Simon discusses how to protect yourself from bad tenants, especially in light of the new Renters' Rights Bill, which marks the largest change to the private rental sector in 30 years, warning that this legislation may lead to an increase in "professional bad tenants" who take advantage of uninformed landlords.

KEY TAKEAWAYS

• Landlords must treat their property investing like a business, be educated on their responsibilities, and cannot abdicate responsibility, even if they use a letting agent.
• The Renters' Rights Bill increases the risk of rent repayment orders (up to 24 months' rent) if compliance is neglected. Ensure all prescribed paperwork and safety certificates are shared with tenants at the correct time.
• To pursue a tenant for unpaid rent (you have up to six years), gather their full name, date of birth, and National Insurance number (from their payslip). This allows you to claim money back via MoneyClaim.gov.uk.
• Landlords should check every six months for new selective licensing requirements in their property's area. Also, ensure the correspondence address on the Land Registry is up-to-date to receive official notices.

BEST MOMENTS

"With the Renters' Rights Bill coming in, which is the largest change in 30 years to the private rental sector, there's no doubt in my mind there's going to be an increase in professional bad tenants."

"You must treat your investing like a business."

"You can't treat your property investing as a hobby, as a side hustle. Even if it's part-time, you must treat your investing like a business."

"You are driving by looking in the rearview mirror."

VALUABLE RESOURCES

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Simon Zutshi, experienced investor, successful entrepreneur and best-selling author, is widely recognised as one of the top wealth creation strategists in the UK. Having started to invest in property in 1995 and went on to become financially independent by the age of 32.

Passionate about sharing his experience, Simon founded the property investor’s network (pin) in 2003 ⁠www.pinmeeting.co.uk⁠   pin has since grown to become the largest property networking organisation in the UK, with monthly meetings in 50 cities, designed specifically to provide a supportive, educational and inspirational environment for people like you to network with and learn from other successful investors.

Since 2003, Simon has taught thousands of entrepreneurs and business owners how to successfully invest in a tax-efficient way.  How to create additional streams of income, give them more time to do the things they want to do and build their long-term wealth.

Simon’s book “Property Magic” which is now in its sixth edition, became an instant hit when first released in 2008 and remains an Amazon No 1 best-selling property book.

Simon launched his latest business, ⁠www.CrowdProperty.com⁠, in 2014, which is an FCA Regulated peer to peer lending platform to facilitate loans between private individuals and property professionals.

This Podcast has been brought to you by Disruptive Media. ⁠https://disruptivemedia.co.uk/