The couple brought in a real estate sourcer to help select the homes, although Wilkinson went to view each one before committing. In order to rent properties in Wales, landlords must be licensed and Wilkinson had to undergo training to qualify.
“If you want to be successful, you have to be willing to do things that others don’t, like giving up your weekends to go to Wales to see a house or take a test,” he said. .
They spent £25,000 improving their first property, revalued it to £100,000 and re-mortgaged it in order to withdraw capital and buy the next one. The couple use a rental agent to manage their properties, which means their day-to-day involvement is limited to deciding if anything needs fixing at one of the properties.
Their tenants, Wilkinson said, have been exceptionally reliable and returns are good. A three-bedroom house in Tonypandy currently rents for around £600 a month. Minus mortgage charges and agent fees, the monthly income is around £450 (before any necessary maintenance work). Multiplied by eight properties, the annual portfolio income is over £40,000.
Wilkinson says managing homes involves a little more than a monthly call with the agent.
“I know you have horror stories, but I think some people go into buy-to-let with the wrong attitude and the wrong expectations,” says Wilkinson. “I want to be professional and my tenants to be happy because they won’t be a problem. You get what you give. »
A rental that will become a lifestyle change
Vic Paterson and her husband Greg Pritchard are long-distance real estate investors – somewhat by chance. The couple live in Spalding, Lincolnshire, where they run a pain and injury rehabilitation clinic. In the depths of the pandemic, the couple headed to the Scottish Highlands for a vacation.
“It was just amazing,” says Paterson, 48, a hypnotherapist. “I had the strangest feeling that I had come home. They decided to buy a vacation rental and rent it out for a few years, with the medium-term goal of being able to move, mortgage-free, to Scotland.
In December 2021 they paid £180,000 for Tig Cottage, a two-bedroom workhouse near the coastal town of Ballantrae, 70 miles south-west of Glasgow. It was badly in need of a facelift – a new boiler, wet works, redecoration and new doors were all needed. But find…
