50k buy to let

JohnLock

I've got 50k in bank.
Looking at buying a buy to let - never done it before.
just wondering if 50k is enough.
I've been looking at those terraces around Stoke, Durham, and Leeds.
they're going for about 40k, and rent at about £450 per month.

I'd like to buy one as an investment because houses are going up and might a nice little earner.
Just wondering if it's more hassle than it's worth?
Will the tennants be messy and will I have to pay for boilers and all the maintenance?
Last thing I want to do is buy the house and it cost me more money than i get in rent?

How much could I make realistically speaking?

Cakeguts

They don't rent to good tenants for about £450 per month they rent to the tenants that no one else wants because they stop paying the rent or wreck the house. For a good tenant paying £450 per month you need to pay around 100k.

dimbo61

Well you could do your own research.
Why not look on right move at houses in Stoke for £40,000
Check out the letting agents and see how many two bed houses they have for rent.
Yes as a landlord you have lots of responsibilities

JohnLock

You mean tenants on benefits?
I wouldn't rent it single mums with kids
Just a genuine disabled person who would keep it tidy.

teddysmum

JohnLock wrote: »

You mean tenants on benefits?
I wouldn't rent it single mums with kids
Just a genuine disabled person who would keep it tidy.

How would you test that a disabled person was genuine ? Give them a medical ?
Besides,a disabled person may not be able to keep it tidy, may have benefit stopped permanently or for several weeks (just like anyone else) and would very likely not want a house with stairs (Older terraced house have steeper staircases with narrower treads and I have found them difficult as our house has stairs less steep and having treads both deeper and wider.) Therefore your market would be very limited.


Those houses going for low prices may look cheap, but will be in undesirable areas (eg lots of drug dealers) or need a lot of work, probably including a rewire throughout. The house needs to be safe for habitation and you can't get away with a cover up with paint.

Cakeguts

JohnLock wrote: »

You mean tenants on benefits?
I wouldn't rent it single mums with kids
Just a genuine disabled person who would keep it tidy.

If you buy a cheap house in a poor area you don't get to choose who lives there. To choose your tenant you need a nice house in a good area.

All rentals must reach an EPC of at least E so you would have to fit double glazing and a lot of insulation. A disabled person needs a property that is adapted for them.

G_M

** Tenancies in Eng/Wales: Guides for landlords and tenants This thread is intended to provide information to both landlords and tenants relating to Assured Shorthold Tenancies (ASTs) in England and Wales.

Topics covered:

* Repairing Obligations: the law, common misconceptions, reporting/enforcing, retaliatory eviction & the new tenant protection (2015)

* Deposits: payment, protection and return

* Ending/renewing an AST: what happens when a fixed term ends? How can a LL or tenant end a tenancy? What is a periodic tenancy?

* Rent increases: when & how can rent be increased?

* Repossession: what if a LL's mortgage lender repossesses the property?

* New landlords: advice, information & links

* Letting agents: how should a landlord select or sack?

[Deleted User]

Ummm wouldn't it be a better world if we could get rid of all mums with kids.., particularly those who started off in relationships and ended up as single mums? Or those (like me) with kids with a disability that couldn't be forseen when younger and in a relationship.., and god forbid, end up on benefits as a carer. The dregs of society. I wasn't years ago. But I am now.., supposedly.

But disabled people are a better risk? As long as they are genuine of course. Single mums with kids can't be genuine? Apparently lol. Apparently there's a difference.

Please don't be a Landlord. Invest the money instead.

YES landlords are expected and legally have to pay for icky repairs like boilers breaking. How can you not know that if you plan on making an 'informed' decision on whether its worth being a LL?

JohnLock

look love, i don't want sticky fingered kids dropping sweets on the carpets and writing on my walls. that will cost me. i'm sure most single mums are salt of the earth types, but i'd prefer a disabled person who'd only use the ground floor, keeping the upstairs nice and tidy - less hassle and worry for me.

Pixie5740

:rotfl::rotfl::rotfl::rotfl:

!!!!!!?!

worried_jim

I love a good wind up thread. "Look love". Brilliant.