Why are they interesting? They are famous UK Buy-To-Let tycoons, owning more than 1,000 buy-to-let properties in the UK, largely in the Ashford area of Kent. Astonishing. You may think that they were rich to begin with, but no! They are (or were) Math teachers in UK schools.
This article in Jan 2014 caught my attention -
http://www.theguardian.com/money/2014/jan/04/buy-to-let-landlord-evicts-housing-benefit-tenants
Tenants on Housing Benefit
It looks like the Wilsons have given up with tenants on housing benefit. Instead, they are quoted in the article to prefer Eastern European migrants who default far less frequently than single mums on welfare.
He states that not one of his working tenants are in arrears. All those in arrears are on housing benefit.
What Is Your Tenant Profile?
Thus far, we have been very careful with our tenant profile. We certainly have not rented out our flats to housing benefit tenants before. All our tenants have had to undergo standard referencing checks and we make sure that they pass these checks before we agree to the tenancy. Indeed, not all pass these checks.
Our approach has worked. Our tenants have all been responsible and paid on time. No arrears. Good experience, so far.
Do not be tempted if some potential tenant comes along and agrees to what looks like better rent. If the tenant reference checks fail, I would say, don't agree to the tenancy. If you wish to continue, then you'd better insist on a higher deposit and/or more rent in advance, e.g. 3 months or even 6 months in advance.
Happy Investing!
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