New to buy to let

Hughesy84

T.A.D - Im here asking for advice not a lecture in business plans or anything like that.

I do however have 1 current business for which I did a business plan...so a business plan wont be an issue - thanks. Im fully aware of interest rates and the like too.

Im doing some serious research !!!!!! - today I decided to start asking questions about BTL & the rules, on a useful forum where advice is sought daily from field experts....so what did I do wrong there???..... how about you just get back in your box?

CloudCuckooLand

In view of the other clever idea that the OP has had, I would think this one will also be a sure-fire winner.

https://forums.moneysavingexpert.com/discussion/2217893

mystic_trev

CloudCuckooLand wrote: »

In view of the other clever idea that the OP has had, I would think this one will also be a sure-fire winner.

https://forums.moneysavingexpert.com/discussion/2217893

:rotfl::rotfl::rotfl:Perhaps the OP might be interested in my Ostrich Farm idea? Although he appears to have his head stuck up his @!!!! as well as in the sand!

ladymarmalade1970

Normally when you get a BTL mortgage the rental income has to be 130% of the mortgage payments (or something like that). The other main difference is that the interest rate is higher and they are more complicated as if you have other properties they need to know all the details of those as well. You will also need to put more money down.
If i were you though i would DEFINITELY invest my money in property unless there is some reason that you think you won't be able to rent them out OR that area is depreciating in value quickly.
If you are looking for a long term investment > 10 years then do it.
There is a lot of truth in the old saying "safe as houses" and people will always need somewhere to live...
I have properties. I didn't do a business plan and yes i have had some bad tenants but i have learnt along the way and would still recommend it. I would urge you to learn as much as you can because it can be very stressful learning on the job so to speak....

G_M

Hughesy84 wrote: »

T.A.D - Im here asking for advice not a lecture in business plans or anything like that.

I do however have 1 current business for which I did a business plan...so a business plan wont be an issue - thanks. Im fully aware of interest rates and the like too.

Im doing some serious research !!!!!! - today I decided to start asking questions about BTL & the rules, on a useful forum where advice is sought daily from field experts....so what did I do wrong there???..... how about you just get back in your box?

And you've been given advice. Sound advice. To do research and fully understand the business you're planning to get into.

You've also been pointed at a huge number of resources where you can do that research.

Your original post doesn't really indicate that you are " fully aware of interest rates"

No one is 'in their box'. You risk losing a lot of money, breaking a lot of laws, and upsetting a lot of innocent people (your clients) if you do not go into this fully informed, and you've had 'field experts' here show you exactly how to find out about "BTL and the rules".

!!!!!!? Hmmmmm.....

myhouse_2

Be aware that maintenance costs on your houses could be significant and will most likely be higher than you expect.
Also remember there could be times when 2-4 of your houses are empty and earning no rent. You should also be aware of the danger of really bad tenants and what you need to do to get them out.

highrisklowreturn

myhouse wrote: »

You should also be aware of the danger of really bad tenants and what you need to do to get them out.

The Paramilitaries.

darkpool

You have a salary of 28k and you and your missus manage to safe 2300 a month?

Hughesy84

darkpool wrote: »

You have a salary of 28k and you and your missus manage to safe 2300 a month?

£0 debt & no mortgage. And a nice lump sum waiting to be invested.

The other post that was linked in by someone further up :rotfl:that was around a lottery type thing that id seen done in another country and just wanted to understand the rules.

I appreciate all advice, I just dont appreciate people looking down on me because my knowledge on a particular subject isnt up to theirs :T