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  • FIRST POST
    • TallGirl
    • By TallGirl 16th Sep 16, 3:46 PM
    • 4,206Posts
    • 8,673Thanks
    TallGirl
    The trials & tribulations of a 1st time landlord & investor
    • #1
    • 16th Sep 16, 3:46 PM
    The trials & tribulations of a 1st time landlord & investor 16th Sep 16 at 3:46 PM
    Dear all
    I've been around a long time on this MFW for a long time and I love it. Keeps me on track and helped me pay off my mortgage 9 years early. I'm on the verge on starting something new so I thought I would start a new diary and focus it more on money saving and less on personal stuff. My life was quite steady and stable until April 2015 when I left my husband and took a one year job in London all made easier and more ore possible because I was mortgage free.

    My job ended in July 2016 and I had hoped to stay within the organisation in a new job but I didn't get it and they didn't recruit anyone else. I am a great believer in that things will happen for the right reason and good things come to good people. Whilst on holiday and on my birthday I was told my ex had died and as we were still married I now owned the whole house plus his pensions and share in the small family business.

    I applied for a new job whilst on holiday and I start that Monday its 28 hours a week with Friday's off and it's obviously on less month than my previous full time one.

    I have been busy in the last two months sorting the house out so I can rent I out from October which will give me an income as well.

    I have been trying to get his affairs in order so I can apply for probate and I'm getting there. So good folks if you want to read about the following kinds of topics then please feel free to read and or comment:
    • How to be an accidental landlord
    • How to go about getting probate and IHT sorted
    • How to invest an inheritance
    • How to keep accounts as a landlord
    • How to save money on everyday things whilst living in London

    There will be more and I often stray into personal totally unrelated money stuff so just gloss over that if you find it boring.

    So here we are start of something new so a quick update on where we are with the above topics.

    1. Property should be ready after 27/9 as carpets going down then. Estate agent doesn't want to market it before it's completely ready. Once painter is done need to arrange final clean and my old cleaner to hang curtains.

    2. My accountant friend has suggested the valuation of the family business is ok to use and my new IFA confirmed the two pensions are outside inheritance tax so I should be able to more forward on this very soon.

    3. Meeting the IFA 30/9 potential inheritance will be around £190k will need to pay funeral expenses but want to invest most of it.

    4. I need to read up on how to keep accounts as a landlord not sure I need an accountant but as I'm now a part business owner I might have too. Will definitely register with Inland Revenue but as house isn't rent out yet nothing has changed.

    5. Finally I love saving money from getting the best deal to using coupons and tokens. I'm very good but can also be very bad. It's expensive to live in London but I'm a property guardian so my rent is so so cheap so I should really save lots of money. I promise I'll do a budget once I get my new wages, I would rather live on this than have to use my income from my property but might be difficult .

    Ok I will end there and try and keep on the straight and narrow in terms of sticking with money saving stuff.
    Last edited by TallGirl; 17-06-2017 at 10:25 AM.
    Save £12k in 17 no 93 £9750/£12k Pay off wasted money £2735/£10k
Page 1
    • Tropically
    • By Tropically 16th Sep 16, 4:02 PM
    • 158 Posts
    • 432 Thanks
    Tropically
    • #2
    • 16th Sep 16, 4:02 PM
    • #2
    • 16th Sep 16, 4:02 PM
    Wow what a fascinating story. I look forward to your posts!!
    • Secret Saving Squirrel
    • By Secret Saving Squirrel 16th Sep 16, 5:41 PM
    • 3,938 Posts
    • 36,297 Thanks
    Secret Saving Squirrel
    • #3
    • 16th Sep 16, 5:41 PM
    • #3
    • 16th Sep 16, 5:41 PM
    Hello Tallgirl, I will be following your new diary. I may have missed something on your last diary, but how do you get to be a property guardian?
    All the best with everything,
    Squirrel x
    Paid off mortgage nine years early in 2013. Now picking and choosing our work to fit in with the rest of our lives!
    Still thrifty though, after all these years
    • TallGirl
    • By TallGirl 16th Sep 16, 6:23 PM
    • 4,206 Posts
    • 8,673 Thanks
    TallGirl
    • #4
    • 16th Sep 16, 6:23 PM
    Property guardian
    • #4
    • 16th Sep 16, 6:23 PM
    Hi Tropically and Secret Savings Squirrel thanks for popping in.

    A property guardian has a license so less secure than a tenancy but you rent from a company that is paid by the landlord to look after an empty property. It's cheaper than security guards and less risk of squatters. You have your own room but I share bathroom and kitchen plus communial areas however there are flats and beds it's up for grabs sometimes. You need to be vetted by the guardian company (Google to find them) and if lucky you get a property to live in.

    I've been here a year and the council has only just put planning permission in so its hopefully a while before that gets granted and the find a contractor to do the work (they won't to extent upwards and then move the people back in that used it before as a day Centre).

    The guardian company are pretty poor in fixing things but we are seven living here and many are happy to fix things themselves. I pay £436 per month and that includes all bills bar broadband. I live in south London and a 1 bed flat would be £1500 or more here. I have loads of space for all my belongings (three separate store rooms plus my room). Also have parking and a garden so a big win. Once you are told to leave the company will help you find another guardian property (if you have been good) so that's what I'm hoping for. You're not allowed guests or candle but everyone break the rules but don't tell so it's fine.
    • Lrimas
    • By Lrimas 16th Sep 16, 8:20 PM
    • 124 Posts
    • 162 Thanks
    Lrimas
    • #5
    • 16th Sep 16, 8:20 PM
    • #5
    • 16th Sep 16, 8:20 PM
    Hi TallGirl.

    I'm sorry for your loss (I know that you left your ex, but you don't marry anyone without caring for them). It must have been a couple of rough months.

    But, it is an exciting time that lies ahead and you sound like you have your head on straight and is dealing with everything exceptionally well.

    Good luck with your journey and I look forward to see how you get on.
    • newgirly
    • By newgirly 16th Sep 16, 10:05 PM
    • 5,894 Posts
    • 40,613 Thanks
    newgirly
    • #6
    • 16th Sep 16, 10:05 PM
    • #6
    • 16th Sep 16, 10:05 PM
    Gosh what a roller coaster you have been on tallgirl, I am so sorry to hear about your ex it's very sad.

    I hope that you settle in your new job well and good luck with becoming a landlord. Yours was one of the first diaries I started reading years ago when I joined mse and it's great to see how much you have achieved
    MFW 21
    Target for 2017 £38,545 / £17,514.78 paid so far

    Mortgage £47,354 years 8 months left. Total owed £62,871.22 planning to clear in 18 months
    Weight loss target 37lb/22lb gone.
    • Floxxie
    • By Floxxie 17th Sep 16, 8:44 AM
    • 2,823 Posts
    • 5,280 Thanks
    Floxxie
    • #7
    • 17th Sep 16, 8:44 AM
    • #7
    • 17th Sep 16, 8:44 AM
    Hi TallGirl,

    Having subscribed to your threads since you first started out on your MF journey, I am looking forward to seeing what the future brings for you

    Floxxie
    Mortgage start September 2015 £90000 MFiT #06
    • TallGirl
    • By TallGirl 17th Sep 16, 4:15 PM
    • 4,206 Posts
    • 8,673 Thanks
    TallGirl
    • #8
    • 17th Sep 16, 4:15 PM
    • #8
    • 17th Sep 16, 4:15 PM
    Thanks all lovely to hear from you and glad I inspired others to mortgages. When I found this forum I didn't even know you could overpay and shortly afterwards I got a new job and a much higher salary which did help a lot but also meant we didn't increase our spending due to lobbing everything on the mortgage. Really miss that in a way the discipline of it so I'm going to try and recreate that again.

    Plan is to live off my four day salary which is £31.5k pa it will be tough as I'm used to £42.5k however I was saving £6600 p.a. which was £35.9k. However I would still like to save £300 p/m as that is my first direct 6% linked savings account.

    If I could manage on £28.2 a year which I don't think I can the whole of my rental income after tax could be saved. Maybe more realistic to use the rental income to top of the savings and then live on £31.5 which would be tight but might well be a relistic challenge.

    I will have some pensions coming my way from ex oh which I'm seeing an IFA in how to best invest. Likely to top up my SS ISA this year and next year and top up my pension if allowed.

    Back to the discipline of clearing a mortgage it just becomes an overall aim and reading people's diaries just becomes so inspiring and makes you want to stop before you spend.

    I'm living with my DG and she earns £32.5k so I have been paying a bit more of the rent to help out. However that will stay as I do have the rental income so it's only fair. She's saving as much as she can but isn't as good as me with money.

    An example was this morning we both had a drink last night but we felt fine so made breakfast at 12 noon, bacon and eggs with muffins all from fridge bought in Lidl so really cheap. It's lovely and all we needed. Then about 3 we both wanted more food and started talking about going out. MacD or take the bus to Weatherspoon's (we don't have one near us). We talked ourselves out of it and had something from the freezer instead. We both need to loose weight her more than me.

    Well enough waffle I'm going check on my Tomtom which I've finally got to update it was driving me mad that it would work so really pleased it is now.

    Enjoy your Sunday.
    Last edited by TallGirl; 17-09-2016 at 4:31 PM. Reason: Got my new salery wrong by £3500
    Save £12k in 17 no 93 £9750/£12k Pay off wasted money £2735/£10k
    • daisy 1571
    • By daisy 1571 18th Sep 16, 9:17 PM
    • 169 Posts
    • 2,073 Thanks
    daisy 1571
    • #9
    • 18th Sep 16, 9:17 PM
    • #9
    • 18th Sep 16, 9:17 PM
    Hi

    Followed you over, onwards and upwards

    Daisy xx
    "Never save something for a special occasion. Every day in your life is a special occasion" Take hold of every moment by anon

    The difference between what you were yesterday and what you will be tomorrow is what you do today
    • TallGirl
    • By TallGirl 18th Sep 16, 9:21 PM
    • 4,206 Posts
    • 8,673 Thanks
    TallGirl
    Been a lovely relaxing weekend played golf well practised golf which was nice and cheap as we had just bought a range card, however I wanted a coffe Saturday at the range and offered to buy DG a cake so that was £6 and they don't take the Costa Reward card so bad. Today has been totally no spend for me just bough some food on the joint account for lunches so that's very good.

    Filled in the probate form and the inherritance tax form DG is really good at that sort of thing and I think we have included everything. Our mutual friend is a solicitor so I've emailed her to check the form she's happy to do so. Will not be able to submit it until I've spoke to IFA as I want to make sure the pensions are in the right section. I think the property needs to be added to exemptions but whatever happens we are under the inherritance tax limit.

    Had dinner watched ex factor so ready for bed soon ready for my first day tomorrow. I'm a bit nervous and would love more time off but it will be good to get back into the sowing of things and earn some money. My savings are a bit depleted and I've run up my credit cards but nothing I wasn't expecting.

    Anyway that is it for now hoping for a good nights sleep.
    • newgirly
    • By newgirly 18th Sep 16, 10:21 PM
    • 5,894 Posts
    • 40,613 Thanks
    newgirly
    Best of luck for tomorrow
    MFW 21
    Target for 2017 £38,545 / £17,514.78 paid so far

    Mortgage £47,354 years 8 months left. Total owed £62,871.22 planning to clear in 18 months
    Weight loss target 37lb/22lb gone.
    • TallGirl
    • By TallGirl 19th Sep 16, 8:16 PM
    • 4,206 Posts
    • 8,673 Thanks
    TallGirl
    Thanks it was all good first day and all that. Only getting three to direct line manage the fourth one which area I really wanted has had a lot of managers so they want to wait a bit. Everyone seems really nice and friendly.

    Salery worked out after pensions but I might pay more not sure yet but I'll be £576 worse off than in my old job but I'll have my rental income and I'm working one day a week less. Also payday is the 15th same as old job which means I won't get paid for a month shame but at least it will be a full month (well almost)

    Spent money on a latte bad I know but it was first day. Tonight we couldn't be bothered to wait for the planned dinner to cook to considered take away but resisted and cooked something easy and the longer cooking time dinner got done and will be heated up tomorrow for late dinner after gym. Result no money spent.

    Jumping in the shower now then bed so tired
    Last edited by TallGirl; 19-09-2016 at 8:39 PM.
    Save £12k in 17 no 93 £9750/£12k Pay off wasted money £2735/£10k
    • newgirly
    • By newgirly 19th Sep 16, 8:20 PM
    • 5,894 Posts
    • 40,613 Thanks
    newgirly
    Glad your first day went well
    MFW 21
    Target for 2017 £38,545 / £17,514.78 paid so far

    Mortgage £47,354 years 8 months left. Total owed £62,871.22 planning to clear in 18 months
    Weight loss target 37lb/22lb gone.
    • Kjd123
    • By Kjd123 19th Sep 16, 8:30 PM
    • 11 Posts
    • 11 Thanks
    Kjd123
    Don't listen to the agent about not marketing the property until it's ready. The rental market is strong and many people will jump at the chance to take a newly refurbished property. That way you won't lose any income. You could save money by letting with an online agent but only worth doing if you have loads of spare time and stay on top of the regulations. Try Property Tribes forum for advice on being a landlord and whether to use an accountant. Some good tips on Broadgate Group website too.
    • TallGirl
    • By TallGirl 19th Sep 16, 9:20 PM
    • 4,206 Posts
    • 8,673 Thanks
    TallGirl
    Thanks for the forum recommendation just what I was looking for will take a look now.

    Agree re the advertising this agent was keen when it was going to be corporate rental now seem less so. Plan is to speak next week when I know how long the painting will take.
    • bugslet
    • By bugslet 21st Sep 16, 12:22 PM
    • 5,750 Posts
    • 28,189 Thanks
    bugslet
    This is where you are now. Sorry I missed the move, but I was working away last week and internet connection was not great from my phone and since catching up.

    Glad to hear things are progressing nicely. Once the property is rented out and you have done a few weeks at work, everything will get back to a routine. i find it a lot easier to eat better and save more when there's a routine.
    • TallGirl
    • By TallGirl 21st Sep 16, 9:27 PM
    • 4,206 Posts
    • 8,673 Thanks
    TallGirl
    Thanks Bugslet work is fine a bit tired board meeting tonight but finished at 6 so not too late. I'm enjoying it people are nice and the lower levels of managements do a lot more so I feel my role is a higher step than my old one but at least there are three of us so someone to ask at your own level.

    IFA has been in touch need to send him some more stuff and he's looking at one of the pensions. Router for new super fast broadband fibre has arrived will be so good to get it Internet so slow so don't mind paying more and getting free installation and £8.50 discount a month as they have been so crap up to now.
    • TallGirl
    • By TallGirl 23rd Sep 16, 9:42 AM
    • 4,206 Posts
    • 8,673 Thanks
    TallGirl
    Phew Friday first of my days off with this four day week and I just say it's nice. Went to a leaving do at old work it was lovely seeing those people who came (management was totally absent). Will email some of them my new email I do want to keep in touch. One of them is supporting an on off boyfriend who's suffering terminal cancer but also drinking badly and taking drugs. She needs to get out and it was scary listening to her as that could have been me had I stayed to the end even if mine didn't have cancer but a lot of it is similar incl the memory loss.

    Anyway today I have lots I need to do and I've done some already

    Chased EE for when we get broadband and get them to check why it's so slow - done and it's no until 5/10 which is ages

    Emailed property guardian company that the tiles are falling off in the bathroom. Done and written on board to tell the others

    Send request to tv license for refund by post

    Post ex dh passport off

    Speak to painter re progress carpets down 27/9

    Update probate and inherritance forms after advice from friend

    Read stuff about my new pension ready for discussions with IFA

    Clean room and bathroom

    Do washing

    Sort paper work in ex dh folder re accounts



    I think that is it but might need to add more.
    Save £12k in 17 no 93 £9750/£12k Pay off wasted money £2735/£10k
    • TallGirl
    • By TallGirl 23rd Sep 16, 12:34 PM
    • 4,206 Posts
    • 8,673 Thanks
    TallGirl
    Send request to tv license for refund by post

    Post ex dh passport off

    Speak to painter re progress carpets down 27/9 - done well be ready Weds next week, arranged for cleaner to go in and hang curtains but I still need to get Windows done and deep clean which I have sent off for a quote for.

    Update probate and inherritance forms after advice from friend

    Read stuff about my new pension ready for discussions with IFA - spoken to them won't get here in time but know value now

    Clean room and bathroom

    Do washing forth load in

    Sort paper work in ex dh folder re accounts done

    .
    Originally posted by TallGirl
    I've also got letter to say I'm entitled to some money not the big amount but enough to mean I don't have to use anymore of my ISA



    Lunch first though before
    Save £12k in 17 no 93 £9750/£12k Pay off wasted money £2735/£10k
    • TallGirl
    • By TallGirl 24th Sep 16, 8:45 AM
    • 4,206 Posts
    • 8,673 Thanks
    TallGirl
    Morning couldn't sleep but it wasn't a late night last night had a nice chilled times watching the Intern on Sky Cinema curtesy of my friends subscription for which we pay £10 to have one log in. (We can't have a dish out up here).

    Will do the inheritance forms today or tomorrow and get it all emailed to work so I can get them printed to take with me to IFA need to suss out where the two pensions go on the form if at all. They are excemt from IHT.

    Pondering if I should pay my cleaner to do final clean as well as put curtains up. She's not that brilliant at cleaning (getting on a bit) but apart from the mess the painter and Plastere made the house was spotless as I had deep cleaned everything. So if the carpets go down Tuesday next week, the painter says he'll be done Wednesday she would have Thurs and Fri to clean and hang curtains. Then I'll hopefully pop in Friday but might not but I'll have time Sat of at least Sun to do final checkup and put the rest in the loft. That means estate agent will know it's all ready for the 3/10. He should also be able to start marketing after Weds. If I get another cleaning company in then it's more complex however I would have liked the Windows cleaned outside which she cannot do. No maybe it wouldn't work.

    Today I've got a golf playing lesson paid for by DG as my birthday present really look forward to it will be good to get out before next weekend when it's a new course.

    We need to go to Lidl and do a bulk shop but everything else domestic was done yesterday so plenty of time to chill.

    Hope you all enjoy your weekend.
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