Mortgage Free - so good they'll do it twice! Wynnvegas aiming for the big house

Froggy-G

wynnvegas wrote: »

Afternoon All,

Less freaking out today. Mortgage offers are confirmed and everything should go through today or on Monday at the very latest. Properties 2 and 3 on the horizon!

Cheers,

Billy

Can I have the keys to my new rental house yet?

Froggy :rotfl:

wynnvegas

Mwina Froggy,

You can have a 3-bedroom (now being done up) semi-detached house in Whitburn, a 2-bedroom ground floor flat in Bathgate or a 2-bedroom first floor flat in Broxburn. I now need tenants!

Cheers,

Billy

Froggy-G

wynnvegas wrote: »

Mwina Froggy,

You can have a 3-bedroom (now being done up) semi-detached house in Whitburn, a 2-bedroom ground floor flat in Bathgate or a 2-bedroom first floor flat in Broxburn. I now need tenants!

Cheers,

Billy

Can I have something a bit more local to me please?

I have two viewings tomorrow, so hopefully its a good sign..

Cheers
Froggy

Froggy-G

Billy

I know you are trying to raise funds quickly for the big project but charging £7600 per month rental to the good people of Whitburn is a bit steep, don't you think?
http://www.rightmove.co.uk/property-to-rent/property-37098593.html

Froggy

wynnvegas

Froggy-G wrote: »

Billy

I know you are trying to raise funds quickly for the big project but charging £7600 per month rental to the good people of Whitburn is a bit steep, don't you think?
http://www.rightmove.co.uk/property-to-rent/property-37098593.html

Froggy

Omna Froggy,

Just shut it and pay up or the boys are coming round! "Good landlord" was wearing a bit thin....

I'll have you know that's a veritable bargain compared to what I'll be charging the hapless saps of West Lothian in short order!

Cheers,

Billy

SomersetSaver

waughc01 wrote: »

Hi Billy,
Can't remember if I said to you that you can claim mileage (petrol money) through your btl business, keep a spreadsheet for mileage with your coming and going to the houses and when out buying for the propertys.
Would still try and get some money out the lawyer, they mucked up not you. Also you are planning on buying more houses in the future, they need the work from what I hear !!!!!
Try and keep to a budget I know it is easier said than done at times, your have some big jobs to do with a rewire, bathroom and kitchen. Shop around there will lots of bargains to be found. Good to hear your getting your hands dirty and getting stuck in with some of the jobs. This is the part of being a landlord that I love, when your ripping the guts out of a house and doing it up. How long do you think it will take you and your team to do the house up? When I get a house for the first time I always say it will take a month to turn it around and have tenants in. Take your time, enjoy the next step in becoming a landlord and don't rush things it will all fall into place through time.
Take care
Waughc01

Making my occasional foray out of lurkdom, as am enjoying your journey into BTL a lot....wish I had the capital (and guts, if I'm honest) to do something similar!

Don't forget you can't offset most of the "improvement" costs you're making against the tax, unless they can be classed as maintenance - which HMRC say are expenses that prevent the property from deteriorating. It doesn't mention electrics specifically in there but don't know if you could somehow wangle that as a maintenance item i.e. would the house burning down due to dodgy wiring count as preventing pretty serious deterioration?!

Couldn't find anything on the HMRC site about costs associated with improvements so would you really be able to claim the mileage, phone calls, stamps etc related to those?

Good luck with the work though; must be even more stressful doing that kind of work for a BTL as every day's delay is potentially lost profit. Sounds like you've got it well organised so fingers crossed it goes smoothly and the other purchases go through too.
SS

wynnvegas

Thanks SS,

Having all the fun of the fair with the BTL piece but it's taking a lot of time and effort to get everything running. Should see significant progress this week and, if that all comes off, we'll be able to relax a wee bit. A lot going on just now and I'll try to get a wee update up later on tonight. I'm repeating every day that "everything is a repair - nothing is an improvement"!!

Had a good chat with the guys at HMRC. They have confirmed that there is a lot of aspects that can be reclaimed. The electrics seem fine and it's definite that costs directly associated with the letting such as fuel to and from the houses is offsettable.

Cheers,

Billy

Tilly_MFW_in_6_YRS

Hi Billy, just checking in to see how the land of B2Ls is doing? Are you on your 6th now?

We have switched to FD so I am in happy spreadsheet land - loving every minute.

Hope all is going well for you both, best wishes Tilly x

Froggy-G

Update please!

unhappy_shopper

Hope all is going well in doohnibor land :-)