The main big assumption we make in life is that everyone else is like us – thankfully for most of us that’s not actually true.  Many people, even in our own offices doing the same jobs we do, or living in the same street are not in the fortunate position as to have discovered that you can make money from property.  Moreover they have not managed their finances very well.

You may think that you haven’t kept on top of your finances as well as you might have, but at least now you are enlightened.

Imagine for a moment that you had no idea how much money you had in your bank account.  That your partner didn’t either, and your kids were placing ever increasing demands on your money too – wouldn’t you just keep paying for things on cards just to make sure the kids had what they needed?

You only have to pay the minimum amount on your credit card to keep the bailiffs from your door, and you have that much money at least.  There isn’t a way out as you can’t earn more in your job, or you may even have had your wages reduced over the last couple of years.  You’ve got to put food on the table after all.

It suddenly comes as a shock to you that you haven’t got as much money as you thought and suddenly the cards are refused and the cheques start to bounce – what are you going to do now?

People in this situation often don’t know what to do, or to whom to turn.  Yes, even those in your own office.  The stress starts to increase and they will do anything to get out of this situation.

Selling the house is the easy one, and the more equity they have in the property the more likely they are to take more discount as they are primarily concerned with paying the mortgage off – after all that’s what they’re aiming for as they’ve always been taught it’s best to pay off your mortgage.

Our aim as investors is to be able to help people and not to take advantage of them and so I’m forever grateful that there have been changes in the way we buy property and help people by using lease options to be able to get them a better deal rather than just offering 25% off all the time.  Sometimes just 15% is enough.

We can help by checking if there is any way out from the debts, if there is a way to get them some money now and some later, if there is going to be a way for them to get back on the property ladder at a later date, along with many other ways to provide a better deal for people.

The truth of the matter is that many people don’t know how to manage their finances and similarly they don’t know that there are other ways out without having to sell houses at such a discount now.  Whatever our situation and our attitude to finance and property, most people are not as educated, and that’s why they want to get rid of their property right now, and not get into the hassles of being a landlord to wait out the low property prices.

Remember also that as investors we know the way to make the figures work with rentals, such as using interest only mortgages, taking on LHA tenants and maximising the rooms in a property.  Non-investors just see their mortgage payments and realise it is higher than the rental income they could get, so they don’t see the profit.  They assume that just one family will rent their property and so they can’t work out the room price to see if they could increase their profit.  Most importantly they are completely averse to LHA tenants as they would be letting their own home and one of the main concerns they have is that the property would not be looked after and they would then have to pay thousands to fix it again.

Take advantage of the fact that you know what you are doing – it’s a business to you.  You can help people out by buying or taking an option on their property to help them to move on to the next part of their lives.

You can create better income for yourselves by getting in touch with people before they put their property on the market – that is their only way to get their property sold.  If you introduce them to an alternative then they will take advantage of the fact that they don’t have to pay huge fees to the Estate Agents.  They’ll get a quicker sale, which often is what they are looking for.

You know the theory, now put it into practice – imagine their lives as they are and then imagine them better.  If you believe in the product (discounted properties) then you will find them and sell the concept to potential vendors.

If you are struggling to find the right properties and would like to be part of a small group of people all encouraging each other to make more progress then call to find out more about the MINI Groups sweeping the UK www.YvonneEmeryCoaching.co.uk 0845 094 6628.

Happy investing

Yvonne

If you’re prepared to be one of the actors rather than the behind the scenes assistants then you’re going to need some rehearsals and to learn your lines.  Except of course that this isn’t slap-stick pantomime, it’s real life.

Back in 2004 when I was told I would need to prove I could complete on a property in 7 days I was a bit shocked.  My previous experience was that it took several weeks if not months to complete.  I figured that if I’d been asked to do something then it must be possible, so I asked if they knew a Solicitor who could help me do that.  They gave me a name and I followed it up.  The result was that I won a blind bid although mine wasn’t the highest bid, just because I had that ‘Oh yes, you can’ attitude.

If you haven’t understood the finance systems fully or do not have 100% confidence in them then this may be what is stopping you from buying at the moment.  There’s that feeling of ‘Oh no, you can’t’ that is creeping in to steal your success.  Even if you don’t have any income or a nest egg to spend there are ways of investing in property.

The big ‘Oh yes, you can’ is going to be true for you only if you are prepared to take the time to quiz the right people on how the finance systems work.

Find an IFA, or a mortgage broker – there are many at the networking events – who is willing to sit down with you and explain what you need to know.  Most importantly you should make sure that the broker and solicitor team you are using know the systems inside out and are helping you to understand the financing systems so you’re not afraid to use them.  Find some suggestions on my website under Investment.

If you want to be part of a success group for 2010 then e-mail Yvonne@YvonneEmeryCoaching.co.uk with your phone number and I’ll call you back to discuss how you can be saying ‘Oh yes, you can’ throughout 2010 in order to make the most of the property bargains available.

Happy investing

Yvonne

If the same is true of Estate Agents, sellers, suppliers, workmen, brokers, solicitors and tenants then how can we make that ‘click’ happen more often than not?

The key to communicating well with people is by keeping in rapport with them.  With some we have a natural rapport where we seem to be speaking the same language, whilst with others it really seems to be tough going.

First identify your own preferences and the way you like to be talked to.  Are you outgoing or reserved?  Are you primarily driven by the money you can make, the details of the deal, having fun and the potential for having fun, or by helping other people?

Do you talk fast or slow?  Do you enjoy meeting new people or would you prefer someone else to introduce you?

Everyone you meet will have different ways of communicating so identifying how they communicate can bring better results faster.

Estate Agents are predominantly sales people. They’re interested in getting their commission quickly.  They have less interest in detail and as long as you’re going to buy the property they don’t care how.  Help yourself by keeping the processes to yourself to begin with.

You need to maintain a confident approach with them to ensure they remain confident in you.  Too much detail of the different ways you could go about buying the property and they’ll be looking for a different buyer.

Brokers and Solicitors on the other hand prefer the detail.  It will help you in the long run and speed up the process if you have all the details to hand.

Motivated sellers don’t all have one preference, so you’ll need to identify them differently.

• Are they speaking quickly?  Then go slow on the details.
• Are they speaking more slowly and deliberately?  These sellers will need to know more of the details before they’ll do business with you.

The fast talkers tend to make up their minds fairly quickly, however they are far more likely to change their minds later on (or be influenced by a partner who needs the detail).  The slower speakers will not make a decision immediately but will need to deliberate on their own and do their own research.  If they make up their mind to go ahead, they’ll stick to it.

By judging a sellers preferences and being able to slow down or speed up your discussions to match their way of speaking and level of interest in the detail you will build up rapport very quickly.  This helps them to know, like and trust you, giving you an advantage when negotiating deals.

If you want to find out more about how you can attract and convert sellers come and hear Yvonne speak at a networking event near you www.YvonneEmeryCoaching.co.uk/events

Join a MINI Group near you at just £100 per month to YPN subscribers

• 3 hours of training, mentoring and coaching
• As good as 1-1 time with an expert working on your own portfolio

Call 0845 094 6628 for further information

www.YvonneEmeryCoaching.co.uk/MINIGroups

Be really honest with yourself (no-one needs to know) – do you ask yourself many questions and work through all the possible scenarios in your head even before they’ve had chance to happen?  What if……..?

If so, then you’re not alone.

You’ve probably noticed that some people just seem to get on with the investing and are always talking about their successes.

On the other hand, you still haven’t got started because there is too much research to do and a lot of questions to answer before you even start visiting the Estate Agents or advertising to distressed sellers.

Even if you’ve done some advertising or leaflet distribution wouldn’t it be great if someone just handed you a script that you could learn off by heart?  That would surely be the best way to deal with any calls that might come your way!

You’ll find that even experienced investors can’t give you a definitive script to follow because they just get on with it – it’s in their nature, and they are very comfortable meeting with people and having a conversation.  They’ll turn it to their advantage and begin to ask some questions, allowing them to make an offer, or negotiate an option deal.

What you can do is to practice ‘off line’ with a partner so that you get to ask all the questions you want, and develop the idea of a deal from the information you are given.  The more you speak to people who may have a property to sell, or who are in distressed circumstances, the better you will get at it.

How can you ‘just get on with it’ if that is not your natural instinct?

Remember that detail is needed at the back end of a deal, but not necessarily at the front.  The beginning is just that – an approach to someone whom you might be able to help, and who might just have the property you are looking for.

Being able to start the conversation helps to put the seller at ease and at least gives you the opportunity to find appropriate deals, and to get some practice in if there isn’t a deal to be made.

You need to search for information – you’ll be good at that.  Those who just wade in often forget to ask some of the important questions.  You will need to know

• What their mortgage is on the property
• If they have any arrears
• Have they any other loans secured against the property
• How quickly do they need to move
• What is their main reason for moving – speed or money
• What are their monthly mortgage payments
• The postcode of the property – to do research
• Where are they going to live if you buy their property

Don’t get into discussions of how you can help them at this stage, or talk through the mechanics of how you’ll buy the property.  Don’t be tempted to mention Options and what you might be able to do.

These are motivated or distressed sellers – any more detail might just make them panic and certainly won’t instil confidence in them.

Keep it friendly – let them get to know and like you.

So if it isn’t really ‘You’ to just get on with it, if you’re part of that ‘What If’ brigade, then what should you do to get moving and springboard your investment strategies?

• Work with someone who does find that part easy and offer to do the work that doesn’t suit them (the paperwork)
• Get some practice by going through scenarios with a buddy – see Role Play – Phone Calls under Free Stuff on my website http://www.yvonneemerycoaching.co.uk/free-stuff/role-play-phone-calls/
• Write a list of all the questions you would like to ask to make sure you have enough information at your fingertips before you get started – there’s nothing wrong with this, you’ll just have to book in time to do the research or it may never get done
• Put yourself in the shoes of the distressed seller and realise that for most they won’t want to know the system you are going to use, so your questions and explanations don’t need to be technical.

If you want to get some practice and meet people near you whom you could team up with then let me know as there might be a MINI Group running near you – and if there isn’t we can always set one up.

Call me on 0845 094 6628 for further details or see my website

www.YvonneEmeryCoaching.co.uk/coachingmentoring/mini-groups

Happy Investing

Yvonne

Have you been to all the seminars yet?

Are you someone who has already made that all important decision to invest in yourself and your education? You know that you want to make the most of the property prices at the moment, right? So what’s stopping you?

It’s a well known fact that about 90% of all those sitting with you and working with you at a seminar will go home and put the papers away and then not do a single thing about what they have just learned.  This is not only the property seminars, but all seminars, so why is that?

Have you listened, learned and understood?  Or have you just listened and taken some notes?

However experienced you are there is always more to learn and understand.  Every time I attend a networking event there is something to take away and take action on.  New initiatives or even old ideas regurgitated could create thousands of savings in tax or a fresh approach to structure deals – let’s face it the financing of deals is changing on a weekly basis at the moment.  Think about it – anyone who claims they know everything can only be right for 6 days max.

Don’t be part of the ‘YES BUT’ brigade – make sure you’re making things happen for you right now.  Keep your But’s behind you and the Yes’s in front.  If you are not acting and investing at the moment, then the chances are you just haven’t found the right investment formula to suit your personality.

You must work in a way to suit your personality because you can’t have failed to notice that we’re all different.  Take a look at those who have been successful with the BMV system and using leafleting as one of the main advertising modes – what are their similarities?  How are they different from you (if you’re not using leafleting of course).  How about those who are making real headway with options – what do you notice about them?

Perhaps you aren’t using these methods because you fear having your neighbours or friends laugh at you.

• If leafleting doesn’t feel right then build relationships with Estate Agents and use the traditional method of buying property.
• If you’re holding off making offers, or dare I say it, holding off from viewing properties, then you seriously need to ask yourself what is stopping you.
• If owner occupiers are pipping you to the post with your offers and paying the asking price, you may well be looking in an area that is very desirable for residential purchases.  In which case you will need to find another area near you (or even not so near you) that will fit your purchasing criteria.
• If you are using the lack of financing opportunities as an excuse… come on guys (and girls) get a grip.  There are so many opportunities to control properties without the need for a mortgage that this shouldn’t be an excuse any more.
• If you don’t know how to structure deals to the level that gives you confidence to get on with it, then get alongside others who do know.  Read all you can, attend all the seminars you can and most importantly of all get a great broker who knows what they’re doing. They’ll help give you the confidence to get all the background in place and to really make progress.

So, are you a jump in and do it kind of person? Or are you a researcher who likes to make sure all the I’s are dotted and the T’s crossed before you start anything?  Perhaps it would be better if you had a partner to accompany you and encourage you along the way? Or are you the director type who would rather someone did the hard work for you?

Whichever you are, you will find different groups who can answer your queries and help with your preferred method of investing.  If you’re uncertain as to which road to take then visit my website www.yvonneemerycoaching.co.uk.

Maybe one to one work could springboard your portfolio more quickly.  On the basis that each of you is different then your road to investing and the methods that suit your personality are different too.  Call me to see if I can help you to move forward.  I offer both one to one sessions and small group sessions (maximum 6 people) which would allow you to explore your own situation more specifically. You can own (or have an option to own) your next property by Christmas if you want to.

Email: Yvonne@YvonneEmeryCoaching.co.uk and quote YPN in your subject title.

Happy Investing
Yvonne

The main reasons investors give for staying close to home is that they can control the property more easily, deal with issues more quickly and save money by not using a Management Agent.  If you happen to live in an area where there are lots of bargains then this strategy works well.

However, if you happen to live in a very desirable area and you find that house prices are generally high or even increasing then finding property below market value can be a real challenge.

So what are your options?  You could either find an area within a reasonable travelling distance that fits your buying criteria, or find another area of the UK and buy there instead.  This will cause many investors to worry about how they are going to be in control of their properties.

Do you actually know how to plumb in a bathroom, or fix the electrics? Can you fix a washing machine or take time to redecorate?

If the answer to any of these is YES then you could be at a disadvantage. For those who have these skills, the desire to fix the situation ourselves is strong.  It’s true that no-one will do it better than you, but if you are able to pass this on to other people then you are beginning to leverage your property business, not to mention your time.

For those without these skills then the argument for having property nearby is weaker. There are two elements to an area being local – proximity and knowledge.

The only way to change your proximity to good buying areas is to move. However there are many ways to increase your knowledge of another area without having to move house.

If the better bargains are further away than you’d like then you will have to make a mental decision to find the strategy that works and the area it works best in. You will need to build up your local knowledge and key contacts in a different area.

Right Move can show you the cheapest areas near your postcode. www.rightmove.co.uk – check within a radius of up to 40 miles.  Use www.upmystreet.com to find out more about an area.  Do you know people in areas where finding bargains is easier?

Enlist the help of the Letting Agents – this has been key to my success in buying and renovating from a distance – what I call a ‘virtual renovation’.

• Find a really good Lettings Agent who will hold a set of keys for you.
  • The Agent has a vested interest in the work being done properly and they get first shot at renting it out.
• Tradesmen collect the keys from the Agent.
  • They are often recommended by the Agents and so they also have a reason to do a good job so they will be recommended again.

If I need to buy a replacement kitchen or bathroom, I select it from my local branch and have it picked off the shelf at a branch near the property.

If you happen to live in an area where property prices and renting potential are brilliant and you can’t possibly buy them all yourself then you need to learn to package the deals to create more income for yourself.

Are you near a networking event, or are you a bit out in the sticks? If no-one has set up a networking event near you, then how about trying one of my MINI Groups which I’m bringing to a town near you.

For a minimum of 3 people and a maximum of 6 in your area who want to meet monthly and have training, mentoring and coaching then these MINI Groups could help you build your portfolio and passive income more effectively.

Visit www.YvonneEmeryCoaching.co.uk/MINIGroups for further information or call 0845 094 6628 to let me know where you live and we’ll get a group set up.

Happy Investing
Yvonne

The difference between overall success and taking the easy road of holding back or giving up is PERSEVERANCE.

We don’t usually compare property investments to sporting achievements, but the principles and the discipline should be the same.

There are some fine examples of achievement in sports, such as Sir Steve Redgrave, Dame Kelly Holmes, Lance Armstrong and Dame Ellen McArthur amongst others. They reached the top of their sports through sheer determination, daily discipline, and perseverance despite injury and illness. What we don’t see are the hundreds of other sportsmen and women who train hard on a daily basis. They have a goal in mind, and they know that in order to achieve their best levels they have to keep practising a bit at a time in order for their achievements to grow to the next level.

Now is our chance to get into the mindset of the training athlete if we are to create the difference between last year and 2010. Can it really be as simple as a commitment each day to forward our bid for freedom?

Jeff Olson in his book “The Slight Edge” shows how the DISCIPLINE of doing even one small thing each day towards your goal compounds over time, but that also the practice of not doing one small thing each day towards your goal can in fact compound your lack of achievement.

Are you prepared to take the risk this year of not persevering each day, come rain or shine to move forward in your bid for freedom?

A race horse is blinkered to keep him from distractions, a 100m runner is focussed on the finish line, what are you going to train your eyes on in order to succeed?

Distractions lead to disaster, so move them out of your line of sight.

If you’re not sure what to focus on then this could be the cause of delay in your success.

• Make sure you buddy up with someone and become accountable to them.
• Take your goal and break it down into monthly targets.
• Then break these down again into daily tasks.
• Each day make sure those tasks are achieved.
• The perseverance and discipline of the athletes should provide a pattern for investing.
• The compound result of sticking to any regime is felt over a period of time.
• A habit takes several weeks to form.
• Within a month you will see and feel the results of working as though you are an Olympic athlete.

Imagine the results when applied to your investment strategy.

If you haven’t decided on your strategy then log onto www.YvonneEmeryCoaching.co.uk and follow the You Tube series on how to create your own strategy.

Make sure you’re all set to go for a very prosperous, successful and disciplined 2010.

Happy investing

Yvonne

If you’re looking for a very personal approach then try one of Yvonne’s small group sessions which gives you group support as well as individual 1-1 time in each session.  Yvonne also provides back up support between sessions.

If you live further away and want to use 1-1 coaching by phone then you will make real progress by setting and achieving goals that are actually attainable in the short term instead of having to hope that you’ll reach your long term goals some time in the future.

Read my free Special Report to find out how to get the confidence to invest the way you want to and buy that next property.

Save time and money in your quest for that investment system that suits your personality and your pocket with Yvonne’s investment mentoring.

By taking time to consider what it is we want in life we build up a picture that matches up to the expectations we have. Unfortunately those images are quickly wiped away by our negative thoughts, or those of our family and friends. No-one means to pour cold water on your ideals, but we are very easily manipulated by our desire to do what other people want us to so that we fit in with the crowd.

Ask yourself what your dreams are and have a pad ready to capture all the things you come up with. You will end up with a very detailed picture of the place you want to live both in respect of region or country and the type of property you would like.

This is where it gets interesting… If you truly want that lifestyle and the house you dream of owning in the future, then tell yourself it’s possible and start working towards it.

1. Is your career on the right track? Do you have the potential for promotion within the company you currently work for, or not. If not then how could you go about looking for another job in the same, or even a different industry. We haven’t had very high pay increases year on year for some time, and now even bonus payments are being reduced. The quickest way to increase your income is to find the promotion you want in another organization.
2. Have you got the charisma to find a better paid job? If you are finding that promotion is eluding you and you are telling yourself you are going to have to stick it out because you need the pension and the benefits, then you may need to ask a few questions to find out what you specifically have to do to be considered for the next level. Who are the key stakeholders that you will have to impress in order to be recognized and noticed? What about your delegation and time management skills – do they need working on? If you are being let down in this area by your own knowledge and techniques (or the bosses think you are lacking in this are) then it’s relatively simple to change the way you are working.
3. Are your finances in order? Have you seriously worked through the process of gaining Financial Stability and Security? Look under ‘investment strategy’ on www.YvonneEmeryCoaching.co.uk for further information on the 4 steps of financial progression.
4. When you have taken the necessary steps to put yourself in a financially stable position and you are ready to invest in property then there are a number of ways to invest over a period of time that you choose to get yourself to where you want to be and in possession of that dream home. You can build your portfolio alongside your job, investing any extra income that you are generating. You can also build income from the investments you make either in property, stocks and shares, businesses or internet business.
5. Living in your dream home may be achieved by saving, increasing your income and then retiring, or going to work overseas. However if you have the UK in mind one of the cheapest ways of having the house of your dreams is to build it yourself. I can hear some people gasping in horror, but in actual fact this is easier and cheaper than you imagine. If you buy yourself a copy of Homebuilding and Renovating Magazine you will see that you can buy any style of property you choose directly from a specialist provider and they will actually provide the team to build it too.
6. It’s the land which costs most of the money and plots can be found on plotfinder and various other websites. In fact there is also a National Homebuilding Centre in Swindon which specializes in homebuilds. Propeties can be bought for as little as £60k but if you want something a little more substantial then you can choose your own style.

Anything is possible if you put your mind to it, and if you think it isn’t possible then it is likely that you’re either not at the stage of financial security or you haven’t got all the information which will help you to accomplish your aim.

If you want to find out more about property investing then please contact us for an individual consultation. We don’t sell property, but we do create personalized investment strategies and help you through the process of buying your first or your next investment property.

If you want promotion at work and are looking for quick ways to enhance your skills then check out the Mindset Mentor and ask us about our coaching programs that will help you increase your job potential and gain the charisma you need to get noticed.

There is a growing need for this type of rental property and the Local Authorities are coming to private sector Landlords to fulfil the demand for flats because they simply can’t meet the demand with their own properties alone.

The new regulations which give greater control to the tenants by paying them instead of the Landlord makes the tenant responsible for paying their rent each month. Not such an attractive prospect for the Landlord.

What’s the idea behind the change from paying the Landlord to paying the tenant? The Government is trying to encourage individuals to fend for themselves. They are being trained in money management, social skills and tenancy issues. Helping them to become independent leads to long term benefits for the individual and the communities in which they live.

The Government is guaranteeing to continue supporting these tenants and to provide direct Liaison with Private Sector Landlords to ensure that this system works.

When you consider that rents might be delayed because of a time lag in the tenants receiving payment from the Authorities and that they have a history that hangs over them of money issues and a lack of some social skills they won’t automatically seem as attractive as professional tenants. However there is a far greater demand for these 1 and 2 bed flats, which means more tenants available and as we know this is a numbers game.

As a Landlord you may feel reluctant to rent to this sector, however if you take up or continue to rent to this sector then you would be provided with a Liaison officer and training which help Landlords understand the system and how to manage their relationships both with the tenants and their Local Authority.

There are voluntary organisations who act as Management Agency and Letting Services for this rental sector, such as CARE. There is a guaranteed rent band so that the tenant is not fighting for the lowest rent, and they don’t deduct a commission charge. You will also have a choice as to the property you provide relevant to the amount of rent you can charge. The tenant has the opportunity to keep any allowance which exceeds the rental payment or to add to the amount if they want a more expensive flat. From a Landlord’s perspective it might be prudent to have properties to rent that are within the allowance amount so as not to invite the possibility of the tenant not having enough money to pay on time.

The tenants still need to provide references but it is still crucial for the Landlord to get a copy of the agreement and the references from the letting agency. You should also phone the referee and check if there is any further information that they would like to add that they were not prepared to write down.

There are certain Local Authorities who will lease properties directly from Landlords which would give a more secure method of renting to this sector, and this would also bypass the situation of the Local Housing Allowance being paid to the tenant as your agreement would then be with the Local Authority rather than the individual.

Most importantly of all you should be aware of your intentions with your properties. Are you looking for capital growth, do you want cashflow and passive income, or are you just renting out a couple of properties to cover a pensions shortfall? The answers to these questions will help you to decide whether the properties you need to rent that have been purchased (or that you will purchase) in areas suitable for this rental sector will provide you with the outcome you want. They may be cheaper, and the rents may stack up, but in the long term do you have the time to manage them, do you need to have fewer lower mortgage properties that bring in higher cashflow each month or are you stuck behind a desk and need the easy option of renting out properties with less hassle and possibly lower yields? The choice is yours, but before you make any decision as to whether you are in or out on these deals make sure you have worked out your own motivation for renting in this sector.

The motivation of the tenants is also an important factor in making these rentals work for you. The more motivated the tenant to achieve freedom and independence the better their relationship with you and their ability to pay on time. Do some homework and find out how they are motivated. What incentives will work for them?

We are all motivated by two factors. Firstly we like to have a positive to work towards and if we know the result of our hard work or sacrifices then we have a positive goal to work towards. If you are giving a reward for swift payment for example then you will need to make the reward in a timely fashion, otherwise the joy in receiving it is diminished. Secondly we are motivated negatively by realising the consequences of not achieving something. Some tenants will be sufficiently motivated by the threat of eviction that they will pay up on time. For others there may be other negative motivation steered by what will happen if they fail to pay or cause damage to property. If you can make these consequences and rewards clear in your agreement with them, or using a separate document, then your chances of success with them is far higher.

At the end of the day you need to feel some affinity with your tenants, so if you really perceive the worst in any tenant coming from the LHA sector then find another group to rent to. LHA tenants won’t suit you, and you won’t suit them.

If you can perceive the good in them and start positively as you mean to go on, then you will easily override all the issues that are thrown at you and will find this a rewarding sector to have both your houses and tenants working for you.

So how do you decide if renting to this group of tenants is for you or not?

Let’s assume that you’re interested but can foresee some problems:

• The tenant won’t pay you at all
• The tenant won’t pay you on time
• This type of tenant wrecks property
• Evicting bad tenants is difficult
• You don’t want the hassle of having to collect the rents yourself

Then consider the following:

• Treat the tenant with respect and help them to take responsibility for their own rents. This will be new to them, so they may need some incentive such as free pizza vouchers or cinema tickets in return for paying on time.

• Get all the help you can from the LHA as they are providing courses on how best to engage with tenants. They’re paying your mortgage after all.

• Keep the communication channels open – it’s always the same with building any relationship. Help them to feel empowered, not embarrassed.

• Use a 3rd party for rent collection. There are several organisations that will do this for you, or you could use software to flag up who has paid and who hasn’t.

• Act swiftly and be firm. Don’t let two weeks go past and then chase up the non-payment. The tenant will know that it’s not critical to you and won’t feel the need to pay on time.

• Set up your contract with them clearly so that they understand the consequences of non-payment and late-payment.

If you want to find out more about how to overcome issues that arise from an emotional perspective as well as a practical one, then call me on 0845 094 6628 to discuss how coaching can strengthen your negotiating skills and your confidence in dealing with difficult situations. Log onto my website: www.YvonneEmeryCoaching to request my Free Special Report.