A landlord is someone with rental property which is used for investment purposes. It is there to make money. While rent is very important tax free profits are made through re-mortgaging.

Central to all schemes is the use of a Contingency Fund. Without such a fund the process is full of stress.

A team is necessary. The team includes a Solicitor for conveyencing, an estate agent to source the property, a mortgage broker to obtain the Buy to Let mortgage, a rental agent to collect the rent and a tenant.

Landlords are property managers. They hold onto the property for as long as possible and live off tax free profits. Property Speculators buy a property, do it up, sell it for a profit if possible and pay tax on the profits. Landlords should not allow themselves to become property speculators.

By regularly re-mortgaging, landlords acquire tax free profits but at the same time reduce potential inheritance tax liability on their children.

When done properly, being a landlord can produce funds which facilitate early retirement, income replacement and even produce a legacy.

By having more than one property you avoid putting all your eggs into one basket. You are spreading the risk.

There has never been a better time to buy property. Now in the midst of a Credit Crunch they prices of houses are low and the Buy to Let Mortgages are still available.