Renters- Please pay for my property

doire_2

Dan: wrote: »

whats up doire?

Nothing. Im in a good mood

reweird wrote: »

I've an idea why don't you change your sockies.

The king of sockies speaks. Name one i have? I dont need to come on here with multi monikers and talk up my argument.

Dan:_4

doire wrote: »

Nothing. Im in a good mood

Good man. :beer:

MrRee_2

Let me get this straight in my head .....

1. Buy House for £100k

2. Use a £75k Mortgage, Interest Only.

3. Find a numptie and offer said house for £800/month - £9,600 per year.

4. Assuming, of course, numptie actually goes for it when they could buy their own ....

5. Hold for 25 years - numptie will have paid you a minimum of £240,000

6. Sell house for £200,000 (a very conservative 4% a year)

7. Pay off original £75k

8. Keep £125k - pay any tax due

9. So, what you are saying is "You cannot lose"?

10. Chuck numptie onto street to rent again ........

I like it, I like it A LOT!!

dealer_wins

I can see all the lightbulbs illuminating around the country as people read this thread

andybenw

MrRee wrote: »

Let me get this straight in my head .....

1. Buy House for £100k

2. Use a £75k Mortgage, Interest Only.

3. Find a numptie and offer said house for £800/month - £9,600 per year.

4. Assuming, of course, numptie actually goes for it when they could buy their own ....

5. Hold for 25 years - numptie will have paid you a minimum of £240,000

6. Sell house for £200,000 (a very conservative 4% a year)

7. Pay off original £75k

8. Keep £125k - pay any tax due

9. So, what you are saying is "You cannot lose"?

10. Chuck numptie onto street to rent again ........

I like it, I like it A LOT!!

Winner:beer:

nembot

MrRee wrote: »

Let me get this straight in my head .....

1. Buy House for £100k

2. Use a £75k Mortgage, Interest Only.

3. Find a numptie and offer said house for £800/month - £9,600 per year.

4. Assuming, of course, numptie actually goes for it when they could buy their own ....

5. Hold for 25 years - numptie will have paid you a minimum of £240,000

6. Sell house for £200,000 (a very conservative 4% a year)

7. Pay off original £75k

8. Keep £125k - pay any tax due

9. So, what you are saying is "You cannot lose"?

10. Chuck numptie onto street to rent again ........

I like it, I like it A LOT!!

I think we've all got it pretty straight that you're a f'kin idiot.

IveSeenTheLight

andybenw wrote: »

I have an idea.

I will buy a house with a mortgage.

Then I will rent it out.

Renter pays my mortgage and maintenance costs.

After 25 years mortgage paid.

Now I sell property and cash in. Huzzah- sweets off a child.

In my experience, if you utilise the profits to pay down the mortgage, you rapidly repay in less than the 25 years.

Alternatively you can take the profits and invest elsewhere (still with the plan to pay off the mortgae earlier)

Conrad

Numptie pays off your debt.

After 25 years you have an income producing asset for life, and get this, for eternity if you pass onto your kids and they in turn. Imagine the rent.

Voids and costs are perfectly manageable in all but extreme cases.
I know a guy who let a bungalow to the same tenant for 20 odd years, the tenant never once asked for a repair, well only very minor seldom issues.

andybenw

Conrad wrote: »

Numptie pays off your debt.

After 25 years you have an income producing asset for life, and get this, for eternity if you pass onto your kids and they in turn. Imagine the rent.

Voids and costs are perfectly manageable in all but extreme cases.
I know a guy who let a bungalow to the same tenant for 20 odd years, the tenant never once asked for a repair, well only very minor seldom issues.

Repairs are another thing that are overhyped by the HPC community. As long as you choose your tenants well so they don't trash the place they will be minimal.

This is probably due to basing costs on repairs done to your own residential property. Which a lot of the time could probably wait a few years.

Jimmy_31

andybenw wrote: »

I have an idea.

I will buy a house with a mortgage.

Then I will rent it out.

Renter pays my mortgage and maintenance costs.

After 25 years mortgage paid.

Now I sell property and cash in. Huzzah- sweets off a child.

Thats what the local Btl landlord legend around here planned to do.

One of his tenants told him to fcuk off when he tried to put the rent up.

Now he is too scared to put the rent up or to try and evict the tenant.

The tenants mates have not been contacted again regarding any rent increases.

Wont be long before they stop paying rent altogether.

Sweets off a grown man.