Countdown from £28k...

alt80

Absolutely amazing news mate. Well done. 🥂

Sarahwithlove

That's great news. Must be good feeling to know that you only have the two left now. 

ryanm8655

Yeah, it’s a strange one. It sort of feels good but then £8k still seems a lot. I’m torn ha. It’s crazy really...should be really pleased with myself.

I also feel guilty for spending so much at the weekend and last month when I only cleared £600 and took a break.

As I am the only one who can drive I can see me doing a lot more of the shopping trips. Plus I’ve also got to take the kids to things, go back and forth from the hospital etc. I’ve already used half a tank of fuel since Friday, when I usually top up once a month, so I can’t see this month being as frugal as I hope, even without drinking.

I’ll have to be diligent with the budgeting on Wednesday.

ryanm8655

So I am awake at silly o’clock...seem to
keep doing this...I wake up early and then fall back to sleep after 2/3 hours and wake up again at 9.30. Not sure how to break the cycle. The gym helps but I’ve just not had time with driving backwards and forwards and needing to be on call. I’m also behind on work, so no time on that front as I basically had to take Friday off to take relative to A&E and then was going back and forth all weekend so had no time to catch up. Then more hospital trips yesterday, another on Wednesday and Thursday. Plus needing to do more around the house, since other aunt has broken wrist. I think what I need to do is start getting up earlier, hit the gym first thing and get a lot more organised but I’m not a morning person and it really isn’t my style.

Anyway, some good news, Wednesday pay is showing as pending and I’ve got 85% of my monthly pay (after deductions) which means I haven’t been emergency taxed. I potentially wonder if I have been undertaxed a little but sure it’ll sort itself out, it won’t be by much if I have.

Need to go through and work out what I can afford to clear after outgoings etc. I have one less DD to worry about (£500 to Barclaycard) but my payday is now the last working day of the month (after my full Payment is due on Amex), which means I need to leave a bit more in the account to cover that.

If only I got paid this much every month! 

alt80

Seems like you’re under a lot of stress with family tbf that’s probably why you’re waking up at funny times. I’m not a morning person either used to also promise myself I’d get up and go to the gym in the morning. Happened a few times but couldn’t make a habit of it. Good luck.

Glad to hear you’ve been paid there or thereabouts what you’re due. Always nice to get a bonus I have one month a year when I see what I’d like to see every month if my company has done well always makes me walk a bit taller.

ryanm8655

alt80 said:

Seems like you’re under a lot of stress with family tbf that’s probably why you’re waking up at funny times. I’m not a morning person either used to also promise myself I’d get up and go to the gym in the morning. Happened a few times but couldn’t make a habit of it. Good luck.

Glad to hear you’ve been paid there or thereabouts what you’re due. Always nice to get a bonus I have one month a year when I see what I’d like to see every month if my company has done well always makes me walk a bit taller.

Yeah that’s probably it. The same thing was happening before but then the gym seemed to help. I go to bed pretty early but then end up on my phone until 11/11.30. Woke up at 4 and as predicted, fell back to sleep in the midst of debating getting up at 6.45 and woke up at 9.30. Glad I fell back to sleep though. My other issue is I tend to like my full 8 hours and feel shattered if I don’t get it. Feel bad acting tired all day as others in the household sleep just as poorly but get up early and crack on. But guess that’s what happens when you have kids... 

Yeah, I think the gym is unlikely. My sleep is too unpredictable to make it work. Will try and force myself later today but something unpredictable will probably come up at work...

Yeah, if I got paid this amount each month it’d be happy days. Though I’d need a few more promotions to get this month’s pay here, which would mean being deputy director. NoT unachievable but it’s like a pyramid and those jobs don’t come around often and lots of people would be going for them. Think there are about 6 DDs, 1 Director and in total 300 analysts, which gives some idea of how unlikely it is. Though the money is all accounted for already   

Bonuses are few and far between in my job. Used to get £500 a year in my old role, which left about £200 after deductions Current place you can get up to £500 a quarter but they’re rare. Basically you have to be nominated for working hard/doing something exceptional and the bonuses range from a £50 gift voucher up to £500. So I’m not optimistic on that front either...

I need to move to the private sector somehow or just come up with my own business as a side hustle...have always planned to get into btls myself, buying houses in cheap areas with a lot of rental demand but need to get my own flat in London first! A mate I work with has a couple of houses he bought cheaply and let’s to students. He’s a lot more sensible with his dosh though.

alt80

I’m the same mate if I don’t get 7/8 hours I can’t function. Probably not something I should admit in public but I made wife sleep in another room when son was small couldn’t deal with the waking up and she gets him up so nothing changed for me.

The problem with public sector / working for someone else is it’s all a pyramid and you’ll never see the real profit. I set up as soon as I possibly could. No regrets. Won’t see any bonus this year - had two months of practically no instructions. End of March all staff furloughed until we were told we could work again end May. Only thing I saw come into my business accounts those months were corona loans lol. Had to take payment hols - didn’t know when it was going to end I see practically all my income from dividends so dependent on profit. Luckily enough I didn’t end up with reduced income and actually managed to pay some off debts to get to where I am now but could do without another lockdown.

BTL - lots of outside investors round these parts. I wouldn’t necessarily recommend it to everyone tbh. You either need a great management team you have 100% trust in and make very little hoping for capital values to increase over time (don’t forget you’re going to have to maintain these places and tenants don’t tend to look after places like you or I would) and decent exit strategy or you need to put the work in to manage them yourself (not going to work as an outside investor really and lots of different legislation if looking at hmos). Lots of people willing to rip you off in property if they see you’re outside investor with cash to burn - not saying don’t do it I’m saying be very careful. Feel free to message me about it if you like.

ryanm8655

Yeah, that's kinda where I got to with it a while back re: BTLs. Didn't seem to be worth the hassle until I could afford to do it properly. Seems like the best way is to have your own management company... A friend of mine let out his place to move to London...first tenant paid their rent late a few times, which left him a bit screwed as it was only just covering the mortgage. Then they absolutely trashed the place (he made the mistake of letting it furnished) and the agent was pretty useless. That put me off.. Though another friend is doing pretty well buying up places in Hull (where his now wife is from) and doing them up/letting them/selling them as he sees fit.

Second payday today so I cleared another £2060 just to bring the total to sub £6k. Natwest make it a right ballache to make one off payments when you don't bank with them. Had to do a bank transfer to their account with my credit card number as reference in the end...quite annoying but only £1710.29 left on it now, so that'll be gone next payday.

Total now stands at £5,992.93.

Sold another fragrance for £90 and have a refund due on the headphones I bought. That's another couple of hundred that I could chuck at the card, otherwise I'll just get tempted to spend at some point.

Happy with where I am but do wish I could speed things up!

enthusiasticsaver

Brilliant result. You have cleared so much. Just think what you can do with that money once the debt is gone. 

alt80

Absolutely brilliant numbers, so close now. 🙂

Know a couple of Hull investors (not my area but guys from my area investing there). I have a management company as part of my other business staff deal with day-to-day stuff but I take a very active role and it works for me. Building a rapport with the tenants but maintaining just the right amount of distance to give them space or be able to support them is important especially when you're dealing with lower value areas. Very few issues with tenants trashing property / problem arrears etc. Also need to make sure you vet them when they apply and remember you're not a charity.

TBH you need to get on the ladder yourself first - would be very limited lender wise if you own no property and have no experience but that aside I think you need a base to call your own. Perhaps that's just me but I've said this to others just starting out. I know it's harder now (and even more so in London) but I had my first mortgage at 21, apart from when I was a student I never rented and absolutely no regrets. Having a mortgage didn't hold me back from enjoying my 20s anymore than paying rent would.