We took some time out with landlord Paul Maguire, to chat all things property, including the benefits of a fully managed service.
1. How many properties do you let, and where are they?
Currently, I let three properties – one in Bath, one in Swindon, and one in East London.
2. What attracted you to these areas?
The potential for good rental returns and long-term capital growth (outstripping the rest of London).
3. Do you have a property along the Crossrail route, and if yes, what do you think about the impact on investments in the area?
Near Canning Town. I would expect Crossrail to have a positive impact. This is one of the reasons I purchased at Aberfeldy Village in Canning Town. I expect Crossrail to have an uplift on rental return, as well as for the long-term prospects for the area.
4. How long have you been active as a landlord?
I’ve been a landlord for 10 years, and my properties are fully managed – I like to be hands off!
5. What do you look for in an investment property?
Location. Ideally, a property would be in an emerging area, with value generators in the pipeline, and strong existing demand.
6. How do you maintain a good relationship with your tenants?
As my property is fully managed, I don’t have any communication with my tenants, which works well for me.
7. What is the most common issue you have faced during your time as a landlord?
Tenants can be picky about small things, which is why it is important for the Property Manager to know how to manage tenant expectations and be responsive to these.
8. What are your tips for anyone thinking of building a property portfolio?
For me, it’s simply a case of when I have spare capital, I prefer to put it into a property than anything else. You can’t go wrong in any urban areas where there is high demand for accommodation. I would avoid cheaper investments and focus on quality areas – a few properties with strong cash flow in good areas will set you up.
9. What do you feel are the benefits of using a letting agency?
For me, the key benefit is not having to do anything!
Like the idea of not having to do anything? Find out more about our fully managed service options!
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