Sarah Quinlan is calling time on her role as a buy-to-let landlord. After building a portfolio of 16 homes across London and Suffolk from the 1990s, the former City professional has sold half and intends to sell down the rest.The Covid pandemic threw her property finances into disarray when some of her tenants stopped paying rent, and she fears the coming economic storm will do the same, threatening the viability of the business.“In the next six to 12 months, it’s only going to get riskier as people are going to be really stretched about what they can afford to pay in terms of energy and food costs. After that, if we’re lucky, they might be able to pay their rent,” says Suffolk-based Quinlan, 57.She is one of a number of buy-to-let landlords who spoke to FT …
Good stuff to share with clients
As in 2008 & 2020 during Covid My JV partner…he and his brother survived due to the fact they had LHA tenants & sercos. We bought properties from landlords whose tenants were not paying in 2020.
This is invaluable insights – especially from you guys who’ve been through it all. For new landlords, they may not aware of the potential risks in current economic situation
it is a cycle…if the tenants can not pay, the landlord can not pay his mortgage or ground rents…properties get trashed..landlords getted wiped out…even if they dont have a mortgage, not being paid and facing a long eviction long distance could be a nightmare. Plus add in the possibility of the property ( even high end) being trashed. We have seen it. Many investors turn their nose up on LHA tenants …however you are being paid by the council..The big problem is managing the tenants which can be rather tough. Serco and Mears…you have a Govt backed contract and no interaction with tenants. For us …it does not get any better or safer
This is the key…safety
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