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Even though the sales market is stagnant, he says the rental market is “absolutely on fire” and high-quality properties can deliver yields of 10pc based on their value.

“I’m 33, so I’ve got the years I can wait,” he says. “If it takes 10 years, it takes 10 years, but the rental market is so strong it doesn’t really matter if you can’t sell them, as long as you can keep things running.”

Although there are rent controls in Scotland, they only apply to existing tenancies. When tenants move out, Mr Dyer says he is able to raise rents to make up the difference. He gives an example of a flat in Glasgow, where he increased the rent from £675 to £800 in the past year. Another had eight applications from prospective tenants, despite the rent rising from £475 to £575. 

In hindsight, he says his first properties were not the right ones to buy, but he has since sold them and moved on. Like many landlords, he started out investing near his home. He initially managed properties himself, but now his entire portfolio is managed by letting agents.

However, he says it doesn’t really matter where you choose to invest as long as you’ve got the right management team in that location.

He recommends speaking to multiple estate agents to get different views of a market you plan to invest in. Even better is going to networking events to meet other landlords and ask them for their advice and opinions.

Mr Dyer says many landlords look at the yield of a property – the rent vs the costs – but he advises being aware of the capital appreciation as well. Otherwise, you may find yourself stuck with a property that you can’t sell.

He says he picks decent properties at fair prices, rather than trying to get a £100,000 property for £80,000.

He says his viewpoint has changed over time, adding: “I was quite focused on yield, thinking about your rental income and that side of things, but now I can see the real money is made on capital growth. That’s where the real wealth is generated.”

To manage rising interest rates, he sold a few properties last year and used the funds to overpay his mortgages. 

He says some mortgage brokers have been offering lower mortgage rates, but with fees as high as 7pc to help landlords pass stress tests. Mr Dyer says he avoids those, because you end up paying more in a fee that is not being used to pay down the debt. He also prefers fixed mortgage rates to trackers.

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