Should I buy bigger and better?

HitTheBeach

So...little update.

I've decided to stay where I am but instead try to build a property portfolio. I'm currently on the lookout for my second house which will be my first rented property.

I would like to amass 10 properties by time my Daughter is 21. (7 years)
Target is to create long term passive income and create a free life.

ReadingTim

HitTheBeach wrote: »

So...little update.

I've decided to stay where I am but instead try to build a property portfolio....

Target is to create long term passive income and create a free life.

This board is full of horror stories about "passive" landlords, ie those who do f*ck all about maintaining a property, responding timely to tenant's issues etc. Other boards are equally full of horror stories from (basically) amateur landlords out of their depth when it comes to running a property rental business.

If you're serious about running a property rental business, go ahead. If you're simply looking for an easy life and for the cash to roll in; please, for your sake and the sake of your future tenants, don't become a landlord.

jaylee3

HitTheBeach wrote: »

So...little update.

I've decided to stay where I am but instead try to build a property portfolio. I'm currently on the lookout for my second house which will be my first rented property.

I would like to amass 10 properties by time my Daughter is 21. (7 years)
Target is to create long term passive income and create a free life.

Good luck with that! Planning on winning the lottery are you? :eek:

ReadingTim wrote: »

This board is full of horror stories about "passive" landlords, ie those who do f*ck all about maintaining a property, responding timely to tenant's issues etc. Other boards are equally full of horror stories from (basically) amateur landlords out of their depth when it comes to running a property rental business.

If you're serious about running a property rental business, go ahead. If you're simply looking for an easy life and for the cash to roll in; please, for your sake and the sake of your future tenants, don't become a landlord.

Couldn't have put it better myself! :T

Nobody wants a passive landlord!

HitTheBeach

ReadingTim wrote: »

This board is full of horror stories about "passive" landlords, ie those who do f*ck all about maintaining a property, responding timely to tenant's issues etc. Other boards are equally full of horror stories from (basically) amateur landlords out of their depth when it comes to running a property rental business.

If you're serious about running a property rental business, go ahead. If you're simply looking for an easy life and for the cash to roll in; please, for your sake and the sake of your future tenants, don't become a landlord.

Passive income is very different to being a passive landlord.
I'm a national manager of a national company and my partner and I own a nationwide business. I'm pretty sure I could figure out how to be a good landlord.

HitTheBeach

jaylee3 wrote: »

Good luck with that! Planning on winning the lottery are you? :eek:



Couldn't have put it better myself! :T

Nobody wants a passive landlord!

No plans to win the lottery, no.
A very good friend of mine has amassed £8million worth of property over 4 years. He has a passive income of over 60k per month now.

Lots can be accomplished in a short space of time. Self limiting beliefs are a terrible thing.

HitTheBeach

You may have noticed I've overpaid on my mortgage by 43k in 12 months. I clearly have the means to buy three properties up North TODAY!

10 properties isn't out of the question in 7 years at all. I appreciated your negative comments though you guys. Thanks.

MisterB1959

I am a comparatively new landlord of 3 years. I set a plan of 3 properties in 5 years and have achieved 4 in 3 years. don't rush at it, do lots of reading, WRITE A BUSINESS PLAN, join a landlord association and be prepared to work hard supporting the business!


you should be planning for your long term future ie retirement, so perhaps even being a landlord of commercial properties might be better as you can invest some income tax free ??


two books I always recommend AND I have read dozens ! David Lawrensons latest book on successful property letting, and the tax cafe book on reducing property tax


before you invest any money - research, research and when you think youre ready, do some more research. being a landlord isn't just about property management, its about people management just as much !

HitTheBeach

Thank you. Great post.
I'll buy those books today.

Daniel54

HitTheBeach wrote: »

You may have noticed I've overpaid on my mortgage by 43k in 12 months. I clearly have the means to buy three properties up North TODAY!

Bully for you.

But why pay off the mortgage and then move to a highly leveraged business model ? Inefficient use of income/capital in a business sense.

if you have such means, why not move into a nicer house ( your original question) ?

You are either a massive risk-taker or not.How do you see yourself ?

This is not being negative,but your original OP does not chime with being a property entrepreneur

You do have a business plan and the capital to support it ?

HitTheBeach

Daniel54 wrote: »

Bully for you.

Stopped reading at this point.