Millionaire Challenge

droopsnoot

Thanks Kaya and LL, I did reply yesterday but it timed out twice and each time I re-typed it, I figured it was less and less of useful post. I guess I just worry that I'm looking at BTL because other people do it, not necessarily because I want to or should.

Kayalana99

I suppose watching my Dad dealing with B2L's I don't find it that scary. If it's something you are not interested in why force yourself to? but the way I see it, it's a low risk investment that in long run not only pays you a monthly income but gives you a lump sum at the end (depending on your mortgage, one thing I never agreed on with my Dad is a lot of his properties are interest only.)

It's win win, their are some admin side to it but same with any investment and you can always pay an agent to sort most of it out for you.

My Mother in law has just had her house valued at 145k, I'm not saying it's not worth it but it has it's flaws and if I had 145k I know that I wouldn't buy that house...I worry they won't sell it as fast as they would like but we'll see how it goes. (I'm actually really surprised as one a bit further down street sold for 110k and I can't see what the difference is personally.... I think hers is more well decorated but she has only spent less then £200 getting it to how it is now)

lessonlearned

droopsnoot wrote: »

Thanks Kaya and LL, I did reply yesterday but it timed out twice and each time I re-typed it, I figured it was less and less of useful post. I guess I just worry that I'm looking at BTL because other people do it, not necessarily because I want to or should.

If it's not for you then don't force yourself to do,someone you are not comfortable with. I'm sure you'll find something more suitable in good time.

Kay - interesting comment about your MILs house. Ive noticed that a lot recently. All of a sudden asking prices are increasing by £30k on what is really just an average terrace house or semi. Bonkers. Obviously they will not realise those asking prices, people aren't that daft.

I notice you too are in the Midlands. I honestly don't think there is any justification for those asking prices, the market is brisk but not white hot!!! The sensibly priced ones are attracting interest, the overpriced ones just languish.

My dads cottage originally went on the market in January 2014 at £125k, a sweet little house with bags of potential but it needs £20k min spending on it. I told him he was in cloud cuckoo land.

Well it sat there and sat there getting damp and even more run down. He's just sold it at £101k. If he had put it on at £110k in the first place it would have been snapped up but because it stood empty for 15 months it just fell into to a worse and worse state.

Greed, arrogance and plain stupidity - a lethal combination which has cost him £9k.

Your MIL ihas definitely done the right by investing £200 to get the house ready to market, but alas I doubt she will get the return she is Hoping for. It does sound a bit ambitious.

I did try and get dad to spend a bit, even tried to get him to leave some oil filled radiators on low (no central heating) to keep the house from getting damp but he just refused and said it would cost him money for the electricity.......yes it would, say around £100 but at least the plaster would have remained dry and stayed on the walls :rotfl:

But hey what do I know, I only spent 30 years flogging houses!!!!

donsha11

Thats how i feel sometimes too!

MikeR71 wrote: »

I don't think you are mad. I think you can definitely do it if you have the right ideas and work hard.

My problem is the idea. I am prepared to put in all hours of work but I don't have any ideas.

Kayalana99

It's a 3 bed semi detached, the house is not much bigger then ours(we got ours at 86k, we are so lucky I love our house for the price but it's because their must be 150 of this exact same house built all running up the back so I believe that's why the price is so low as most streets you don't get the same house on), def bigger but not my much. The only big plus is that they have a massive garden and massive front, but the kitchen is tiny! Smaller then ours, guess just going to see how it plays out you never know.

I know this will be really easy to sell to, it would make an ideal B2L or first home for a family or even a retired couple since both neighbours are retired and staying their for life now...I'm crossing my fingers for her.

I've turned my shop off as I have an order of 250 KR's to finish by today, got so much little stuff to do but it's got to me done.

lessonlearned

Kay - I can't help but notice that you are awake very very early. I guess you can't sleep because you've got ehat my son calls "brain whirr"

I hope you manage to get some time to just chill and prepare for your wedding. I hope you have a glorious day.

thegentleway

Hi Kay, good idea turning the shop off and taking the time to enjoy your special day!


I'm at the kitchen and carpet fitting stage; have you guys got any advice? Looking at Howdens 15mm carcasses with a free standing cooker or should I stick to 18mm and integrated oven? it's going to be a student let so I'm guessing they are going to break everything regardless so needs to be easy to fix, repair and maintain. For the carpets, I was planning to use some underlay but not sure if I need to lay hardboard on top of the floorboards first? Apparently it's important to make sure the surface the carpet goes on is flat or the carpet scuffs, not sure if this is as important if you have underlay? What about the lino in the bathrooms, is external ply under the lino good enough or should I get marine ply? As you can tell I have no experience so hoping to learn from you guys! Thanks, Tom

lessonlearned

Hi Gentleway

Some interesting questions.

Not being funny but I am not sure that I would put a hoŵ dens kitchen in for students......can you find anything cheaper or are you getting a nice hefty discount.

The cooker, makes no odds really, they won't clean it anyway. Perhaps a slot in is easier to replace if it gets trashed. Go for prqcticwal worktops, not too light a colour because they will get heavily stained.

For the bathroom, definitely marine ply. Ask your carpet fitter about whether or not you need anything under the carpets.

Re the carpet, have you considered laminate - at least for the lounge and high traffic areas such as halls. It has more staying power than carpet.

Don't spend a lot of money on floor coverings, it's not going to last five minutes no matter how much you spend. Oily bikes in the hall, car engines being stripped in the lounge:rotfl: ........I kid you not.;)

Be prepared and don't be too precious about anything.

The golden rule when letting out is never leave anything in the house, or garden, that you would be upset to lose or have damaged.

thegentleway

Thanks, that's really helpful!

Can find cheaper flat pack kitchens from Ikea for example but have been told they are not as solid. I've got a discount but not sure how good it is. Estimate was £1.6k for about 8 base units and 4 wall units, sink, extractor hood, handles, etc... Worktops are black.

I'll get marine ply. I assumed carpet fitter would recommend whatever is easier for him, not nessecarily most cost effective for me!

Yes, I was thinking laminate in lounge and hallway and carpet in landings and bedrooms.

Not prepared but I'm sure I will learn (the hard way), no going back now!

Thanks again for the help! Much appreciated!

lessonlearned

Sounds like a good deal on the kitchen. We've got a Howdens one and its pretty robust.

Sounds like you are pretty well sorted and organised. Good luck.

Well I spent a huge chunk of Thursday making a start on my parents cottage and yesterday took a first car load to the tip. Back again tomorrow and then Tuesday. There's a lot of "not sures" so I will just box them up and put them in the cellar for now. Once I have found a place of my own I can then decide what to keep and what needs to be sold.

I have booked a trip to Edinburgh in a couple of weeks time to see FIL for what will realistically be a last goodbye. He's 93 and getting very frail and dementia is gaining a hold now but ive been told he will still know me. He has started talking about his death, making his wishes known so I think he's ready now to let go. I hope he can just slip away soon so that he is saved from the worst horrors of dementia.

So as you can imagine - not much money making goIng on here.

Never mind I'll just have to try that bit harder and catch up later. At least I'm being reasonably good and not spending too much, although a bottle of gin and several bottles of wine found their way into my supermarket trolly this week.

Well - they were on offer - it would have been rude not too.;)

Have a great weekend.