come into some money - BTL to secure my future?

chucky

chucknorris wrote: »

I don't really understand what he meant by stuck to be honest chucky, Reno man has taken it to mean too much time managing them, is that how you took his comment?

My wife works full time and I work 80% of a FT job and we cope ok.

i don't think he understood either - it was a sound bite.

i'm sure someone will pop along mentioning capital losses but they don't really understand the concept either...

with stagnated property prices and rents rising yields can only get better. increasing yields is what investments are about...

so when property prices rise you sell and the capital gains will be an additional bonus...

abaxas

chucknorris wrote: »

28% atm chucky

What happened to taper relief on CGT?

Just with so many tax changes over the last 2-3 years, I man have lost count!

abaxas

One final point about being a company director.

Nothing can destroy you credit rating faster than saying you are one!

chucky

chucknorris wrote: »

28% atm chucky

fair enough - i had assumed it went to 40% in line with income tax.

i'm free of CGT so happy days

chucknorris

abaxas wrote: »

What happened to taper relief on CGT?

Just with so many tax changes over the last 2-3 years, I man have lost count!

They abolished it along with indexation when they lowered CGT to 18%. I don't think a return of some form of taper relief can be ruled out in the future but obviously not for quite some time.

ps what is this about getting 'stuck' by having 5 or more properties?

LisbonLaura

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.

The evidence that the UK has insurmountable problems is there for all to see, if they wish to. It has nothing to do with prediction, & everything to do with painful conclusion.

Pimperne1

anorthosite wrote: »

But your not providing the property, not really. Without the builder there's no property. Without the architect there's no property. Without the plasterer, the electrician, even the stone mason, there's no property.

What's your role in this? Buy it up using cheap credit and take a cut from the rent? You don't contribute anything, landlords never have.

Bit of an old chestnut this one. I am providing the property by investing my deposit in it in just the same way as you would be if you were buying your own. In investing my deposit I am removing the risk from people who are convinced that the market is going to crash and who are not prepared to put their money in the balance (you must admit there are plenty of them around - I know a guy from Edinburgh who admits he could have bought in 2005 and is now kicking (not himself but everyone else who had the courage of their convictions)).
I would like to be behind you when you go to rent a car "But you're not really providing this car, what about the manufacturer, the salesperson, the insurer, the mechanic". "Yes Sir, now **** off, you are not having one of our cars, save up and buy one of your own if you feel so strongly about it". Only joking.

Pimperne1

LisbonLaura wrote: »

The evidence that the UK has insurmountable problems is there for all to see, if they wish to. It has nothing to do with prediction, & everything to do with painful conclusion.

You were doing okay up until "insurmountable". I, for one, intend to assist in helping the country surmount them and I think the majority of the good quality people in this country feel the same. As for your painful conclusion you could replace with "my wishful thinking".

wotsthat

abaxas wrote: »

People forget the most important down side of BTL.

Once you get to 5+ properties you are stuck in the system and it can be next to impossible to bail out/sell up. If you cant liquidate your 'pension' and cant be bothered to service it, how are you going to get out?

Do people really think they want the faf of no incoming when you are 80? Be serious here.

Oh what a terrible position to be in - I just can't imagine how difficult it must be to get to retirement with 5 properties paid for and tenants paying rent every month.

LisbonLaura

Pimperne1 wrote: »

You were doing okay up until "insurmountable". I, for one, intend to assist in helping the country surmount them and I think the majority of the good quality people in this country feel the same. As for your painful conclusion you could replace with "my wishful thinking".

Laudable. May one ask in what way do you intend to assist?

Trying to turn this messenger into the villain with a nasty remark does not alter the truth; & all because you don't like the message. Some things just do not change.

Insurmountable. DYOR.