Updating post from Reddit.
Small landlord but plan to go against the grain and increase my portfolio over the next few years.
Pretty uninspired by my current non-property job.
Does anyone have any experience of changing roles to further their property career and if so, what did you do? Builder? Surveyor? Solicitor? Something else?
I've just left my job to do it full time. I'm thinking of doing some trades courses so I can cover more basic handyman jobs in my properties and might set myself up as a professional handyman once I've straightened everything out.
Me too,what kind of courses where u thinking about
The one I'm most interested in is called Gateway to Trade Skills (Construction) and includes
Construction: Find out about the different types of jobs available within the construction industry; relevant health and safety requirements; materials; tools; trade practices including painting & decorating; and joinery and brickwork. This will also include an element of online learning.
Building: Find out about plumbing and electrical practices including health and safety, principles of electrical science, electrical installation of wiring systems, hot and cold water plumbing systems, fuel systems and drainage work.
Been pondering doing a plumbing course because at this point I'd probably finish it before I could find a plumber
Good idea. It saves costs and at least you know you won’t con yourself. You just pay for the materials.
What are you thinking of doing?
Maybe bricklaying course
This is likely tax deductible if you haven’t thought if that
Also considering this maybe we should Collectively start a management company
I dropped into a more flexible, less time consuming, less stressful role. Been under stress and pressure at work is bad enough, throw something in the works with a property it just made me even more stressed. Now taking calls, sorting contractors, or managing my hours to nip to a property for something I can fix is manageable. Otherwise I’d have to probably use an agent for all properties. When you consider that’s 10% per property, even dropping down a wage bracket sometimes makes sense
I have an accounting/tax related day job. I do my own accounts/budgets, know which allowances etc to claim. Saves a bit on annual fees re returns etc and also able to do CGT comps when disposing of properties.
I only have a handful of properties - for me it’s not worth giving up the day job - but of an accidental landlord so no intention of growing portfolio given it’s a nightmare nowadays re rules and regulations and lower yield. Day job allows me to work hybrid so I can be more hands on landlord. Have some DIY skills too but nothing to say that I’d want to go down the tradesman route.
I did a few trade courses in my spare time so generally know what standard of work to look out for when getting trades in - was more useful when I projected my own home’s extension
Thanks for your reply.
With your day job, any software you’d recommend for tracking costs and rents etc?
I’ve been looming at Landlord Vision, or just stick with excel?
I just stick with Excel. In fact worked at Big 4 - everything is still Excel based more or less. Just do everything regularly - don’t wait until the end of the year…..
Nah, but I only own one property.
If you're a higher rate tax payer, it's normally never worth it to quit your job
Please check your messages
This is my plan too, good to know others are thinking the same.
Estate agent. All the other things you mention are important roles but play a small or affordable part of the process.
Mine (single property landlord) and a friend (multi house student premium) both have public sector jobs that align well with landlording. Solid and reliable pay, benefits and vacation. For him, very little work allowing him to do landlord work in work. Win win really. Both in very non-property roles.
Stealing a wage from the public basically
For him, a highly qualified person, who only has work when it comes in and is retained. It’s generally a quiet role. Don’t fight the system!