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  • FIRST POST
    • TallGirl
    • By TallGirl 16th Sep 16, 3:46 PM
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    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
    £5750/£12k
Page 12
    • SuzieSue
    • By SuzieSue 13th Jun 17, 3:24 PM
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    SuzieSue

    Front garden looked so scruffy last time I was down there have reported this to agent.
    Originally posted by TallGirl
    Yes, we had the same problem so we made it maintenance free. We put down artificial grass which was very expensive but I think it attracts tenants as most don't want to spend time gardening.
    • TallGirl
    • By TallGirl 14th Jun 17, 3:31 PM
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    TallGirl
    Thanks SusieSue good idea but my back garden would be too expensive I think to do it all. Also don't you have to hoover it or it start breaking down.

    Estate agent wil claim on my insurance if no pay comes in and handle everything. DG is a housing solicitor so she'll know the steps so do I to be honest.

    My eyes passed with flying colours nothing needs doing just normal eye tests every two years. All is fine and they will get better and as I get used to the mono vision. Will mean I don't need reading glasses in my 50's so worth it.

    Going on a course back where I've just been this morning. DG was going but it's in my area as well so worth it need my CPD points too. Leaving soon so best get on with it. No news on jobs and not applied for any volunteering tomorrow so won't look again until Friday morning.
    Save £12k in 17 no 93
    £5750/£12k
    • SuzieSue
    • By SuzieSue 14th Jun 17, 4:21 PM
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    SuzieSue
    Thanks SusieSue good idea but my back garden would be too expensive I think to do it all. Also don't you have to hoover it or it start breaking down.

    .
    Originally posted by TallGirl
    Yes, it is very expensive even if the garden is small but it was worth it for us. No, you don't have to hoover it, you just need to remove any leaves.

    I hope you hear from your applications soon. At least the weather is good so you can make the most of your time off.
    • Tahlullah
    • By Tahlullah 14th Jun 17, 5:52 PM
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    Tahlullah
    Hi SuzieSue, who picks the leaves up? Can you rely on the tenant?

    Great news about the eyes TG. Reading glasses are a real pain if you never wore then before. Certainly, I keep forgetting to put them on.
    Striving to be mortgage free.
    • SuzieSue
    • By SuzieSue 14th Jun 17, 6:19 PM
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    SuzieSue
    Hi SuzieSue, who picks the leaves up? Can you rely on the tenant?
    Originally posted by Tahlullah
    Hi Tahlullah, we go there once a year in August for the gas safety check and boiler service and do it then as well as spraying weedkiller on the paths and around the edge of the artificial grass. But we don't have any large trees near the house and so it doesn't need to be done more often than that.

    I also have artificial lawn at my own house and the back is fine, but the front gets quite a few leaves over the autumn/winter, so I have to remove them regularly otherwise the grass would have lots of bits of leaves in it and wouldn't look very nice, If this was a rental property then I would have to ask the tenant to remove the leaves but even if they didn't, it wouldn't destroy the grass unless the leaves were several layers deep - the grass just wouldn't look as nice close up.

    The other problem I have here is that the local cats seem to love using it as a litter tray - but only the front, not the back (so far). So that isn't very pleasant as it tends to stick to the grass (sorry TMI!) and can be difficult to remove. Fortunately there aren't many cats where the rental property is so I don't have the same problem there.

    We have had it for just over 3 years and although it isn't completely maintenance free for me, it is for the tenants and so they love it.
    • Tahlullah
    • By Tahlullah 14th Jun 17, 11:37 PM
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    Tahlullah
    Wow, never thought of animals pooing on it! Now you mention it, its obvious and clearly could be a problem.

    As you say SuzieSue, low maintenance for the tenants, but any problem animals, it could be a nightmare! We have a sheepdog that comes by regularly and likes to leave its marker, probably because it can smell Rufus. Between him and the sheep that the farmer regularly loses in our back garden, the whole artificial grass thing would be too much.
    Striving to be mortgage free.
    • bugslet
    • By bugslet 15th Jun 17, 8:40 AM
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    bugslet
    Animals pooing on it is my first thought - I have three dogs. It's tragic what goes through pet owners' minds

    I'm guessing it is good for landlords, but the stuff depresses me so much, so devoid of life.
    • SuzieSue
    • By SuzieSue 15th Jun 17, 8:55 AM
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    SuzieSue
    Wow, never thought of animals pooing on it! Now you mention it, its obvious and clearly could be a problem.

    As you say SuzieSue, low maintenance for the tenants, but any problem animals, it could be a nightmare! We have a sheepdog that comes by regularly and likes to leave its marker, probably because it can smell Rufus. Between him and the sheep that the farmer regularly loses in our back garden, the whole artificial grass thing would be too much.
    Originally posted by Tahlullah
    Yes, but you don't know what is going to happen until you put it down unfortunately. I used to get much more cat poo in my back garden before I put it down, but less in my front garden. So it depends on the whim of the animals.
    • SuzieSue
    • By SuzieSue 15th Jun 17, 9:51 AM
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    SuzieSue

    I'm guessing it is good for landlords, but the stuff depresses me so much, so devoid of life.
    Originally posted by bugslet
    Yes, but it is better than some alternatives. My neighbour paved over his back and front garden which is much worse for the environment.
    • TallGirl
    • By TallGirl 16th Jun 17, 9:39 AM
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    TallGirl
    Interesting conversation yes paving over a back garden is just too depressing I would definitely go with the fake grass if it was a small area would be good to practice golf on I bet.

    Still nothing from agent a bit dressing job closes again Monday so might get in touch then if it's still advertised. Hate agencies but this guy did seem ok.

    Volunteering yesterday really good had my first client really nice perfect client so easy too had everything I neede really great. Today engineer is coming to hopefully move phone line to new room so we can plug in rooter to TV and watch it without interruptions. Will be so much better though.

    Meeting this afternoon in central London will need to leave at 12.30 so not too early. Look forward to seeing some familiar faces even if I hate introducing myself as unemployed. There will be people there from my last two jobs and others from my volunteering job.

    Tenant still hasn't paid but I'm insured so just need to let the agents do their job they are inspecting on Monday so we shall await news.

    Anyway best get dressed
    Last edited by TallGirl; 16-06-2017 at 9:41 AM.
    Save £12k in 17 no 93
    £5750/£12k
    • SuzieSue
    • By SuzieSue 16th Jun 17, 11:50 AM
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    SuzieSue
    Good that you have insurance. Do you pay separately for it or is it included in the agent's management fee?
    • TallGirl
    • By TallGirl 16th Jun 17, 12:46 PM
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    TallGirl
    It is separate covers 12 month rent plus legal fees max £50k. Think it cost £180 money well spent. Dg is a housing solicitor so she'll keep and eye on what they do she comes up against agents getting it wrong all the time. I hope he pays today or I'll get update Monday I assume.

    Phone line moved now where we wanted it and we can plug laptop straight into it for the TV to watch Sky. Shows we're getting speeds of 76 but wifi it's only 35 max. Need to find out how speed tests works vodaphone say we're fine but engineer who we paid to move it says it's wrong.
    Save £12k in 17 no 93
    £5750/£12k
    • daisy 1571
    • By daisy 1571 16th Jun 17, 5:24 PM
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    daisy 1571
    TG - do you need to introduce yourself as unemployed ? You could say you have property, you could stretch it and say you have a small property portfolio and just leave it vague, you could say you are volunteering at this stage in your life whilst you make a decision on your next career, you could even just say that at the moment you are taking stock of your life and are lucky enough to be in a position to have a break from paid employment ? So many ways to describe the same period which are all true so don't label yourself with something you don't enjoy

    daisy
    The difference between what you were yesterday and what you will be tomorrow is what you do today (I think I got this from MSE forum somewhere. If it was you - thankyou)
    no508 on the mortgage free roll of honour, STILL awaiting badge
    • Tahlullah
    • By Tahlullah 16th Jun 17, 7:14 PM
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    Tahlullah
    Daisy, what a lovely post.

    Tx
    Striving to be mortgage free.
    • TallGirl
    • By TallGirl 17th Jun 17, 10:33 AM
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    TallGirl
    TG - do you need to introduce yourself as unemployed ? You could say you have property, you could stretch it and say you have a small property portfolio and just leave it vague, you could say you are volunteering at this stage in your life whilst you make a decision on your next career, you could even just say that at the moment you are taking stock of your life and are lucky enough to be in a position to have a break from paid employment ? So many ways to describe the same period which are all true so don't label yourself with something you don't enjoy

    daisy
    Originally posted by daisy 1571
    Thanks Daisy that is a lovely post wish I had read it before I went but as it happened when I walked in to wait in reception there was already two people there. One from my prev maternity job who caused me loads of problems who I also recently bumped into at that job interview. Luckily the other person was from my current volunteering job and he wanted to chat as I hadn't told him I was going to that meeting. That avoided talking to her. Loads of people came I knew as well but when I came to introductions the person from my volunteer place was just before me so I just said I was also from there and my name.

    It was good to go and meet so many people whould have loved to not network a bit more but didn't really get much of a chance. Next meeting is in September if I go I'll get nine CPD points just from those meetings and with all the other courses I'm booked on I'm sorted.

    Played a few holes when I got home DG got into a bit of a strop again over her golf. She realised this when we got back it's a shame but I thInk she can't get over it as neither of us enjoy it when she gets like that.

    TV worries really well in new socket so that's one less issue gone away for the sake of £115. I had four low alcohol beers last night felt like I was proper drinking but obovusly no hangover this morning. DG did have some vodka. I should say she had some issues at work not her fault and some mistakes were made which means she has to work all Sunday on a case due in the High Court. Not fair but has to be done. Also scary as she doesn't normally go to the High Court.

    Today I'll be doing some pre course work, look at a job application I'm not sure of and tomorrow playing with the ladies which I look forward to.
    Save £12k in 17 no 93
    £5750/£12k
    • TallGirl
    • By TallGirl 17th Jun 17, 9:48 PM
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    TallGirl
    Not done a lot today been so hot here and DG had a hangover as predicted. Spent £10 on bits to make the new room nicer which it did. Also spent £10 at MacD plus £5 on junk from Sainsbury's when I really should have got milk which I forgot.

    No golf just too hot but DG says she's going tomorrow after she's done her work so hopefully meet it's her for lunch after my game. I'm playing at 10 she'll take the bus.

    Sorted my summer clothes out I have loads no need to buy anything bar a white t shirt which is great. Our joint account is really low as I've switched from paying two weeks early to on the first so only temporarily looking like that.

    Early night much needed I'm hoping I'll play well tomorrow who knows with golf it changes all the time.
    Save £12k in 17 no 93
    £5750/£12k
    • TallGirl
    • By TallGirl 20th Jun 17, 7:17 AM
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    TallGirl
    Right crunch time today been 11 days since I last heard re dream job and the vacancy is no longer live on website so who knows what's going on. I'll call him this morning need to know one way or the other still happy to wait and he'll know if more are coming up.

    Seem a couple of low paid but temporary jobs in the right field will apply for them later.

    Need to do some cooking today and some study for courses next week got two plus two days volunteering so nice and busy. Also course tomorrow which is great. Courses are giving me a resfresher in pretty much all areas of my knowledge base which can only be a good thing and it's free.

    Tonight I'm meeting ex brother in law and sister in law he's the greedy one and he doesn't know about DG. I'm not sure when I last saw them but may be over six month I should think. Not seen FIL since end of Jan so it will be good to get an update although I fear the family business will be struggling. Guess I could alsways get a job there although it wouldn't be worth commuting for. See what happens if they ask if I am seeing anyone I'll own up but otherwise no point. DG obviously aren't coming tonight.

    Need to chase estate agent as tenant still hasn't paid oh the joys.

    Also got some sewing to do really a lot to crack on with and nephew will be here week after next.
    Last edited by TallGirl; 20-06-2017 at 7:20 AM.
    Save £12k in 17 no 93
    £5750/£12k
    • Tahlullah
    • By Tahlullah 20th Jun 17, 8:14 AM
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    Tahlullah
    It's not sounding good with the job, but I will keep my fingers crossed that this is just their poor administration, not keeping you informed.

    Tx
    Striving to be mortgage free.
    • TallGirl
    • By TallGirl 20th Jun 17, 5:50 PM
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    TallGirl
    It's was a no interviews are being arranged and I'm not on the list. My contact at the agency is on leave but other person promised to get back to me. Well we shall see disappointed obviously. Applied for the other temp one and ready to send one more off when DG has checked it.

    Saw ex brother and sister in law all fine no issues didn't have to tell them about DG. He's come to the same conclusion as me the property is mine what a shame but I'm not going to be difficult about it.

    Had two beers DG had a !!!! day too think there might be some more beers soon course tomorrow so can't go too mad.
    Save £12k in 17 no 93
    £5750/£12k
    • SuzieSue
    • By SuzieSue 20th Jun 17, 5:55 PM
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    SuzieSue
    Really sorry to hear about the job. It must be very disappointing not to get an interview. Hopefully the agent will give you some feedback.

    Which property are you talking about and why is it a shame that it is yours?
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