buy to rent

ognum · 19 April 2015 at 6:32PM

spezial wrote: »

is there any place to discuss with serious experienced buy-to-let owners/investors?

Serious discussion needs a serious plan!

ManuelG · 19 April 2015 at 6:36PM

spezial wrote: »

My ambition is to pay itself, ie, the rent to pay off the mortgage... Is it doable?

Yes, with a few caveats.

My parents did just that. However, they didn't get a mortgage based on the anticipated rental from the flat, they got their mortgage because of their combined salaries. They also had a reasonably substantial cash sum for a deposit.

They also got lucky with a tenant who stayed a good few years. This was lucky as they didn't necessarily pick the best area - other flats stayed empty, which wouldn't pay off any mortgage.

They also this year got a large bill for repairs to the block. That bill also wouldn't pay off the mortgage.

So, my real life experience mirrors what's been said already

It depends on a) having the means to get a BTL mortgage, b) picking the right area and c) getting the right tenant.

spezial · 19 April 2015 at 7:02PM

I have already commented on the most of your wonderings

1) I can buy a flat in cash, but it could be better to get a mortgage, but in general you keep questioning my ability to do it, which is irrelevant to what I am asking for (if it is a good investment, etc)

2) I have commented on the area, Basildon near the train station or Grays near the train station

ManuelG · 19 April 2015 at 7:26PM

spezial wrote: »

I have already commented on the most of your wonderings

1) I can buy a flat in cash, but it could be better to get a mortgage, but in general you keep questioning my ability to do it, which is irrelevant to what I am asking for (if it is a good investment, etc)

2) I have commented on the area, Basildon near the train station or Grays near the train station

It appears what you want is people to say 'yes'.

You asked for personal experience, I gave it. How you choose to relate that to yourself is up to you but... that's my real life situation, as you asked for.

Pixie5740 · 19 April 2015 at 7:34PM

The more of spezial's threads I read the more troll like spezial sounds.

Enough money to buy a property in Essex with cash yet earns £16.5k a year and is trying to claim WTC and HB with periods of unemployment. Sounds fishy to me.

spezial · 19 April 2015 at 9:06PM

we don't all fit in your narrow minded stereotypes, you know

evenasus · 19 April 2015 at 10:36PM

Pixie5740 wrote: »

The more of spezial's threads I read the more troll like spezial sounds.

Correct...............

japmis · 20 April 2015 at 7:52AM

Pixie5740 wrote: »

The more of spezial's threads I read the more troll like spezial sounds.

My troll alert comment was deleted.

ognum · 20 April 2015 at 8:28AM

spezial wrote: »

we don't all fit in your narrow minded stereotypes, you know

Perhaps you can indicate how you are different and which of your previous threads were incorrect then.

All appearances seem to indicate that you are fairly stereotypical

Ozzuk · 20 April 2015 at 9:14AM

I'm not sure why you are getting so upset - how is anyone supposed to advise on whether your rent will cover your mortgage without a full understanding of your financial situation.

It is possible it will, it depends on the mortgage rate, LTV, rental income, expenditure, overheads, etc, etc, etc. That is the only answer we can possibly give.

And if you are capable and want to pay cash as you insinuate then the question is redundant anyway.

If you want any more advice then you need to be clearer, unless of course, you are really 12.

If this is real, talk to a mortgage broker who will go through your finances, expectations and give you tailored options rather than internet people guessing.

buy to rent

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