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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 £9750/£12k Pay off wasted money £2735/£10k
Page 18
    • TallGirl
    • By TallGirl 22nd Sep 17, 8:04 AM
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    TallGirl
    So much for a now spend day £78.50 (will get £6 postage back) on two heavy duty mattress covers to help keep mattress and sofa clean and protected during move. We could just by plastic ones for £10 but they would rip. Looks like we need electric screwdriver and a ladder too hopefully find some cheaply or buy good one as needed for future. We do have most tools. Plan is to take down a nice wall shelving system that's here hopefully they won't miss it too much also take a mirror and other stuff like the grill things left here that will be damaged anyway when they do the building work here.

    Threw some more clothes out and looked in a suitcase I knew had clothes I can't fit into. Turns out there was three pairs of next size up jeans which means I can now wear jeans again obovusly need to loose weight and get back into mine. Also found three pairs of nice sanders I had forgotten about plus one more pair. I think I have ten pairs crazy. Might have a go at selling on EBay in a big bundle of long Tall Sally clothes it usually sells well. Might make some pennies. Can't wait to find out what size flat we get.
    Save £12k in 17 no 93 £9750/£12k Pay off wasted money £2735/£10k
    • daisy 1571
    • By daisy 1571 22nd Sep 17, 11:52 AM
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    daisy 1571
    Morning, thank you so much for response that all makes perfect sense now. Wow that's a lot of rent £1800 a month??? That's a great saving on your guardian properties then and is understandable. I was basing it on edinburgh £500 for a nice flat in a decent neighbourhood and I thought 500 is a lot of money lol. You can see why I thought 700 seemed a lot in comparison for what you were looking at.

    Good luck with the long term plan, can see dg point of view but times change, there's been other people in the house since then, you have both been together in other flats since then etc but also understand what she means. Will be interesting to see how it all works out for you.

    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 23rd Sep 17, 1:09 PM
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    TallGirl
    Yes prices are crazy here in zone 2 just mad really glad it makes sense to want to live like this.

    Went to see flat which was suppose to be two bed but wasn't it's £700 £50 more a month and still only a one bed. Bigger kitchen and there was three to choose from one block smelled like someone had died and the other two one was so grim orange and purple ceiling you would have had to paint it all. Bit lost now don't want to turn down the one we have but prospect of moving twice plus where do I put my stuff. In storage is an option going to look in a bit before golf. Something might come up before we move in so annoying though
    Save £12k in 17 no 93 £9750/£12k Pay off wasted money £2735/£10k
    • TallGirl
    • By TallGirl 24th Sep 17, 8:07 AM
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    TallGirl
    Went to see storageo option it will be around £120 a month crazy money when I could pay £50 (plus extra council tax) more for an extra bedroom and get some use out of it too. Still no two or three bed options and we decided the uncertainty is too much so would rather take what we have been offer and should by some miracle there be a two bed come up we can view it and will be priority for it as we're existing guardians. Paid the deposit fees and first months rent and will email to explain we are taking it but if bigger comes up we will have it. We are planning to do the final bit of moving out on the 28/10 so loads of time. At least we have somewhere and we can make it nice for the time being and always move again.

    Final dilemma is I could just get rid of the stuff I need to store but I would get peanuts for it and we are both happy to have the furniture in a place we get together when we move back down. I'll have more of a think and so hope a two bed comes our way it would solve this.

    Playing golf today DG isn't as she can't play in the completions. She lost it again on the course yesterday it's not good but she expects to be perfect and when she isn't it's all doom and gloom. Stupid thing is she is getting better she's hitting the ball much further after her last lesson. Got lesson today too but not until 4.30pm so I need to play at 9.20 then go back and pick up DG.

    I need to sit down and work out my spending £1555 on rent and deposit will get £300 back from DG for rent and £600 is the refundable deposit so £355 is the fees which I'm paying. I've used the savings I've been trying to top up to pay which really isn't what I should should have seperate savings to use for this sort of thing.

    We're also going to book a weeks bootcamp been meaning to do this since August but the price if £995 and then a week or so before camp it drops to £795. We held our nerve but when the week came we wanted and had time off for it was fully booked. I saw on intagram she's now offering a 20% discount if you pay the deposit by end of this month so that's worth it. As I started working we might as well go in 2018. There's another 5% off if you pay by bacs so I'll do that which brings the price down to £756 and we won't get that any cheaper as it's Feb 2018 and she's holding the prices from this year. I need to pay £336 now and then the rest six weeks before. I'm thinking I need that budgeting software YNAB as I'll end up with so many pots.

    Anyway I've got £249 left until payday really chuffed with that. There will be more expenses with moving like van hire, buying a ladder, washing machine, more sturdy boxes etc.
    Save £12k in 17 no 93 £9750/£12k Pay off wasted money £2735/£10k
    • TallGirl
    • By TallGirl 24th Sep 17, 9:16 PM
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    TallGirl
    Righ money got too messy so have moved things around and opened a new saving account that will eventually build up to the £10k wasted money. So far I have had to borrow my initial payment back plus £1000 but this will change once I get paid and DG pays me half the rent. So signature will be updated to show minus £1000 but it will be easier and I can also use it for holiday savings etc rather than have it sat in my current account. Should make life easier. Only spend today £2 got a drink bought at the golf club and a portion of chips was lunch courtesy of the club too.

    Golf awful but lesson good so need more practise. DG has started to realise it's all in her head this meltdown every time we play can't wait for her to get over it.

    Paid deposit for boot camp can't wait and will join gym once we move the old membership runs out tomorrow so no point in paying more for that one. Feeling very tired as played golf but what a lovely day it has been and so hot. .

    Weekend gone so quickly wish I could have done more but hey ho lunch is done for tomorrow and should be low spend week. Payday should be Friday first full salery will be so nice.
    Save £12k in 17 no 93 £9750/£12k Pay off wasted money £2735/£10k
    • SuzieSue
    • By SuzieSue 24th Sep 17, 9:25 PM
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    SuzieSue

    Paid deposit for boot camp can't wait and will join gym once we move the old membership runs out tomorrow so no point in paying more for that one. Feeling very tired as played golf but what a lovely day it has been and so hot. .

    .
    Originally posted by TallGirl
    Is it a fitness bootcamp you are going on?
    • TallGirl
    • By TallGirl 25th Sep 17, 8:50 AM
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    TallGirl
    Yes it's fitness and diet things have gone down hill since I started back at work I've not been to the gym for months. Membership cancelled but there's a job right across the road from our new place so no excuses plus living on the fifth floor should help.

    Going in a bit later today to go to another location I can get coffee in Waitrose before I get there which is nice. I'm on a course Tuesday and Wednesday so not a lot in the office this week. Board meeting Thursday so late finishes.

    Still thinking about my stuff and storage etc it's so hard if we don't get bigger place. Wouldn't mind opinion from MSE if I should get rid or not maybe I'll do a post on the family board it's kind of that I think. Or house moving board.

    This is what I have
    Black four seater cube dinning set, I had two chairs stolen last year so bought two new ones to make the set complete four months ago. It's in very good nick but seven years old. Cost to replace £450 spent incl original price £400. DG likes this and wants to keep it.

    Dining room table and six black chairs it's Danish and it kind of matches my two coffee tables. I have a smaller table now so I want to keep for chairs but what about the two spares. Table itself extends to eight can't remember original cost but selling the table now I would get maybe £50 if that. DG doesn't love it but says it's ok.

    Sideboard from made.com paid £350 I think I like it but the doors don't sit properly so I don't think it can be sold for more than £20. Matches everything we have in our current lounge and good storage just not sure it will fit in one bed flat. DG likes it,

    Other stuff are main things i need to keep such as travel covers for golf bags, Cary golf bags for summer, pictures that will get ruin in old house loft etc etc.

    Cost of storage is £120
    Save £12k in 17 no 93 £9750/£12k Pay off wasted money £2735/£10k
    • wishingthemortgaheaway
    • By wishingthemortgaheaway 25th Sep 17, 9:00 AM
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    wishingthemortgaheaway
    Is that cost of storage in London? What about storage meat to where your rented out house is?
    Also, is the £120/mth for a 24 hour access commercial storage facility? Are there places with more restricted access designed for longer term storage that are cheaper because it's not as flexible?
    I really don't know the answer to these questions, they are just thoughts I've had whilst reading your diary.
    The 100 payment countdown (each payment = £400)
    2017 July : £36,800 8/100 Aug: £36,411.85 8/100 Sep: £35,945.66 10/100 Oct: £35,500 11/100
    Term Mortgage free date: October 2029
    Current mortgage free date: April 2025
    • TallGirl
    • By TallGirl 25th Sep 17, 8:49 PM
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    TallGirl
    Thanks Wishing much appreciated yes that is London I did get quote for down South and it's much cheaper and I was going for that firstly however if we are able to get two bed really soon I wouldn't have to do the 140 mile round trip to drop it off and then Coles t it plus we could get things in and out like we need it say suitcases and other stuff. Worth a thought though.

    Email from property company apologising for sending us to two bed that was one bed they do have other two beds but they aren't ready for viewing yet. They have sent documents for signing agreement guessing rent starts when it's signed so holding off for two days as out of the office and it's 30 pages that needs printing and scanning our scanner only does single pages.

    Look forward to my courses the next two days will be good to catch up with my industry tomorrow and I know the trainer plus course Weds is with DG which will be nice to spend the day together.

    No spend today free coffee in Waitrose lovely and brought lunch in. Need to go and make lunch for tomorrow or I will have to spend money. Weds has lunch provided.

    Called the two pension companies I'm transferring out of one won't accept the certified copy of my passport it's done by a solicitor but it hasn't got solicitor on it just her roll number and no date. Sent my driving license to them let's hope it doesn't get lost in the post. Mind you need it change my address soon anyway.

    Second pension I emailed 21/8 asking how to transfer out (£1555). Reply 4/9 can't find policy emailed back copy of screenshot. Heard nothing. Chased today on hold for 15 min cannot find it, gave all the detail as told them I'm looking at it online I've got log in. No can't find me so I have to send in letters they have sent me. I've found my welcome letter and the one they wrote when I left. Joke is it's less than a year ago since I started it and I left in March 17 not exactly long ago. What if it had been a lot of money and say I had died how would they ever trace it. Boody idiots I hope no one on here has to deal with BenPal. I can't wait to leave.
    Last edited by TallGirl; 25-09-2017 at 9:00 PM.
    Save £12k in 17 no 93 £9750/£12k Pay off wasted money £2735/£10k
    • TallGirl
    • By TallGirl 26th Sep 17, 9:36 PM
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    TallGirl
    Course was good and nice to catch up with people I know in the same line of work tutor and me go back a long way which was nice.

    Email from guardian the nice new one a two bed has come up but not ready to be viewed yet. We think it's max fifth foor but there is no lift and no door entry system but it would be great and there might be a smal balcony too well for the front door. Will email them tomorrow or maybe Thursday when we upload our signed tenancy agreement for the one bed. Trying to spin it out so we don't ha e to move twice.

    No spend day yeah got £164 left to Friday so can top up the savings plus will get £300 from DG for the rent. Course tomorrow has free lunch and I might get free coffee in Waitrose. Can't wait to so the money shuffle and get the savings account back into plus. Will be so nice getting my first proper full wages since March.

    Taken my garden furniture inside and cleaned it ready for storage and looked at the black cushions box it's nice but starting to get old and not worth storage so might just leave it here. A shame as it was quite expensive but hey ho can easily be replaced. Cushions will need to be stored but can be inside chairs loads of room. If we get two bed then we can use a curtain divider from here nice track that gets fitted in the ceiling and can be pulled across all the stuff. Might fit a desk in too might not. Well let's see if we even get to view it let alone get selected to have it.

    Night night everyone so tired after DG having the alarm on for 5.30am. We can leave at 9.30 tomorrow it's a ten minutes walk yeah
    Last edited by TallGirl; 26-09-2017 at 10:18 PM.
    Save £12k in 17 no 93 £9750/£12k Pay off wasted money £2735/£10k
    • TallGirl
    • By TallGirl 27th Sep 17, 8:39 PM
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    TallGirl
    Spend today £3.25 on latte forgot Waitrose cup and no tea and coffee until lunchtime on course. Also bought DG a coke 65p. Took £40 cash out like the new ten pound notes very nice. So that's £122 until Friday so should end the month on minus £500 only but that's £2000 missing in savings really. Look forward for seeing wage slip should be at work by now.

    Tomorrow DG is calling guardian company to see if viewings are open for two bed. It's on the 5th floor so thinking of hireing man with a van or proper removal company there's no lift. Anyway it's not ours yet we still only have a one bed which I will get the license agreement signed for tomorrow ready to send to DG to upload with hers.

    Will be good to get back to work but two days out training has been good too. Early start tomorrow lots of catch up on.

    End of he quarter so want to do financial update for me looking at my kind of portfolio. Hopefully view that two bed Saturday and might known Monday which one we get and can pick up keys etc. Been to golf was ok but DG annoyed about her drives lesson Sunday should help hopefully.
    Save £12k in 17 no 93 £9750/£12k Pay off wasted money £2735/£10k
    • TallGirl
    • By TallGirl 28th Sep 17, 9:56 PM
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    TallGirl
    Right viewing of two bed is Saturday but first view is tomorrow so I get to race across London to go there they joys. I've got busy morning so practically but don't get into work until 10am so no time at work and need to leave at 1pm. A person who now works for my old place of work is coming In tomorrow won't get much time to chat to him which is a real shame. Would really love this to be it for property messing around if it's even slightly ok we're taking it should be £50 a month more in rent and obviously slightly more in bills than one bed but means I won't need storage which would be so great it's untrue. Let's see might be awful beyond awful.

    Spent 7.40 today £3.40 on ryebread for dinner and lunch tomorrow and £4 on Danish sweets lovely they were need to buy more as my stash has run out.

    Board meeting tonight and CEO mistakenly replied to the wrong trustee not good a bit of a mess. Also found out I'm going to the annual conference up North fab way to catch up with old contactsI know.

    Early night so tired and didn't get home until 8 due to board meeting.
    Save £12k in 17 no 93 £9750/£12k Pay off wasted money £2735/£10k
    • TallGirl
    • By TallGirl 29th Sep 17, 9:26 AM
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    TallGirl
    Quick payday money shuffle update. £1000 back in savings account and £420 put into new savings acc that's £120 left over from the month and £300 dg paid for her rent on new place. That's £850 in savings need to get it up to £10k or at least £1550 like it was. More will go in this month once bills have gone out.

    Off to work then wieving later fingers crossed it's ok and we get it.
    Save £12k in 17 no 93 £9750/£12k Pay off wasted money £2735/£10k
    • SuzieSue
    • By SuzieSue 29th Sep 17, 9:57 AM
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    SuzieSue
    Good luck.
    • TallGirl
    • By TallGirl 29th Sep 17, 3:54 PM
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    TallGirl
    Got to the viewing on time but they were late as usually mix up with which property to see. Fourth floor with lift and big. Kitchen fine and bathroom and loo seperate. Best of all it's has a small balcony I love that. Worth things and major issue someone is living there and that's obovusly not good he did make a call to the office asking when they are moving out but didn't disclose to us. Guy from last week was there he is single and wants two bed. Girl who was happy with studio and then couple of guys who didn't seem keen I think they worried about price they asked for smaller place which he would have if he gives it to us as we would give out one bed up. He said I'll call you but I'm not sure it may not be a goer if they have to get the people out first. Usually they view with vacant possession. It would need major clean up its rank dirty but has blinds and second bedroom big enough for storage and study lounge nice size too.

    I'm trying not to get excited but for £50 more a month it's a steel.

    Should really read some emails but so tired.
    Save £12k in 17 no 93 £9750/£12k Pay off wasted money £2735/£10k
    • TallGirl
    • By TallGirl 29th Sep 17, 4:20 PM
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    TallGirl
    It's a no they other guaridan is staying no idea why I had to view today gutted so went out for burger and beers three weeks off drinking is still good. My tenant has moved out new one is coming in no idea if my gas certificate has been done. Left message with estate agent. Could do with things settling down but we still have one bed and I can afford storage it's just a was of money.
    Last edited by TallGirl; 29-09-2017 at 10:56 PM.
    Save £12k in 17 no 93 £9750/£12k Pay off wasted money £2735/£10k
    • TallGirl
    • By TallGirl 30th Sep 17, 9:09 AM
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    TallGirl
    Call from estate agent tenant out and inventory and gas certificate done so that's all good. He'll make way for me to put stuff in the loft next weekend and the garden will be done out of the outgoing tenants deposit he left it in a mess which I knew.

    Nice night last night actually much needed DG was right we always do tons of things at the weekend and it's nice just to chill and relax. Not too hungover today I think I had just about enough drink two pints and two very large vodkas. Didn't sleep too well.

    I want to tot up my financial and work out my budget as I've got my wages now. Pensions are finally being moved even the lost one so that's great. DG is snoring away she'll be a while before she is functioning so I'll have some yoghurt in a minute.
    Save £12k in 17 no 93 £9750/£12k Pay off wasted money £2735/£10k
    • TallGirl
    • By TallGirl 30th Sep 17, 12:16 PM
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    TallGirl
    Finances looked at can't really do budget without knowing the new rent and bills but investment wise this is how it looks.

    30% in cash incl premium bonds
    4% in S&S ISA
    9% in S&S non ISA
    15% in pension
    42% in property

    Without the property it looks like this
    52% in cash incl premium bonds and peer to peer
    7% in S&S ISA
    15% in S&S non ISA
    26% in pension

    I convert £64k into pension and stocks and shares a year plus I save £12k in high interest accounts. I hope that is ok I think it is or my IFA would do something else.
    Last edited by TallGirl; 01-10-2017 at 9:25 PM.
    Save £12k in 17 no 93 £9750/£12k Pay off wasted money £2735/£10k
    • TallGirl
    • By TallGirl 1st Oct 17, 9:32 PM
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    TallGirl
    Quite productive made a huge slow cooker meal got five extra portions out of if after dinner had been eaten. Also make a ryebread which was nice as we don't have any in the freezer and it's expensive at £3.70 which is at least half the size of mine. Have loads of flour so no excuse really just takes about three hours from start to finish.

    No spend so was yesterday in sure also DG paid for her lesson so can transfer that into savings pot. Work tomorrow but lunch done for two days and one more in fridge so don't think I'll be tempted to eat out. Late start tomorrow unless I go in early not sure. If late start I can have free latte in Waitrose.

    Golf lesson good think I have fixed what was wrong it was really bad as I had started to not enjoy my game. Teacher/Pro is leaving at the end of the month but there is another guy so I can transfer my lessons to him. Should be fine just a shame as I really like him.

    I think that's it
    Save £12k in 17 no 93 £9750/£12k Pay off wasted money £2735/£10k
    • TallGirl
    • By TallGirl 2nd Oct 17, 7:23 PM
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    TallGirl
    Not a no spend day £5 on snacks in Poundland so cheap at least. So tired today and work dragged a bit but should speed up tomorrow meetings etc.

    No news from Guardian company I'll call Wednesday if I don't hear and old company will soon be in touch as we aren't paying our rent this month as we're sure we won't get our deposit back. It's not protected don't have to for license and they have £600 x 2 so quite a lot.

    Paid £85 over from DG for golf club member ship off to update savings signature now.

    My tenant has booked in the boiler service and gas certificate but the boiler is broken so had to pay £60 excess. I've changed the policy so there's no excess £70 a year more but tax deductible so I think that's better. Prev tenant left the garden in a mess so they will sort that and also left so much rubbish a skip has been hired. I dread what the garden looks like now it's not my house it's an income.

    She is ok for me to get into the loft sat or sun better remind friend I'm coming down. Won't be able to take my clubs as Im filling the car with stuff I don't want to put into storage.

    That's it I think off to do some study one week behind on investment course.
    Save £12k in 17 no 93 £9750/£12k Pay off wasted money £2735/£10k
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