared owing a month and a half’s rent – I was getting pretty fed up of the problems!.

I let quite a few properties to mature post-grad overseas students – who are usually as ‘good as gold’.

Personally I never rent to the undergraduate market – I’ve had some bad experiences in that market  – NEVER AGAIN.

My target tenant type is young professionals and mature students.

You’ll notice that most of the really successful people in property do this whether its student lets, HMO’s, LHA and housing benefits, young professionals, families – they tend to focus and subsequently become  property ninjas.

Back to my story…..a young female Chinese student had recently moved into my apartment.

I’d met her, and she seemed respectable enough and said she’d pay six months rent upfront ( not uncommon with overseas students as they have noUKcredit history). Everything went fine, and I didn’t hear a peep from her.

Then I received a letter from the management company explaining that they were going to carry out some emergency electrical work and asking if I could I inform my tenant.

I had to run some errands inManchester, so in order to kill two birds with one stone, I decided to push a note under her door to explain what was going to take place.

First I pushed a note under the door to apartment no. 16, and then turned to do the same for no. 17 ( the jinxed apartment).

The door wasn’t closed properly, so I decided to knock. I heard a voice that I swear asked me to ‘come in..’.

I opened the door and standing there in front of me was my beautiful Chinese tenant dressed in a short fur coat, stockings and suspenders. I explained that I’d stopped by to pop a note to let her know about the electrical work.

She seemed very embarrassed and said that she was ‘waiting for her boyfriend’…..but I’m not so sure!.

Lesson learned :

Six month’s rent up front is great, but everything that glitters may not always be gold!

regards

The Buy To Let Landlord