Millionaire Challenge

spock007

Thanks for the alternative views on BTL.
It must be pretty tough-going, like a second job?
OK, there are a million resources out there but if I want to learn more, is there anything in particular you would recommend I read?

Thank you!

lessonlearned

Yes get a good tax guide. :rotfl:

Seriously before you start dabbling in property, whether it's flipping or BT! You need to get your head round the tax implications otherwise you can end up giving half of your profits away to the taxman unnecessarily.

I recommend one called How to Avoid,Property Tax published by the Tax Cafe, around £25 on Amazon - worth every penny. I can throughly recommend those tax guides. There is a whole series of them. They are written in plain English and are far easier to understand than any government website.

Of course you still need accountants but I strongly advise anyone who is even half way serious about making and more to the point keeping their money, to get their heads round the various forms of taxation.

Re "how to be a landlord". sorry I'm hopeless at links but if you go over to the House Buying Board there are some "stickies" pointing you in the roght direction. You will need to swot up on legislation, landlord obligations, tenants rights etc. I make it sound more complicated than it is - actually most of it is common sense but there are some legal absolutes that have to be followed to the letter, ie tenants deposits, health and safety checks etc.

You fall foul of these at your peril and Ignorance of the law will not stand up in court.......;)

Once you've done your research and gennned up on everything then you can start thinking about how you are going to finance it all, where to get the best mortgage deals, what kind of property, how to keep your tenants happy etc.

Don't be put off if it all seems a bit daunting at first, just do your research and take your time to get the basics right.

Had a call from my lady who sells for me, she has a nice little envelope waiting for me so that's a good start for February....

Spent most of yesterday going through mums clothes and effects. She has mislaid a ruby and diamond ring so I'm having to check every pocket, all the nooks and crannies in her handbags etc.

She has dementia bless her heart and I have been finding jewellery and valuables all over the house, diamond rings stashed in a gravy boat, necklaces in the tea caddy. ...... Knowing mum there will probably be a couple of bundles of cash stowed somewhere too.

Like a lot of her generation, she was caught up in WW2 and learned the value of always having ready cash and small portable valuables. Unfortunately she didn't tell us wher she has put them so it's like a treasure hunt.

At least my sons know wher everything is.

Whilst talking about valuables. A little tip from a loss adjuster after I was burgled a few years ago.

I now have a photographic record of my jewellery and any item that may be of value, ie paintings or porcelain, plus I am now fanatical about keeping receipts.....OK I don't have any great stonking Liz Taylor sized baubles or Van Goghs on the wall but my bits and pieces are still assets and they do add up.

DS2 updated everything a couple of weeks go because I am now having to store mums jewellery etc. and more valuable personal effects.

Plus my dad has just given me all his legal papers, deeds, wills, insurance policies etc for safe keeping. I think I need to buy a larger safe........

Right lunch break over, back to work....

Have a great week. Keep busy and stay happy.:D

Karmacat

Those are good tips, LL, on all counts. I did the photos thing a few years ago, but between decluttering and new purchases, my stuff is quite a bit different! Must do it again ...

Broken_Biscuits

i don't own any btls but did notice about 2 shelves of books on the subject in my central library. Worth a visit for free if its just an idea at the moment and you are not prepared to pay for books until you are sure.

spock007

All: thank you!!
I really appreciate all the help and advice.
Tricky one for me - my partner is a lot older and currently has a job - the dual income means we're doing ok, and her mortgage is paid off on the flat. We could stay here, buy a little house and put our money to work. Or while we're still both able, I can move just about anywhere in the world for work and we've always toyed with the idea of moving to Germany/Austria BUT this means we'd have to start paying rent, she'd have no income... basically we'd be sacrificing finances for quality of life (well, for a bit of adventure)! I just can't decide which path to take as you only live once, but I'm so money-minded..

lessonlearned

What does your partner want.........

Time to think outside the box. How about commuting ......

We had an apartment in Spain. We could leave the UK on a Friday afternoon flight at 5.30 and be in our apartment by 9.00 pm

You can have the best of both worlds if you play your cards right.:rotfl:

lessonlearned

Biscuits - just thought I'd drop in to wish you well in your new job today. Hope you have fun.......did you find some nice new flash gear to impress them. :rotfl:

Thought you might like this little snippet for a miserable winter Monday morning.

I was reminded me of the old adage that you should always dress to impress and that when it comes to work you should dress for the job you aspire to and not the one you might be doing already.

Have you heard of Anna Wintour, the editor of Vogue. She has a reputation of being a bit of a battleaxe and her nickname is "Nuclear Wintour" - presumably because she is such a warm and fuzzy person:rotfl:

Anyway, she is good at her job and has got to the top of her industry, Vogue is still the go to magazine so it follows that Wintour is Top Dog.

Apparently her mantra is "if you can't be better than the competition, then dress better".

Today I am sanding down and oiling kitchen worktops, so my dress is decidedly "trades" rather than "Managing Director".;)

Broken_Biscuits

cheers.. Yeah dressed up all swanky. Spent a £100 on new office gear but it seems they have a fairly relaxed dress code. Certainly no ties required. Ah well..

got a really nice feel for the place. Its only day one but i like it.

droopsnoot

lessonlearned wrote: »

...and that when it comes to work you should dress for the job you aspire to and not the one you might be doing already.

That's certainly true, but you do have to be careful how you go about it. As my colleague remarked as I passed him sitting outside the HR Manager's office in his Batman suit.

lessonlearned

droopsnoot wrote: »

That's certainly true, but you do have to be careful how you go about it. As my colleague remarked as I passed him sitting outside the HR Manager's office in his Batman suit.

Brilliant.:rotfl: :rotfl: