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

wynnvegas

Hi Waughc01,

Thanks for popping by. You're entirely right - we're in West Lothian. Our rentals are currently intended to be a wee bit up the M9 but we're considering Bathgate and Livingston as a market as well. Glad to hear it isn't overly problematic. We've been told that the best idea is to let property unfurnished with white goods only so that seems the likely road we'll head down. I doubt we'll end up paying the full whack for the agent as the Company we'll use is run by a friend of ours but we will need to have a wee look somewhere down the line as to how that's working out as £50 a month or whatever it will be seems a lot when there's a settled, long-term tenancy.

How often do you find people stay in your places? I suppose tenant merry go round is one of the main concerns about managing this type of thing myself.

Wishing you the very best of luck in your own mortgage free journey!

Cheers,

Billy

waughc01

Hi Wynnvegas,
This is a good time to buy as there are some really good bargains, but at someones misfortune.
We are finding tenants want a lease for a year as they know that there won't be an increase in the rent.
I have tenants that were my first tenants so three years plus, most of my tenants stay 18 months or more.
I am a layed back landlord as long as my rent money is in the bank, i don't bother my tenants, I have the gas/electricial checks done yearly and epc done as well. If they have a problem I try to the best of ability to have the issue fixed within 24 hrs.
As I say to my tenant I own the house but it is not my home, I allow them to decorate and upgrade the property as long as I know about it.
There is a lot to learn about being a landlord, you will get your fingerd burnt at times, it is a learning curve, but I really enjoy it and I have friends that hated it.
Good luck xx

lulabelle1

Hi Billy

Looks like everything is coming together nicely, you're a million miles ahead of me!

One thing I thought I'd mention, you've referred to a couple of flats but I can't see any allowance for ground rent in your calculations. Are the flats leasehold?

Best, L

unhappy_shopper

Wow! Amazing views and you have enough stones to build your own barn/stone henge

Good luck in your endeavours and I am glad to be of help (though inadvertently :rotfl:).

Tilly_MFW_in_6_YRS

Hi Billy, after a very long day clearing my relatives house, it was a joy to look at the pictures, the views are stunning and I could well imagine living there myself.

Good luck and I will be back in action more next week.

Tilly

wynnvegas

Hi Waughc01,

That's great. Unfortunate that to gain means potentially taking advantage of a sad situation or two but we've certainly learned a bit more on that front that settles my ethical concerns.

I'm completely with you on your approach to landlordying. A bit of basic respect and service both ways should see things go smoothly more often than not.

Cheers,

Billy

wynnvegas

Hi L,

We do have a space set aside in the spreadsheet (which is already growing arms and legs!) for ground rent but I've no idea how much we'll be talking about. I'll add that to my question list!

Cheers,

Billy

wynnvegas

Hi US,

A mini Stonehenge was my first thought when I saw the schedule. It could be a really exciting 48 hours and it's a little frustrating that it could yet go either way...

Come what may, your invitation to look at something daft started all of this! You've earned yourself guest of honour status at the grand opening.

Cheers,

Billy

wynnvegas

Hi Tilly,

Sounds like a bit of a day. Hopefully both rewarding and now complete! Billy's Grand Design will resume next week as well. Enjoy the rest of your weekend,

Cheers,

Billy

lulabelle1

Hi Billy

Ground rent/management fees are quite a significant cost, approx £60 - £75 per month on a 2 bed flat.

Love the plot btw, it's stunning!

L