BTL, could we do it?

ds1980

exit strategy is that most of my houses i can rent at no gain (mortgage on repayment is just covered) to average joe if and when a recession comes. However there will always be students and always be workers people looking for short term accommodation, always be foreign workers, friends that will all rent from me. The prices i receive from these types of people will cover my mortgage payments for 3 years in just one. I have had these properties for a number of years now. I never touch the money that is made and they all have seperate accounts. The money that we may need if a disaster happens is in another account and the money we treat ourselves with is in another. I also have a joint and sole account for everyday life and my current mortgae and bills etc.

Im not stupid and don't take decisions to buying lightly. I would be where i am without the gains in property prices however im privy to the fact that things go the other way and can go quickly. This is why im changing my stance. We are currently renovating our home in a bid to sell in a month or so. We'll have made £70k or so in a couple of months. Im then looking to downsize which still gives me an interest in the market if it goes up but at the same time i hope that prices decrease because we'll hacve substabtial capital to lay down on a new home that was maybe out of our reach. We will then rent out the smaller place giving us another property that will make us money long term etc etc. At present with my current homes (ie ones i live in)
if we can move in and move out then we will as long as we can make at least £20k. If we can't then ill stay put. I always buy places that im prepared to live in myself and i can afford to take a sting if property falls.

iim 26 and won't need my properties until im 60-65 which is a good 40 years so long term i think im doing fine. I just hope im around to enjoy the fruits once they have beared fully.

ds1980

sortofok wrote: »

mr.broderick wrote: »

Sorry I forgot to reply to that one. It's in South Wales (Cardiff area)

no tell us where you really are................if you were in cardiff your flat certainly wouldn't be worth £32 k!!!!!!!

btloptingout

Romani_Ite_Domum wrote: »

:mad:
Have you considered the effect that will have on the local community where you buy?
:mad:

Romani

You might like the following then:

Romani_Ite_Domum

I don't know whether to laugh or cry !

mr.broderick

ds1980 wrote: »

sortofok wrote: »

no tell us where you really are................if you were in cardiff your flat certainly wouldn't be worth £32 k!!!!!!!

Sortofok..you just happened to forget to answer that question..i think you just tried to avoid it because you are a liar. You have joined this forum and i do not know your intentions at the moment but i will find out. I dont like you and i want you to know that.

fatpigeon_2

mr.broderick wrote: »

ds1980 wrote: »

Sortofok..you just happened to forget to answer that question..i think you just tried to avoid it because you are a liar. You have joined this forum and i do not know your intentions at the moment but i will find out. I dont like you and i want you to know that.

Is this type of threat really called for? This is a forum for support.

sortofok

Why do you doubt me Mr.B ?

Thanks fatpigeon. Don't worry though i can look after myself.

mr.broderick

sortofok wrote: »

Why do you doubt me Mr.B ?

Thats for me to know...

Melissa177

I don't think there is anything wrong with Sortofok, although I questioned his/her motives at first.

I just think s/he is even more opinionated than I am, which is quite unusual!! :rotfl:

btloptingout

mr.broderick wrote: »

ds1980 wrote: »

Sortofok.......you are a liar. .....i do not know your intentions at the moment but i will find out. I dont like you and i want you to know that.

:rotfl: :rotfl: :rotfl:
Are you intending to follow-up with anything more?

Perhapes:

"Don't make me angry, you won't like me when I'm angry"

or maybe

"Looking for trouble, you've come to the right place"

:rotfl: :rotfl: :rotfl: