Buying a Flat to Rent Out

newlandlord555

No . I saved the 90,000 overseas on a low salary over 25 years work. I cant see the problem if I have good tenants in and I buy at 80,000. 

MovingForwards

*** Don't feed the toll ***

Resident dreamer, has an online business, loads of cash in the bank, can't get a solicitor to act for him due to AML issues with his cash.

Let's see what his next great plan is.

newlandlord555

Im living overseas or will be again so I dont need  a house here for  a few more years. Surely buying a small property to let out is  a good move . I dont know of ANY other investments where i could get anything near 500 quid  a month. As i dont have  a mortgage or living expenses here , all the rent income would be profit after agent is payed off. 

newlandlord555

The house im after has home report good , all 1s . So hopefully no repairs and if i get decent tenants or students then what could go wrong ? 

IAMIAM

I SENSE WHENEVER A BUY TO LET LANDLORD ASKS FOR ANY ADVICE, ITS THE DO NOT DO IT BRIGADE AS USUAL ON HERE. ALL NEGATIVITY.

grumiofoundation

IAMIAM said:

I SENSE WHENEVER A BUY TO LET LANDLORD ASKS FOR ANY ADVICE, ITS THE DO NOT DO IT BRIGADE AS USUAL ON HERE. ALL NEGATIVITY.

If someone asks for advice do you not think people pointing out the downsides is maybe a bit helpful?

Do you think the OP (assuming not a familiar troll) has researched being a landlord properly? You think they should 'go for it'?

If people researched being a landlord properly then they would know what they were doing and wouldn't have to resort to forums to research basic information (and then get angry and agressive when people criticise them).  https://forums.moneysavingexpert.com/discussion/6165196/accidental-landlord-do-i-pay-tax/p1

IAMIAM

Always, I tell my kid when he wants a GCSE, you could get a grade 9 BUT you could also get a grade 1. I then go to town on making sure understands all the reasons why grade 1 could occur. 

blue_max_3

Too many years of being told tenants will pay your mortgage. Now the tax system and government policy is against you.
As an existing landlord, you probably have done well, but newcomers are entering a new regime. 
Every opportunity has it's own unique economics though and you have to do the due diligence. Maybe less competition will change the dynamic again.

IAMIAM

blue_max_3 said:

Too many years of being told tenants will pay your mortgage. Now the tax system and government policy is against you.
As an existing landlord, you probably have done well, but newcomers are entering a new regime. 
Every opportunity has it's own unique economics though and you have to do the due diligence. Maybe less competition will change the dynamic again.

This is correct. New BTL is not great. Tax income, Tax selling with CGT, Stamp Duty Tax on Second Home, the list is endless. Its either one home or multiple if you live in Dubai/Russia etc and can pay for the whole of London, and drop some money off at the tory headquarters too. (You get my point)

newlandlord555

Somehow I think this forum is not too helpful for my situation . You guys want to bicker about various things ? Why ? Im just looking for newbe landlord advice thats all !