come into some money - BTL to secure my future?

The-mouth-of-the-south

I am just out to make money to support me in my lifestyle - I spent the last 9 years of my life renting (30 next yr) and its now time for me to be the mr big (BTL LL).

The one thing that worries a bit is having people ring me up for repairs - I plan on making sure things are nice when they move in but I dont want them messing the place up. Id rarther let to a family as if they have kids and I tell them before hand any guff and there all out they should if they care for there kids keep everything in check.

92203

Currently staying with family over Christmas/New Year. I've just shown my uncle some of the responses to this thread.

He laughed his head off and has asked me to type the following ;

"To all those who lambast BTL Landlords, I have been in this business for over 25 years, and over the past 15 it has been my primary income. I worked hard to secure my first (residential) property and took risks in investing in subsequent properties. I cannot be held responsible for other people not owning houses. Rather than criticising landlords, people should be looking at why they can't afford their own houses. The answer is very close to home (excuse the pun) - they should work harder. Landlords actually provide a valuable service to those too !!!!less and unmotivated to have the means to purchase their own properties."

The-mouth-of-the-south wrote: »

The one thing that worries a bit is having people ring me up for repairs - I plan on making sure things are nice when they move in but I dont want them messing the place up. Id rarther let to a family as if they have kids and I tell them before hand any guff and there all out they should if they care for there kids keep everything in check.

A bit of advice from my uncle - one of the properties he lets out has some cracked kitchen tiles and a leaking bath - the property has been like this for several years (and tennancies).

Don't bother repairing things too quickly (if at all), as the tennants will most likely forget or move out before it becomes much of an issue to them.

If asked about the faults by any propspective tennants, just promise you'll get them done, and then conveniently forget.

Graham_Devon

92203 wrote: »

"To all those who lambast BTL Landlords, I have been in this business for over 25 years, and over the past 15 it has been my primary income. I worked hard to secure my first (residential) property and took risks in investing in subsequent properties. I cannot be held responsible for other people not owning houses. Rather than criticising landlords, people should be looking at why they can't afford their own houses. The answer is very close to home (excuse the pun) - they should work harder. Landlords actually provide a valuable service to those too !!!!less and unmotivated to have the means to purchase their own properties."

I laughed too.

My computer says

RenovationMan

Thrugelmir wrote: »

Capital repayments are made out of after tax income. So not quite as simple as you suggest.

The more recent growth in BTL seems to have been focussed on rapidly rising property market to obtain a captal gain rather than any long term plan as to how the mortgage was going to ever be repaid.

There are generous allowances that can help cover the property repayment without having to declare any tax.

RenovationMan

LisbonLaura wrote: »

It is a crazy idea. Both property & the currency it is priced in will be in decline for at least one decade & probably two.

LOL, I love these far sighted predictions. Only on this board are people so sure of the future, it makes me wonder if everyone is psychic.

Great stuff.

abaxas

RenovationMan wrote: »

LOL, I love these far sighted predictions. Only on this board are people so sure of the future, it makes me wonder if everyone is psychic.

Great stuff.

No need to speculate, it's been happening since the 60's.

Not that previous loss in purchasing power means it'll continue on it's downward spiral.

Thrugelmir

RenovationMan wrote: »

There are generous allowances that can help cover the property repayment without having to declare any tax.

Tell me more.............

geneer

Pimperne1 wrote: »

I've bought and sold lots of properties over the past 10 years and the vast majority have made money (anyone could have done that though). I bought a couple of small flats (using some profit from previous purchases/sales and one of them being to move my daughter upmarket) and expect to make a small loss on them next year when I sell (and if the realised loss is not small then I shall keep them as they pay for themselves and BtL mortgages are no longer easy to come by). If anyone had seen my admission that I might lose some money on property (refreshing Eh?) they will see that I am only selling them because they cause me some hassle being one of the only interested owners round the area and I get called for all minor repairs/problems (the management company being worse then useless).

Come now pimp. Given that it would have been difficult for you to buy any closer to peak, a loss can only be expected.

You also bought yourself another bargain at the peak of the "recovery" didn't you?

You do seem to have an uncanny ability to time the market. :T

Pimperne1 wrote: »

Geneer, on the other hand, has never bought a property (when he admits he could and should have).

Well I hear theres a couple of flats going cheap down in portsmouth. :rotfl::rotfl::rotfl:

anorthosite

Pimperne1 wrote: »

11 posts in 4 years. You should be contributing more with this degree of insight (incidentally are you currently renting from a landlord or a parasite?).

Ah, the old "I post on here more than you" defence.

And the answer's no.

chucky

with stagnated property prices and rents rising yields can only get better.
when property prices rise, capital gains will be an additional bonus...

those that tell you it's not are people that believe that fixed rate mortgages are affected by inflation, they're not very intelligent...