We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
PLEASE READ BEFORE POSTING: Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
buying cheap flats to rent out - cos my friends are doing it too
Comments
-
the agent was very thorough and our tenant is a manager for a well known caring sharing supermarket chain, and we've had zero problems. Although it makes no profit, eventually I guess we'll have a flat, paid for, to either sell or keep renting. Not ideal but it's the best we could do given the sudden descent into horrifying NE.0
-
How on top of the service charge/ repairs/ maintenance issues are you? Do you know exactly what you are paying for? Is there a decent sinking fund?
A block locally has flammable cladding. Block has had a 24/7 security guard since the cladding was tested (increase from M-F 9-5 concierge). My source says the coffers are now empty. One family own three BTL flats in the block, so their share of removing the cladding will be eyewatering.Declutterbug-in-progress.⭐️⭐️⭐️ ⭐️⭐️0 -
two wrongs don't make a right financially"It is prudent when shopping for something important, not to limit yourself to Pound land/Estate Agents"
G_M/ Bowlhead99 RIP0 -
spencer999 wrote: »the agent was very thorough and our tenant is a manager for a well known caring sharing supermarket chain, and we've had zero problems. Although it makes no profit, eventually I guess we'll have a flat, paid for, to either sell or keep renting. Not ideal but it's the best we could do given the sudden descent into horrifying NE.
Probably all you could do really.0 -
spencer999 wrote: »My credit rating has shot up lately (468 against national average of 414) and I'm thinking of dipping toes slightly further into renting out.
So the basis of your discussion to try your hand at being a landlord is a meaningless score of 50 above the nation average and the fact that your mates are doing it?
Good lucks, you will need all of it.0 -
spencer999 wrote: »Although it makes no profit, eventually I guess we'll have a flat, paid for, to either sell or keep renting.
If you can keep the consent to let until the end of the mortgage term - 20 years?
If it is an interest only Buy To Let mortgage then I guess you don't know that you need to actually pay for the original mortgage amount.....also do you pay any income tax on the rental payments? Doesn't matter that your making a loss every month, the income is what is taxed and not all the mortgage payments can be offset against it.0 -
spencer999 wrote: »The rented out flat doesn't make a profit because the mortgage is too high.
Interest only mortgage? Start paying it down. As time passes the day of reckoning gets closer.0 -
As they (almost) said in the 1977 movie "close encounters of the 3rd kind...
... "You are not alone"
https://www.bbc.co.uk/news/business-486374840 -
"cos my friends are doing it too" as a reasoning should be all you need to know.0
-
foxy-stoat wrote: »So the basis of your discussion to try your hand at being a landlord is a meaningless score of 50 above the nation average and the fact that your mates are doing it?
Good lucks, you will need all of it.
Can`t be that hard?0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354.6K Banking & Borrowing
- 254.5K Reduce Debt & Boost Income
- 455.5K Spending & Discounts
- 247.5K Work, Benefits & Business
- 604.4K Mortgages, Homes & Bills
- 178.6K Life & Family
- 261.9K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.7K Read-Only Boards