Buying to Let for a simpleton?

marksoton

Ok well BTL is not the cash cow some used to think it to be.

How much deposit do you have ? Demographic ? Property type?

And that's before any legal obligations as a LL...

tommysaver

marksoton wrote: »

Ok well BTL is not the cash cow some used to think it to be.

How much deposit do you have ? Demographic ? Property type?

And that's before any legal obligations as a LL...

Yeah I can see that now. I don't even think I'll bother considering it to be honest.

I have upwards of 30k, able to higher it if I sold a couple of things. Obviously doesn't buy a lot around here.. Up north would be another story but then you have the hassle of not being there, etc etc etc. I'm going to pass. Using this as a brainstorming exercise haha.

Cheers, time to think up the next idea...

kinger101

And to add, some of the risks from getting bad tenants are greater owning a single property. What if they decide not to pay rent and you need to go to the court to evict them? What if they trash the place? These risks are distributed if you have a portfolio of 5 or 10. It can be a disaster if it's your only property.

PasturesNew

tommysaver wrote: »

..... a frustrated in their early 20's who's had enough of working already..

tommysaver wrote: »

... have worked full time since I was 18. ....

Blimey .... you speak as if your working life's been 40+ years! You've been at it, what, 5 years?

Have a lie down, you clearly need a rest.

tommysaver

Haha, no, just thinking outside the box. I'm not a fan of the restraints of a Mon-Fri 9-5, and unless I can make it on my own (Unlikely) there's nothing wrong with a long hard think now and again in my opinon!

tommysaver

kinger101 wrote: »

And to add, some of the risks from getting bad tenants are greater owning a single property. What if they decide not to pay rent and you need to go to the court to evict them? What if they trash the place? These risks are distributed if you have a portfolio of 5 or 10. It can be a disaster if it's your only property.

Hear you loud and clear. I'm not going to go down this route thanks to you lot!

booksurr

the fact you expect to get your info handed on a plate without doing any research yourself (you should read this post and every single link in it BTW) coupled with the fact you run away after only a few negative comments on this thread shows that as a 20+ year old you are not ready to be a landlord dealing with the responsibility of providing a home to someone else, a someone else who may be considerably less fortunate or more needy or emotionally unstable or demanding or all of them, than you

BTL mortgages require a 25% deposit and many lenders only lend to those who already own a residential property of their own. So 30k would get you 120k property - there are other criteria as well for a BTL mortgage associated with rental cover - try using the search function, your question has been asked, and answered, countless times

PasturesNew

I bet he's not got the deposit in any case.

marksoton

tommysaver wrote: »

Haha, no, just thinking outside the box. I'm not a fan of the restraints of a Mon-Fri 9-5, !

Lot's of jobs don't have that restraint. Mine doesn't.

Retrain, go back to college etc and find something you're happier doing and more fulfilling. You're plenty young enough.

kinger101

PasturesNew wrote: »

Blimey .... you speak as if your working life's been 40+ years! You've been at it, what, 5 years?

Have a lie down, you clearly need a rest.

Better still.....get a job as a letting agent. Lots of profit from renting properties for little work and none of the risk.