£14310 off mortgage 2010 lets make 2011 better

Sepa74

It's amazing how people can have such different definitions of 'necessities', isn't it!

I hope you got the laundry sorted before you went away, would have been such a shame if you'd ended up taking loads of laundry with you!!

sarahevie

Washing machine is still soldiering on:j

Had a great four days away with my mum and the kids.

Issues at the rented house, the radiators need bleeding, now I am not averse to doing it ourselves DIY style with the radiator key - however this isn't good enough for tenants. So have decided to get a professional in 'bye bye' £100.

OP pot now stands at £8600 - but there's a house that has remained unsold after auction and I'm going to have a look at it - considering re mortgaging to buy another rental.

Long term would def be the best bet, increased income short term, equity to pay off home mortgage long term. Issue is increasing mortgage debt to do it, tenants from hell, more expensive maintenance etc

sarahevie

Another no spend day here:j

CathT

It's weighing up the pros ans cons isn't it. I know being a landlord has its problems but your rental income gives you a nice OP pot. You'll have a property empire before you know it!

Well done on the NSD's

Brodiebobs

Sounds like a good plan if you know what your doing, and it seems although the tennants in the other house are a bit of a pain your in control.

Wish i was brave enough to do it!!

sarahevie

I wish I was too, my head says I've got nearly 5 years experience of landlording etc. Good investment I know the returns have enabled the OPs new car, plus me largely being a SAHM.

Yet I've also seen friends fold, repossessions and whatever happens 'you' have to meet the mortgage payments even when the tenants don't pay.

Brodiebobs

Thats what scares me too. Although in my head, the mortgage we would be looking to take on would be less than we OP every month, so know its affordable. Guess i'm just naturally risk adverse!

The bad tennant thing scares me too, but if you do all the thorough checks it shouldnt be an issue.

sarahevie

38 hour working week this week, it's getting busy in the shop I work.

Overtime will come in handy as Nov is my tough month, with

a) car tax paid:j
b) car insurance (quotes awful so far despite another year no claims)
c) home insurance
d) car service

sarahevie

Very expensive weekend, DD2 has had to have an op on her nose. Was a bit tough going. Spent a 16 hours at the hospital so spent A LOT on magazines, snacks, drinks, prices were extortionate - but she's fine which is the main thing.

Sepa74

Oh dear Hospitals are horrible, but I'm glad she's OK - as you say, that's the main thing.