Buying to Let for a simpleton?

tommysaver

Hi all,

Something I keep meaning to look into is the prospect of buying something, somewhere, that I could put a mortgage on and rent it out thus covering the mortgage.

In simple terms like that - can this still be done?

I gather there is a plethora of loopholes and information, and wonder if anyone is able to explain it to me in layman terms..

Background info:

I have the potential to live at my parents for the next few years and with some good savings it seems like investing it this way may be a good option and way to get on the property ladder. (Once Brexit has / is blown over) Granted, near me (Buckinghamshire) things are relatively ridiculous to buy so it would have to be further out from London.


Is there a method that works? I guess finding a 'nice' renter is half the battle.

Any information / links to read / books to read is more than appreciated.

Thanks,
Tom

marksoton

Why not just buy somewhere to live yourself?

kinger101

I find it easier to go to the casino and put the money on the correct colour at the roulette table.

tom9980

marksoton wrote: »

Why not just buy somewhere to live yourself?

I agree it seems strange not securing your own property before taking on BTL property, indeed plenty of lenders want you to be a home owner before lending on a BTL.

My own gut feeling is that property is more likely to be a bit overpriced especially in the south so that increases the risks, add in the current landlord hate and tax changes coming along and it doesn't look a particularly favourable investment in the short and medium term.

Thrugelmir

tommysaver wrote: »

Something I keep meaning to look into is the prospect of buying something, somewhere, that I could put a mortgage on and rent it out thus covering the mortgage.

If matters didn't turn out well. How would you feel then?

tommysaver

God dammit.

Thanks guys. I'm just thinking aloud here as someone who's a frustrated in their early 20's who's had enough of working already.. I'm determined to find another way! Haha.

Perhaps back to the drawing board.

I have no desire to buy myself somewhere to live short-term. No need.

Thanks!!

[Deleted User]

I'm sorry but is it first time BTLer month lol?

marksoton

tommysaver wrote: »

God dammit.

Thanks guys. I'm just thinking aloud here as someone who's a frustrated in their early 20's who's had enough of working already.. I'm determined to find another way! Haha.

Perhaps back to the drawing board.

I have no desire to buy myself somewhere to live short-term. No need.

Thanks!!

So you don't want to work and want to keep living with mum and dad...

Being an LL requires plenty of work.

tom9980

tommysaver wrote: »

God dammit.

Thanks guys. I'm just thinking aloud here as someone who's a frustrated in their early 20's who's had enough of working already.. I'm determined to find another way! Haha.

Perhaps back to the drawing board.

I have no desire to buy myself somewhere to live short-term. No need.

Thanks!!

I made roughly £7k profit from my rental property last year its hardly enough to live well off is it? no mortgage to pay on it either.

I expect to pay £1300 shortly for some work that needs doing, and after the service of the boiler on tuesday i was advised and indeed could see that it will need replacement at some point in the next few years as well.

I suggest you find a nice rich old lady.

tommysaver

marksoton wrote: »

So you don't want to work and want to keep living with mum and dad...

Being an LL requires plenty of work.

Easy now...

I said 'had enough of working' which was tongue in cheek, I'm the least work shy person there is and have worked full time since I was 18. Of course I'll carry on living with mum and dad, unlike many of my mates who have moved out and are paying £500 rent split with their partners for a flat in a hole of a town.. I'll pass.

I know it would take a lot of work, I was just trying to find out more about it..

tommysaver

tom9980 wrote: »

I made roughly £7k profit from my rental property last year its hardly enough to live well off is it? no mortgage to pay on it either.

I expect to pay £1300 shortly for some work that needs doing, and after the service of the boiler on tuesday i was advised and indeed could see that it will need replacement at some point in the next few years as well.

I suggest you find a nice rich old lady.

What's the details of your property out of interest then?

I guess the point of doing it would be to offset a mortgage and essentially pay it off for 'free' and anything else a bonus. Not to do it full time and make a living out of it.