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buying a second house to let,waht would you do for the best.
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thats the plan tassoti,
so u rekon borrow just enough for estate agent fees & deposit.
i went to see morgage adviser (independit broker) & they advised to borrow as much as poss to put down on the rentle pad!what do you think?0 -
Did they give a reason for this? Tax implications, better rates on LTV?
You could release all available funds from your main residence and get several deposits together, and build up a portfolio.
If you can get these returns on several properties (and this isn't a one-off deal) then I would be tempted to do that.0 -
deano72 wrote:ok the deposit would not be a problem as i could pull this from my current house.
as for a steep rentle price,its not what you know,its who you know.this figure is a fact,so thats all there is to it.cheers
Just bear in mind that this "who you know" may not be renting the house forever. Then, you would need to find another tenant and probably just get the market rent.
I suggest you do the figures assuming you simply get the market rent and then see if it's affordable. If you get more, then that's simply a bonus.
Though I don't really understand why someone would pay more than the going rate ... but there you go
Warning ..... I'm a peri-menopausal axe-wielding maniac
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Are you getting the house cheap or the getting more rent than the going rate?
Just as a comparison I pay £550 rent on a house valued at £180,000. Or are you going for the cram as many students into the smallest space possible type house?0 -
no i dont think they gave a reason (if they did iv forgotten,it was 3 wks ago now)
im goin to see another one tomoro so the more info i can go in with the better.
as for buying a few, im not really into property investment,there would probably be millage in it in another six months but not rite now.0 -
yes students0
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Thats makes more sense.0
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In that case, are you aware of HMO (Houses in Multiple Occupancy) rules and regulations?
Considered void periods during holidays?
Lots to think about when letting to students (shared houses in general)0 -
deano72 wrote:yes students
So will it be fully let, 52 weeks of the year, every year, to full capacity?Warning ..... I'm a peri-menopausal axe-wielding maniac0
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