Change of Career/life direction, what do you think?

bobsa1

Any views on the following really appreciated.

I currently work in housing for a local authority. Due to a restructure my post is being deleted. This means I could face redunancy (unlikely as a no redundancy policy) but I am very likely to be placed in a job I don't particularly want.

Head of the service has seen me and asked me to apply for a higher scale job, said lots of flatering things, however I have 3 dd's and I don't know if I want even more responsibility at work (a senior position already)

As a couple dh & I have 12 buy to let properties with quite a lot of equity in them. We have managed them ourselves for 4 years and because of my job I have quite a lot of knowledge about housing.

We are considering purchasing some more buy to lets (we are in the North of England so the figures still stack up) covering my salary this way and me having the management of our properties as my job.

I really would appreciate peoples views.

I don't have to do all or nothing, as I work job share, so could gradually build up buy to lets planning to leave work within next 12 months, or get my head around new roles and put all my effort into that, or look for something totally different or go to another LA.

My head is full of these issues and so I'd really appreciate any ideas.

andycarmi

Wow I would love to be able to manage my own properties!!! Will you always think "what if?" If you don't do it!

I would get a piece of paper and write down the pros and cons for all your options.

Dora_the_Explorer_5

What a wonderful dilemma. Only thing I'd suggest is to figure out where you want to finish up in terms of lifestyle/cash/age then do a combined action plan/business plan, working backward to where you are now on each of your options. Good luck.

Davidboy

Slightly different circumstances, but had the same discussion with my daughter a while back. Didn't know what to do for a job, or what to do at uni, so my suggestion was/is why don't you do something that interests you, something you really want to do. We spend most of our lives working, make it a worthwhile one. I know most people don't get a choice, but in your circumstances seems you could!!

By the way my daughter chose to do a degree in Wildlife Conservation with Zoo biology, she is off to South Africa to the big national park there as a volunteer for 3 weeks, and when she goes to uni in Sept, she will get loads of chances to work abroad. She cannot wait to start. Always had an interest in animals and their protection, been a vegi for many years. So looks like she will doing as I suggested, working at something SHE wants.

Hope that helps,

D

AuntyJean

I only have two properties (and mortgages to go with them which I will never be able to pay off in my working lifetime as I only have 15 working years left).

Personally, I cannot think of anything worse than managing the properties, they are a constant headache, trying to remember when things are due (eg gas certificate), waiting for a call to say something has gone wrong (drains blocked, aerial not working). One of these is a holiday let which has to be redecorated every year and inventory maintained (knives, forks etc., crockery, bedding....). This is my first year of having a BTL and luckily I have a good tenant so hopefully I shouldn't have too many problems.

I would imagine that looking after several properties would be a full time job and one I would hate.

My job is mundane but I have no chance of getting into the job I would really like which would be a computer analyst. I went to night school at 32 and learnt programming in BASIC. Everyone I turned to said I was too old or needed a degree. Didn't have the money to go to college so ended up taking any old job that paid so I could save to do a part-time course. Somehow I never got round to it (for various personal reasons).

If you would enjoy managing your properties I would go for it but, I would leave that decision until after you have tried the alternative position being offered. You could always resign later or, look for a part-time job elsewhere of your choosing.

My OH found it quite easy to get work through agencies after recently being made redundant.

Use the property management as a fallback if the others don't work or come into fruition. Suggest you give it a deadline and stick to it.

Good Luck

bobsa1

Thanks to all posters. To be honest I haven't looked at it from the angle you are all seeing it (bit of a negative personality)

Yes I suppose this is a real opportunity to do something I want to do rather than have to do.

We should probably start getting a few more buy to let's so if I do leave we have a fall back position.

The opportunities at work start coming on stream next month and will keep happening for next 12 months, so I could give myself a deadline of next May for leaving or staying.

Any further views very welcome

sheeny_2

Wow, you really seem to be embarrassed with choices, at first glance.

However reading between the lines of your post, do I sense a reluctance to give up the day job to concentrate on managing your buy to lets?

Perhaps you're nervous about keeping another string to your bow, so to speak, to help repay the mortgage/s or loan/s you may have?
You don't mention how much rainy-day money you have to fall back on.. the more, the better IMHO.

You say your day job is in a housing department - is your dh involved in housing/construction/development too?
Perhaps you are feeling nervous that you have too many eggs in the 'housing market' basket right now.

Sorry if I've given you more questions than answers! But I'm sure many people reading this would think "OMG she's loaded, what's she worrying about?"

coolio_2

Before I unleash my words of wisdom, how stretched are you currently with the buy to lets you already have?

bobsa1

Sheeny, my DH is self employed and being a bit of a cautious sole I have always liked the idea of at least one steady salary coming in.

We have enough rainy day money to cover my salary for 1 year but then I always think what happens after that!

In terms of mortgage against equity we have approx double the equity in the properties to the mortgage and rental yield is between 30 & 50%

At the moment DH does the management of the properties but he is quite stretched so we will have to make a decision on management agents if we buy any further properties and I don't get involved.

I also think that a bit of a character flaw I have is that I might find leaving employment a bit strange and that it will seem like accepting I will not be a success in the world of work(bit mad I know but I'm part of the women can have it all generation, when in fact I don't know think they can)

Sorry for the long post, bit of a ramble

coolio_2

Well I guess if your OH is stretched then it is time to make a decision. How about you go for these other jobs, and give them 6 months and decide whether it really does then come to push or shuff with regards to the properties.

You then will have to make a decision to stop adding/sell a couple, or quit your job and build up the family business.

If you have one years salary then surely if the worst happened you can sell a house or two.

Are you not excited at the prospect of working with your OH?

bobsa1

Coolio, thanks for your post. I think waht you are suggesting is the most sensible thing to do and I know I sound a bit pathetic.

I think I probably worry about money and the future far more than I should and yes working with DH would be great but I think he would probably stop being so involved and concentrate on his other business.

It may appear as though I am lucky to have the choices and I know I am, but I worry about the future massively.